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REGISTERED NUMBER: 09870619 (England and Wales)


















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2023

FOR

MTX HOLDINGS LIMITED

MTX HOLDINGS LIMITED (REGISTERED NUMBER: 09870619)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2023




Page

Company Information 1

Group Strategic Report 2 to 3

Report of the Directors 4 to 5

Report of the Independent Auditors 6 to 9

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

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 to 29


MTX HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST AUGUST 2023







DIRECTORS: G Hartley
D J Hartley
S T Hartley





REGISTERED OFFICE: Innovation House
Brooke Court
Lower Meadow Road
Handforth
Cheshire
SK9 3ND





REGISTERED NUMBER: 09870619 (England and Wales)





AUDITORS: Allens Accountants Limited
Registered Auditors and
Chartered Accountants
123 Wellington Road South
Stockport
Cheshire
SK1 3TH

MTX HOLDINGS LIMITED (REGISTERED NUMBER: 09870619)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST AUGUST 2023

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

REVIEW OF BUSINESS
The Directors are pleased to report record levels of turnover and contract awards in 2023, resulting in significant increases in the number of new colleagues and a busy but successful year for the business. With both an increasing number and average value of contracts, including the £48m Colchester Elective Orthopaedic contract, turnover for the year to August 2023 increased to £114m (2022 - £67m). Having already secured workload in excess of £100m for the year to August 2024, the company expects another record year ahead and continues to plan and invest for future year-on-year growth.

During this period of high activity and significant growth, the Directors would particularly like to thank colleagues and supply chain partners for their on-going commitment and focus on quality, safety and customer service that has provided a variety of different solutions for clients and delivered many innovative projects, with underlying contract profits of £8.9m (2022 - £5.5m) representing a respectable gross margin of 7.8% (2022 - 8.2%). The Directors remain committed to Investment in management, administration and professional services in support of our growth ambitions which has enabled controlled but record turnover and operating profit of £4.9m (4.3%) in the year.

After £2.1m of dividends, the group balance sheet reserves have subsequently increased to £8.4m (2022 - £5.5m) which places the business in a strong position to deliver and support both its immediate and future growth plans.

MTX continues to have an enviable reputation, serving multiple NHS Trusts and private organisations throughout the UK, where our niche is providing cost effective projects that are required in a minimal amount of time, with high levels of innovation, design and coordination which begins well before contract award. Through its focus on modern methods of construction, MTX is proud to be recognised as an organisation that supports environmental and financial benefits for clients, through delivery of quality modern buildings, not just in their design and construction but across the whole building lifecycle. We continue to be a nominated contractor on several government frameworks, are proud of our accreditations and have been recognised for a number of prestigious awards. Some specific achievements in the year include;

- Winner of Offsite Awards Healthcare Project of the Year for John Radcliffe Hospital Critical Care Building
- Winner of Building Better Healthcare Awards Best Modular/Mobile Healthcare Facility for John Radcliffe Hospital Critical Care Building
- Average independent safety audit score of 92.5%
- Successful re-certification of ISO 45001, the H&S standard
- Supporter of Lighthouse Club - The Construction Industry Charity
- Signed the Inspiring Women in Construction and Engineering Pledge
- Sent 2 junior staff members to volunteer in Peru, helping build medical centres whilst raising £10,000 for Stockport County Community Trust

The forward thinking approach of MTX extends to the environment, the construction of energy efficient buildings and the use of environmentally friendly techniques.

By becoming more sustainable we play a major part in aligning economic interests with construction projects ensuring we compliment the environment. We are equally committed to ensuring our clients meet their long term sustainability challenges by providing support and advice from consulting and planning, design and construction to post construction support services.

We aim to minimise the negative impact our operations have on the environment and maximise the quality and sustainability of the environments we construct by;

- Adhering to our environmental policy
- Complying with our BS EN ISO 14001:2015 certified environmental management system
- Continuing to innovate
- Reducing carbon
- Reducing waste
- Sourcing responsibly


MTX HOLDINGS LIMITED (REGISTERED NUMBER: 09870619)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST AUGUST 2023

PRINCIPAL RISKS AND UNCERTAINTIES
Contract risk - the construction sector is inherently at risk of changes in design, resource limitations and price fluctuations that may impact the quality and commercial outcomes of construction contracts at any time. MTX operates well established processes and effective quality controls to monitor and evaluate these risks from tender through to contract completion and employs experienced in-house professionals to oversee design, delivery and commercial risks throughout the contract period. The Company maintains appropriate levels of cash in hand and balance sheet reserves sufficient to support any contract issues as they arise without impacting the wider business.

Economic uncertainty - with recent economic changes and uncertainty, like many organisations we have seen some challenges with regard to supply of materials and labour but maintain positive relationship and dialogue with our supply chain such that the directors are confident we will continue to serve our clients seamlessly. We would like to take this opportunity for thanking our supply chain for their continued support and look forward to strengthening key relationships and sharing future success together.

Health & Safety - the Directors remain committed to ensuring safe working practices to mitigate all risks to colleagues, sub-contractors, customers and the public. The Company operates stringent safety policies and practices, including regular reporting and learning from any incidents or near misses, independent audits that have exceeded a score of 92.5% and maintaining and reviewing appropriate levels of insurance for the business. As a key measure and benchmark for the construction sector, the Directors are pleased to report no RIDDORs in the past 12 months with over 1.5million man hours since the last reportable incident and promotion of a learning culture and continual improvement across all its sites.".

Market changes - with ambitious growth plans the Company is focussed on potential changes in demand. With NHS pressures expected to continue for the foreseeable future, the Directors believe the business remains in a strong position to capitalise on demand for new health facilities and ancillary products across the country. We continue to see commitment from central government and NHS Trusts whilst also maintaining a focus on other sectors where modern methods of construction and our expertise can be utilised and are working with partners to provide new funding solutions for clients, through our FLEX Full-Serviced Lease Extensions.

KEY PERFORMANCE INDICATORS
We utilise a suite of KPIs across the business which are key to measuring our activities. These KPIs incorporate operational and financial activities in addition to stringent health and safety performance across all of our sites. We set key targets for the future to ensure continual improvement in all we do. Throughout another busy and challenging year we have maintained positive results across all of our KPIs, including our Accident Frequency Rate (AFR), Profit and Margins, Reserves, Work-In-Hand, Client Response Times and Satisfaction Scores.

ON BEHALF OF THE BOARD:





D J Hartley - Director


31st January 2024

MTX HOLDINGS LIMITED (REGISTERED NUMBER: 09870619)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST AUGUST 2023

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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of a holding company.

The principal activity of the Group is the the design, construction, funding and maintenance of permanent buildings, constructed utilising modern methods of construction. Operating predominantly in the UK, MTX is highly regarded as a specialist in the provision of modern healthcare facilities and other high specification buildings requiring a high level of engineering and innovation.

DIVIDENDS
The total distribution of dividends for the year ended 31 August 2023 will be £2,130,000 (2022 £2,000,000).

RESEARCH AND DEVELOPMENT
The company adopts modern methods of construction (MMC) and invests in innovative products and solutions by bringing together expertise in the development, design, construction and funding of fast-track and cost effective healthcare facilities and similar technically challenging building projects throughout the UK. The Company is passionate and committed to providing creative, bespoke, high-quality solutions that meet the modern demands, life cycles and budgets for new environmentally focussed buildings.

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

G Hartley
D J Hartley
S T Hartley

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;
- state whether applicable 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 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.

MTX HOLDINGS LIMITED (REGISTERED NUMBER: 09870619)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST AUGUST 2023


AUDITORS
The auditors, Allens Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D J Hartley - Director


31st January 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MTX HOLDINGS LIMITED

Opinion
We have audited the financial statements of MTX Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st August 2023 which comprise the Consolidated Income Statement, Consolidated Other 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 31st August 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
MTX HOLDINGS LIMITED


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 four, 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
MTX HOLDINGS LIMITED


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:

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for the directors' remuneration, bonus levels and performance targets;
- results of our enquiries of management and the board of directors about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified

Our procedure to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management and the board of directors concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MTX HOLDINGS LIMITED


We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

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.




Benjamin Furness (Senior Statutory Auditor)
for and on behalf of Allens Accountants Limited
Registered Auditors and
Chartered Accountants
123 Wellington Road South
Stockport
Cheshire
SK1 3TH

31st January 2024

MTX HOLDINGS LIMITED (REGISTERED NUMBER: 09870619)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31ST AUGUST 2023

2023 2022
Notes £    £   

TURNOVER 3 113,994,873 67,081,575

Cost of sales 105,046,552 61,560,300
GROSS PROFIT 8,948,321 5,521,275

Administrative expenses 4,289,334 3,404,841
OPERATING PROFIT 5 4,658,987 2,116,434

Interest receivable and similar income 209,580 8,854
4,868,567 2,125,288

Interest payable and similar expenses 6 902 2,467
PROFIT BEFORE TAXATION 4,867,665 2,122,821

Tax on profit 7 (169,253 ) (1,342,521 )
PROFIT FOR THE FINANCIAL YEAR 5,036,918 3,465,342
Profit attributable to:
Owners of the parent 5,036,918 3,465,342

MTX HOLDINGS LIMITED (REGISTERED NUMBER: 09870619)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST AUGUST 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 5,036,918 3,465,342


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

5,036,918

3,465,342

Total comprehensive income attributable to:
Owners of the parent 5,036,918 3,465,342

MTX HOLDINGS LIMITED (REGISTERED NUMBER: 09870619)

CONSOLIDATED BALANCE SHEET
31ST AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 1,885,297 2,145,337
Tangible assets 11 294,918 275,958
Investments 12 - -
2,180,215 2,421,295

CURRENT ASSETS
Debtors 13 31,086,143 21,870,503
Cash at bank 14,861,898 5,246,032
45,948,041 27,116,535
CREDITORS
Amounts falling due within one year 14 39,763,778 24,033,151
NET CURRENT ASSETS 6,184,263 3,083,384
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,364,478

5,504,679

PROVISIONS FOR LIABILITIES 17 - 47,119
NET ASSETS 8,364,478 5,457,560

CAPITAL AND RESERVES
Called up share capital 18 1,225 1,225
Share premium 19 2,923,579 2,923,579
Retained earnings 19 5,439,674 2,532,756
SHAREHOLDERS' FUNDS 8,364,478 5,457,560

The financial statements were approved by the Board of Directors and authorised for issue on 31st January 2024 and were signed on its behalf by:





D J Hartley - Director


MTX HOLDINGS LIMITED (REGISTERED NUMBER: 09870619)

COMPANY BALANCE SHEET
31ST AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 4,811,945 4,811,945
4,811,945 4,811,945

CURRENT ASSETS
Debtors 13 963,259 1,663,259

CREDITORS
Amounts falling due within one year 14 - 1,700,000
NET CURRENT ASSETS/(LIABILITIES) 963,259 (36,741 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,775,204

4,775,204

CAPITAL AND RESERVES
Called up share capital 18 1,225 1,225
Share premium 2,923,579 2,923,579
Retained earnings 2,850,400 1,850,400
SHAREHOLDERS' FUNDS 5,775,204 4,775,204

Company's profit for the financial year 3,130,000 2,000,000

The financial statements were approved by the Board of Directors and authorised for issue on 31st January 2024 and were signed on its behalf by:





D J Hartley - Director


MTX HOLDINGS LIMITED (REGISTERED NUMBER: 09870619)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST AUGUST 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Balance at 1st September 2021 1,225 1,067,414 2,923,579 3,992,218

Changes in equity
Dividends - (2,000,000 ) - (2,000,000 )
Total comprehensive income - 3,465,342 - 3,465,342
Balance at 31st August 2022 1,225 2,532,756 2,923,579 5,457,560

Changes in equity
Dividends - (2,130,000 ) - (2,130,000 )
Total comprehensive income - 5,036,918 - 5,036,918
Balance at 31st August 2023 1,225 5,439,674 2,923,579 8,364,478

MTX HOLDINGS LIMITED (REGISTERED NUMBER: 09870619)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST AUGUST 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Balance at 1st September 2021 1,225 1,850,400 2,923,579 4,775,204

Changes in equity
Dividends - (2,000,000 ) - (2,000,000 )
Total comprehensive income - 2,000,000 - 2,000,000
Balance at 31st August 2022 1,225 1,850,400 2,923,579 4,775,204

Changes in equity
Dividends - (2,130,000 ) - (2,130,000 )
Total comprehensive income - 3,130,000 - 3,130,000
Balance at 31st August 2023 1,225 2,850,400 2,923,579 5,775,204

MTX HOLDINGS LIMITED (REGISTERED NUMBER: 09870619)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST AUGUST 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 11,873,882 (6,741,967 )
Interest element of hire purchase payments
paid

(902

)

(2,467

)
Tax paid 606,046 287,740
Net cash from operating activities 12,479,026 (6,456,694 )

Cash flows from investing activities
Purchase of tangible fixed assets (126,174 ) (118,031 )
Sale of tangible fixed assets 15,929 3,000
Interest received 209,580 8,854
Net cash from investing activities 99,335 (106,177 )

Cash flows from financing activities
Capital repayments in year (18,947 ) (28,840 )
Amount withdrawn by directors (813,548 ) 343,209
Equity dividends paid (2,130,000 ) (2,000,000 )
Net cash from financing activities (2,962,495 ) (1,685,631 )

Increase/(decrease) in cash and cash equivalents 9,615,866 (8,248,502 )
Cash and cash equivalents at beginning of
year

2

5,246,032

13,494,534

Cash and cash equivalents at end of year 2 14,861,898 5,246,032

MTX HOLDINGS LIMITED (REGISTERED NUMBER: 09870619)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST AUGUST 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 4,867,665 2,122,821
Depreciation charges 353,109 358,426
(Profit)/loss on disposal of fixed assets (1,785 ) 5,459
Finance costs 902 2,467
Finance income (209,580 ) (8,854 )
5,010,311 2,480,319
Increase in trade and other debtors (9,693,503 ) (6,199,232 )
Increase/(decrease) in trade and other creditors 16,557,074 (3,023,054 )
Cash generated from operations 11,873,882 (6,741,967 )

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 31st August 2023
31/8/23 1/9/22
£    £   
Cash and cash equivalents 14,861,898 5,246,032
Year ended 31st August 2022
31/8/22 1/9/21
£    £   
Cash and cash equivalents 5,246,032 13,494,534


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/9/22 Cash flow At 31/8/23
£    £    £   
Net cash
Cash at bank 5,246,032 9,615,866 14,861,898
5,246,032 9,615,866 14,861,898
Debt
Finance leases (21,995 ) 18,947 (3,048 )
(21,995 ) 18,947 (3,048 )
Total 5,224,037 9,634,813 14,858,850

MTX HOLDINGS LIMITED (REGISTERED NUMBER: 09870619)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2023

1. STATUTORY INFORMATION

MTX 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.

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.

Basis of consolidation
The Group consolidated financial statements include the financial statements of the Company and all of its subsidiary undertakings made up to 31 August 2023.

A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The cost of the business combination is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree plus costs directly attributable to the business combination.

Any excess of the cost of the business combination over the acquirer's interest in the net fair value of the identifiable assets and liabilities is recognised as goodwill. If the net fair value of the identifiable assets and liabilities exceeds the cost of the business combination the excess is recognised separately on the face of the consolidated balance sheet immediately below goodwill.

All inter-group transactions, balances, income and expenses are eliminated in full on consolidation.

Investments in subsidiaries
Investments in subsidiaries are accounted for at cost less impairment in the individual 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.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses for the year. However, the nature of estimation means that actual outcomes could differ from those 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 if revision only affects that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Recognised amounts of contract revenues and related receivables reflect the director's best estimates of contracts outcome and stage of completion. This includes the assessment of the profitability of the contracts. The organisation draws on the expertise of qualified personnel to undertake such estimates and to apply appropriate levels of scrutiny to ensure the required level of accuracy and governance over this class of asset, in order to limit concern over the recoverability of these balances. Costs to complete and contract profitability are subject to significant estimation uncertainty.

MTX HOLDINGS LIMITED (REGISTERED NUMBER: 09870619)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

i) the Company has transferred the significant risks and rewards of ownership to the buyer;
ii) the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
iii) the amount of turnover can be measured reliably;
iv) it is probable that the Company will receive the consideration due under the transaction and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Long term contracts

Long term contracts are assessed on a contract by contract basis and reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Turnover is ascertained in a manner appropriate to the stage of completion of the contract, and credit taken for profit earned to date when the outcome of the contract can be ascertained with reasonable certainty. The amount by which turnover exceeds payments on account is classified as ''amounts recoverable on contracts'' and included in debtors, to the extent that payments on account exceed relevant turnover, the excess is included as a creditor. The amount of long term contracts, at cost net of amounts transferred to cost of sales, less provision for foreseeable losses and payments on account not matched with turnover, is included in stocks.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of fifteen years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - over the period of the lease
Plant & machinery - 25% on reducing balance and 10% on cost
Fixtures & fittings - 25% on reducing balance
Motor vehicles - 40% on reducing balance and 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount.If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.


MTX HOLDINGS LIMITED (REGISTERED NUMBER: 09870619)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.

Taxation
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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Where the group enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated in accordance with the above depreciation policies. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account on a straight line basis, and the capital element which reduces the outstanding obligation for future instalments.

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.

MTX HOLDINGS LIMITED (REGISTERED NUMBER: 09870619)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023

2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest rate method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits deposits with banks and other short term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, together with loans to and from related parties.

Debt instruments (other than those wholly repayable or receivable in one year), including loans and other accounts receivable and payable, are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable in one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration, expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence if impairment is found, an impairment loss is recognised in the statement of comprehensive income.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Interest bearing borrowings
Interest bearing borrowing are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

Dividends
Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

MTX HOLDINGS LIMITED (REGISTERED NUMBER: 09870619)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 113,994,873 67,081,575
113,994,873 67,081,575

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,842,753 2,772,586
Social security costs 454,334 341,262
Other pension costs 215,900 261,327
4,512,987 3,375,175

The average number of employees during the year was as follows:
2023 2022

Office and administration 71 61

2023 2022
£    £   
Directors' remuneration 47,802 45,360

5. OPERATING PROFIT

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

2023 2022
£    £   
Other operating leases 184,488 113,712
Depreciation - owned assets 90,795 86,151
Depreciation - assets on hire purchase contracts 2,275 12,235
(Profit)/loss on disposal of fixed assets (1,785 ) 5,459
Goodwill amortisation 260,040 260,040
Auditors' remuneration 13,000 12,000
Auditors' remuneration for non audit work 22,871 21,107

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Hire purchase 902 2,467

MTX HOLDINGS LIMITED (REGISTERED NUMBER: 09870619)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023

7. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax - 122,134
Tax prior period (122,134 ) (1,475,662 )
Total current tax (122,134 ) (1,353,528 )

Deferred tax (47,119 ) 11,007
Tax on profit (169,253 ) (1,342,521 )

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

2023 2022
£    £   
Profit before tax 4,867,665 2,122,821
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

1,216,916

403,336

Effects of:
Expenses not deductible for tax purposes 73,405 52,970
Utilisation of tax losses (195,165 ) (162,256 )
Adjustments to tax charge in respect of previous periods (122,134 ) (1,475,662 )
Change in rate - 11,309
Research and development enhanced deduction (1,140,680 ) (165,490 )
Super deduction allowance (1,595 ) (6,728 )
Total tax credit (169,253 ) (1,342,521 )

8. INDIVIDUAL INCOME STATEMENT

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


9. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £0.01 each
Interim 2,130,000 2,000,000

MTX HOLDINGS LIMITED (REGISTERED NUMBER: 09870619)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st September 2022
and 31st August 2023 3,900,607
AMORTISATION
At 1st September 2022 1,755,270
Amortisation for year 260,040
At 31st August 2023 2,015,310
NET BOOK VALUE
At 31st August 2023 1,885,297
At 31st August 2022 2,145,337

11. TANGIBLE FIXED ASSETS

Group
Improvements
to Plant & Fixtures
property machinery & fittings
£    £    £   
COST
At 1st September 2022 53,799 185,464 92,907
Additions - 39,091 33,605
Disposals - - -
At 31st August 2023 53,799 224,555 126,512
DEPRECIATION
At 1st September 2022 12,701 88,384 54,018
Charge for year 2,055 28,342 10,761
Eliminated on disposal - - -
At 31st August 2023 14,756 116,726 64,779
NET BOOK VALUE
At 31st August 2023 39,043 107,829 61,733
At 31st August 2022 41,098 97,080 38,889

MTX HOLDINGS LIMITED (REGISTERED NUMBER: 09870619)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023

11. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st September 2022 106,547 163,926 602,643
Additions - 53,478 126,174
Disposals (35,458 ) - (35,458 )
At 31st August 2023 71,089 217,404 693,359
DEPRECIATION
At 1st September 2022 56,020 115,562 326,685
Charge for year 10,662 41,250 93,070
Eliminated on disposal (21,314 ) - (21,314 )
At 31st August 2023 45,368 156,812 398,441
NET BOOK VALUE
At 31st August 2023 25,721 60,592 294,918
At 31st August 2022 50,527 48,364 275,958

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st September 2022 71,597
Transfer to ownership (61,243 )
At 31st August 2023 10,354
DEPRECIATION
At 1st September 2022 34,888
Charge for year 2,275
Transfer to ownership (33,634 )
At 31st August 2023 3,529
NET BOOK VALUE
At 31st August 2023 6,825
At 31st August 2022 36,709

MTX HOLDINGS LIMITED (REGISTERED NUMBER: 09870619)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st September 2022
and 31st August 2023 4,811,945
NET BOOK VALUE
At 31st August 2023 4,811,945
At 31st August 2022 4,811,945

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

Subsidiary

MTX Contracts Limited
Registered office:
Nature of business: design, construction in specialist healthcare
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 5,515,720 3,348,762
Profit for the year 5,296,958 3,725,381


13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 26,270,169 9,138,630 - -
Amounts owed by group undertakings - - 962,647 1,662,647
Amounts recoverable on contract 4,087,593 11,427,185 - -
Other debtors 91,555 54,400 - -
Directors' loan accounts 6,048 - - -
Tax 415,821 899,733 - -
VAT - 171,793 - -
Called up share capital not paid 612 612 612 612
Prepayments and accrued income 214,345 178,150 - -
31,086,143 21,870,503 963,259 1,663,259

Movements on provisions for doubtful debts resulted in a credit of £2,058 (2022: debit of £16.508) to the statement of income.

MTX HOLDINGS LIMITED (REGISTERED NUMBER: 09870619)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Hire purchase contracts (see note 15) 3,048 21,995 - -
Payments on account 15,048,755 5,958,396 - -
Trade creditors 13,962,710 12,238,637 - -
Social security and other taxes 161,978 140,760 - -
VAT 4,148,679 - - -
Other creditors 8,645 901,581 - 892,500
Directors' loan accounts - 807,500 - 807,500
Accruals and deferred income 6,429,963 3,964,282 - -
39,763,778 24,033,151 - 1,700,000

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 3,048 21,995

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 254,081 173,441
Between one and five years 452,232 385,937
In more than five years 637,833 723,833
1,344,146 1,283,211

16. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Hire purchase contracts 3,048 21,995

17. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax - 47,119

MTX HOLDINGS LIMITED (REGISTERED NUMBER: 09870619)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023

17. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1st September 2022 47,119
Provided during year (47,119 )
Balance at 31st August 2023 -

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
2019 2018
£    £   
12,250 A ordinary shares of £0.01 each 123 123
12,250 B ordinary shares of £0.01 each 123 123
30,625 C ordinary shares of £0.01 each 306 306
30,625 D ordinary shares of £0.01 each 306 306
30,625 E ordinary shares of £0.01 each 306 306
6,125 F ordinary shares of £0.01 each 61 61


1,225 1,225

The shares carry differential rights to dividends, but in all other respects they rank pari passu.

19. RESERVES

Retained earnings - includes all current and prior period retained profit and losses.

Share premium account - this reserve includes any premiums received on issue of share capital. Any transactions costs associated with the issuing of shares are deducted from share premium.

Capital redemption reserve - this reserve includes the nominal value of share capital re-purchased by the company and subsequently cancelled.

20. PENSION COMMITMENTS

The group operates a money purchase scheme. The charge to the profit and loss account for the year was £216,350 (2022 £261,327) and the amount included in creditors at the year end was £21,604 (2022 £32,368).

MTX HOLDINGS LIMITED (REGISTERED NUMBER: 09870619)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st August 2023 and 31st August 2022:

2023 2022
£    £   
D J Hartley
Balance outstanding at start of year - -
Amounts advanced 6,048 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,048 -

The Directors loan account was repaid within 9 months after the year end.

22. RELATED PARTY DISCLOSURES

Total key management compensation, including social security and pension contributions, was £1,028,580 (2022 £623,836).

Entities that provide key management personnel services to the entity
2023 2022
£    £   
Rent paid 103,889 80,367
Amount due from related party 3,352 3,352

23. ULTIMATE CONTROLLING PARTY

This group is under the ultimate control of the directors.