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TRANSCRIPT
HIGGINS CONSTRUCTION PLC
ANNUAL REPORT
2015
Community at the Core of
Construction
Myatts Field Community Centre, Lambeth (top) - Century House, Tanner Street (bottom)
Higgins Construction PLC Annual Report and Accounts 2015 1
Directors and Corporate Information
Strategic Report
Directors’ Report
Directors’ Responsibilities Statement
Independent Auditor’s Report
Profit and Loss Account
Statement of Total Recognised Gains and Losses
Balance Sheet
Notes to the Financial Statements
3
4
5-6
6
7
8
8
9
10-18
Maintaining a Focus on Housing, Care and Education
2 Higgins Construction PLC Annual Report and Accounts 2015
Higgins Construction PLC Annual Report and Accounts 2015 3
DirectorsR G Higgins ACIOB (Chairman) S P Higgins BA S J Leakey BSc FCIOB (Managing Director) S Bailess MCIOB A M Board FCIOB K Briggs BSc FCIOB P Burrows MCIOB P Cooke FCIOB CEnv P H Lewellen BSc FCA S Robinson BSC MCIOBM Bradbury MCIOB (appointed 1 January 2015)A Millidge (appointed 1 January 2015)
SecretaryM K Francis BSc (Hons) FCA
AuditorKPMG LLP15 Canada SquareLondon E14 5GL
BankersHSBC Bank PLCWest End Corporate Banking Centre2nd Floor, 70 Pall MallLondon SW1Y 5EZ
Registered OfficeOne Langston RoadLoughtonEssex IG10 3SD
Registered Number684617
Company Websitewww.higginsconstruction.co.uk
Directors and Corporate Information
4 Higgins Construction PLC Annual Report and Accounts 2015
Strategic Report
IntroductionThe Directors present their Annual Report and Financial Statements for the year ended 31st July 2015.
Business ReviewTurnover has increased by 12.8% in the year to £181.2m (2014: £160.6 million). Continued pressure placed on margins, due to a very competitive market and supply chain constraints, has reduced profit before taxation to£275,000 (2014: £434,000).
The Directors are pleased to report a strong order book and anticipate significant growth in turnover in the year ending July 2016 due to the high demand for housing which continues to outstrip supply. Our clients are expanding their private sale development programmes to subsidise their social housing activities in the face of recent rent reductions imposed at the post-election budget.
The Company continues to operate as “community contractor” in the key sectors of social housing and education - working in partnership with our clients to create environments in which communities can thrive.
Through working closely with Higgins Homes PLC the Directors are able to provide a “one stop shop” by providing finance solutions, design, construction, marketing and sales services to our Registered Social Landlord clients. We are well-placed to engage in joint venture partnerships to maximise the cross-subsidy return available from private development.
Principal Risks and UncertaintiesThe Directors are aware of the inherent risks within the Construction industry. The Directors monitor and manage these risks through internal controls and maintaining awareness of market conditions, availability of public funds and the contract tendering process. Market initiatives such as sustainable mixed use development and the maintenance of strong relationships with clients and suppliers will ensure that the Company can adapt to changing market demands.
Principal Activities of the CompanyThe principal activity of the Company during the year was that of building contracting.
There were no significant changes in the Company’s activities during the year and it is the Directors’ intention to develop the business taking account of prevailing market conditions.
This Report was Approved by the Board and Signed on its BehalfM K Francis BSc (Hons) FCACompany Secretary27th October 2015
Higgins Construction PLC Annual Report and Accounts 2015 5
The directors present their report and the financial statements for the year ended 31st July 2015.
Results and DividendsThe profit for the year, after taxation, amounted to £94,000 (2014 - £199,000).During the year no interim or final dividend was paid. (2014: Nil).
DirectorsThe directors who served during the year were:R G Higgins ACIOB (Chairman) S P Higgins BAS J Leakey BSc FCIOB (Managing Director) S Bailess MCIOBA M Board FCIOBK Briggs BSc FCIOB
P Burrows MCIOBP Cooke FCIOB CEnv P H Lewellen BSc FCA S Robinson BSc MCIOBM Bradbury MCIOB (appointed 1st January 2015) A Millidge (appointed 1st January 2015)
B Sabin resigned on 30th June 2015.
Creditor Payment PolicyThe Company’s current policy concerning creditors is to:a) agree payment terms with its suppliers when it enters into binding purchase contracts;b) ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; andc) abide by the payment terms agreed whenever it is satisfied that the supplier has provided the goods or services in accordance with the contracts.For the year to 31st July 2015 the Company’s average payment period from date of invoice or agreement of valuation was 32 days (2014: 35 days).
Disabled EmployeesIt is the policy of the Company to employ disabled persons where they are suited to a particular vacancy and to develop their careers by means of training and promotion.
Employee InvolvementThe Company encourages disclosure of information and employee involvement in matters of concern to their employment. Special attention is paid to Health and Safety and Quality Assurance, as a result the Company has obtained the Platinum Standard ‘Certificate of Commitment’ for over 75% of employees holding health and safety CSCS Cards, accordingly industrial accidents remain at a level well below the industry norm. The Company actively promotes training programmes, the employment of trade apprentices and the participation in other youth training schemes; particularly within the London Boroughs’ neighbourhood centres.
Investors in PeopleDuring the period the Company continued to hold ‘Investors in People’ status confirming the Company’s commitment to its employees.
Quality AssuranceThe Company has received accreditation under IS0 9001 as a quality assured contractor and ISO 14001 showing the Company’s commitment to sustainability.
Directors’ Report
6 Higgins Construction PLC Annual Report and Accounts 2015
Statement of Directors’ Responsibilities
The directors are responsible for preparing the Strategic report, the Directors’ 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 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 judgments and accounting estimates that are reasonable and prudent;• State whether applicable UK Accounting Standards have been followed, subject to any material departures
disclosed and explained in the financial statements;• 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
In respect of the Directors’ Report and Financial Statements
Disclosure to AuditorEach of the persons who are directors at the time when this Directors’ report is approved has confirmed that:• so far as that director is aware, there is no relevant audit information of which the company’s auditor is
unaware, and• that director has taken all the steps that ought to have been taken as a director in order to be aware of any
relevant audit information and to establish that the company’s auditor is aware of that information.
AuditorUnder section 487(2) of the Companies Act 2006, KPMG LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This Report was Approved by the Board and Signed on its BehalfM K Francis BSc (Hons) FCACompany Secretary27th October 2015
Directors’ Report
Higgins Construction PLC Annual Report and Accounts 2015 7
Independent Auditor’s ReportTo the members of Higgins Construction PLC 31st July 2015
We have audited the financial statements of Higgins Construction PLC for the year ended 31st July 2015, set out on pages 8 to 18. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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.
Respective Responsibilities of Directors and AuditorAs explained more fully in the Directors’ responsibilities statement set out in page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.
Scope of the Audit of the Financial StatementsA description of the scope of an audit of financial statements is provided on the Financial Reporting Council’s website at www.frc.org.uk/auditscopeukprivate.
Opinion on Financial StatementsIn our opinion the financial statements:• give a true and fair view of the state of the company’s affairs as at 31st July 2015 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.
Opinion on Other Matter Prescribed by the Companies Act 2006In our opinion 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.
Matters on Which We Are Required to Report by ExceptionWe 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.
Shaun Kirby (Senior Statutory Auditor)For and on behalf of KPMG LLP Statutory Auditor, Chartered Accountants15 Canada Square, London E14 5GL 27th October 2015
8 Higgins Construction PLC Annual Report and Accounts 2015
Profit and Loss Account
Note 2015£000
2014£000
TurnoverCost of sales
2 181,183(176,520)
160,564(153,473)
Gross ProfitAdministrative expenses
4,663(4,431)
7,091
(6,738)
Operating ProfitInterest receivable and similar incomeInterest payable and similar charges
367
23252(9)
353
97 (16)
Profit on Ordinary Activities Before TaxationTax on profit on ordinary activities 8
275(181)
434
(235)
Profit for the Financial Year 16 94 199
All amounts relate to continuing operations.
2015£000
2014£000
Profit for the Financial YearUnrealised surplus on revaluation of tangible fixed assets
94 -
199 40
Total Recognised Gains and Losses Relating to the Year
94
239
There are no material differences between the profit on ordinary activities before taxation and the retained profit for the financial year stated above and their historical cost equivalent.
The notes on pages 10 to 18 form part of these financial statements.
For the year ended 31th July 2015
Statement of Total Recognised Gains and LossesFor the year ended 31th July 2015
Higgins Construction PLC Annual Report and Accounts 2015 9
Balance Sheet31th July 2015
2015 2014Note £000 £000 £000 £000
Fixed AssetsTangible assetsInvestments
910
20,9977
20,8027
Total Fixed Assets
Current AssetsStocksDebtorsCash at bank
1112
5,59143,02126,584
21,004
37054,16117,840
20,809
Creditors: Amounts falling due within one year 13
75,196
(63,689)
72,371
(60,763)
Net Current Assets 11,507 11,608
Total Assets Less Current LiabilitiesProvisions for LiabilitiesDeferred tax
1432,511
(359)
32,417
(359)
Net Assets 32,152 32,058
Capital and ReservesCalled up share capitalRevaluation reserveProfit and loss account
151616
2345,030
26,888
2345,030
26,794
Shareholders’ Funds 17 32,152 32,058
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27th October 2015.
S J Leakey BSc FCIOB Paul Lewellen BSc FCAManaging Director Director
The notes on pages 10 to 18 form part of these financial statements.
10 Higgins Construction PLC Annual Report and Accounts 2015
Notes to the Financial Statements31st July 2015
1. Accounting PoliciesThe following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Company’s financial statements.
1.1 Basis of Preparation of Financial StatementsThe financial statements have been prepared under the historical cost convention as modified by the revaluation of the Head Office of the Company and in accordance with applicable accounting standards.
The Directors continue to maintain detailed forecasts for turnover and profit contribution for a period of 12 and 24 months. Having reviewed these forecasts, which take into account current market trends with reasonable judgements and estimates the Directors believe that the Company has adequate resources to continue in operation for the foreseeable future. The Directors, therefore, continue to adopt the going concern basis in preparing these financial statements.
1.2 Tangible Fixed Assets and Depreciation Freehold PropertyTangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Long-term leasehold property - Period of the Lease Plant and machinery - 25% per annum Motor vehicles - 25% per annum Office equipment - 15% per annum
Freehold PropertyFreehold properties held by the Company are included in fixed assets at their latest valuation plus subsequent additions at cost. It is the policy of the Company to revalue freehold properties at least every five years. Surpluses or deficits on revaluation are included in the revaluation reserve account. Provision for any impairment in the value of properties held as fixed assets is made in the profit and loss account.
Depreciation is not provided in respect of freehold properties occupied. This is because the estimated remaining useful economic lives of the fixed assets have been determined to be in excess of 50 years and consequently any depreciation would not be considered to be material. In accordance with Financial Reporting Standard (“FRS”) 11, Impairment of fixed assets and goodwill, the assets are reviewed for impairment at the end of each reporting period.
1.3 Turnover Recognition
Turnover is normally determined by external certification and is the gross value of work carried out for the period to the balance sheet date (including retentions) but excludes claims until they are actually certified.
1.4 Long-term Contract BalancesAmounts recoverable on contracts are valued at surveyors’ valuations, including attributable profit estimated to be earned to date less provision for any known or anticipated losses and are shown net of payments on account received or receivable. Attributable profit is based upon an assessment of the final outturn on contracts which includes forecast costs to complete and final anticipated valuations. Claims receivable are recognised as income once received or certified for payment.
Higgins Construction PLC Annual Report and Accounts 2015 11
1. Accounting Policies (continued)1.5 Deferred Taxation
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets in the financial statements.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
1.6 Pension CostThe Company is a participating company in a Group Pension Scheme which has both defined contribution and defined benefit sections but which was closed to future accrual on 30th April 2010. It also sponsors a defined contribution Personal Pension Scheme. All pensionable assets are held separately from those of the Company. Contributions in respect of defined contribution pension schemes are charged to the profit and loss account when they are payable. In respect of the defined benefit section of the Group Pension Scheme, the company cannot identify its share of assets and liabilities of the group scheme, and as such accounts for it as a defined contribution scheme.
1.7 Cash Flow
The company has taken advantage of the exemption in Financial Reporting Standard No.1 from the requirement to produce a cash flow statement on the grounds that it is a small company.
1.8 Group AccountsThe Company is exempt by virtue of S400 of the Companies Act 2006 from the requirement to prepare group financial statements. These financial statements present information about the company as an individual undertaking and not about its group.
1.9 LeasesOperating leases are charged to the profit and loss account on a straight line basis . Fixed assets under finance leases are capitalised and depreciated over their expected useful lives. The finance charges are allocated over the primary period of the lease in proportion to the capital outstanding.
1.10 InvestmentsInvestments held as fixed assets are shown at cost less provision for impairment.
Notes to the Financial Statements31st July 2015
12 Higgins Construction PLC Annual Report and Accounts 2015
Notes to the Financial Statements31st July 2015
2. TurnoverTurnover and profit on ordinary activities before taxation are attributable entirely to building contracting.
All turnover arose within the United Kingdom.
3. Operating ProfitThe operating profit is stated after charging/(crediting):
2015£000
2014£000
Depreciation of tangible fixed assets: - owned by the companyAuditor’s remunerationDirectors salariesLoss/(profit) on sale of tangible assetsManagement chargesHire of plant and machinery
55935
2,007(3)
(4,546)851
548
35 1,730 12 (3,546) 788
4. Staff CostsStaff costs, including directors’ remuneration, were as follows:
2015£000
2014£000
Wages and salariesSocial security costsOther pension costs
18,3212,1421,298
15,253 1,757 1,114
21,761 18,124
The average monthly number of employees, including the directors, during the year was as follows:
2015No.
2014No.
Office and managementContract staff
129194
123 186
323 309
Pension costs of the Company, as described in Note 1.6, are determined by the schemes operated by the ultimate parent company, Higgins Group PLC. Details are disclosed in that Company’s accounts.
Higgins Construction PLC Annual Report and Accounts 2015 13
Notes to the Financial Statements31st July 2015
5. Directors Remuneration 2015£000
2014£000
Remuneration 2,007 1,730
The aggregate emoluments (excluding pension contributions) of the highest paid Director amounted to £236,575 (2014: £230,337). This Director participated in a defined benefit pension scheme (closed to future accrual on April 2010) during the year and his accrued pension at 31st July 2015 amounted to £26,344 per annum (2014: £25,771 per annum). In addition £33,031 was contributed to a defined contribution pension scheme.
6. Interest Receivable2015£000
2014£000
Other interest receivable 52
97
7. Interest Payable2015£000
2014£000
On bank loans and overdrafts 9
16
8. Taxation2015£000
2014£000
Analysis of tax charge in the yearCurrent tax (see note below)UK corporation tax charge on profit for the year
Deferred tax (see note 14)Accelerated Capital Allowances
181
-
101
134
Tax on profit on ordinary activities 181 235
14 Higgins Construction PLC Annual Report and Accounts 2015
Notes to the Financial Statements31st July 2015
8. Taxation (continued)Factors affecting tax charge for the yearThe tax assessed for the year is higher than (2014 - higher than) the standard rate of corporation tax in the UK of 20.67% (2014 - 22.33%). The differences are explained below:
2015£000
2014£000
Profit on ordinary activities before tax 275 434
Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 20.67% (2014 - 22.33%)
Effects of:Expenses not deductible for tax purposesCapital allowances for year in excess of depreciationOther Adjustment
57
3292
-
97
23(44)25
Current tax charge for the year (see note above) 181 101
Factors that may affect future tax changesReductions in the UK corporation tax rate from 26% to 24% (effective from 1st April 2012) and to 23% (effective 1st April 2013) were substantively enacted on 26th March 2012 and 3rd July 2012 respectively.Further reductions to 21% (effective from 1st April 2014) and 20% (effective from 1st April 2015) were substantively enacted 2nd July 2013. This will reduce the Company’s future current tax charge accordingly.
9. Tangible Fixed Assets
Freehold property
£000
Long-term leasehold property
£000
Plant and machinery
£000
Motor vehicles
£000Total£000
Cost or valuationAt 1st August 2014AdditionsDisposals
18,400 - -
170 - -
7,149411(93)
1,517510
(450)
27,236921
(543)
At 31st July 2015 18,400 170 7,467 1,577 27,614
DepreciationAt 1st August 2014Charge for the yearOn disposals
---
6110
-
5,317380(72)
1,056169
(304)
6,434559
(376)
At 31st July 2015 - 71 5,625 921 6,617
Net book valueAt 31st July 2015 18,400 99 1,842 656 20,997
At 31st July 2014 18,400 109 1,832 461 20,802
Higgins Construction PLC Annual Report and Accounts 2015 15
Notes to the Financial Statements31st July 2015
9. Tangible Fixed Assets (continued)The freehold property is located at One Langston Road, Loughton, Essex and is the Company’s Head Office. This property was professionally valued at £18,400,000 by Glennys LLP, Chartered Surveyors, as at 31st July 2014 on an existing value basis in compliance with RICS Statement of Asset Valuation Practice and Guidance Notes.
The historical cost of the freehold property is £13,370,669 (2014: £13,370,669).
The leasehold property comprises: • Leasehold improvements undertaken at the Company’s Business Continuity Offices. The property is held on a 10 year lease commencing 30th May 2008. • Leasehold improvements undertaken at the Company’s Plant Yard Offices. The property is held on a 25 year lease commencing 1 October 1991.
10. Fixed Asset InvestmentsInvestments in subsidiary
companies£000
Cost or valuationAt 1st August 2014 and 31st July 2015 7
Net book valueAt 31st July 2015 7
At 31th July 2014 7
Subsidiary UndertakingsThe following were subsidiary undertakings of the company:
Name Class of shares Holding2015£000
2014£000
D J Higgins Construction LtdD J Higgins Building Works LtdStation Garage (Loughton) Ltd
£1 Ordinary£1 Ordinary£1 Ordinary
100%100%100%
115
115
7 7
Name Business
D J Higgins Construction LtdD J Higgins Building Works LtdStation Garage (Loughton) Ltd
DormantDormantDormant
16 Higgins Construction PLC Annual Report and Accounts 2015
Notes to the Financial Statements31st July 2015
11. Stocks2015£000
2014£000
Work in progress 5,591 370
Stocks relate to the purchase of unconditional land, valued at costs incurred to date less provisions for foreseeable losses.
12. Debtors2015£000
2014£000
Trade debtorsAmounts owed by group undertakingsOther debtorsPrepayments and accrued incomeAmounts recoverable on long term contracts
25,7837,8692,254
4466,669
18,374 26,726 2,638 434 5,989
43,021 54,161
Debtors include the following amounts falling due after more than one year: (a) £15,917 (2014: £15,917) falling due from a subsidiary undertaking, and (b) retentions totalling £4,085,000 (2014: £3,164,000) (included within trade debtors) on current contracts, where payment will not fall due until after completion of the contracts.
13. CreditorsAmounts falling due within one year
2015£000
2014£000
Bank loans and overdraftsPayments received on accountTrade creditorsAmounts owed to group undertakingsOther taxation and social securityOther creditorsAccruals and deferred income
-15,49819,361
81,075
18827,559
1,382 12,454 15,325 8 955 116 30,523
63,689 60,763
Higgins Construction PLC Annual Report and Accounts 2015 17
Notes to the Financial Statements31st July 2015
14. Deferred Taxation2015£000
2014£000
At beginning of yearOther movement (profit & loss)
359 -
225
134
At end of year 359 359
The provision for deferred taxation is made up as follows:
2015£000
2014£000
Accelerated capital allowances 359 359
15. Share Capital2015£000
2014£000
Allotted, called up and fully paid234,000 Ordinary shares of £1 each 234
234
16. ReservesRevaluation
reserve£000
Profit and loss account
£000
At 1st August 2014Profit for the financial year
5,030
-
26,794
94
At 31st July 2015 5,030
26,888
18 Higgins Construction PLC Annual Report and Accounts 2015
Notes to the Financial Statements31st July 2015
17. Reconciliation of Movement in Shareholders’ Funds2015£000
2014£000
Opening shareholders’ fundsProfit for the financial yearOther recognised gains and losses during the year
32,05894
-
31,819
199 40
Closing shareholders’ funds 32,152 32,058
18. Contingent Liabilities and Leasing Obligations(a) The Company has entered into counter indemnities in respect of performance bonds in the normal course of business.(b) At 31st July 2015 the Company had contractual liabilities in respect of operating leases
and contract hire agreements. The estimated future commitment in the next financial year is as follows:
2015Property
£000
2015Contract Hire
£000
2015Total £000
2014Property
£000
2014Contract Hire
£000
2014Total£000
Less than 1 year1 to 5 years
62-
56555
118555
-112
137398
137510
Total 62 611 673 112 535 647
19. Capital CommitmentsAt 31st July 2015 the company had capital commitments as follows:
2015£000
2014£000
Contracted for but not provided in these financial statements 80 153
20. Related Party TransactionsDuring the year the company generated turnover of £9.8 million from construction work carried out for a joint venture investment by a fellow subsidiary within the Higgins Group.
21. Ultimate Parent and Controlling CompanyThe Company is a subsidiary undertaking of Higgins Group PLC which is the ultimate Parent Company and is incorporated in England and Wales.
The only group in which the results of the Company are consolidated is that headed by Higgins Group PLC. The consolidated financial statements of the group are available to the public and may be obtained from the Company’s Registered Office.
Higgins Construction PLC Annual Report and Accounts 2015 19
20 Higgins Construction PLC Annual Report and Accounts 2015
Printed at Higgins HQ by the reprographics department.
Kings Crescent Estate, Hackney (top) - First Central, Brent (bottom)
Community at the Core of
Construction