community at the core of construction · a m board fciob k briggs bsc fciob . m bradbury mciob p...

HIGGINS CONSTRUCTION PLC

ANNUAL REPORT

2016

Community at the Core of

Construction

Bedford House - Croydon Blackbird Hill - Wembley (Above), Thomas Road - Mile End (Below)

Higgins Construction PLC Annual Report and Accounts 2016 1

Directors and Corporate Information

Strategic Report

Directors’ Report

Independent Auditor’s Report

Income Statement

Statement of Comprehensive Income

Statement of Financial Position

Statement of Changes in Equity

Notes to the Financial Statements

3

4

5-6

7

8

8

9

10

11-19

2 Higgins Construction PLC Annual Report and Accounts 2016


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 M Bradbury MCIOBP Burrows MCIOB P Cooke FCIOB CEnv P H Lewellen BSc FCA A Millidge S Robinson BSc MCIOB

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


Strategic Report

IntroductionThe Directors present their Annual Report and Financial Statements for the year ended 31st July 2016.

Business ReviewTurnover has increased by 20% in the year to £217.1 million (2015: £181.2 million). Continued pressure placed on margins, due to a very competitive market and supply chain constraints, has reduced profit before taxation to£178,000 (2015: £275,000).

The Directors are pleased to report a strong order book and anticipate significant growth in turnover in the year ending July 2017 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.

The Company continues to operate as “community contractor” in the key sector of social housing – 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 SocialLandlords 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 Secretary1st November 2016


The directors present their report and the financial statements for the year ended 31st July 2016.

Results and DividendsThe profit for the year, before taxation, amounted to £178,000 (2015: £275,000).A £1 million dividend was declared and paid as at 31st July 2016.

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

M Bradbury MCIOBP Burrows MCIOBP Cooke FCIOB CEnv P H Lewellen BSc FCA A MillidgeS Robinson BSc MCIOB

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 2016 the Company’s average payment period from date of invoice or agreement of valuation was 28 days (2015: 32 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


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 UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. Under Company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

• Select suitable accounting policies for the Company’s financial statements 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.


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 the director is aware, there is no relevant audit information of which the company’s auditor is

unaware, and• the 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.


Directors’ Report


Independent Auditor’s ReportTo the members of Higgins Construction PLC 31st July 2016

We have audited the financial statements of Higgins Construction PLC for the year ended 31st July 2016, set out on pages 8 to 19. The relevant financial reporting framework that has been applied in their preparation is the Companies Act 2006 and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

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 on 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 2016 and of its profit or loss 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.

Henry Todd (Senior Statutory Auditor)For and on behalf of KPMG LLP Statutory Auditor, Chartered Accountants15 Canada Square, London E14 5GL 1st November 2016


Income Statement

Note2016£000

2015£000

TurnoverCost of sales

2 217,118(214,059)

181,183(176,520)

Gross profitAdministrative expenses

3,059(2,949)

4,663(4,431)

Operating profitInterest receivable and similar incomeInterest payable and similar charges

367

11069(1)

23252(9)

Profit before taxationTax on profit on ordinary activities 8

178-

275(181)

Profit for the financial year 178 94

2016£000

2015£000

Profit for the Financial YearOther comprehensive income

178 -

94-

Total Comprehensive Income of the Year

178

94

The notes on pages 11 to 19 form part of these financial statements.

For the year ended 31st July 2016

Statement of Comprehensive IncomeFor the year ended 31st July 2016


Statement of Financial Position31st July 2016

2016 2015Note £000 £000 £000 £000

Fixed assetsTangible fixed assetsInvestments 12

20,8287

20,9977

Total fixed assets

Current assetsStocksDebtors within one yearCash at bank and in hand

1314

11,80959,46728,085

20,835

5,59143,02126,584

21,004

Creditors: Amounts falling due within one year 15

99,361

(88,787)

75,196

(63,969)

Net current assets 10,574

11,227

Total assets less current liabilitiesProvisions for liabilitiesDeferred tax 9

31,409

(1,365)

32,231

(1,365)

Net assets 30,044 30,866

Capital and reservesCalled up share capitalProfit and loss account

16 23429,810

23430,632

30,044 30,866

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1st November 2016.

S J Leakey BSc FCIOB Paul Lewellen BSc FCAManaging Director Director



Statement of Changes in EquityFor the year ended 31st July 2016

Called up share capital

£000

Profit and loss account

£000Total equity

£000

At 1st August 2015

Comprehensive income for the yearProfit for the year

Contributions by and distributions to ownersDividends: Equity capital

234

-

-

30,632

178

(1,000)

30,866

178

(1,000)

At 31st July 2016 234 29,810 30,044

Statement of Changes in EquityFor the year ended 31st July 2015

Called up share capital

£000

Profit and loss account

£000Total equity

£000

At 1st August 2014

Comprehensive income for the yearProfit for the year

234

-

30,538

94

30,772

94

At 31st July 2015 234 30,632 30,866



Notes to the Financial Statements31st July 2016

1. Accounting Policies1.1 Basis of Preparation of Financial Statements

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

Information on the impact of first time adoption of FRS 102 is given in note 21.

Higgins Construction PLC (the “Company”) is a company limited by shares and incorporated and domiciled in the UK. These financial statements were prepared in accordance with Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”) as issued in August 2014. The amendments to FRS 102 issued in July 2015 and effective immediately have been applied. The presentation currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1. The Company’s ultimate parent undertaking, Higgins Group PLC includes the Company in its consolidated financial statements. The consolidated financial statements of Higgins Group PLC are available to the public and may be obtained from the Company’s Registered Office. In these financial statements, the company is considered to be a qualifying entity (for the purposes of this FRS).

1.2 Tangible Fixed AssetsTangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property - Period of the Lease Plant and machinery - 25% per annum Motor vehicles - 25% per annum Office equipment - 15% per annum

The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.


1. Accounting Policies (continued)1.2 Tangible Fixed Assets (continued)

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 FRS102, Impairment of fixed assets and goodwill, the assets are reviewed for impairment at the end of each reporting period.

1.3 Turnover RecognitionTurnover 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 ContractAmounts 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 out-turn on contracts which includes forecast costs to complete and final anticipated valuations. Claims receivable are recognised as income once received or certified for payment.

1.5 Current and Deferred TaxationThe tax expense for the year comprises current and deferred tax. Tax is recognised in the Income statement, except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:• The recognition of deferred tax assets is limited to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits; and• Any deferred tax balances are reversed if and when all conditions for retaining associated tax

allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.




1. Accounting Policies (continued)1.6 Pension Cost

The 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 FlowIn these financial statements, the company is considered to be a qualifying entity (for the purposes of this FRS) and has applied the exemptions available under FRS 102 in respect of the Cash Flow Statement and related notes disclosure.

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.



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:

2016£000

2015£000

Depreciation of tangible fixed assetsAuditor’s remunerationDirectors salariesProfit on sale of tangible assetsManagement chargesHire of plant and machinery

59235

(2,146)(86)

(5,562)571

559 35 2,007 (3) (4,546) 851

4. Staff CostsStaff costs, including directors’ remuneration, were as follows:

2016£000

2015£000

Wages and salariesSocial security costsCost of defined contribution scheme

18,4882,1651,389

18,321 2,142 1,298

22,042 21,761

The average monthly number of employees, including the directors, during the year was as follows:

2016No.

2015No.

Office and managementContract staff

136210

129 194

346 323

5. Directors’ Remuneration 2016£000

2015£000

Directors’ emoluments 2,146 2,007

The highest paid director received remuneration of £256,851 (2015: £236,575).The total accrued pension provision of the highest paid director at 31st July 2016 amounted to £25,352 (2015: £26,344). In addition £36,194 (2015: £33,031) was contributed to a defined contribution pension scheme.



6. Interest Receivable2016£000

2015£000

Other interest receivable 69

52

7. Interest Payable and Similar Charges2016£000

2015£000

Bank interest payable 1

9

8. Taxation2016£000

2015£000

Corporation TaxCurrent tax on profits for the year -

181

Factors affecting tax charge for the yearThe tax assessed for the year is lower than (2015 higher than) the standard rate of corporation tax in the UK of 20% (2015 20.67%). The differences are explained below:

2016£000

2015£000

Profit on ordinary activities before tax 178 275

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 20% (2015 20.67%)

Effects of:Expenses not deductible for tax purposes, other than goodwill amortisation and impairmentCapital allowances for year in excess of depreciation

36

-(36)

57

3292

Total tax charge for the year - 181

Factors that may affect future tax changesReductions in the UK corporation tax rate from 23% to 21% (effective from 1st April 2014) and 20% (effective from 1st April 2015) were substantively enacted on 2nd July 2013. Further reductions to 19% (effective from 1st April 2017) and to 18% (effective 1st April 2020) were substantively enacted on 26th October 2015. An additional reduction to 17% (effective from 1st April 2020) was announced in the Budget on 16th March 2016. This will reduce the company’s future current tax charge accordingly.There were no unprovided deferred tax balances at 31st July 2016 (2015: £nil).



9. Deferred Taxation2016£000

2015£000

Deferred tax on revaluation reserveAt 1st August 2015

(1,365)

(1,365)

At end of year (1,365)

(1,365)

Deferred tax liability relates to revaluation of Investment properties.

10. Dividend2016£000

2015£000

Dividend paid on equity capital 1,000 -

11. Tangible Fixed Assets

Freehold property

£000

Long-term leasehold property

£000

Plant and machinery

£000

Motor vehicles

£000Total£000

Cost or valuationAt 1st August 2015AdditionsDisposals

18,400 - -

170 - -

7,467220

(148)

1,577230

(217)

27,614450

(365)

At 31st July 2016 18,400 170 7,539 1,590 27,699

DepreciationAt 1st August 2015Charge owned for the periodDisposals

---

7110

-

5,625380

(142)

921202

(197)

6,617592

(339)

At 31st July 2016 - 81 5,863 926 6,870

Net book valueAt 31st July 2016 18,400 89 1,676 664 20,829

At 31st July 2015 18,400 99 1,842 656 20,997



12. Fixed Asset InvestmentsInvestments in subsidiary companies

£000CostAt 1st August 2015 & At 31st July 2016 7Net book valueAt 31st July 2016 7

At 31th July 2015 7

Subsidiary UndertakingsThe following were subsidiary undertakings of the company:

NameCountry of

incorporation Class of shares HoldingPrincipal activity

D J Higgins Construction LtdD J Higgins Building Works LtdStation Garage (Loughton) Ltd

United KingdomUnited KingdomUnited Kingdom

£1 Ordinary£1 Ordinary£1 Ordinary

100%100%100%

DormantDormantDormant

13. Stocks2016£000

2015£000

Work in progress (goods to be sold) 11,809 5,591

14. Debtors2016£000

2015£000

Trade debtorsAmounts owed by group undertakingsOther debtorsPrepayments and accrued incomeAmounts recoverable on long term contracts

25,59822,5462,333

3828,608

25,7837,8692,254

4466,669

59,467 43,021

Amounts due from group undertaking are interest free, repayable on demand and unsecured.

Debtors include the following amounts falling due after more than one year: (a) £15,917 (2015: £15,917) falling due from a subsidiary undertaking, and (b) retentions totalling £5,473,000 (2015: £4,085,000) (included within trade debtors) on current contracts, where payment will not fall due until after completion of the contracts.



15. CreditorsAmounts falling due within one year

2016£000

2015£000

Bank overdraftsPayments received on accountTrade creditorsAmounts owed to group undertakingsTaxation and social securityOther creditorsAccruals and deferred income

3,48022,76720,240

81,187

60340,502

-15,49819,361

81,075

18827,839

88,787 63,969

16. Share Capital2016£000

2015£000

Allotted, called up and fully paid234,000 Ordinary shares of £1 each 234

234

17. 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 2016 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:

2016Property

£000

2016Contract Hire

£000

2015Property

£000

2015Contract Hire

£000LeaseLess than 1 year1 to 5 years

--

52640

62-

56555

Total - 692 62 611

18. Capital CommitmentsAt 31st July 2016 the Company had capital commitments as follows:

2016£000

2015£000

Contracted for but not provided in these financial statements 181 80



19. Related Party TransactionsDuring the year the company generated turnover of £17.6 million from construction work carried out for a joint venture investment by a fellow subsidiary within the Higgins Group.

The Company has taken advantage of the exemption under FRS 102.1.12(d) for disclosing related party transactions with other group companies consolidated within the financial statements of Higgins Group Limited.

20. 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.

21. First Time Adoption of FRS 102The Company transitioned to FRS 102 from previously extant UK GAAP as at 1st August 2014. The impact of the transition to FRS 102 is as follows:

Note

As previously

stated1st August

2014£000

Effect of transition1st August

2014£000

FRS 102(as

restated)1st August

2014£000

As previously

stated31st July

2015£000

Effect of transition31st July

2015£000

FRS 102(as

restated)31st July

2015£000

Fixed assetsCurrent assetsCreditors: amounts falling due within one year 2

20,80972,370

(60,762)

--

(260)

20,80972,370

(61,022)

21,00475,196

(63,949)

--

(20)

21,00475,196

(63,969)

Net current assets 2 11,608 (260) 11,348 11,247 (20) 11,227

Total assets less current liabilitiesProvisions for liabilities

2

1

32,417

(359)

(260)

(1,006)

32,157

(1,365)

32,251

(1,365)

(20)

-

32,231

(1,365)

Net assets 1&2 32,058 (1,266) 30,792 30,886 (20) 30,866

Capital and reserves 1&2 32,058 (1,266) 30,792 30,886 (20) 30,866

Explanation of changes to previously reported profit and equity:1. Removal of revaluation reserve which gives rise to a deferred tax liability due to timing differences.2. Accruals for holiday pay.


Printed at Higgins HQ by the reprographics department.

Bedford House - Croydon Blackbird Hill - Wembley (Above), Thomas Road - Mile End (Below)

HIGGINS CONSTRUCTION PLC

ANNUAL REPORT

2016

Community at the Core of

Construction

community at the core of construction · a m board fciob k briggs bsc fciob . m bradbury mciob p...

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