Company registration number 04416972 (England and Wales)
Heneghan & Sons Limited
Annual report and
financial statements
for the year ended 30 April 2023
Heneghan & Sons Limited
Company Information
Directors
P A Heneghan
L Heneghan
M E Heneghan
P W Heneghan
T A Heneghan
J Whitehead
J McDermott
(Appointed 5 January 2023)
J Cook
(Appointed 1 September 2023)
Secretary
P A Heneghan
Company number
04416972
Registered office
3 Landmark Court
Revie Road
Beeston
Leeds
West Yorkshire
LS11 8JT
Auditor
B M Howarth Ltd
Townend House
8 Springwell Court
Leeds
West Yorkshire
LS12 1AL
Heneghan & Sons Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Statement of financial position
9
Statement of cash flows
10
Notes to the financial statements
11 - 17
Heneghan & Sons Limited
Strategic Report
for the year ended 30 April 2023
- 1 -
The directors present the strategic report for the year ended 30 April 2023.
Review of the business
The Company continues to undertake groundworks and cabling for the telecommunications industry.
Results and performance
The results of the Company for the year, as set out on pages 8 to 17, show a profit on ordinary activities before tax of £11,658,633 (2022: Profit £3,748,211). The shareholders’ funds of the Company total £13,285,708 (2022: £6,908,260).
The performance of the Company during the financial year is in line with expectations.
Business environment
The telecoms market continues to grow because of market pressure from the public for greater digital services and government focus on providing a fibre network.
There is still a healthy appetite from our larger customers to continue expansion, both in terms of geography and home count, but the wider space remains extremely competitive with customer penetration metrics remaining lower than anticipated.
Strategy
The Company’s success is dependent on the proper selection, pricing and ongoing management of the contracts it applies for and is awarded. Compliance with the contracts’ parameters is crucial, hence we must continue to maintain a high standard of quality control. The Company will continue its efforts on achieving growth in its existing sector by tendering for further contracts that are suitable in size and geographical location.
Key performance indicators
We have continued to make progress throughout the year in relation to key elements of our strategy. The Board monitors the progress of the Company by reference to the following KPIs:
Turnover – 2023: £34,182,589 (2022: £22,198,823)
Turnover has increased by 53.98%.
Operating profit – 2023: £11,640,716 (2022: £3,748,062)
Operating profit has increased due to a change in the nature of the contracts undertaken and the resulting benefits of our increased investment in additional management resources.
Principal risks and uncertainties
The process of risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to Board approval. Compliance with regulation, legal and ethical standards is a high priority for the Company and the management take on an important oversight role in this regard. The Board is responsible for satisfying itself that an internal control framework exists to manage financial risks.
Economic conditions impact our clients and our contracts, and there is a risk that our clients may seek to reduce their expenditure subject to their cash resources.
Sustainability disclosures and other environmental governance are evolving rapidly and the unknown impacts on ways of working and potential costs of implementation pose possible future risks to profit targets.
Other risks from our core business arise from accidental damage to other utilities infrastructure, potential claims for sub-standard work, and inclement weather as result of climate change.
Heneghan & Sons Limited
Strategic Report (continued)
for the year ended 30 April 2023
- 2 -
Future developments
The company continues to respond to an increased use of PIA (physical infrastructure access) to deliver fibre to the home. Turnover is forecast to increase YOY with profitability expected to track at current year run rates.
The group have expanded their geographical footprint in FY24 to cover areas of the Midlands and Lincolnshire, with other satellite offices under consideration.
M E Heneghan
Director
23 November 2023
Heneghan & Sons Limited
Directors' Report
for the year ended 30 April 2023
- 3 -
The directors present their annual report and financial statements for the year ended 30 April 2023.
Principal activities
The principal activity of the company during the year continued to be that of civil engineering.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
P A Heneghan
L Heneghan
M E Heneghan
P W Heneghan
T A Heneghan
J Whitehead
J McDermott
(Appointed 5 January 2023)
J Cook
(Appointed 1 September 2023)
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £3,185,857. The directors do not recommend payment of a final dividend.
Auditor
The auditor, B M Howarth Ltd, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report 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). 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.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.
Heneghan & Sons Limited
Directors' Report (continued)
for the year ended 30 April 2023
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
M E Heneghan
Director
23 November 2023
Heneghan & Sons Limited
Independent auditor's report
to the members of Heneghan & Sons Limited
- 5 -
Opinion
We have audited the financial statements of Heneghan & Sons Limited (the 'company') for the year ended 30 April 2023 which comprise the statement of income and retained earnings, the statement of financial position, the statement of cash flows and notes to the financial statements, including 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 30 April 2023 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.
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 Auditor's 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Heneghan & Sons Limited
Independent auditor's report (continued)
to the members of Heneghan & Sons Limited
- 6 -
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 directors' report.
We have nothing to report in respect of the following matters in relation to which 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 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 directors' responsibilities statement, 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 is 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.
Auditor's 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 an auditor's report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the company and the sector in which it operates, our audit work considers the risk of material misstatement on the financial statements as a result of non-compliance with laws and regulations, this includes fraud. These laws and regulations include, but are not limited to, those that relate to the form and content of the financial statements, such as the Company accounting policies, the financial reporting framework and the UK Companies Act 2006.
We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks related to management bias in accounting estimates and understatement or overstatement of revenue. Our audit procedures included, but were not limited to:
Agreement of the financial statements disclosures to underlying supporting documentation;
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
Challenging assumptions, accounting estimates and judgements made by Directors;
Identifying and testing journal entries to ensure they are appropriate;
Sample testing of income and expenditure to ensure correct cut-off has been applied.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
There are inherent limitations in audit procedures, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
Heneghan & Sons Limited
Independent auditor's report (continued)
to the members of Heneghan & Sons Limited
- 7 -
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 an auditor's report 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.
James Bell
Senior Statutory Auditor
For and on behalf of B M Howarth Ltd
Chartered Accountants
Statutory Auditor
Townend House
8 Springwell Court
Leeds
West Yorkshire
LS12 1AL
23 November 2023
Heneghan & Sons Limited
Statement of Income and Retained Earnings
for the year ended 30 April 2023
- 8 -
2023
2022
Notes
£
£
Turnover
2
34,182,589
22,198,823
Cost of sales
(18,693,837)
(16,476,984)
Gross profit
15,488,752
5,721,839
Administrative expenses
(3,848,036)
(1,966,691)
Other operating expenses
(7,086)
Operating profit
3
11,640,716
3,748,062
Interest receivable
6
22,793
1,027
Interest payable
7
(4,876)
(878)
Profit before taxation
11,658,633
3,748,211
Tax on profit
8
(2,095,328)
(616,572)
Profit for the financial year
9,563,305
3,131,639
Retained earnings brought forward
6,908,160
5,276,521
Dividends
9
(3,185,857)
(1,500,000)
Retained earnings carried forward
13,285,608
6,908,160
The income statement has been prepared on the basis that all operations are continuing operations.
Heneghan & Sons Limited
Statement of financial position
as at 30 April 2023
30 April 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
236,688
174,306
Current assets
Stocks
11
901,235
1,214,672
Debtors
12
9,791,062
4,419,635
Cash at bank and in hand
11,147,320
8,468,741
21,839,617
14,103,048
Creditors: amounts falling due within one year
13
(8,749,444)
(7,352,099)
Net current assets
13,090,173
6,750,949
Total assets less current liabilities
13,326,861
6,925,255
Provisions for liabilities
Deferred tax liability
14
41,153
16,995
(41,153)
(16,995)
Net assets
13,285,708
6,908,260
Capital and reserves
Called up share capital
15
100
100
Profit and loss reserves
13,285,608
6,908,160
Total equity
13,285,708
6,908,260
The financial statements were approved by the board of directors and authorised for issue on 23 November 2023 and are signed on its behalf by:
P W Heneghan
Director
Company Registration No. 04416972
Heneghan & Sons Limited
Statement of cash flows
for the year ended 30 April 2023
- 10 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
18
6,213,493
6,658,734
Interest paid
(4,876)
(878)
Income taxes paid
(255,365)
(633,280)
Net cash inflow from operating activities
5,953,252
6,024,576
Investing activities
Purchase of tangible fixed assets
(111,609)
(106,050)
Interest received
22,793
1,027
Net cash used in investing activities
(88,816)
(105,023)
Financing activities
Dividends paid
(3,185,857)
(1,500,000)
Net cash used in financing activities
(3,185,857)
(1,500,000)
Net increase in cash and cash equivalents
2,678,579
4,419,553
Cash and cash equivalents at beginning of year
8,468,741
4,049,188
Cash and cash equivalents at end of year
11,147,320
8,468,741
Heneghan & Sons Limited
Notes to the financial statements
for the year ended 30 April 2023
- 11 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
20% reducing balance
Plant and equipment
25% reducing balance
Fixtures and fittings
20% reducing balance
Computers
20% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Heneghan & Sons Limited
Notes to the financial statements (continued)
for the year ended 30 April 2023
1
Accounting policies
(continued)
- 12 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Turnover and other revenue
2023
2022
£
£
Other revenue
Interest income
22,793
1,027
Grants received
-
(7,086)
3
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Government grants
-
7,086
Fees payable to the company's auditor for the audit of the company's financial statements
18,450
17,500
Depreciation of owned tangible fixed assets
49,227
49,773
Operating lease charges
83,430
43,462
Heneghan & Sons Limited
Notes to the financial statements (continued)
for the year ended 30 April 2023
- 13 -
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Directors
8
6
Production
16
8
Admin and management
19
13
Total
43
27
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
1,637,249
861,077
Social security costs
142,198
83,737
Pension costs
533,484
159,808
2,312,931
1,104,622
5
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
287,803
163,118
Company pension contributions to defined contribution schemes
454,655
82,400
742,458
245,518
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
14,425
22,440
Company pension contributions to defined contribution schemes
155,526
40,000
6
Interest receivable
2023
2022
£
£
Interest income
Interest on bank deposits
22,793
1,027
Heneghan & Sons Limited
Notes to the financial statements (continued)
for the year ended 30 April 2023
- 14 -
7
Interest payable
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
320
-
Other finance costs:
Other interest
4,556
878
4,876
878
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
2,142,550
663,649
Adjustments in respect of prior periods
(71,380)
(45,327)
Total current tax
2,071,170
618,322
Deferred tax
Origination and reversal of timing differences
24,158
(1,750)
Total tax charge
2,095,328
616,572
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
11,658,633
3,748,211
Expected tax charge based on the standard rate of corporation tax in the UK of 19.50% (2022: 19.00%)
2,273,433
712,160
Tax effect of expenses that are not deductible in determining taxable profit
8,830
4,832
Adjustments in respect of prior years
(71,380)
(45,327)
Effect of change in corporation tax rate
(750)
Group relief
(120,753)
(55,913)
Permanent capital allowances in excess of depreciation
5,948
820
Taxation charge for the year
2,095,328
616,572
Heneghan & Sons Limited
Notes to the financial statements (continued)
for the year ended 30 April 2023
- 15 -
9
Dividends
2023
2022
£
£
Interim paid
3,185,857
1,500,000
10
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2022
58,973
184,093
20,480
26,227
27,790
317,563
Additions
19,954
25,996
65,659
111,609
At 30 April 2023
58,973
204,047
46,476
91,886
27,790
429,172
Depreciation and impairment
At 1 May 2022
11,795
104,426
9,929
11,569
5,538
143,257
Depreciation charged in the year
9,435
23,249
3,554
8,836
4,153
49,227
At 30 April 2023
21,230
127,675
13,483
20,405
9,691
192,484
Carrying amount
At 30 April 2023
37,743
76,372
32,993
71,481
18,099
236,688
At 30 April 2022
47,178
79,667
10,551
14,658
22,252
174,306
11
Stocks
2023
2022
£
£
Stock and work in progress
901,235
1,214,672
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,948,529
1,919,625
Amounts owed by company with participating interest
2,274,890
2,495,010
Other debtors
19,385
5,000
Prepayments and accrued income
2,548,258
9,791,062
4,419,635
Heneghan & Sons Limited
Notes to the financial statements (continued)
for the year ended 30 April 2023
- 16 -
13
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,338,950
824,259
Amounts owed to group undertakings
885,537
Amounts owed to participating interests
953,679
385,361
Corporation tax
2,134,997
319,192
Other taxation and social security
1,101,608
553,818
Other creditors
641,393
589,353
Accruals and deferred income
1,578,817
3,794,579
8,749,444
7,352,099
14
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
41,153
16,995
2023
Movements in the year:
£
Liability at 1 May 2022
16,995
Charge to profit or loss
24,158
Liability at 30 April 2023
41,153
15
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Heneghan & Sons Limited
Notes to the financial statements (continued)
for the year ended 30 April 2023
- 17 -
16
Related party transactions
2023
2022
Amounts due to related parties
£
£
Entities with control over the company
885,537
Key management personnel
-
8,980
Other related parties
953,679
-
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Other related parties
2,274,890
2,495,010
17
Ultimate controlling party
The company's ultimate parent undertaking is Heneghan Holdings Limited, which is registered in England and Wales, its registered office is Grove Farm, Dewsbury Road, Leeds, West Yorkshire, LS27 8PW. The consolidated accounts are available from Companies House, Cardiff, CF4 3UZ.
The directors are considered to be the ultimate controlling party.
18
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
9,563,305
3,131,639
Adjustments for:
Taxation charged
2,095,328
616,572
Finance costs
4,876
878
Investment income
(22,793)
(1,027)
Depreciation and impairment of tangible fixed assets
49,227
49,773
Movements in working capital:
Decrease in stocks
313,437
503,599
(Increase)/decrease in debtors
(5,371,427)
1,116,794
(Decrease)/increase in creditors
(418,460)
1,240,506
Cash generated from operations
6,213,493
6,658,734
19
Company information
Heneghan & Sons Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Landmark Court, Revie Road, Beeston, Leeds, West Yorkshire, LS11 8JT.
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