W.D.L (Contracting) Limited - Limited company accounts 22.3

REGISTERED NUMBER: 03886047 (England and Wales)

W.D.L. (Contracting) Limited

Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 31 March 2022

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

Mr M Lewis

Mr R A Lewis

Mr C J Pascoe

Mr G Lockyer

Mr E Palmer

SECRETARY:

Ms N Jones

REGISTERED OFFICE:

Stuart Quarry

Chapel Road

Penderyn

Rhondda Cynon Taff

CF44 9JY

REGISTERED NUMBER:

03886047 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

Chartered Accountants

& Statutory Auditors

Highdale House

7 Centre Court

Treforest Industrial Estate

Pontypridd

Rhondda Cynon Taff

CF37 5YR

The directors present their strategic report for the year ended 31 March 2022.

REVIEW OF BUSINESS

The company continues to operate as a ground-working contractor to the major UK house builders within south Wales. Demand for new housing was strong through 2021/2022 throughout south Wales for both speculative and housing association developments. New contracts were entered into as well as continuing work on schemes approved from the prior year.

KEY FINANCIAL HIGHLIGHTS

During 2022 the company has returned to turnover levels more in line with its pre-pandemic results. The increase in turnover is a significant improvement after two years of reductions and with controls in place over cost of sales the company has also achieve an improved gross profit margin of 13%.

Overall profit before tax has reduced to 4.93% largely due to the reduction in other income as covid support packages come to an end.

A summary of the movements is detailed below:

2022

2021

2020

2019

Turnover

£35,201,529

£25,630,245

£34,280,118

£38,034,060

Turnover growth (reduction)

37%

(25.23%

)

(9.87%

)

19.53%

Gross profit margin

13%

10.01%

12.55%

9.34%

Profit before tax

4.61%

5.67%

6.91%

4.08%

PRINCIPAL RISKS AND UNCERTAINTIES

The key current risk is the ongoing Covid 19 pandemic and what its long-term effects will be on the construction industry, however, with well developed resilience planning and in-house capability and resources, with its highly proactive approach to managing risk, puts the company in a good position to move forward in this challenging period for the country.

ON BEHALF OF THE BOARD:

Mr M Lewis - Director

21 December 2022

The directors present their report with the financial statements of the company for the year ended 31 March 2022.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of civil engineering.

DIVIDENDS

An interim Dividend of £4,000,000 per share was voted during the year. The Directors recommend that no final dividend be paid. The total distribution of dividends for the year ended 31 March 2022 will be £4,000,000.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2021 to the date of this report.

Mr M Lewis

Mr R A Lewis

Mr C J Pascoe

Mr G Lockyer

Other changes in directors holding office are as follows:

Mr E Palmer - appointed 1 July 2021

Mr A Christopher ceased to be a director after 31 March 2022 but prior to the date of this report.

FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors and group inter company loans. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Financial support from parent and other subsidiary undertakings is provided and available to support financing the company's operations.

DONATIONS

During the year the company made charitable donations totalling £35,160 (2021: £2,780).

FUTURE DEVELOPMENTS

The future prospects of the company and our industry remain positive despite concerns about the UK Economy, including the montage market, increases in Utility and material costs and the constant changes to the regulations applied to the building sector. The company actively tenders for development contracts and continues to be successful in being awarded new contracts. The company continues to invest in equipment and also in its workforce.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr M Lewis - Director

21 December 2022

Opinion

We have audited the financial statements of W.D.L. (Contracting) Limited (the 'company') for the year ended 31 March 2022 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2022 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations we have considered the following:

(a) The nature of the industry and sector, control environment and business performance;

(b) Results of the enquiries of management about their own identification and assessment of the risks of irregularities;

(c) Any matters we have identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

(i) identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

(ii) detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

(iii) the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

(iv) the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

(a) Timing of recognition of income

(b) Value of stocks

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

(a) Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

(b) Enquiring of management concerning actual and potential litigation and claims;

(c) Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and

(d) In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Lewis Van Emden (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Chartered Accountants

& Statutory Auditors

Highdale House

7 Centre Court

Treforest Industrial Estate

Pontypridd

Rhondda Cynon Taff

CF37 5YR

21 December 2022

TURNOVER

3

35,201,529

25,630,245

Cost of sales

30,467,830

23,064,657

GROSS PROFIT

4,733,699

2,565,588

Distribution costs

401,829

206,261

Administrative expenses

2,710,278

1,847,855

3,112,107

2,054,116

1,621,592

511,472

Other operating income

-

937,963

OPERATING PROFIT

5

1,621,592

1,449,435

Interest receivable and similar income

139

3,688

PROFIT BEFORE TAXATION

1,621,731

1,453,123

Tax on profit

6

(2,288

)

276,691

PROFIT FOR THE FINANCIAL YEAR

1,624,019

1,176,432

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,624,019

1,176,432

FIXED ASSETS

Tangible assets

8

842,454

-

CURRENT ASSETS

Stocks

9

1,722,146

1,062,160

Debtors

10

5,614,704

8,085,678

Cash at bank

3,191,478

2,094,479

10,528,328

11,242,317

CREDITORS

Amounts falling due within one year

11

9,305,013

6,184,146

NET CURRENT ASSETS

1,223,315

5,058,171

TOTAL ASSETS LESS CURRENT LIABILITIES

2,065,769

5,058,171

CREDITORS

Amounts falling due after more than one year

12

(819,854

)

(923,058

)

PROVISIONS FOR LIABILITIES

15

(1,160,278

)

(1,673,495

)

NET ASSETS

85,637

2,461,618

CAPITAL AND RESERVES

Called up share capital

16

1

1

Retained earnings

17

85,636

2,461,617

SHAREHOLDERS' FUNDS

85,637

2,461,618

The financial statements were approved by the Board of Directors and authorised for issue on 21 December 2022 and were signed on its behalf by:

Mr M Lewis - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2020

1

1,285,185

1,285,186

Changes in equity

Total comprehensive income

-

1,176,432

1,176,432

Balance at 31 March 2021

1

2,461,617

2,461,618

Changes in equity

Dividends

-

(4,000,000

)

(4,000,000

)

Total comprehensive income

-

1,624,019

1,624,019

Balance at 31 March 2022

1

85,636

85,637

1.	STATUTORY INFORMATION

W.D.L. (Contracting) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in theses financial statements are rounded to the nearest £.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepared publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

•

the requirement of paragraph 33.7.

The financial statements of the company are consolidated in the financial statements of WD Lewis (Holdings) Limited. These consolidated financial statements are available from its registered office, Stuart Quarry, Chapel Road, Penderyn, Rhondda Cynon Taff, CF44 9JY.

Significant judgements and estimates

The application of the company's accounting policies, the management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of discounts and rebates allowed by the company and value added tax.

Long term contract retention income is only recognised as turnover if received by the date of approval of the company's financial statements for that financial year.

Contract turnover is calculated as that proportion of total contract value which revenue generated to date bears to total expected revenue for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15 - 25% on cost

Motor vehicles

-

33.33% on cost

Inventories

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Taxation and deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Employee benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Other employee benefits such as paid holiday arrangements are recognised as an expense in the period in which they are incurred.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.

Long term contracts

Long term contract balances are stated at net cost less foreseeable losses less any applicable payments on account. The amount recorded as turnover in respect of long term contracts is ascertained by reference to the value of work carried out to date, less all attributable profits accumulated on contracts less than 60% complete at the balance sheet date and less 45% of attributable profits on contracts more than 60% and less than 100% complete at the balance sheet date. Attributable profit is recognised as the difference between measured contract valuations and related costs. Amounts recoverable on contracts are shown within debtors in the balance sheet. Full provision is made for losses on all contracts in the period in which they are first foreseen.

3.

TURNOVER

The company operates in the UK and all of its turnover is attributable to the UK market.

4.	EMPLOYEES AND DIRECTORS

31.3.22

31.3.21

£

£

Wages and salaries

8,334,892

6,915,953

Social security costs

858,497

683,723

Other pension costs

216,852

181,391

9,410,241

7,781,067

The average number of employees during the year was as follows:

31.3.22

31.3.21

Production and sales

170

173

Office management

33

31

203

204

31.3.22

31.3.21

£

£

Directors' remuneration

720,509

258,761

Directors' pension contributions to money purchase schemes

66,194

40,201

Information regarding the highest paid director is as follows:

31.3.22

31.3.21

£

£

Emoluments etc

-

17,861

The aggregate emoluments, including pension contributions, paid for the highest paid Director totalled £378,592.

5.	OPERATING PROFIT

The operating profit is stated after charging:

31.3.22

31.3.21

£

£

Hire of plant and machinery

3,545,501

2,866,099

Depreciation - owned assets

44,723

-

Auditors' remuneration

22,000

22,000

Taxation compliance services

2,000

2,000

Pensions

216,851

181,391

6.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the profit for the year was as follows:

31.3.22

31.3.21

£

£

Current tax:

UK corporation tax

-

276,691

Corporation tax interest

(2,288

)

-

Tax on profit

(2,288

)

276,691

Reconciliation of total tax (credit)/charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.22

31.3.21

£

£

Profit before tax

1,621,731

1,453,123

Profit multiplied by the standard rate of corporation tax in the UK of 19% (2021 - 19%)

308,129

276,093

Effects of:

Capital allowances in excess of depreciation

(210,634

)

-

Disallowable expenses

1,235

598

Group relief

(98,730

)

-

interest

(2,288

)

-

Total tax (credit)/charge

(2,288

)

276,691

7.

DIVIDENDS

31.3.22

31.3.21

£

£

Ordinary share of £1

Interim

4,000,000

-

8.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

Additions

529,202

357,975

887,177

At 31 March 2022

529,202

357,975

887,177

DEPRECIATION

Charge for year

14,702

30,021

44,723

At 31 March 2022

14,702

30,021

44,723

NET BOOK VALUE

At 31 March 2022

514,500

327,954

842,454

9.

STOCKS

31.3.22

31.3.21

£

£

Long term work-in-progress

1,098,344

803,467

Raw materials

623,802

258,693

1,722,146

1,062,160

10.

DEBTORS

31.3.22

31.3.21

£

£

Amounts falling due within one year:

Trade debtors

33,264

1,664

Amounts receivable on contracts

1,752,543

1,980,616

Retentions receivable

303,233

343,616

Amounts due from group undertakings

2,355,592

4,651,966

VAT repayable

350,218

184,758

4,794,850

7,162,620

Amounts falling due after more than one year:

Retentions receivable

819,854

923,058

Aggregate amounts

5,614,704

8,085,678

Amounts due to group undertakings are unsecured, interest free, have no fixed repayment date and are repayable on demand.

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans and overdrafts (see note 13)

181,269

-

Trade creditors

2,984,517

2,517,494

Corporation tax

(9,974

)

274,717

Social security and other taxes

714,370

311,650

Other creditors

461,311

554,942

Excess payments on account

1,010,796

1,172,240

Amounts due to group undertakings

2,553,873

458,629

Accrued expenses

1,408,851

894,474

9,305,013

6,184,146

Amounts owed to group undertakings are unsecured, interest free, have no fixed repayment date and are repayable on demand.

12.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.22

31.3.21

£

£

Retentions receivable provision

819,854

923,058

13.

LOANS

An analysis of the maturity of loans is given below:

31.3.22

31.3.21

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

181,269

-

14.	SECURED DEBTS

The bank overdraft is secured by way of a group unlimited multilateral guarantee given by the company and its parent W D Lewis (Holdings) Limited and fellow subsidiaries William D Lewis (Aberdare) Limited, W D L (Concrete Products) Limited and W D L Homes Limited.

The company's bank HSBC has also issued a debenture, which includes a fixed and floating charge over all present freehold and leasehold property as well as all present and future assets and undertaking of the company.

15.	PROVISIONS FOR LIABILITIES

31.3.22

31.3.21

£

£

Other provisions

Provision for foreseeable losses

150,000

750,000

Provisions for site costs

1,010,278

923,495

1,160,278

1,673,495

Other

provisions

£

Balance at 1 April 2021

2,437,741

Profit and loss account

Balance at 31 March 2022

2,437,741

16.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.22

31.3.21

value:

£

£

1

Ordinary

£1

1

1

17.

RESERVES

Retained

earnings

£

At 1 April 2021

2,461,617

Profit for the year

1,624,019

Dividends

(4,000,000

)

At 31 March 2022

85,636

Called up share capital represents the nominal value of shares that have been issued.

Retained earnings includes all current and prior period retained profit and losses.

18.	PENSION COMMITMENTS

The company operates a defined contribution scheme for certain employees and contributes to separate individual defined contribution schemes for certain directors. The assets of all schemes are held separately from those of the company in independently administered funds.

The pension cost charge represents contributions payable by the company to the funds and amounted to £216,851 (2021 - £181,391), the amount outstanding at the year end was £31,040 (2021: £24,542).

19.	ULTIMATE PARENT COMPANY

The company's ultimate parent undertaking is W D Lewis (Holdings) Limited, a company incorporated in England and Wales.