UK: Case Study – Connor Construction (South West) Ltd

Back in 2016, as a rapidly expanding construction company, Connor Construction identified a crucial need. They had outgrown their previous accountants and now required a more involved firm to share in their appetite and ambition.

When Connor Construction approached us, they were not just looking for an accounting firm to manage their financials; they wanted a partner who could advise them through their growth, complexities, and industry-specific challenges. They wanted a firm that ensured the financial frameworks supported not just the company, but also the personal aspirations of the owners and employees.

Ian Webb, Owner, 'When we realised we had outgrown our previous accountancy firm, I knew we needed a partner with a broader vision. Old Mill has been that vision for us since 2016.'

A collaborative partnership

Connor Construction has utilised a wide spectrum of general and construction specific services supplied by Old Mill to cater to their ever-evolving needs.

Accounting services

The backbone of any thriving business lies in its financial documentation. Our accounting services at Old Mill ensure that Connor Construction's financial records aren't just maintained, but they're precise and resilient. By recording transactions, analysing financial data, and preparing financial statements, we ensure that the company can make informed decisions based on a clear view of their financial health. Such robust records also simplify matters like audits, stakeholder communication, and statutory compliance.

Corporate Tax

Our expertise in Corporate Tax planning and compliance ensures that Connor Construction navigates the complexities of tax regulations effectively. By identifying potential tax-saving opportunities, ensuring timely filing, and offering guidance on ever-evolving tax laws, we ensure the company remains compliant while maximising its post-tax revenue.

Consultation

Behind every successful business is a visionary leader, often seeking diverse perspectives. Serving as a sounding board for the owner, Ian Webb, we offer more than just financial advice. Our consultation services encompass a wide range of business matters, from strategic direction and market insights to operational challenges. This ensures that Ian can make well-rounded decisions, having considered multiple viewpoints and expert opinions.

Research & Development (R&D) tax credits

Innovation is the lifeblood of growth in the construction industry. Our services around R&D tax credits enable Connor Construction to capitalise on their R&D endeavours. By identifying qualifying R&D activities and ensuring that all claims align with tax regulations, we help the company leverage significant tax reliefs, thus rewarding and encouraging further innovation.

IR35 review

The landscape of contractor taxation is ever-changing and can be challenging. Our IR35 review services ensure that Connor Construction remains on the right side of these regulations. By regularly reviewing contracts, employment relationships, and working practices, we help the company mitigate risks and ensure that both they and their contractors remain compliant.

Key performance indicators (KPI) reporting assistance

Data-driven decisions have the power to transform businesses. With our KPI (Key Performance Indicators) reporting assistance, Connor Construction is equipped to monitor, analyse, and act upon performance metrics. From understanding profitability and cash flow to monitoring operational efficiencies, our insights empower the company to hone its strategies and optimise performance.

Building relationships

What makes this partnership unique is not just the range of services Old Mill offers, but the relationships built along the way. Ian has forged strong connections with several key figures at Old Mill, such as Steve Martin and Stuart Grimster. He has consistently expressed his appreciation for Old Mill's proactive and practical approach. The trust he places in the team ensures he leans heavily on their expertise.

Proactive planning and accountability

Connor Construction is an incredibly ambitious business, with a burgeoning portfolio of projects and clients. Proactive collaboration with Old Mill tailoring their services is essential to their success.

Stuart Grimster, Partner, explains how his team works closely with Connor Construction to create specific services to help achieve their success, 'Initially, we always make sure we simply listen. Once we have heard what Ian thinks he wants or needs, we challenge his thinking so that a robust understanding of the way forward is mutually agreed. We then create a 'financial template of services' which we monitor and track progress on through subsequent meetings with Ian. Our in-house team of specialists help us enormously here.'

Cash flow understanding

Aside from all of the above we have also helped advise Connor Construction in utilising specialised software to gain a deep understanding of their short-term and long-term cash position, fostering proactive decision-making. From this, we work with their board to make the big decisions on areas such as staff recruitment, profit targets and cash reserves.

Note: The use of Fathom software enhances financial planning, offering a glimpse into future payments such as VAT, Corporation Tax, and PAYE, eliminating unwelcome surprises.

Dividend strategy

By maintaining a clear view of cash reserves, we assist in determining the most opportune times for dividend distribution, aligning with Ian's personal goals.

The future

Connor Construction are looking to grow and expand their enterprise. With Old Mill's dedication to providing all-encompassing financial management, growth strategy support, and tax efficiency, Connor Construction are confident that their ambitions can be achieved.

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