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REGISTERED NUMBER: 10107424 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 May 2023

for

Murraywood Construction Holdings Limited

Murraywood Construction Holdings Limited (Registered number: 10107424)






Contents of the Consolidated Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


Murraywood Construction Holdings Limited

Company Information
for the Year Ended 31 May 2023







DIRECTORS: W J Parkinson
T G Wood
W T S Murray
A Keyes



REGISTERED OFFICE: 8 Winmarleigh Street
Warrington
Cheshire
WA1 1JW



REGISTERED NUMBER: 10107424 (England and Wales)



SENIOR STATUTORY AUDITOR: Janine Boyo BFP ACA MAAT



AUDITORS: Voisey & Co LLP
8 Winmarleigh Street
Warrington
Cheshire
WA1 1JW

Murraywood Construction Holdings Limited (Registered number: 10107424)

Group Strategic Report
for the Year Ended 31 May 2023

The directors present their strategic report of the company and the group for the year ended 31 May 2023.

REVIEW OF BUSINESS
The directors are pleased to report the results for the group for the 2023 year.

The directors are delighted to report that the group remains in a strong financial position and report a group operating profit of £394,824 (2022 £542,771) despite the difficult economic climate and margins being the key focus of all parties.

It remains a key focus of the directors to maintain their policy of minimizing exposure to potentially non profitable long term contracts where possible by working with the client base and maintaining control over all costs and providing value engineering on all projects.

The group maintains its emphasis on good working practices and maintains its accreditations in all areas including ISO 9001,14001 and 18001 and Considerate Constructors. Working closely with all clients to review and develop accordingly.

The directors are confident that, while the current economic climate continues to present challenges, the company has the ability to achieve excellent results next year.


Key Performance Indicators

The directors monitor progress with reference to the following key performance indicators:

2023 2022 Definition and method of calculation

Gross Profit as a % of turnover

10.90%

10.60%
Profit before administration and
exceptional costs.


Operating Profit as a % of turnover

2.33%

3.01%
Earnings before interest receivable and
interest payable.


Liquidity ratio

1.65

1.96
Current Assets divided by current
liabilities




Murraywood Construction Holdings Limited (Registered number: 10107424)

Group Strategic Report
for the Year Ended 31 May 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The directors are continually reviewing the principle risks which they believe affect the group and its trading performance.The risk areas that they have identified are:-

- Economic and market confidence leading to increased pressure on contracts
- Confidence and morale of employees leading to increased employee turnover
- Failure to achieve the margins, profits and cash flows from contracts

Following a review of these risks areas the directors have established a risk management strategy to mitigate the potential risks by:-

- Continually reviewing the services offered to clients
- Implementing staff training programmes to maintain and enhance statutory obligations
- Appointment of high calibre individuals to deliver contracts and maintain the ethics and values of the group
- Ensuring a rigorous selection criteria is adopted on all contracts
- Continual rigorous review policies on all projects undertaken.

GOING CONCERN
The Directors are continually reviewing the operations of the group and its ability to deliver its sales and service.They believe that they have the structure and resources to ensure the group will remain a going concern.

The demand for services remains good in the short to medium term and the directors continue to monitor the economic outlook. Following the above procedures, along with the continued support of the banks, suppliers and the staff the Directors believe the group remains a going concern based on updated business plans.

EMPLOYEES
The group operates a program of training to ensure that all employees meet the highest standard for health and safety and compliance in all relevant areas along with ensuring all relevant staff have the certification and accreditation required.

This policy is continually reviewed to ensure it meets the requirements of the clients, legislation and the needs of the employees.

ENVIRONMENTAL
The company is a Considerate Constructors Scheme member committed to the Code of Construction Practice.

The Code of Construction Practice consists of 5 key areas, these are

1. Care about Appearance
2. Respect the Community
3. Protect the Environment
4. Secure Everyone’s Safety
5. Value their Workforce.

ON BEHALF OF THE BOARD:





T G Wood - Director


30 November 2023

Murraywood Construction Holdings Limited (Registered number: 10107424)

Report of the Directors
for the Year Ended 31 May 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 May 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of provision of ground works and construction.

DIVIDENDS
Interim dividends per share were paid during the year as follows:
A2 Ordinary 0.1p - 61.111p - 10 March 2023
A3 Ordinary 0.1p - 61.111p - 10 March 2023
B1 Ordinary 0.1p - 61.111p - 10 March 2023
B2 Ordinary 0.1p - 61.111p - 10 March 2023
B3 Ordinary 0.1p - 61.111p - 10 March 2023
C1 Ordinary 0.1p - 61.111p - 10 March 2023
C2 Ordinary 0.1p - 61.111p - 10 March 2023
B4 Ordinary 0.1p - 61.111p - 10 March 2023

The total distribution of dividends for the year ended 31 May 2023 will be £ 55,001 .

FUTURE DEVELOPMENTS
The directors anticipate the business environment will remain challenging and they believe that the group is in a good financial position and that the risks that have been identified are being well managed. The directors will continue carefully assessing the state of the market and development of the services on offer to customers.

The directors anticipate that the current uncertain economic climate will lead to lower sales and a challenge to profits in the year 2023/24 but they will continue to invest in service development and enhancements to operations to achieve greater efficiencies. Overall we still expect satisfactory results in these uncertain times

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2022 to the date of this report.

W J Parkinson
T G Wood
W T S Murray
A Keyes

Other changes in directors holding office are as follows:

F W Bryant - resigned 4 May 2023
M J Walsh - resigned 26 April 2023

FINANCIAL
The group has policies and procedures that require appropriate credit checks to be performed on potential credit customers before contracts for services are made.

The group's principal financial liabilities are trade creditors and trade accruals. The group's principal financial assets are bank balances, work in progress and trade debtors.

The financial liabilities and assets are controlled by the directors to ensure sufficient funds are available for the group to meet its business needs. The financial liabilities and assets are stated at fair value and after allowance for doubtful receivables.


Murraywood Construction Holdings Limited (Registered number: 10107424)

Report of the Directors
for the Year Ended 31 May 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group 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;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Voisey & Co LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





T G Wood - Director


30 November 2023

Report of the Independent Auditors to the Members of
Murraywood Construction Holdings Limited (Registered number: 10107424)

Opinion
We have audited the financial statements of Murraywood Construction Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 May 2023 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.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Murraywood Construction Holdings Limited (Registered number: 10107424)


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Murraywood Construction Holdings Limited (Registered number: 10107424)


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

1 - We enquired of management and those charged with governance about actual and potential litigation and claims in the context of the group and parent company, including review of relevant nominal ledger accounts.

2 - We obtained an understanding of laws, regulations and guidance that affect the Group and its subsidiary, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on their operations. Key laws, regulations and guidance that we identified included the Companies Act 2006, health and safety legislation and employment legislation.

3 - We enquired of management and those charged with governance to identify any instances of non-compliance with laws and regulations. We also reviewed meeting minutes where available for evidence of non-compliance with relevant laws and regulations.

4 - We reviewed both the Group's financial statement disclosures, as well as the subsidiary company's disclosures, and agreed all to supporting documentation to assess compliance with the applicable laws and regulations discussed above.

5 - We gained an understanding of the controls that management have in place to prevent and detect fraud. We enquired of management about any incidences of fraud that had taken place during the accounting period.

6 - The risk of fraud and non-compliance with laws and regulations was discussed within the audit team and tests were planned and performed to address these risks. It was noted that as group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and subsidiary level according to their particular circumstances.

7 - In addressing the risk of fraud due to management override of controls, we performed testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

8 - We also challenge management assumptions with regard to accounting estimates, both at group and subsidiary level.

Despite appropriate planning and performing our work in accordance with International Auditing Standards, there are always inherent limitations that non-compliance is not detected. Non-compliance with laws and regulations is often further removed from the events and transactions reflected in the financial statements and material misstatements due to fraud can be deliberately concealed from auditors, for example through misrepresentation, forgery or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Murraywood Construction Holdings Limited (Registered number: 10107424)


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.




Janine Boyo BFP ACA MAAT (Senior Statutory Auditor)
for and on behalf of Voisey & Co LLP
8 Winmarleigh Street
Warrington
Cheshire
WA1 1JW

30 November 2023

Murraywood Construction Holdings Limited (Registered number: 10107424)

Consolidated
Statement of Comprehensive
Income
for the Year Ended 31 May 2023

31.5.23 31.5.22
Notes £    £   

TURNOVER 3 16,934,807 18,037,430

Cost of sales (15,088,680 ) (16,103,849 )
GROSS PROFIT 1,846,127 1,933,581

Administrative expenses (1,502,181 ) (1,417,415 )
343,946 516,166

Other operating income 50,878 26,605
OPERATING PROFIT 5 394,824 542,771

Interest receivable and similar income 8,116 604
402,940 543,375

Interest payable and similar expenses 6 (39,499 ) (46,624 )
PROFIT BEFORE TAXATION 363,441 496,751

Tax on profit 7 (111,759 ) (141,429 )
PROFIT FOR THE FINANCIAL YEAR 251,682 355,322

OTHER COMPREHENSIVE INCOME
Share buyback (219,990 ) -
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(219,990

)

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

31,692

355,322

Profit attributable to:
Owners of the parent 251,682 355,322

Total comprehensive income attributable to:
Owners of the parent 31,692 355,322

Murraywood Construction Holdings Limited (Registered number: 10107424)

Consolidated Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 861,100 1,148,135
Tangible assets 11 23,240 12,497
Investments 12 - -
884,340 1,160,632

CURRENT ASSETS
Stocks 13 163,954 22,500
Debtors 14 3,441,695 2,643,238
Cash at bank 2,033,115 2,305,392
5,638,764 4,971,130
CREDITORS
Amounts falling due within one year 15 3,388,154 2,534,675
NET CURRENT ASSETS 2,250,610 2,436,455
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,134,950

3,597,087

CREDITORS
Amounts falling due after more than one year 16 (1,105,092 ) (1,530,031 )

PROVISIONS FOR LIABILITIES 20 (54,002 ) (67,881 )
NET ASSETS 1,975,856 1,999,175

CAPITAL AND RESERVES
Called up share capital 21 90 100
Capital redemption reserve 22 10 -
Retained earnings 22 1,975,756 1,999,075
SHAREHOLDERS' FUNDS 1,975,856 1,999,175

The financial statements were approved by the Board of Directors and authorised for issue on 30 November 2023 and were signed on its behalf by:




T G Wood - Director



W J Parkinson - Director


Murraywood Construction Holdings Limited (Registered number: 10107424)

Company Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 5,053,347 5,053,347
5,053,347 5,053,347

CURRENT ASSETS
Debtors 14 2,111 2,111
Cash at bank 377,812 648,666
379,923 650,777
CREDITORS
Amounts falling due within one year 15 1,887,115 1,794,602
NET CURRENT LIABILITIES (1,507,192 ) (1,143,825 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,546,155

3,909,522

CREDITORS
Amounts falling due after more than one year 16 1,105,092 1,530,031
NET ASSETS 2,441,063 2,379,491

CAPITAL AND RESERVES
Called up share capital 21 90 100
Capital redemption reserve 22 10 -
Retained earnings 22 2,440,963 2,379,391
SHAREHOLDERS' FUNDS 2,441,063 2,379,491

Company's profit for the financial year 336,573 321,705

Murraywood Construction Holdings Limited (Registered number: 10107424)

Company Balance Sheet - continued
31 May 2023


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 30 November 2023 and were signed on its behalf by:




T G Wood - Director



W J Parkinson - Director


Murraywood Construction Holdings Limited (Registered number: 10107424)

Consolidated Statement of Changes in Equity
for the Year Ended 31 May 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 June 2021 100 1,643,753 - 1,643,853

Changes in equity
Total comprehensive income - 355,322 - 355,322
Balance at 31 May 2022 100 1,999,075 - 1,999,175

Changes in equity
Issue of share capital (10 ) - - (10 )
Dividends - (55,001 ) - (55,001 )
Total comprehensive income - 31,682 10 31,692
Balance at 31 May 2023 90 1,975,756 10 1,975,856

Murraywood Construction Holdings Limited (Registered number: 10107424)

Company Statement of Changes in Equity
for the Year Ended 31 May 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 June 2021 100 2,057,686 - 2,057,786

Changes in equity
Total comprehensive income - 321,705 - 321,705
Balance at 31 May 2022 100 2,379,391 - 2,379,491

Changes in equity
Issue of share capital (10 ) - - (10 )
Dividends - (55,001 ) - (55,001 )
Total comprehensive income - 116,573 10 116,583
Balance at 31 May 2023 90 2,440,963 10 2,441,063

Murraywood Construction Holdings Limited (Registered number: 10107424)

Consolidated Cash Flow Statement
for the Year Ended 31 May 2023

31.5.23 31.5.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 625,510 1,014,045
Interest paid (39,499 ) 2,111
Tax paid (158,997 ) (161,633 )
Net cash from operating activities 427,014 854,523

Cash flows from investing activities
Purchase of tangible fixed assets (17,920 ) -
Sale of tangible fixed assets 1,000 -
Interest received 8,116 604
Net cash from investing activities (8,804 ) 604

Cash flows from financing activities
Amount introduced by directors 8 11,035
Share buyback (220,000 ) -
Repayment of loan notes (415,494 ) (455,000 )
Equity dividends paid (55,001 ) -
Net cash from financing activities (690,487 ) (443,965 )

(Decrease)/increase in cash and cash equivalents (272,277 ) 411,162
Cash and cash equivalents at beginning of
year

2

2,305,392

1,894,230

Cash and cash equivalents at end of year 2 2,033,115 2,305,392

Murraywood Construction Holdings Limited (Registered number: 10107424)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 May 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.5.23 31.5.22
£    £   
Profit before taxation 363,441 496,751
Depreciation charges 294,212 292,159
Profit on disposal of fixed assets (1,000 ) -
Increase/(Decrease) in Other Provisions (157 ) -
Finance costs 39,499 46,624
Finance income (8,116 ) (604 )
687,879 834,930
(Increase)/decrease in stocks (141,454 ) 95,369
(Increase)/decrease in trade and other debtors (798,298 ) 1,222,317
Increase/(decrease) in trade and other creditors 877,383 (1,138,571 )
Cash generated from operations 625,510 1,014,045

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 2,033,115 2,305,392
Year ended 31 May 2022
31.5.22 1.6.21
£    £   
Cash and cash equivalents 2,305,392 1,894,230


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.6.22 Cash flow At 31.5.23
£    £    £   
Net cash
Cash at bank 2,305,392 (272,277 ) 2,033,115
2,305,392 (272,277 ) 2,033,115
Debt
Debts falling due within 1 year (415,494 ) (9,446 ) (424,940 )
Debts falling due after 1 year (1,530,031 ) 424,939 (1,105,092 )
(1,945,525 ) 415,493 (1,530,032 )
Total 359,867 143,216 503,083

Murraywood Construction Holdings Limited (Registered number: 10107424)

Notes to the Consolidated Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Murraywood Construction Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted are set out below.

Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Basis of consolidation
The group financial statements consolidate the financial statements of Murraywood Construction Holdings Limited and all its subsidiaries drawn up to 31st May each year.

Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control and continues to consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the investee so as to obtain benefit from its activities.

Murraywood Construction Limited has been included in the group financial statements using the purchase method of accounting. Accordingly the group profit and loss account and statement of cashflows include the results and cash flows of Murraywood Construction Limited for the 12 month period. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

In the parent company financial statements investments in subsidiaries are accounted for at cost less impairment. The parent has taken advantage of section 408 of the Companies Act 2006 and has not included its own Profit and Loss Account in these financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Murraywood Construction Holdings Limited (Registered number: 10107424)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

Significant judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Goodwill and Customer Lists

The directors have reviewed the asset lives and associated residual values of goodwill and the customer lists, and in particular, the useful economic life and residual value and has concluded that asset lives and residual values are appropriate.

Work In Progress and Amounts Recoverable on Contracts

Management reviews are undertaken on all projects each month to assess the value of work completed and agreed with the customers using contracting industry standard approach with adjustments to cut off as required.

Murraywood Construction Holdings Limited (Registered number: 10107424)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents the amounts chargeable, net of value added tax, in respect of the provision of services to customers under long term contract arrangements. The total turnover of the company for the year has been derived from its principal activity which is wholly undertaken in the UK.

Contract revenue recognition
Revenue earned in relation to construction contracts is recognised based on the stage of completion.

The stage of completion is assessed on a contract by contract basis, with reference to surveys of the work performed. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where it is probable that the total contract costs will exceed total revenue turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a contract cannot be measured reliably contract costs are recognised as an expense in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they are recoverable.

Where amounts have not been invoiced at the balance sheet date the estimated revenue is accrued, and provided for within amounts recoverable on long term contracts within debtors.

Government grants
The accrual model has been adopted to recognise government grants in the year and are measured at the fair value of the asset received or receivable.

Where a grant becomes repayable it is recognised as a liability when the repayment meets the definition of a liability.

Goodwill and intangible assets
The Group established a reliable estimate of the useful life of goodwill arising on business combinations as 10 years. This estimate is based on a variety of factors such as the expected use of the acquired business, the expected useful life of the cash generating units to which the goodwill is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses.

Intangible assets acquired separately from a business are capitalised at cost. Intangible assets acquired as part of an acquisition of a business are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition.

Subsequent to initial recognition, intangible assets are stated at cost less accumulated amortisation and accumulated impairment. Intangible assets are amortised on a straight line basis over their estimated useful life.

The useful economic life of intangibles are as follows:

Customer List - 10 years
Goodwill - 10 years

Murraywood Construction Holdings Limited (Registered number: 10107424)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery25% straight line
Fixtures, fittings & equipment25% straight line
Computers33% straight line
Motor vehicles25% straight line


The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have been adjusted


Stocks and work in progress
Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Work in progress is valued by the internal quantity surveyors in respect of the work completed at the year end, however have not been agreed by third party quantity surveyor. The valuation is adjusted for shortfalls and other significant events.

Murraywood Construction Holdings Limited (Registered number: 10107424)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforcible right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the net asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Murraywood Construction Holdings Limited (Registered number: 10107424)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Provisions
A provision is recognised in the balance sheet when the company has a constructive or legal obligation as a result of a past event and it is probable that an outflow of economic benefit will be required to settle the obligation. Provisions are recognised at their discounted net present value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Murraywood Construction Holdings Limited (Registered number: 10107424)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activity of the group and is the amount of contract revenue recognised as revenue for the period. All revenue is derived from activities within the United Kingdom.

4. EMPLOYEES AND DIRECTORS
31.5.23 31.5.22
£    £   
Wages and salaries 2,521,730 2,536,822
Social security costs 280,083 277,223
Other pension costs 67,986 70,958
2,869,799 2,885,003

The average number of employees during the year was as follows:
31.5.23 31.5.22

Directors 7 7
Office 5 5
Site/Production 38 48
50 60

31.5.23 31.5.22
£    £   
Directors' remuneration 568,552 500,686
Directors' pension contributions to money purchase schemes 13,208 11,740

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 7 7

Information regarding the highest paid director is as follows:
31.5.23 31.5.22
£    £   
Emoluments etc 117,703 119,138
Pension contributions to money purchase schemes 3,291 3,334

Murraywood Construction Holdings Limited (Registered number: 10107424)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2023

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.5.23 31.5.22
£    £   
Hire of plant and machinery 1,216,203 1,181,537
Other operating leases 146,092 139,697
Depreciation - owned assets 7,177 5,124
Profit on disposal of fixed assets (1,000 ) -
Goodwill amortisation 197,925 197,925
Customer List amortisation 89,110 89,110
Auditors' remuneration 32,000 21,100
Auditors' remuneration for non audit work 22,116 16,820

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.5.23 31.5.22
£    £   
Loan - (2,111 )
Debenture unwinding discount 39,499 48,735
39,499 46,624

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.5.23 31.5.22
£    £   
Current tax:
UK corporation tax 125,639 159,039

Deferred tax (13,880 ) (17,610 )
Tax on profit 111,759 141,429

UK corporation tax has been charged at 19 % .

Murraywood Construction Holdings Limited (Registered number: 10107424)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2023

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.5.23 31.5.22
£    £   
Profit before tax 363,441 496,751
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2022 - 19 %)

69,054

94,383

Effects of:
Expenses not deductible for tax purposes 7,505 9,260
Depreciation in excess of capital allowances 49,079 55,396
Deferred tax (13,879 ) (17,610 )
Total tax charge 111,759 141,429

Tax effects relating to effects of other comprehensive income

31.5.23
Gross Tax Net
£    £    £   
Share buyback (219,990 ) - (219,990 )

The main rate of corporation tax for the year ended 31 May 2023 was 19%.

The government announced that from 1 April 2023 the rate of corporation tax will be 25% for companies with annual profits over £250,000. For companies with annual profits below £50,000 the rate will remain at 19%. Marginal relief provisions will also be introduced so that, where a company's profits fall between the lower (£50,000) and upper (£250,000) limits, it will be able to claim an amount of marginal relief that bridges the gap between the lower and upper limits providing a gradual increase in the corporation tax rate.

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


Murraywood Construction Holdings Limited (Registered number: 10107424)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2023

9. DIVIDENDS
31.5.23 31.5.22
£    £   
A2 Ordinary shares of 0.1p each
Interim 6,111 -
A3 Ordinary shares of 0.1p each
Interim 6,111 -
B1 Ordinary shares of 0.1p each
Interim 3,056 -
B2 Ordinary shares of 0.1p each
Interim 3,056 -
B3 Ordinary shares of 0.1p each
Interim 3,056 -
C1 Ordinary shares of 0.1p each
Interim 12,222 -
C2 Ordinary shares of 0.1p each
Interim 12,222 -
B4 Ordinary shares of 0.1p each
Interim 9,167 -
55,001 -

10. INTANGIBLE FIXED ASSETS

Group
Customer
Goodwill List Totals
£    £    £   
COST
At 1 June 2022
and 31 May 2023 1,979,249 891,096 2,870,345
AMORTISATION
At 1 June 2022 1,187,550 534,660 1,722,210
Amortisation for year 197,925 89,110 287,035
At 31 May 2023 1,385,475 623,770 2,009,245
NET BOOK VALUE
At 31 May 2023 593,774 267,326 861,100
At 31 May 2022 791,699 356,436 1,148,135

Murraywood Construction Holdings Limited (Registered number: 10107424)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2023

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2022 15,000 19,026 7,920 3,489 45,435
Additions - - 17,920 - 17,920
At 31 May 2023 15,000 19,026 25,840 3,489 63,355
DEPRECIATION
At 1 June 2022 15,000 12,049 2,400 3,489 32,938
Charge for year - 4,374 2,803 - 7,177
At 31 May 2023 15,000 16,423 5,203 3,489 40,115
NET BOOK VALUE
At 31 May 2023 - 2,603 20,637 - 23,240
At 31 May 2022 - 6,977 5,520 - 12,497

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 June 2022
and 31 May 2023 5,053,347
NET BOOK VALUE
At 31 May 2023 5,053,347
At 31 May 2022 5,053,347

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Murraywood Construction Limited
Registered office: 8 Wimmarleigh Street, Warrington, Cheshire, WA1 1JW
Nature of business: Provision of groundwork and construction
%
Class of shares: holding
Ordinary £1 100.00


Murraywood Construction Holdings Limited (Registered number: 10107424)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2023

13. STOCKS

Group
31.5.23 31.5.22
£    £   
Work-in-progress 163,954 22,500

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.5.23 31.5.22 31.5.23 31.5.22
£    £    £    £   
Amounts recoverable on contract 2,701,088 1,967,450 - -
Other debtors 6,066 2,111 2,111 2,111
VAT 189,740 148,334 - -
Retentions 524,912 506,286 - -
Prepayments 19,889 19,057 - -
3,441,695 2,643,238 2,111 2,111

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.5.23 31.5.22 31.5.23 31.5.22
£    £    £    £   
Debentures (see note 17) 424,940 415,494 424,939 415,494
Trade creditors 1,936,223 1,026,583 - -
Amounts owed to group undertakings - - 1,379,066 1,292,214
Tax 125,697 159,055 83,110 86,894
Social security and other taxes 65,115 75,515 - -
Other creditors 4,250 - - -
Amounts due to related underta
kings - 177,981 - -
Directors' current accounts 40 32 - -
Accrued expenses 831,889 680,015 - -
3,388,154 2,534,675 1,887,115 1,794,602

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
31.5.23 31.5.22 31.5.23 31.5.22
£    £    £    £   
Debentures (see note 17) 1,105,092 1,530,031 1,105,092 1,530,031

Murraywood Construction Holdings Limited (Registered number: 10107424)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2023

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.5.23 31.5.22 31.5.23 31.5.22
£    £    £    £   
Amounts falling due within one year or on demand:
Debentures 424,940 415,494 424,939 415,494
Amounts falling due between one and two years:
Debentures - 1-2 years 434,599 460,783 434,599 460,783
Amounts falling due between two and five years:
Debentures - 2-5 years 670,493 1,069,248 670,493 1,069,248

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
31.5.23 31.5.22
£    £   
Within one year 124,934 146,293
Between one and five years 220,580 370,433
345,514 516,726

19. SECURED DEBTS

Debentures totalling £1,530,031 (2022: £1,945,525) are in relation to loan notes issued by Murraywood Construction Holdings Limited in May 2016 to settle deferred consideration to the directors. The loan notes are to repaid by monthly instalments over 10 years at a rate of nil interest.

The loan notes are secured by way of debenture with a fixed and floating charge over all property of Murraywood Construction Limited.

Murraywood Construction Holdings Limited (Registered number: 10107424)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2023

20. PROVISIONS FOR LIABILITIES

Group
31.5.23 31.5.22
£    £   
Deferred tax
Accelerated capital allowances 50,792 67,722
Customer list 3,210 159
54,002 67,881

Group
Deferred
tax
£   
Balance at 1 June 2022 67,881
Provided during year (13,879 )
Balance at 31 May 2023 54,002

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number Class Nominal 31.05.23 31.05.22
Value £ £
10,000 A1 Ordinary 0.1p 0 10
10,000 A2 Ordinary 0.1p 10 10
10,000 A3 Ordinary 0.1p 10 10
5,000 B1 Ordinary 0.1p 5 5
5,000 B2 Ordinary 0.1p 5 5
5,000 B3 Ordinary 0.1p 5 5
15,000 B4 Ordinary 0.1p 15 15
20,000 C1 Ordinary 0.1p 20 20
20,000 C2 Ordinary 0.1p 20 20
90 100

The Directors of the company may from time to time pay to the holders of any particular class of shares (without being required to pay any dividend to any holders of any other class of shares) such interim dividend as appears to the Directors to be justified by the profits of the company available for distribution.

The shares carry equal voting rights and on a winding up the assets are to be distributed in accordance with the memorandum accounts drawn up for each class of share.

Murraywood Construction Holdings Limited (Registered number: 10107424)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2023

22. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 June 2022 1,999,075 - 1,999,075
Profit for the year 251,682 251,682
Dividends (55,001 ) (55,001 )
Purchase of own shares (220,000 ) 10 (219,990 )
At 31 May 2023 1,975,756 10 1,975,766

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 June 2022 2,379,391 - 2,379,391
Profit for the year 336,573 336,573
Dividends (55,001 ) (55,001 )
Purchase of own shares (220,000 ) 10 (219,990 )
At 31 May 2023 2,440,963 10 2,440,973

Retained earnings
Includes all current and prior periods retained profits and losses.

Capital redemption reserve
Includes amounts transferred following the redemption or purchase of the company's own shares out of distributable profits.

23. PENSION COMMITMENTS

During the year the group contributed to a defined contribution pension scheme totalling £67,986 (2022: £70,958). There were no amounts outstanding at the year end.

Murraywood Construction Holdings Limited (Registered number: 10107424)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2023

24. RELATED PARTY DISCLOSURES

Murraywood Construction Limited has provided security to the value of £5,550,000 to pay W T S Murray and T G Wood in settlement of the sale of shares (May 2016) to Murraywood Construction Holdings Limited. The security is by way of debenture with a fixed and floating charge over all property of Murraywood Construction Limited.

Endeavour Plant Limited

Endeavour Plant Limited is related by way of mutual directors.

Murraywood Construction Limited hire plant and equipment from Endeavour Plant Limited. Hire of plant and equipment from Endeavour Plant Limited during the year totalled £1,200,764 (2022: £1,122,443).

Amounts owed to Endeavour Plant Limited at the year end were £139,186 (2022: £177,981)

Murraywood Executive Pension Fund

Two directors of Murraywood Construction Limited are Trustees of Murraywood Executive Pension Fund.

Rents of £70,000 (2022: £60,000) per annum are paid to Murraywood Executive Pension Fund.

Director Loans

During 2018 a loan of £32,000 was made to M Walsh a director of the company. The loan carries interest at 2.5% and is being repaid on a weekly basis, the capital balance of the loan was cleared during the previous year. The interest element of the loan is included within other debtors £2,111 (2022: £2,111).

25. ULTIMATE CONTROLLING PARTY

The ultimate controlling party are the shareholders acting in concert under the provisions of a shareholder agreement.