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Annual Reports & Accounts 2011 

Thomas Vale Group plc

Annual Reports & Accounts 2011 

Thomas Vale Group plc

THOMAS VALE GROUP 

Annual Reports and Accounts 

Contents 05 

 

 

 

 

 

 

 

................................................................................................................................................................................................................. 

GROUP Company Overview 

 

................................................................................................................................................................................................................. 

CORE OPERATING Sectors of Work 

 

................................................................................................................................................................................................................. 

THOMAS VALE GROUP Board of Directors 

 

................................................................................................................................................................................................................. 

CHAIRMAN’S Statement 

 

................................................................................................................................................................................................................. 

GROUP Managing Director’s Overview 

 

................................................................................................................................................................................................................. 

PROVIDING REAL ADDED VALUE for our Clients 

 

................................................................................................................................................................................................................. 

PREPARING THOMAS VALE for the Future 

 

................................................................................................................................................................................................................. 

INDEPENDENT Auditor’s Report 

 

................................................................................................................................................................................................................. 

CONSOLIDATED Profit and Loss Account 

 

................................................................................................................................................................................................................. 

STATEMENT of total recognised gains and losses and consolidated note of historical profit and losses 

 

................................................................................................................................................................................................................. 

CONSOLIDATED Balance Sheet 

 

................................................................................................................................................................................................................. 

CONSOLIDATED Cash Flow Statement 

 

................................................................................................................................................................................................................. 

NOTES forming part of the Financial Statements



Creating Real Added Value for our Clients 07 

 

 

 

 

 

 

 

 

 

 

 

 

 

Through a network of regional offices, our expertise is in new 

build, refurbishment, fit out and maintenance of facilities with 

the education, health, commercial, industrial, retail and allied 

sub-sectors for public and private sector. Specialist divisions 

also exist within facilities management, restoration and 

conservation, public realm and renewable technologies and 

sustainable solutions. 

 

We are one of the largest privately owned specialist housing 

construction companies in the Midlands providing mixed 

tenure, affordable homes, decent homes and regeneration 

schemes. We work in partnership with social housing 

providers and other organisations at the cutting edge of urban 

regeneration to create sustainable communities. 

 

We have an ability to undertake a broad range of infrastructure 

projects encompassing groundworks, civil engineering 

structures, roads, car parking, pedestrianisation and 

associated specialist areas such as speed cameras and road 

signage. Working for major blue chip and public sector clients 

across the Midlands, South and nationally. 

 

We are able to provide our clients with a clear and defined list 

of added value benefits including local employment and 

training, lean business improvement, renewable technologies, 

Forum Training Centre and local supply chain integration. 

Underpinning all that we offer annual corporate strategies 

offering demonstratable benefits of targets and achievements.



The Thomas Vale Group of Companies 09 

 

 

 

 

 

 

 

 

Thomas Vale Construction has a tradition stretching back over 140 years and is a name with an outstanding 

reputation in construction services. New Build Affordable Housing, Decent Homes, Education, Health Care, 

Retirement, Sustainable Energy Solutions, Restoration, Conservation, Interiors, Refurbishment and Strategic 

Projects form part of Thomas Vale Construction, which provides optimum services across its markets through 

traditional procurement processes and framework and partnership contracts. The business operates from core 

regional locations across the UK. 

Operating from offices in Birmingham and Wolverhampton, Fitzgerald specialises in infrastructure, civil 

engineering projects and public realm. Established in 1948, Fitzgerald is today working across the greater 

Midlands area and has grown to employ over 200 people from within the surrounding areas. Today’s 

Management Team is building on the traditions of flexibility and reliability of service which have been the 

cornerstone of the company’s success. 

 

 

 

 

At the forefront of change in the construction sector, Forum provides practical training and business development 

solutions to the Thomas Vale Group, clients, supply chain and the industry at large, on a wide range of Best 

Practice and Business Management concepts. To date, Forum have delivered over 4000 CSCS and NVQ’s 

across the Midlands and South and act as a single point of referral for companies in the West Midlands seeking 

access to the industry qualifications.



Our Core Operating Sectors of Work 11



Business Highlights throughout 2010/11 13



Thomas Vale Group Board of Directors 15 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mike obtained an honours degree in 

economics from Manchester 

University. He has had a long and 

varied career in construction and its 

associated industries holding several 

positions in the UK and the USA. 

These include Managing Director at 

Pioneer Concrete UK and Chief 

Executive of Tarmac USA. He 

became Non-Executive Chairman of 

Thomas Vale Group in1995 and 

appointed Executive Chairman in 

2006. 

One of Mike's specialisms is the 

review and implementation of 

strategic business change and 

development, which has been 

invaluable in driving the Group 

forward and for the continuous 

development of the company. He 

has an in-depth and seasoned 

understanding of the key 

commercial issues that impact on 

the business. 

Tony has been Group Managing 

Director since April 2008 and has 

overall control of all Thomas Vale 

Group Companies. His key business 

activities include Health Safety and 

Welfare, Environmental, Business 

Improvement, Business Information 

Modelling, Equal Opportunities and 

Training. 

Tony’s many years in the industry 

has given him a wealth knowledge 

and experience across all sectors. 

Tony has received many accolades 

for his contribution to construction 

and has worked hard to improve the 

way the industry delivers and is 

perceived, His social conscience to 

support young people, skills training 

and those less fortunate drives him 

to work closely with the local 

community to make a real difference 

in the areas in which we work. 

David is a Chartered Accountant 

and brings to the Group significant 

business experience gained in the 

construction industry and other 

sectors. He joined Thomas Vale as 

Group Finance Director and 

company secretary in 2007 and is 

responsible for day to day financial 

and corporate legal matters and has 

over 25 years experience in the 

public and private sectors. He 

oversees the financial function 

across the Thomas Vale Group of 

Companies. 

David uses his financial knowledge 

and expertise to help aid the financial 

development of the businesses 

alongside ensuring strict alignment 

with the Thomas Vale Competition 

Law Compliance Programme. 

Keith joined Thomas Vale in 1989 

as a Quantity Surveyor and has 

progressed over the years to 

Commercial Director, taking 

responsibility for supply chain 

activities, Commercial Reports and 

aspects of Business. With his 

thorough understanding of 

Construction Contracts and Laws 

Keith is responsible for group 

insurances, bonds and parent 

company guarantees and warranty 

provisions. 

Keith works closely with our clients 

to overcome problems and define 

commercially viable solutions for 

their businesses, bringing extensive 

knowledge of all contractual forms, 

construction techniques and 

procurement types. He monitors 

commercial KPIs, supply chain 

activities, commercial reports and 

aspects of business. 

In 2002, Gary was invited to join 

the board of directors and was 

previously Director of Strategic 

Projects. Gary has been promoted 

to Construction Director and has an 

overall overview of operations across 

the business. He has over 20 years 

experience within the industry as a 

Quantity Surveyor and brings 

extensive knowledge to the 

company. 

Gary now has a strategic overview of 

the business; he has responsibility of 

key partnerships with both public 

and private sector clients managing 

some of the largest contracts. With 

the increasing use of frameworks, 

Gary’s role has developed into 

securing and leading many Public 

Sector frameworks. 

Richard has delivered on a wide 

range of schemes, for both Private 

and Public Sector Customers, 

including working on both local and 

national Frameworks. His 

commitment to delivery, and 

detailed knowledge, is supporting 

the traditional and Property 

Restoration Solutions divisions 

continued expansion alongside their 

own newly appointed Divisional 

Director. 

Richard is responsible for the 

management for all traditional 

contracts and the Traditional 

Projects division undertakes some 

£45million per annum including 

significant partnerships with local 

authorities including Staffordshire 

County Council and Worcestershire 

County Council. 

Nick was appointed as Managing 

Director for Fitzgerald Contractors 

Ltd after a successful 10 years 

working under the ‘City and Interiors’ 

Aston division of the business and 

has delivered several prestigious 

projects in both the public and 

private sectors, working with blue 

chip customers. In 2008 he was 

appointed to oversee the growth 

and development of the Thomas 

Vale Group company. 

He has extensive experience of 

working on public transport 

infrastructure projects and has 

worked with major private and public 

sector partners to deliver a number 

of high profile schemes on time and 

within budget.



Chairman’s Statement 2010/11 17 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1. The Thomas Vale Team along with our 

Partners, scooped 5 awards at the 

Construction News Quality Awards for 

Environmental Project of the Year, Project of 

the Year under £10million, Sustainability, 

Training and the Judge’s Supreme Award 

2. In 2011, we launched our Future Enterprise 

Board with rising stars within the business; 

their remit extends to shadowing the Main 

Board and CSR Board to deliver tangible 

benefits for the business and other young 

people 

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The problematic economic background, of 

which I spoke about last year, has seen 

some major contractors fail. To date, our 

conservative approach to finance and our 

ability to work with our Clients to mutual 

advantage, has ensured that we have been 

able to weather the storm effectively 

providing reassurance that we will continue 

to deliver projects successfully. 

Whilst our geographic home is the wider 

Midlands, we are continuing to broaden our 

offering across a wider area of the UK, 

especially when working in partnership with 

our major blue-chip Clients. 

Some 70% of our work continues to be 

secured through long-term partnerships 

with established Clients including 

Birmingham City Council, Sandwell MBC, 

Staffordshire County Council and 

Wolverhampton City Council. 

In August 2011, Thomas Vale became the 

only incumbent contractor to be retained by 

Birmingham City Council, to realise their aspirations 

for a £3billion framework, now 

known as Constructing West Midlands, 

where we deliver major capital projects for 

the city and beyond. 

November 2010 saw the beginning of our 

partnership with the West Midlands 

Contractors’ Framework led by 

Worcestershire County Council, which now 

sites alongside some thirty eight formalised 

partnership arrangements within public and 

private bodies across our area of 

operations. 

Another area of note is Stoke-on-Trent, 

where we are playing our part in improving 

education and infrastructure across the City. 

Work is now well underway with the city’s 

Building Schools for the Future programme 

where Thomas Vale are working in a jointventure 

consortium to deliver outstanding 

new schools while involving and supporting 

local people and businesses. 

During the year our success as again 

recognised by our peers with the company 

winning numerous awards for performance 

in various areas. At the 2010 Construction 

News Quality Awards we were the major 

winner and became the only contractor in 

history to have won the Judge’s Supreme 

Award three times. In addition, the Midlands 

Art Centre in Cannon Hill Park and a project 

delivered through the Birmingham 

Construction Partnership, was named by 

RICS Project of the Year, while St Luke’s 

Primary School for Wolverhampton City 

Council won numerous accolades as the 

first UK mainland BREEAM Excellent school. 

Internally, we continue to improve our 

corporate governance and over the past 

year have put in place robust strategies 

which further cement our commitment to 

localised procurement, environmental 

sustainability, training and development and 

corporate responsibility. 

Our commitment to the communities in 

which we work is demonstrated by our 

practice of employing, training and working 

with our local supply chain partners and this 

has resulted in over 4500 qualifications 

being awarded through our Forum Training 

Centre. We are also active in schools and 

community programmes which are 

monitored by Business in the Community 

and the Considerate Constructors Scheme, 

thus ensuring that we remain committed to 

those who are affected by our activities 

every day. 

Our success over the years has been 

brought about by the skill and dedication of 

our management and employees. Without 

their high standards of workmanship and 

skill, we could not continue to make 

progress and on behalf of the Board I thank 

them all. 

Finally, I would like to thank our Clients and 

Supply Chain Partners for their support and 

sometimes forbearance. We will continue to 

do our best to provide a service which is 

superior to that of our competitors and 

which exceeds your expectations.



Key Highlights Throughout 2010/2011 19 

 

 

 

 

 

 

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1. The Midland Arts Centre was crowned Project of the 

Year at the 2011 Royal Institute of Chartered Surveyors 

Awards, built in with Birmingham City Council. 

2. Childrens celebrating at the launch on site of the new 

Tipton Green Junior School which Thomas Vale are 

constructing on behalf of Sandwell MBC. 

3. Nearing completion, the £38million Woodcock Street 

Redevelopment for Birmingham City Council is one of 

the most high-profile projects in the UK to date. 

 

4. In 2011 alone, we raised the awareness of sustainable 

build techniques to over 300 public and private sector 

Clients across the Midlands. 

5. Working in partnership with Bilfinger Berger, 2011 saw 

the completion of the first new community and fire 

facilities through the Stoke Fire & Rescue PFI. 

6. Diversifying our offering to our Clients, we launched our 

Facilities Management offering to offer 360 o added 

value in both the public and private sectors.



Group Managing Directors Statement 2010/11 21 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1. The £38million office redevelopment for 

Birmingham City Council where elements of 

BIMM was implemented to realise true whole 

life costing for our Client 

2. Encouraging young people to help to change 

the image of construction is critical in 

ensuring a secure, promising future 

generation for our industry 

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So what really is the secret to our success 

Easy. Its our people and truly unique culture. 

Every single one of our team, strives to 

realise and exceed both Client and Business 

expectations and our financial results for the 

year clearly demonstrate that our formula is 

working. 

The financial results for the year to 31March 

2011 were at record levels for the group. 

Turnover broke the £250million barrier with 

an increase of 28% on the previous year. 

Profit before tax for the year was £3.9million 

(last year £3.6million). The Directors took the 

opportunity to strengthen the balance sheet 

by reorganising its capital structure. As a 

result of this exercise the Net Asset Value of 

the Group has been significantly increased to 

£26.4million (last year £6.8million). 

Furthermore, the strong trading performance 

has resulted in an 18% increase in the cash 

at bank to £21million (last year £17.9million). 

The Group has no bank or other borrowings. 

The team at Thomas Vale has never been 

happy with delivering the ‘norm’ and have 

always aimed to take project delivery to a 

different level. Many years ago, our ethos of 

partnering was instilled in everything that we 

do as a business and many of our industry 

competitors have tried to copy or imitate our 

model. 

This culture, leadership and people, is truly 

embedded into our business. The ways in 

which Thomas Vale works today, has taken 

decades to refine and we are well ahead of 

our competition with our offering. 

The implementation of BIM(M) within the 

business was well ahead of the Central 

Government Construction Strategy and 

started with our Study Tours to America and 

Japan almost 10 years ago. Fast forward to 

2011, and we have already implemented 

BIMM on 5 major public and private sector 

projects - all realising major benefits including 

Education and Commercial Office Projects 

and currently looking at Retail and Housing. 

Again, ahead of the recently published James 

Review and the Government Report on 

Construction Strategy, headed up by Paul 

Morrell; we have established several integrated 

Supply Chain structures focusing on key 

market sectors and sub-market sectors such 

as Education, Retail, Commercial, Housing, 

Retrofit, Retirement Care and important 

sub-sectors such as Passivhaus where we 

had excellent results on the UK’s first two 

Passivhaus schools for Wolverhampton City 

Council. 

We are confident that these core integrated 

structures using BIM(M), Lean, Business 

Improvement Techniques, Standardised 

Detailing, Local Specification Pallettes and 

with our established Best Practice Procedures 

can deliver savings to Clients well ahead of the 

figures called for by the new Government 

targets. 

Whilst construction and design of schemes is 

important for projects to be delivered 

effectively, as so is the post- occupancy care 

that we are able to provide as a business. 

Customer Care is top of our agenda and 

during the year we have been re-accredited 

to the Tenant Participation Advisory Scheme 

(TPAS), where we have been advised by the 

assessors, that we have achieved the 

highest ever audit score in the history of the 

scheme. 

In 2011, we also launched our Facilities 

Management Division to work alongside our 

Clients to manage their aftercare solutions 

including energy management and 

consultancy; closely aligned to our Quality 

Management and Defect Teams on site. 

It is always important to ensure that as a 

business, you fully understand that without a 

highly skilled and trained workforce, it would 

be difficult to maintain the exceptional levels 

of service delivery that we currently provide 

to our Clients and almost certainly impossible 

to develop innovative solutions. 

In the year, one of my proudest moments, as 

it has been a long-term ambition, is the 

formation of our Future Enterprise Board, 

which is open via election to all of the 

business’ professional, technical and trade 

trainees. I have no doubt, that this structure, 

will contribute greatly to the performance of 

the business in the future. 

I would like to ensure that our Employees, 

Supply Chain Partners, Clients, Professionals 

and Stakeholders understand that we are 

positive that without their continued support, 

the business would not be as successful as it 

is today.



Providing Real Added Value for our Clients 23 

 

 

 

Thomas Vale has always been at the forefront of change and been involved with various initiatives in partnership with the 

BERR, Constructing Excellence and WMCCE - including ‘Study Tour’ trips to America and Japan to review emerging and 

innovative companies across the globe and their implementation within the UK Construction Industry. 

 

Our Environmental Sustainability is managed by a dedicated in-house team who support our Clients, Project Delivery 

Teams and Stakeholders to deliver raised awareness and execution of sustainable techniques, including most recently the 

RIBA Sorrell Foundation awarded BREEAM Excellent St Luke’s and the new Passivhaus schools in Wolverhampton. 

 

Customer and Client Care and Satisfaction remains at the heart of everything we do. It is fundamental in the development 

of our business and therefore every aspect is measured, reviewed and actions taken to ensure all aspects of delivery are 

continuously improved. Our Key Performance Indicators are collected weekly and auditable by our Clients. 

 

With increasing pressure from Central Government to ensure a multi-skilled and long-term workforce, we have invested 

considerable time and monies in looking at innovative ways of ensuring that the provision for skills development within the 

industry is carried forward, including the National Skills Academy for Construction for Wolverhampton Homes. 

 

Core to our company ethos, Thomas Vale launched the campaign to help communities and the wider industry understand 

the importance local spend can have on sustaining an economy. With guidance from the LEK Report, Thomas Vale’s 

annual ROI through localised spend was in excess of £710million. 

 

Applying a true collaborative approach, working with Supply Chain Partners through conceptual design, costing, 

programming, construction and aftercare. Our commitment to ensuring localised economic sustainability through the ‘Find 

it in’ concepts has been demonstrated in Wolverhampton, Sandwell, Birmingham and most recently, Worcestershire. 

 

Our commitment as a business to Health, Safety and Welfare is paramount to how we conduct ourselves as a business 

and our Code of Ethics. Full year statistics demonstrate the business has performed well above the national average set by 

the industry. 

 

Our commitment to Corporate Responsibility has been demonstrated to be award winning through our membership to 

Business in the Community, who annually audit our processes and procedures. With our in-house team having primary 

responsibility to ensure that all that we do is aligned to aspirations for stakeholders.



Preparing Thomas Vale for the Future 25 

 

 

 

 

 

 

 

 

 

Throughout 2010, we consulted extensively with our 

trainees and apprentices across the business to identify 

areas of perceived weakness. 

After undertaking a comprehensive review, in March 2011 

we established the Thomas Vale Future Enterprise Board, 

consisting of 12 self-nominated young people and rising 

stars from across the business, to shadow the main board 

and take a primary responsibility for Corporate 

Responsibility and aiding its delivery across the business. 

To date, the FE Board has been endorsed by Constructing 

Excellence, the UK Contractors Group and University of 

Birmingham. 

 

Early consultation started with Wolverhampton City 

Council and Architype architects, to identify the potential 

of developing the UK’s first accredited Passivhaus 

Standard schools. In 2011, this vision became a reality 

and the combined £10million projects, Oak Meadow and 

Bushbury, which are recognised by the West Midlands 

Centre for Constructing Excellence are currently on site 

and due for completion in the Summer of 2012. 

 

Our journey for BIM(M) as a business, started around 10 

years ago, where Thomas Vale were invited to join the DTI 

and Central Government representatives on study tours to 

the USA, Canada and Japan. We have a developed and 

robust BIM Strategy, which has been recognised by our 

Clients and is proving to exceed aspirations and 

expectations through our unique partnership with Rider 

Levett Bucknall and Aedas Architects to deliver both in the 

Public and Private Sectors. 

 

Our people at Thomas Vale are our key asset. That’s why 

it is important to ensure that we put in place succession 

planning for the business to support the future growth and 

forward business plan of the Group of Companies. In 

2011, we implemented and highlighted key individuals 

from around the business who are already playing a pivotal 

role in the delivery of strategic items for the business. 

 

The business has always operated a comprehensive and 

robust business plan, by where year on year, we have 

exasperated our targets. We continue to communicate our 

aspirations as a business to our employees and have set a 

turnover target of £300million by 2015, through controlled 

annual organic growth.



Financial Highlights throughout 2010/11 27



Group Company Overview 29 

REPORT AND FINANCIAL STATEMENTS FOR 

THE YEAR ENDED 31ST MARCH 2011 

REPORT OF THE DIRECTORS FOR THE 

YEAR ENDED 31ST MARCH 2011 

DIRECTORS 

M Wallis (Chairman) 

N Coley 

RJ Green 

SA Hyde 

G Mail 

DK Newcombe 

KJ Reeves 

SECRETARY AND REGISTERED OFFICE 

DK Newcombe, Lombard House, Worcester Road, Stourport-on-Severn, Worcestershire, DY13 9BZ 

COMPANY NUMBER 

2693391 

AUDITORS 

BDO LLP, 125 Colmore Row, Birmingham, B3 3SD 

BANKERS 

National Westminster Bank plc, Queen Square, Wolverhampton, West Midlands, WV1 1TR 

THE DIRECTORS 

PRESENT THEIR 

REPORT TOGETHER 

WITH THE AUDITED 

FINANCIAL STATEMENTS 

FOR THE YEAR ENDED 

31ST MARCH 2011. 

RESULTS AND DIVIDENDS 

The profit and loss account is set out on page 6 and shows the profit for the year. 

No dividends were paid to ordinary shareholders during the year. 

PRINCIPAL ACTIVITIES 

The company acts as a holding company. The group companies’ principal activities 

during the year were as follows: 

THOMAS VALE CONSTRUCTION PLC 

FITZGERALD CONTRACTORS LIMITED 

New building and refurbishment work is 

undertaken in both the public and private 

sectors on either a traditional or design and 

build basis including work carried out in the 

affordable housing market. 

Civil engineering contracting in the public and 

private sectors. 

REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS 

During the year Thomas Vale Group plc focused on its key profitable areas and core 

business. 

Total group turnover increased by 28% to £251.6 million (last year - £196.5 million). 

Operating profit was £3.7 million (last year - £3.6 million) and profit on ordinary 

activities before tax was £3.9 million (last year - £3.6 million). Net asset value 

increased to £24.6 million (last year - £6.8 million).






(CONTINUED) 



(CONTINUED) 

PRINCIPAL RISKS AND UNCERTAINTIES 

As in any trading organisation, the directors acknowledge that as well as rewards, there are risks and uncertainties which 

are constantly monitored. The group is dependent upon the efficiency of its employees in satisfying its customers’ needs 

and in the identification and consequent reduction of contract risks in the work undertaken. Systems are in place to 

ensure effective monitoring of these issues. 

FINANCIAL INSTRUMENTS 

The financial instruments held by the group are detailed at note 27 to the financial statements. 

EMPLOYEES 

The group recognises its obligations towards disabled people and endeavours to provide as much employment as the 

demands of the group’s operations and the abilities of the disabled persons allow. 

Applications for employment received from disabled people are studied with care and if existing employees become 

disabled, every effort is made to find them appropriate work and training where it is needed. Opportunities are offered to 

disabled employees to develop their knowledge and skills and undertake greater opportunities. 

The group also recognises the benefits of keeping employees informed of the progress of the business and of involving 

them in the company’s performance. During the year, the group’s employees were provided with information regarding 

factors affecting the performance of the company and of other matters of concern to them as employees. Additionally, 

consultations took place with employee representatives so that the views of employees could be taken into account in 

making decisions that were likely to affect their interests. 

DIRECTORS 

The directors of the company during the year were: 

M Wallis (Chairman) 

N Coley 

RJ Green 

SA Hyde 

G Mail 

DK Newcombe 

KJ Reeves 

During the year M Wallis, SA Hyde, G Mail, DK Newcombe, and KJ Reeves were also directors of Amelia Investments 

(1869) Limited, the ultimate parent undertaking. 

DIRECTORS’ RESPONSIBILITIES 

The directors are responsible for preparing 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 group and company 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 group and company and of the profit or loss of the group 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; 

• 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. 

AUDITORS 

All of the current directors have taken all the steps that they ought to have taken to make themselves aware of any 

information needed by the company's auditors for the purposes of their audit and to establish that the auditors are aware 

of that information. The directors are not aware of any relevant audit information of which the auditors are unaware. 

BDO LLP have expressed their willingness to continue in office and a resolution to re-appoint them will be proposed at the 

annual general meeting. 

By order of the board 

D K NEWCOME, SECRETARY 

20th July 2011




INDEPENDENT AUDITOR’S REPORT 

INDEPENDENT AUDITOR’S REPORT 

(CONTINUED) 

TO THE MEMBERS OF THOMAS VALE PLC 

We have audited the financial statements of Thomas Vale Group plc for the year ended 31st March 2011 which comprise 

the consolidated profit and loss account, the consolidated and company balance sheets, the consolidated cash flow 

statement, the consolidated statement of total recognised gains and losses, the consolidated note of historical cost profits 

and losses and the related notes. 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 AUDITORS 

As explained more fully in the statement of directors' responsibilities, 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 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 (APB’s) Ethical Standards for Auditors. 

SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS 

A description of the scope of an audit of financial statements is provided on the APB’s website at 

www.frc.org.uk/apb/scope/private.cfm 

OPINION ON FINANCIAL STATEMENTS 

In our opinion the financial statements: 

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION 

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 by the parent company, or returns adequate for our audit have not 

been received from branches not visited by us; or 

• the parent company 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. 

THOMAS LAWTON, SENIOR STATUTORY AUDITOR 

For and on behalf of BDO LLP, statutory auditor 

Birmingham 

United Kingdom 

20th July 2011 

BPO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127). 

• give a true and fair view of the state of the group’s and the parent company’s affairs as at 31st March 2011 and of the 

group’s 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 MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 

In our opinion the information given in the directors’ report for the financial year for which the financial statements are 

prepared is consistent with the financial statements.




CONSOLIDATED PROFIT AND LOSS ACCOUNT 

FOR THE YEAR ENDED 31ST MARCH 2011 

Note 

Total 

2011 

£ 

Turnover 3 251,625,306 196,461,412 

Cost of sales 236,583,365 179,802,364 

Gross profit/(loss) 15,041,941 16,659,048 

Administrative expenses 11,358,721 13,113,812 

Total 

2010 

£ 

CONSOLIDATED STATEMENT OF TOTAL RECOGNISED 

GAINS AND LOSSESS AND CONSOLIDATED NOTE 

OF HISTORICAL COST PROFITS AND LOSSES FOR 

THE YEAR ENDED 31ST MARCH 2011 

Consolidated statement of total recognised gains and losses 

Profit for the financial year 

Revaluation - Movement 

Actuarial (loss)/gain on pension scheme 

Taxation in respect of actuarial gain on pension scheme 

Note 2011 

£ 

2,715,964 

- 

22,800 

(6,000) 

2010 

£ 

2,619,148 

(56,360) 

(460,000) 

128,000 

Total recognised gains and losses for the financial year 2,732,764 2,230,788 

3,683,220 3,545,236 

Other operating income 5,400 32,171 

2011 

£ 

2010 

£ 

Group operating profit/(loss) 4 3,688,620 3,577,407 

Consolidated note of historical cost profits and losses 

Other interest receivable and similar income 

Interest payable and similar charges 

Other finance charges 

7 

8 

9 

221,565 

(762) 

(23,000) 

102,834 

(579) 

(36,000) 

Reported profit on ordinary activities before taxation 

Difference between actual and historical cost depreciation charge 

3,886,423 

10,360 

3,643,662 

6,857 

Profit on ordinary activities before taxation 3,886,423 3,643,662 

Taxation on profit on ordinary activities 10 1,170,459 1,085,802 

Historical cost profit on ordinary activities before taxation 3,896,783 3,650,519 

Historical cost profit for the year after taxation and minority interest 2,726,324 2,626,005 

Profit on ordinary activities after taxation 2,715,964 2,557,860 

Minority interest - 61,288 

Profit for the financial year 22 2,715,964 2,619,148




CONSOLIDATED BALANCE SHEET AT 31ST 

MARCH 2011 

CONSOLIDATED BALANCE SHEET AT 31ST 

MARCH 2011 (CONTINUED) 

Company Number 2693391 Note 2011 

£ 

2011 

£ 

2010 

£ 

2010 

£ 

Note 2011 

£ 

2011 

£ 

2010 

£ 

2010 

£ 

Fixed assets 

Intangible assets 

Tangible assets 

Current assets 

Stocks 

Debtors 

Cash at bank and in hand 

13 

14 

16 

17 

892,573 

67,852,410 

21,083,750 

22,788 

2,727,985 

44,510 

2,930,166 

2,750,773 2,974,676 

731,115 

40,574,779 

17,886,203 

Capital and reserves 

Called up share capital 

Share premium account 

Revaluation reserve 

Capital contribution reserve 

Other reserves 

Profit and loss account 

21 

22 

22 

22 

22 

22 

450,051 

195,104 

455,812 

15,042,000 

545,476 

7,946,227 

450,050 

95,105 

466,172 

- 

545,476 

5,203,103 

Shareholders’ funds 23 24,634,670 6,759,906 

89,828,733 59,192,097 

The financial statements were approved by the board of directors and authorised for issue on 20th July 2011. 

Creditors: amounts falling due within one year 18 67,165,863 55,050,867 

Net current assets 22,662,870 4,141,230 

Creditors: amounts falling due after more than 

one year 

19 770,373 - 

Net assets excluding pension scheme liabilities 24,643,270 7,115,906 

M Wallis 

Director 

Pension scheme liabilities 20 (8,600) (356,000) 

Net assets including pension scheme liabilities 24,634,670 6,759,906




COMPANY BALANCE SHEET AT 31ST 

MARCH 2011 

CONSOLIDATED CASHFLOW STATEMENT 

FOR THE YEAR ENDED 31ST MARCH 2011 

Company Number 2693391 Note 2011 

£ 

2011 

£ 

2010 

£ 

2010 

£ 

Note 2011 

£ 

2011 

£ 

2010 

£ 

2010 

£ 

Fixed assets 

Fixed asset investments 15 8,511,567 1,479,567 

Net cash flow from operating activities 28 4,481,039 6,834,795 

Current assets 

Debtors 

Cash at bank and in hand 

17 9,680,872 

21,479 

7,841,505 

- 

Returns on investments and servicing of finance 

Interest received 

Interest paid: other 

221,565 

(762) 

102,834 

- 

9,702,351 7,841,505 

Creditors: amounts falling due within one year 18 861,806 8,358,541 

Net cash inflow from returns on investments 

and servicing of finance 

220,803 102,834 

Net current liabilities 8,840,545 (517,036) 

Taxation 

Corporation tax paid 

(1,414,545) (1,116,124) 

Total assets less current liabilities 17,352,112 962,531 

Creditors: amounts falling due after more than 

one year 

19 1,200,000 - 

16,152,112 962,531 

Capital expenditure and financial investment 

Payments to acquire tangible fixed assets 

Receipts from sale of tangible fixed assets 

Net cash inflow/(outflow) from capital 

expenditure and financial investment 

(225,852) 

36,102 

(119,229) 

132,769 

(189,750) 13,540 

Capital and reserves 

Called up share capital 

Share premium account 

Capital contribution reserve 

Other reserves 

Profit and loss account 

21 

22 

22 

22 

22 

450,051 

195,104 

15,042,000 

300,000 

164,957 

450,050 

95,105 

- 

300,000 

117,376 

Shareholders’ funds 23 16,152,112 962,531 

The financial statements were approved by the board of directors and authorised for issue on 20th July 2011. 

Cash inflow before use of financing 3,097,547 5,835,045 

Financing 

Capital element of finance leases repaid 

Capital contribution and sale of share to 

parent company 

Loan to parent company 

- 

15,142,000 

(15,042,000) 

(2,408) 

Net cash inflow/(outflow) from financing 100,000 (2,408) 

Increase in cash 29 3,197,547 5,832,637 

- 

- 

M Wallis 

Director




NOTES FORMING PART OF THE FINANCIAL 

STATEMENTS FOR THE YEAR ENDED 31ST 

MARCH 2011 


STATEMENT FOR THE YEAR ENDED 31ST 


1 ACCOUNTING POLICIES 

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of 

certain assets and are in accordance with applicable accounting standards. 

The following principal accounting policies have been applied: 

BASIS OF CONSOLIDATION 

The group financial statements consolidate the financial statements of Thomas Vale Group plc and all its subsidiary 

companies made up to 31 March 2011, using the acquisition method of accounting. The results of subsidiary 

undertakings are included from the date of acquisition. No profit and loss account for Thomas Vale Group plc has 

been presented as permitted by Section 408 of the Companies Act 2006. 

GOODWILL 

Goodwill arising on an acquisition of a subsidiary is the difference between the fair value of the consideration paid and 

the fair value of the assets and liabilities acquired. Positive goodwill is capitalised and amortised through the profit and 

loss account over the directors' estimate of its useful economic life of 20 years. Impairment tests on the carrying 

value of goodwill are undertaken at the end of the first full financial year following acquisition and in other periods if 

events or changes in circumstances indicate that the carrying value may not be recoverable. 

TURNOVER 

Turnover represents the fair value of consideration receivable, excluding value added tax, for goods and services 

supplied to external customers. In respect of long term contracting activities, turnover reflects the fair value of work 

executed during the year. 

LAND AND BUILDINGS 

Freehold land and buildings are subject to a full revaluation every five years with an interim valuation every three years, 

unless it is likely that there has been a material change in value, in which case a more frequent revaluation will be 

undertaken. 

DEPRECIATION 

Tangible fixed assets are stated at cost or valuation, less depreciation. Depreciation is provided on all tangible fixed 

assets, with the exception of freehold land, at rates calculated to write off the cost or valuation, less estimated 

residua value, of each asset over its expected useful life. The principal rates used are as follows: 

Freehold buildings 

Expenditure on leasehold property 

Plant and equipment 

Motor vehicles 

- 2% per annum straight line 

- over the remaining term of the lease 

- between 7.5% and 33.3% per annum straight line 

- 25% per annum reducing balance 

1 ACCOUNTING POLICIES (CONTINUED) 

VALUATION OF INVESTMENTS 

Investments held as fixed assets impairment write-down is assessed by comparison of the carrying value of the asset 

against the higher of realisable value and value in use. 

IMPAIRMENT OF FIXED ASSETS 

The need for any fixed asset impairment write-down is assessed by comparison of the carrying value of the asset 

against the higher of realisable value and value in use. 

LONG TERM CONTRACTS 

Amounts recoverable on long term contracts, which are included in debtors, are stated at cost plus attributable profit 

less provision for foreseeable losses. Payments received on account are deducted from amounts recoverable on 

contracts. Excess progress payments are included in creditors as payments received on account. 

STOCKS AND WORK IN PROGRESS 

Stocks are stated at the lower of cost and net realisable value. Cost is arrived at as follows: 

• Raw material and consumables 

• Purchase cost on a first in, first out basis 

• Short term work in progress 

Cost of direct materials and labour plus attributable overheads less provision for foreseeable losses in accordance 

with Statement of Standard Accounting Practice No. 9 (revised). Progress payments are deducted and where they 

are in excess of contract values, the excess is included in creditors as payments received on account. Net realisable 

value is based on estimated selling price less further costs expected to be incurred to completion and sale. 

FINANCIAL INSTRUMENTS 

Details of the financial risk management objectives and policies and details of the use of financial instruments by the 

company are provided in note 27 to the financial statements. 

DIVIDENDS 

In accordance with FRS 21 - Events after the balance sheet date, dividends are recognised when they become 

legally payable.










1 ACCOUNTING POLICIES (CONTINUED) 

DEFERRED TAXATION 

The charge for taxation is based on the profit for the year and takes into account taxation deferred because of timing 

differences between the treatment of certain items for taxation and accounting purposes. Deferred tax balances are 

recognised in respect of all timing differences that have originated but not reversed by the balance sheet date except that: 

• deferred tax is not recognised on timing differences arising on revalued properties unless the group has entered into 

a binding sale agreement and is not proposing to take advantage of rollover relief; and 

• the recognition of deferred tax assets is limited to the extent that the group anticipates making sufficient taxable 

profits in the future to absorb the reversal of the underlying timing differences. 

Deferred tax balances are not discounted. 

LEASED ASSETS 

All leases are treated as operating leases. Their annual rentals are charged to the profit and loss account on a straightline 

basis over the term of the lease. 

PENSION COSTS 

Contributions to defined contribution schemes are charged to the profit and loss account in the year in which they 

become payable. 

In respect of the group’s defined benefit schemes, the difference between the fair values of the assets held in the 

schemes and the schemes’ liabilities measured on an actuarial basis using the projected unit method are recognised 

in the group’s balance sheet as a pension scheme asset or liability as appropriate. The carrying value of any resulting 

pension scheme asset is restricted to the extent that the group is able to recover the surplus either through reduced 

contributions in the future or through refunds from the scheme. 

Changes in the defined benefit pension scheme asset or liability arising from factors other than cash contribution by 

the group are charged to the profit and loss account or the statement of total recognised gains and losses in 

accordance with Financial Reporting Standard 17 (Retirement Benefits). 

2 CORRESPONDING FIGURES 

The analysis between continuing and discontinued operations for the year ended 31st March 2010 is shown below. 

Turnover 

Cost of sales 

Continuing 

£ 

188,996,289 

172,072,444 

Discontinued 

£ 

7,465,123 

7,729,920 

Total 

£ 

196,461,412 

179,802,364 

Gross Profit/(loss) 16,923,845 (264,797) 16,659,048 

Administrative expenses 11,048,557 2,065,255 13,113,812 

5,875,288 (2,330,052) 3,545,236 

Other operating income 32,171 - 32,171 

Operating profit/(loss) 5,907,459 (2,330,052) 3,577,407 

3 TURNOVER, PROFIT AND NET ASSETS 

Turnover is wholly attributable to the principal activities of the group and arises solely within the United Kingdom. 

The information in respect of turnover, profit before tax and net assets required to be disclosed by Statement of 

Standard Accounting Practice 25 “Segmental reporting” has not been provided as, in the opinion of the directors, 

such disclosure would be seriously prejudicial to the interest of the group. 

GOING CONCERN 

The financial statements have been prepared on a going concern basis. The Directors have considered the principal 

risks and uncertainties that apply to the business and believe that it is appropriate to prepare the accounts on this basis.










4 OPERATING PROFIT 6 DIRECTORS’ REMUNERATION 

2011 

£ 

2010 

£ 

2011 

£ 

2010 

£ 

This is arrived at after charging/(crediting): 

Depreciation of tangible fixed assets 

Amortisation of positive goodwill 

Profit on disposal of tangible fixed assets 

Hire of plant and machinery - operating leases 

Auditors’ renumeration: 

- fees payable to the group’s auditor for the audit of the group’s annual accounts 

- all other services 

Loss on disposal of subsidiary 

403,187 

21,722 

(11,256) 

6,320,955 

35,800 

5,000 

- 

505,571 

21,722 

(73,670) 

4,832,907 

43,000 

7,000 

60,936 

Directors’ emoluments 

Company contributions to money purchase pension schemes 

7 OTHER INTEREST RECEIVABLE AND SIMILAR INCOME 

1,613,750 

140,020 

1,739,019 

153,942 

There were 5 directors in the group's money purchase pension schemes during the year (2010 - 6). 

The total amount payable to the highest paid director in respect of emoluments was £285,217 (2010 - £250,642). 

Company pension contributions of £32,796 (2010 - £31,996) were made to a money purchase scheme on his behalf. 

Included in the group audit fee is an amount of £3,000 (2010 - £3,600) in respect of the company. 

2011 

£ 

2010 

£ 

5 EMPLOYEES 

Staff costs (including directors) consist of: 

Bank deposits 

Other interest receivable 

143,675 

77,890 

102,834 

- 

Group 

2011 

£ 

Group 

2010 

£ 

221,565 102,834 

Wages and salaries 

Social security costs 

Other pension costs 

26,492,919 

2,669,863 

1,427,531 

27,544,960 

2,811,552 

1,490,579 

8 INTEREST PAYABLE AND SIMILAR CHARGES 

2011 

£ 

2010 

£ 

30,590,313 31,847,091 

Other interest payable 

Finance leases and hire purchase contracts 

762 

- 

- 

579 

The average number of employees (including directors) during the year was as follows: 

Group 

2011 

Number 

Group 

2010 

Number 

9 OTHER FINANCE CHARGES 

2011 

£ 

2010 

£ 

Management, technical and administration 

Site based personnel 

585 

151 

580 

184 

Expected return on pension scheme assets 

Interest on pension scheme liabilities 

(82,000) 

105,000 

(78,000) 

114,000 

736 764 

23,000 36,000










10 TAXATION ON PROFIT ON ORDINARY ACTIVITIES 11 DIVIDENDS 

2011 

£ 

2010 

£ 

2011 

£ 

2010 

£ 

UK Corporation Tax 

Current tax on profits of the year 

Adjustment in respect of previous periods 

Group Relief 

901,788 

(7,704) 

3,602 

983,458 

(26,764) 

- 

Ordinary and ‘A’ Ordinary shares 

Dividend paid of £nil (2010 - £4.89) per share 

- 2,200,000 

Total current tax 897,686 956,694 

Deferred tax 

Origination and reversal of timing differences 

Adjustment in respect of pervious periods 

Pension scheme movement 

118,644 

25,129 

129,000 

132,318 

(3,210) 

- 

Movement in deferred tax provision 272,773 129,108 

Taxation on profit on ordinary activities 1,170,459 1,085,802 

The tax assessed for the year is lower than the standard rate of corporation tax in the UK applied to profit before 

tax. The differences are explained below: 

Profit on ordinary activities before tax 3,886,423 3,643,662 

Profit on ordinary activities at the standard rate of corporation tax in the UK 

of 28% (2010 - 28%) 

Effects of: 

Expenses not deductible for tax purposes 

Capital allowances for period in excess of depreciation 

Utilisation of tax losses 

Adjustment to tax charge in respect of previous periods 

Short term timing 

Marginal relief and small companies rate 

Income not taxable for tax purposes 

2011 

£ 

1,088,198 

35,980 

(21,782) 

(90,221) 

(7,704) 

(6,642) 

(8,793) 

(91,350) 

2010 

£ 

1,020,225 

99,384 

(21,431) 

(120,882) 

(26,764) 

8,856 

2,694 

- 

12 PROFIT FOR THE FINANCIAL YEAR 

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and 

has not presented its own profit and loss account in these financial statements. The group profit for the year 

includes a profit after tax of £47,581 (2010 - £1,959,663) which is dealt with in the financial statements of the 

parent company. 

13 INTANGIBLE FIXED ASSETS 

Group 

Goodwill on 

consolidation 

£ 

Cost or valuation 

At 1st April 2010 and 31st March 2011 1,447,906 

Amortisation 

At 1st April 2010 

Provided for the year 

1,403,396 

21,722 

At 31st March 2011 1,425,118 

Net book value 

At 31st March 2011 22,788 

At 31st March 2010 44,510 

Current tax charge for the year 897,686 956,694










14 TANGIBLE FIXED ASSETS 14 TANGIBLE FIXED ASSETS (CONTINUED) 

Group 

The historical cost of freehold land and buildings is: 



Additions 

Disposals 

Freehold land 

and buildings 

£ 

2,190,000 

- 

- 

Leasehold 

land and 

buildings 

£ 

372,484 

- 

- 

Plant and 

machinery 

£ 

3,159,776 

225,852 

(360,026) 

Total 

£ 

5,722,260 

225,852 

(360,026) 

Cost 

Accumulated depreciation based on 

historical cost 

Group 

2011 

£ 

2,153,571 

473,654 

Group 

2010 

£ 

2,153,571 

429,743 

Company 

2011 

£ 

Company 

2010 

£ 

Historical cost net book value 1,679,917 1,723,828 - - 

- 

- 

- 

- 

At 31st March 2011 2,190,000 372,484 3,025,602 5,588,086 

Depreciation 


Provided for the year 

Disposals 

- 

54,271 

- 

226,555 

27,733 

- 

2,565,539 

321,183 

(335,180) 

2,792,094 

403,187 

(335,180) 

At 31st March 2011 54,271 254,288 2,551,542 2,860,101 


At 31st March 2011 2,135,729 118,196 474,060 2,727,985 

At 31st March 2010 2,190,000 145,929 594,237 2,930,166 

15 FIXED ASSET INVESTMENTS 

Company 



Additions 

Group 

undertakings 

£ 

3,730,602 

7,032,000 

Loans to 

group 

undertakings 

£ 

200,000 

- 

Total 

£ 

3,930,602 

7,032,000 

The freehold land and buildings were professionally revalued on 8th March 2010 by Harris Lamb Limited at an 

open market value based on an existing use basis. The revaluation has been incorporated in the financial 

statements as at 31st March 2010. The directors are of the opinion that the book values are a fair representation 

of the value of the properties at 31st March 2011. The gross value of Freehold land and buildings is stated at: 

Group 

2011 

£ 

Group 

2010 

£ 

Company 

2011 

£ 

Company 

2010 

£ 

At 31st March 2011 10,762,602 200,000 10,962,602 

Provisions 

At 1st April 2010 and 31st March 2011 2,451,035 - 2,451,035 


At 31st March 2011 8,311,567 200,000 8,511,567 

At 31st March 2010 1,279,567 200,000 1,479,567 

2010 valuation 2,190,000 2,190,000 - - 

During the year the company purchased an additional share from Thomas Vale Construction plc. The nominal 

value was £0.25 and the total amount paid was £100,000. Additionally, the company made a further capital 

contribution of £6,932,000 to Thomas Vale Construction plc.










15 FIXED ASSET INVESTMENTS (CONTINUED) 17 DEBTORS 

Subsidiary undertakings 

The principal undertakings in which the company’s interest at the year end is 20% or more are as follows: 

Group 

2011 

£ 

Group 

2010 

£ 

Company 

2011 

£ 

Company 

2010 

£ 

Thomas Vale Construction plc 

Fitzgerald Contractors Limited 

Forum Training Limited 

16 STOCKS 

Class of share capital held Company holding % 

Ordinary shares of 25p 

Ordinary shares of £1 

Ordinary shares of £1 

100% 

100% 

100% 

Details of each trading company’s nature of business are set out in the Directors’ Report on page 1. In the opinion 

of the directors, the aggregate value of the company’s investment in subsidiary undertakings is not less than the 

amount included in the balance sheet. 

Forum Training Limited provides training services to the construction and allied industries. 

Raw materials and consumables 

Work in progress 

Less: progress payments 

Group 

2011 

£ 

35,372 

1,894,263 

(1,037,062) 

Group 

2010 

£ 

31,438 

1,393,019 

(693,342) 

Company 

2011 

£ 

- 

- 

- 

Company 

2010 

£ 

892,573 731,115 - - 

- 

- 

- 

Amounts receivable within one year 

Trade debtors 

Amounts owed by group undertakings 

Amounts recoverable on contracts 

Corporation tax recoverable 

Prepayments and accrued income 

Amounts receivable after more than one year 

Trade debtors 

Amounts owed by group undertakings 

Amounts recoverable on contracts 

Deferred taxation 

4,033,408 

60,410 

36,572,348 

- 

1,614,305 

3,638,154 

10,403,628 

24,620,532 

- 

790,401 

50,000 

9,813 

- 

290,279 

- 

50,000 

7,315,229 

- 

252,695 

- 

42,280,471 39,452,715 350,092 7,617,924 

125,000 

23,899,905 

1,302,356 

244,678 

200,000 

- 

533,613 

388,451 

125,000 

9,205,780 

- 

- 

200,000 

- 

- 

23,581 

25,571,939 1,122,064 9,330,780 223,581 

Total debtors 67,852,410 40,574,779 9,680,872 7,841,505 

Group 

Deferred 

taxation 

£ 

Company 

Deferred 

taxation 

£ 

There is no material difference between the replacement cost of stocks and the amounts stated above. Progress 

payments in excess of contract values are included in creditors and amount to £1,745,501 (2010 - £2,001,700). 


Charged to profit and loss account 

388,451 

(143,773) 

23,581 

(23,581) 

At 31st March 2011 244,678 -










17 DEBTORS (CONTINUED) 20 PENSIONS 

Deferred taxation 

The amount of deferred tax provided for is as follows 

Accelerated capital allowances 

Sundry timing differences 

Tax losses 

Group 

2011 

£ 

84,561 

- 

160,117 

Group 

2010 

£ 

126,578 

8,856 

253,017 

244,678 388,451 

The group makes payments on behalf of employees into individual pension arrangements. The total amounts 

charged to the profit and loss account in respect of such schemes amounted to £1,427,531 (2010 - £1,490,579). 

Contributions of £85,551 (2010 - £155,568) were outstanding at the end of the financial year. 

The group also operates two legacy occupational pension schemes. The first is a closed defined benefit scheme, 

known as the Collier and Catley Limited Final Salary Scheme, resulting from the acquisition of Collier and Catley 

Limited. With effect from 31st March 2006, the company has assumed responsibility for the net pension liability of 

Collier and Catley Limited following the transfer of its trade to Thomas Vale Construction plc. 

The second is the Thomas Vale Group Pension Scheme, which comprises a closed Final Salary Section and a 

closed Money Purchase section. 

18 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 

Bank loans and overdrafts (secured) 

Payments received on account 

Trade creditors 

Amounts owed to group undertakings 

Corporation tax 

Other taxation and social security 

Other creditors 

Accruals and deferred income 

Group 

2011 

£ 

- 

1,745,501 

56,974,735 

780,973 

122,605 

3,516,151 

43,289 

3,982,609 

Group 

2010 

£ 

- 

2,001,700 

40,132,191 

5,372,168 

639,461 

2,634,210 

46,635 

4,224,502 

Company 

2011 

£ 

- 

- 

17,425 

768,991 

- 

16,884 

- 

58,506 

Company 

2010 

£ 

59,579 

- 

75,588 

8,133,171 

- 

8,776 

- 

81,427 

The disclosures provided are in respect of the Final Salary Schemes. A full actuarial valuation was carried out as at 

31st March 2009 for the Thomas Vale Group Scheme and as at 1st April 2010 for the Collier and Catley Scheme. 

Both have been updated to 31st March 2011 by a qualified independent actuary. There were no changes to the 

schemes during the year. 

Reconciliation of present value of plan liabilities 

At the beginning of the year 

Interest cost 

Actuarial gains/(losses) 

Benefits paid 

Settlements 

2011 

£ 

(2,342,000) 

(105,000) 

307,000 

122,000 

812,000 

2010 

£ 

(1,812,000) 

(114,000) 

(579,000) 

163,000 

- 

67,165,863 55,050,867 861,806 8,358,541 

At the end of the year (1,206,000) (2,342,000) 

19 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 

2011 

£ 

2010 

£ 

Group 

2011 

£ 

Group 

2010 

£ 

Company 

2011 

£ 

Company 

2010 

£ 

Amounts owed to group undertakings 770,373 - 1,200,000 - 

Composite of plan liabilities 

Schemes wholly or partly funded 1,206,000 2,342,000










20 PENSIONS (CONTINUED) 20 PENSIONS (CONTINUED) 

2011 

£ 

2010 

£ 

2011 

£ 

2010 

£ 

Reconciliation of fair value of plan assets 

At the beginning of the year 

Expected rate of return on plan assets 

Actuarial (losses)/gains 

Contributions by group 

Benefits paid 

Settlements 

1,848,000 

82,000 

(43,000) 

159,600 

(122,000) 

(489,000) 

1,629,000 

78,000 

119,000 

185,000 

(163,000) 

- 

At the end of the year 1,435,600 1,848,000 

Reconciliation to balance sheet 

Present value of funded obligations 

Fair value of plan assets 

Restriction due to asset ceiling 

Plan deficit 

Related deferred tax asset 

2011 

£ 

(1,206,000) 

1,435,600 

(241,200) 

(11,600) 

3,000 

2010 

£ 

(2,342,000) 

1,848,000 

- 

(494,000) 

138,000 

Net liability (8,600) (356,000) 

The amounts recognised in profit and loss are as follows: 

Included in other finance (income)/expense: 

Interest cost 

Expected return of plan assets 

2011 

£ 

105,000 

(82,000) 

2010 

£ 

114,000 

(78,000) 

23,000 36,000 

Analysis of amount recognised in statement of total recognised gains and losses 

Actual return less expected return on pension plan assets 

Experience gains and losses arising on the scheme liabilities 

Changes in assumptions underlying the present value of the scheme liabilities 

Restriction due to asset ceiling 

Actuarial gains/(losses) recognised in the statement of total recognised gains 

and losses 

Cumulative amount of gains/(losses) recognised in the statement of total 

recognised gains and losses 

Composition of plan assets 

European equities 

European bonds 

Property 

Cash 

(43,000) 

- 

(307,000) 

(241,200) 

119,000 

20,000 

(599,000) 

- 

22,800 (460,000) 

2011 

£ 

2010 

£ 

(437,200) (460,000) 

2011 

£ 

472,000 

151,600 

790,000 

22,000 

2010 

£ 

366,000 

145,000 

1,297,000 

40,000 

Total plan assets 1,435,600 1,848,000 

Narrative description of the basis used to determine the overall expected rate of return of assets 

Overall expected rate of return on plan assets is based upon historical returns of the investment performance 

adjusted to reflect expectations of future long-term returns by asset class. 

2011 

£ 

2010 

£ 

Actual return on plan assets 39,000 197,000










20 PENSIONS (CONTINUED) 21 SHARE CAPITAL 

2011 

% 

2010 

% 

2011 

£ 

2010 

£ 

Principle actuarial assumptions used at the balance sheet date 

Allotted, called up and fully paid 

Discount rates 

Expected rates of return on plan assets 

Equities 

Bonds 

Property 

Cash 

Future pension increases 

Inflation assumption 

5.60 

6.90 

5.60 

4.50 

0.50 

2.35 

3.40 

5.60 

7.00 

5.60 

4.50 

0.50 

2.75 

3.50 

322,051 Ordinary shares of £1 each (2010 - £322,050 Ordinary shares of £1 each) 

128,000 ‘A’ Ordinary shares of £1 each 

All shares rank pari passu in all respects. 

On 30th March 2011 the company issued one Ordinary share of £1 for £100,000. 

322,051 

128,000 

322,050 

128,000 

450,051 450,050 

Five year history 

Present value of the plan liabilities 

Fair value of the plan assets 

2011 

£ 

(1,206,000) 

1,194,400 

2010 

£ 

(2,342,000) 

1,848,000 

2009 

£ 

(1,812,000) 

1,629,000 

2008 

£ 

(1,791,000) 

1,500,000 

2007 

£ 

(2,335,000) 

1,452,000 

Deficit on the pension plans (11,600) (494,000) (183,000) (291,000) (883,000) 

Experience adjustments arising on 

Plan liabilities 

Plan assets 

- 

(43,000) 

20,000 

119,000 

(32,000) 

(94,000) 

(1,000) 

11,000 

The group’s best estimate of the contributions expected to be paid in the year beginning on the 1st April 2011 is 

£159,600. 

During this year settlements were reached with a number of scheme members. Assets and liabilities within the 

scheme have been adjusted accordingly. 

The restriction due to asset ceiling represents that part of the pension plan surplus which cannot be recovered 

against future service costs and therefore is excluded from the balance sheet. 

(55,000) 

29,000 

22 RESERVES 

Group 


Premium on shares issued during year 

Profit for the year 

Transfers 

Other movements 

Capital contribution from parent 

company 

Share 

premium 

account 

£ 

95,105 

99,999 

- 

- 

- 

- 

Revaluation 

reserve 

£ 

466,172 

- 

- 

(10,360) 

- 

- 

Capital 

contribution 

reserve 

£ 

- 

- 

- 

- 

- 

15,042,000 

Other 

reserves 

£ 

545,476 

- 

- 

- 

- 

- 

Profit and 

loss account 

£ 

5,203,103 

- 

2,715,964 

10,360 

16,800 

At 31st March 2011 195,104 455,812 15,042,000 545,476 7,946,227 

Company 


Premium on shares issued during year 


Capital contribution from parent 

company 

Share 

premium 

account 

£ 

95,105 

99,999 

- 

- 

Capital 

contribution 

reserve 

£ 

- 

- 

- 

15,042,000 

Other 

reserves 

£ 

300,000 

- 

- 

- 

- 

Profit and 

loss account 

£ 

117,376 

- 

47,581 

At 31st March 2011 195,104 15,042,000 300,000 164,957 

-










23 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS’ FUNDS 25 COMMITMENTS UNDER OPERATING LEASES 

Group 

2011 

£ 

Group 

2010 

£ 

Company 

2011 

£ 

Company 

2010 

£ 

The group had annual commitments under non-cancellable operating leases as set out below: 


Dividends 

Other net recognised gains and losses 

relating to the year 

Unrealised deficit on revaluation of properties 

Actuarial gain/(loss) on pension scheme 

Tax in respect of actuarial gain/(loss) on pension 

schemes 

Issue of shares 

Premium on shares issued during the year 

Capital contribution from parent company 

2,715,964 

- 

2,619,148 

(2,200,000) 

47,581 

- 

1,959,663 

(2,200,000) 

2,715,964 419,148 47,581 (240,337) 

- 

22,800 

(6,000) 

1 

99,999 

15,042,000 

(56,360) 

(460,000) 

128,000 

- 

- 

- 

- 

- 

- 

1 

99,999 

15,042,000 

Net additions to/(deductions from) 

shareholders’ funds 17,874,764 30,788 15,189,581 (240,337) 

Opening shareholders’ funds 6,759,906 6,729,118 962,531 1,202,868 

- 

- 

- 

- 

- 

- 

Operating leases which expire 

Within one year 

In two to five years 

Land and 

buildings 

2011 

£ 

112,596 

186,762 

Other 

2011 

£ 

145,607 

588,704 

The company had no annual commitments under non-cancellable operating leases. 

Land and 

buildings 

2010 

£ 

42,289 

255,574 

Other 

2010 

£ 

170,661 

366,172 

299,358 734,311 297,863 536,833 

26 RELATED PARTY DISCLOSURES 

The company is a wholly owned subsidiary of Amelia Investments (1869) Limited and has taken advantage of the 

exemption conferred by Financial Reporting Standard 8 "Related party disclosures" not to disclose transactions 

with Amelia Investments (1869) Limited or other wholly owned subsidiaries within the group. 

Thomas Vale Construction plc rents properties from the ABH pension scheme of which SA Hyde is a beneficiary. 

Total rent paid during the year was £72,849 (2010 - £70,994). 

Closing shareholders’ funds 24,634,670 6,759,906 16,152,112 962,531 

24 CONTINGENT LIABILITIES 

The group has entered into performance bonds in the ordinary course of business with a total value of £13,181,633 

(2010 - £11,656,063). The directors do not consider that any liability will arise in respect of these bonds. 

There were no other material transactions with other related parties during the year. 

27 FINANCIAL INSTRUMENTS 

The group holds financial instruments to finance its operations and manages risks arising from these operations 

and its sources of finance in accordance with its accounting policies. 

In addition, various financial instruments such as trade debtors, amount recoverable on contracts and trade 

creditors arise directly from the group’s operations. The group performs credit checks for all significant customers 

to minimise bad debts. 

Operations and working capital requirements are funded principally out of short term banking facilities, inter-group 

loans and retained profits.










28 RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES 30 ANALYSIS OF NET FUNDS 

Operating profit 

Amortisation of intangible fixed assets 

Loss on sale of investments 

Depreciation of tangible fixed assets 

Profit on sale of tangible fixed assets 

Increase in stocks 

(Increase)/decrease in debtors 

Increase in creditors 

Contributions paid to reduce pension liability 

2011 

£ 

3,688,620 

21,722 

- 

403,187 

(11,256) 

(505,178) 

(16,977,356) 

18,343,900 

(482,600) 

2010 

£ 

3,577,407 

21,722 

60,936 

505,571 

(73,670) 

(729,359) 

2,807,211 

849,977 

(185,000) 

Net cash inflow from operating activities 4,481,039 6,834,795 

At 1 April 

2010 

£ 

Cash flow 

£ 

At 31 March 

2011 

£ 

Cash at bank and in hand 17,886,203 3,197,547 21,083,750 

Total 17,886,203 3,197,547 21,083,750 

31 COMMITMENTS ON BEHALF OF GROUP COMPANIES 

The company and two subsidiary undertakings are part of a group registration for value added tax purposes, 

under the terms of which each company has given a joint guarantee of the value added tax liabilities of the 

companies within the group registration. At the balance sheet date, no contingent liability existed. 

29 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS 

2011 

£ 

2010 

£ 

32 ULTIMATE PARENT COMPANY AND PARENT UNDERTAKING OF LARGER GROUP 

Amelia Investments (1869) Limited, a company registered in England and Wales, is regarded by the directors as 

the ultimate holding company as at 31st March 2011. Copies of the group financial statements incorporating 

those of the company are available from The Company Secretary at Lombard House, Worcester Road, Stourport 

on Severn, Worcestershire, DY13 9BZ. 

Increase in cash 3,197,547 5,832,637 

Cash inflow from changes in debt - 2,408 

Movement in net funds resulting from cash flows 3,197,547 5,835,045 

Disposal of finance leases 

Disposal of cash in subsidiary undertaking 

- 

- 

11,318 

(180,153) 

Movement in net funds 3,197,547 5,666,210 

Opening net funds 17,886,203 12,219,993 

Closing net funds 21,083,750 17,886,203

Thomas Vale Group plc 

Lombard House 

Worcester Road 

Stourport on Severn 

Worcestershire 

DY13 9BZ 

Telephone: 01299 827770 

Email: general@thomasvale.com 

Website: www.thomasvale.com

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