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REGISTERED NUMBER: 01059082 (England and Wales)












Group Strategic Report, Report of the Directors and

Audited

Consolidated Financial Statements

for the Period 1 May 2022 to 31 December 2022

for

McCann Group Limited

McCann Group Limited (Registered number: 01059082)






Contents of the Consolidated Financial Statements
for the period 1 May 2022 to 31 December 2022




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 9

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


McCann Group Limited

Company Information
for the period 1 May 2022 to 31 December 2022







DIRECTORS: J J McCann
A Cronin
C Lancaster
A Kelsey
S D F Gardiner



SECRETARY: J J McCann



REGISTERED OFFICE: McCann House
110 Nottingham Road
Chilwell
Nottinghamshire
NG9 6DQ



REGISTERED NUMBER: 01059082 (England and Wales)



SENIOR STATUTORY AUDITOR: Neil South BA FCA



AUDITORS: Clayton & Brewill
Statutory Auditors and
Chartered Accountants
Cawley House
149-155 Canal Street
Nottingham
Nottinghamshire
NG1 7HR

McCann Group Limited (Registered number: 01059082)

Group Strategic Report
for the period 1 May 2022 to 31 December 2022

The directors present their strategic report of the company and the group for the period 1 May 2022 to 31 December 2022.

REVIEW OF BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of the group during the financial year and its position at year end. This review is intended to be consistent with the size and nature of our business.

Group turnover of £88,226,096 was an increase of 35% on the previous year due mainly to increased work in the communications sector. The gross profit margin has decreased from 13.0% to 11.6% in the year, reflecting a change in the mix of sales.

The group continues to maintain its focus on working capital management and has improved cash balances at year end despite the increase in activity and work in progress.

During the year the group has invested £2,139,496 in capital expenditure which reflects an ongoing strategy to maintain a modern and up-to-date fleet of vehicles and equipment.

PRINCIPAL RISKS AND UNCERTAINTIES
Government spending decisions - we recognise that the majority of income is from government sources and can be affected by changes in government policy

Economic uncertainty - the current uncertainty regarding Brexit, inflation, the impact of the Covid-19 pandemic and the war in Ukraine presents several risks to the business including but not limited to impacts on the supply chain, cost increases, fuel prices and the health and wellbeing of both office and site personnel.

Fuel prices - the Group is not immune to the impact of rising fuel prices but mitigate the effect through the maintenance of a modern fleet of fuel efficient vehicles which also helps to lead to a reduction in carbon footprint.

Financial risk- the Group has a broad range of customers including both private companies and public sector bodies. The risk that the Group will suffer from significant levels of bad debts is managed by the diversified portfolio and well established credit control procedures across the Group. The Group is funded through a combination of hire purchase funding, development loans and a credit facility with the Group's bankers.

SECTION 172(1) STATEMENT
The board of directors of McCann Group Ltd consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the act).

The particulars of which have been set out in in the review of the business above.

BUSINESS ENVIRONMENT
McCann Ltd provides our clients with integrated infrastructure solutions that meet business needs and exceeds expectations each and every time. We are a key player in creating and maintaining essential elements of the country's infrastructure and by doing so efficiently, offer a first-class service to all our clients.

We have developed a wide range of specialist contracting services to support the successful delivery of major infrastructure projects throughout the UK. As a leading supplier and installer of street lighting, traffic signs, signals, communication systems and associated civil engineering we can also play a key role in the development of project design and buildability whilst working comfortably within a wide range of contractual arrangements.

We are based in Nottingham and with strategically based regional offices we are best placed to delivery of a first rate, comprehensive service, throughout the country. With a large, highly skilled, directly employed workforce, supported by an extensive specialised plant fleet we can take on and deliver the most demanding of projects to programme and budget.

Furthermore, as a business, employer and member of the wider community, we fully recognise our social responsibility, always striving to build a safe, sustainable entity which is environmentally responsible.


McCann Group Limited (Registered number: 01059082)

Group Strategic Report
for the period 1 May 2022 to 31 December 2022

STRATEGY
As a leading British infrastructure company with wide sector experience, diverse skills, strong management and a clear set of values, our objective is to achieve year-on-year sustainable organic business growth with a turnover target of £106.5m by the end of year 2023-24. Realised through the expansion of existing services and capabilities, and through development and growth within new sectors for key clients.

ON BEHALF OF THE BOARD:





J J McCann - Director


6 February 2024

McCann Group Limited (Registered number: 01059082)

Report of the Directors
for the period 1 May 2022 to 31 December 2022

The directors present their report with the financial statements of the company and the group for the period 1 May 2022 to 31 December 2022.

DIVIDENDS
The total distribution of dividends for the period ended 31 December 2022 will be £ 140,000 .

RESEARCH AND DEVELOPMENT
The group continue to invest in research and development.

As technology continues to improve it is vital that the group continues to invest in research and development in order to ensure that the future plans of the company can be met in an efficient way; whilst also considering the impact on the environment. .

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

J J McCann
A Cronin
C Lancaster
A Kelsey
S D F Gardiner

POLITICAL DONATIONS AND EXPENDITURE
All donations made during the year were non-political charitable donations.

STREAMLINED ENERGY AND CARBON REPORTING
2022

Energy consumption used to calculate emissions (kWh) 13,111,597.80

Gas (kWh) 273,903.72
Electricity (kWh) 355,334.88
Transport fuels (kWh) 10,751,360.03
Other energy sources (Scope 1 & 2) kWh 1,730,999.16
Transport fuels (Scope 3) kWh N/A

Emissions from combustion of gas tCO2e (Scope 1) 51.96
Emissions from combustion of fuel for transport purposes tCO2e (Scope 1) 2,715.22
Emissions from business travel in rental cars or employee-owned vehicles (Scope 3) N/A
Emissions from purchased electricity tCO2e (Scope 2, location-based) 75.45

Total gross emissions tCO2e based on the above 2,842.62

Total gross emissions from above by unit turnover/revenue (tCO2e/£M) 34.92

Methodology: ISO14064 Part 1 2018 and Carbon Reduce

Emissions from other activities which the company owns or controls including operation
of facilities tCO2e (Scope 1)

476.31
Emissions from global electricity use (excluding UK and offshore) tCO2e (Scope 2) N/A
Emissions from heat, steam and cooling purchased for own use tCO2e (Scope 2) N/A
Emissions from other activities tCO2e (Scope 3) 215.41

Total other emissions tCO2e 691.71

Total gross Scope 1, Scope 2 & Scope 3 emissions tCO2e 3,534.34
Total gross GHG emissions per unit turnover/revenue (tCO2e/£M) 43.42

Third Party verification : Verified to ISO14064 Part 1 2018 and Carbon Reduce



McCann Group Limited (Registered number: 01059082)

Report of the Directors
for the period 1 May 2022 to 31 December 2022

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.

AUDITORS
The auditors, Clayton & Brewill, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J J McCann - Director


6 February 2024

Report of the Independent Auditors to the Members of
McCann Group Limited

Opinion
We have audited the financial statements of McCann Group Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2022 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 31 December 2022 and of the group's loss for the period 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
McCann Group 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 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.

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:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management override of controls, including 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.

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
McCann Group Limited


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.




Neil South BA FCA (Senior Statutory Auditor)
for and on behalf of Clayton & Brewill
Statutory Auditors and
Chartered Accountants
Cawley House
149-155 Canal Street
Nottingham
Nottinghamshire
NG1 7HR

6 February 2024

McCann Group Limited (Registered number: 01059082)

Consolidated
Income Statement
for the period 1 May 2022 to 31 December 2022

2022 2022 2022
Continuing Discontinued Total
Notes £    £    £   

TURNOVER 3 48,143,951 14,156,239 62,300,190
Cost of sales (42,884,073 ) (17,839,927 ) (60,724,000 )
GROSS PROFIT/(LOSS) 5,259,878 (3,683,688 ) 1,576,190

Administrative expenses (3,493,966 ) (1,187,524 ) (4,681,490 )
1,765,912 (4,871,212 ) (3,105,300 )

Other operating income 8,302 - 8,302


OPERATING PROFIT/(LOSS) 5 1,774,214 (4,871,212 ) (3,096,998 )

Interest receivable and similar income 4,599 - 4,599
Gain/loss on revaluation of assets - - -
Interest payable and similar expenses 6 (699,738 ) (148,291 ) (848,029 )
PROFIT/(LOSS) BEFORE TAXATION 1,079,075 (5,019,503 ) (3,940,428 )
Tax on profit/(loss) 7 (125,887 ) 953,706 827,819
PROFIT/(LOSS) FOR THE FINANCIAL
PERIOD

953,188

(4,065,797

)

(3,112,609

)
Profit/(loss) attributable to:
Owners of the parent (3,112,609 )

McCann Group Limited (Registered number: 01059082)

Consolidated
Income Statement
for the period 1 May 2022 to 31 December 2022

2022 2022 2022
Continuing Discontinued Total
Notes £    £    £   

TURNOVER 3 62,380,063 25,846,033 88,226,096
Cost of sales (52,242,734 ) (25,791,402 ) (78,034,136 )
GROSS PROFIT 10,137,329 54,631 10,191,960

Administrative expenses (5,075,841 ) (2,166,879 ) (7,242,720 )
5,061,488 (2,112,248 ) 2,949,240

Other operating income 20,647 - 20,647


OPERATING PROFIT/(LOSS) 5 5,082,135 (2,112,248 ) 2,969,887

Interest receivable and similar income 63 - 63
Gain/loss on revaluation of assets - - -
Interest payable and similar expenses 6 (639,963 ) (183,350 ) (823,313 )
PROFIT/(LOSS) BEFORE TAXATION 4,442,235 (2,295,598 ) 2,146,637
Tax on profit/(loss) 7 (456,085 ) 436,164 (19,921 )
PROFIT/(LOSS) FOR THE FINANCIAL
PERIOD

3,986,150

(1,859,434

)

2,126,716
Profit/(loss) attributable to:
Owners of the parent 2,126,716

McCann Group Limited (Registered number: 01059082)

Consolidated
Other Comprehensive Income
for the period 1 May 2022 to 31 December 2022

Period
1.5.22
to Year ended
31.12.22 30.4.22
Notes £    £   

(LOSS)/PROFIT FOR THE PERIOD (3,112,609 ) 2,126,716


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD

(3,112,609

)

2,126,716

Total comprehensive income attributable to:
Owners of the parent (3,112,609 ) 2,126,716

McCann Group Limited (Registered number: 01059082)

Consolidated Balance Sheet
31 December 2022

2022 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 6,371,611 6,457,094
Investments 11 - -
6,371,611 6,457,094

CURRENT ASSETS
Stocks 12 21,942,835 22,971,753
Debtors 13 12,472,353 16,987,811
Investments 14 66,178 66,178
Cash at bank 3,864,372 5,250,147
38,345,738 45,275,889
CREDITORS
Amounts falling due within one year 15 25,210,580 32,749,397
NET CURRENT ASSETS 13,135,158 12,526,492
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,506,769

18,983,586

CREDITORS
Amounts falling due after more than one
year

16

(8,613,329

)

(4,131,435

)

PROVISIONS FOR LIABILITIES 20 - (706,102 )
NET ASSETS 10,893,440 14,146,049

CAPITAL AND RESERVES
Called up share capital 21 1,000 1,000
Revaluation reserve 22 73,153 203,932
Retained earnings 22 10,819,287 13,941,117
SHAREHOLDERS' FUNDS 10,893,440 14,146,049

The financial statements were approved by the Board of Directors and authorised for issue on 6 February 2024 and were signed on its behalf by:





J J McCann - Director


McCann Group Limited (Registered number: 01059082)

Company Balance Sheet
31 December 2022

2022 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 688,483 968,910
Investments 11 101,100 101,100
789,583 1,070,010

CURRENT ASSETS
Debtors 13 11,325,411 11,570,403
Investments 14 66,177 66,177
Cash at bank 1,569,078 1,084,180
12,960,666 12,720,760
CREDITORS
Amounts falling due within one year 15 4,945,247 4,884,527
NET CURRENT ASSETS 8,015,419 7,836,233
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,805,002

8,906,243

PROVISIONS FOR LIABILITIES 20 6,839 7,820
NET ASSETS 8,798,163 8,898,423

CAPITAL AND RESERVES
Called up share capital 21 1,000 1,000
Revaluation reserve 22 73,153 203,932
Retained earnings 22 8,724,010 8,693,491
SHAREHOLDERS' FUNDS 8,798,163 8,898,423

Company's profit for the financial year 39,740 466,069

The financial statements were approved by the Board of Directors and authorised for issue on 6 February 2024 and were signed on its behalf by:





J J McCann - Director


McCann Group Limited (Registered number: 01059082)

Consolidated Statement of Changes in Equity
for the period 1 May 2022 to 31 December 2022

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 May 2021 1,000 12,104,401 203,932 12,309,333

Changes in equity
Dividends - (290,000 ) - (290,000 )
Total comprehensive income - 2,126,716 - 2,126,716
Balance at 30 April 2022 1,000 13,941,117 203,932 14,146,049

Changes in equity
Dividends - (140,000 ) - (140,000 )
Total comprehensive income - (2,981,830 ) (130,779 ) (3,112,609 )
Balance at 31 December 2022 1,000 10,819,287 73,153 10,893,440

McCann Group Limited (Registered number: 01059082)

Company Statement of Changes in Equity
for the period 1 May 2022 to 31 December 2022

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 May 2021 1,000 8,517,422 203,932 8,722,354

Changes in equity
Dividends - (290,000 ) - (290,000 )
Total comprehensive income - 466,069 - 466,069
Balance at 30 April 2022 1,000 8,693,491 203,932 8,898,423

Changes in equity
Dividends - (140,000 ) - (140,000 )
Total comprehensive income - 170,519 (130,779 ) 39,740
Balance at 31 December 2022 1,000 8,724,010 73,153 8,798,163

McCann Group Limited (Registered number: 01059082)

Consolidated Cash Flow Statement
for the period 1 May 2022 to 31 December 2022

Period
1.5.22
to Year ended
31.12.22 30.4.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,948,003 (2,417,458 )
Interest paid (733,477 ) (659,172 )
Interest element of hire purchase
payments paid

(114,552

)

(164,141

)
Tax paid 206,936 (1 )
Net cash from operating activities 1,306,910 (3,240,772 )

Cash flows from investing activities
Purchase of tangible fixed assets (1,251,425 ) (2,139,497 )
Sale of tangible fixed assets 302,713 166,271
Sale of fixed asset investments - 301,500
Sale of investment property - 1,053,232
Interest received 4,599 63
Net cash from investing activities (944,113 ) (618,431 )

Cash flows from financing activities
New loans & HP in year 5,369,173 16,768,230
Capital repayments in year (6,978,006 ) (9,671,716 )
Amount introduced by directors 140,000 579,552
Amount withdrawn by directors (139,739 ) (579,103 )
Equity dividends paid (140,000 ) (290,000 )
Net cash from financing activities (1,748,572 ) 6,806,963

(Decrease)/increase in cash and cash equivalents (1,385,775 ) 2,947,760
Cash and cash equivalents at
beginning of period

2

5,250,147

2,302,387

Cash and cash equivalents at end of
period

2

3,864,372

5,250,147

McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Cash Flow Statement
for the period 1 May 2022 to 31 December 2022

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
Period
1.5.22
to Year ended
31.12.22 30.4.22
£    £   
(Loss)/profit before taxation (3,940,428 ) 2,146,637
Depreciation charges 1,054,592 1,666,417
Profit on disposal of fixed assets (20,396 ) (413,857 )
Finance costs 848,029 823,313
Finance income (4,599 ) (63 )
(2,062,802 ) 4,222,447
Decrease/(increase) in stocks 1,028,918 (7,999,819 )
Decrease/(increase) in trade and other debtors 4,753,467 (2,051,669 )
(Decrease)/increase in trade and other creditors (1,771,580 ) 3,411,583
Cash generated from operations 1,948,003 (2,417,458 )

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:

Period ended 31 December 2022
31.12.22 1.5.22
£    £   
Cash and cash equivalents 3,864,372 5,250,147
Year ended 30 April 2022
30.4.22 1.5.21
£    £   
Cash and cash equivalents 5,250,147 2,302,387


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.5.22 Cash flow At 31.12.22
£    £    £   
Net cash
Cash at bank 5,250,147 (1,385,775 ) 3,864,372
5,250,147 (1,385,775 ) 3,864,372

Liquid resources
Current asset investments 66,178 - 66,178
66,178 - 66,178
Debt
Finance leases (4,314,046 ) 56,581 (4,257,465 )
Debts falling due within 1 year (10,721,831 ) 6,305,372 (4,416,459 )
Debts falling due after 1 year (1,413,618 ) (4,753,120 ) (6,166,738 )
(16,449,495 ) 1,608,833 (14,840,662 )
Total (11,133,170 ) 223,058 (10,910,112 )

McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Financial Statements
for the period 1 May 2022 to 31 December 2022

1. STATUTORY INFORMATION

McCann Group 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 consolidated financial statements include the financial statements of the parent company and each of those companies in which it owns, directly or indirectly through subsidiaries, over 50 percent of the voting rights or in which it is in a position to govern the financial and operating policies of the entity. The companies acquired during the financial period have been consolidated from the beginning of the period in full. Subsidiaries sold have been included up to their date of disposal.

All intercompany transactions, balances and gains or losses on transactions between subsidiaries are eliminated as part of the consolidation process. Minority interests are presented in the consolidated balance sheets separate from the equity attributable to shareholders. Minority interests are separately disclosed in the consolidated profit and loss account.

Acquisitions of companies are accounted for using the purchase method. The cost of an acquisition is measured at fair value over the assets given up, shares issued or liabilities incurred or assumed at the date of acquisition including any costs directly attributable to the acquisition. The excess acquisition cost over the fair value of net assets acquired is recognised as goodwill. If the cost of acquisition is less than the fair value of the Group’s share of the net assets acquired, the difference is recognised directly through profit and loss.

Turnover
Revenue on contracts is valued on a contract by contract basis. When the outcome of a contract can be estimated reliably contract revenue and costs are recognised by reference to the degree of completion of each contract as measured by the proportion of total costs at the balance sheet date to the estimated total cost of the contract. When the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred, where it is probable these costs will be recovered.

When it is probable that the total contract costs will exceed total contract revenue, the expected loss is recognised immediately. Contract costs are recognised as an expense in the period in which they are incurred.

Where costs incurred plus recognised profits less recognised losses exceed progress billings, the balance is shown as amounts recoverable on contracts within debtors. Where progress billings exceed costs incurred plus recognised profits less recognised losses, the balance is shown as deferred income within creditors.

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.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 33% on cost, 20% on cost, 10% on cost, Straight line over 5 years and Straight line over 10 years
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost and Straight line over 3 years

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Financial Statements - continued
for the period 1 May 2022 to 31 December 2022

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the period 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.

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 period 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.

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.

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 loss (2022 - profit) before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

Period
1.5.22
to Year ended
31.12.22 30.4.22
£    £   
Rendering of services 43,128,636 77,557,238
Sale of goods 19,171,554 10,668,858
62,300,190 88,226,096

McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Financial Statements - continued
for the period 1 May 2022 to 31 December 2022

4. EMPLOYEES AND DIRECTORS
Period
1.5.22
to Year ended
31.12.22 30.4.22
£    £   
Wages and salaries 11,755,549 17,252,686
Social security costs 1,392,454 1,973,362
Other pension costs 258,203 416,819
13,406,206 19,642,867

The average number of employees during the period was as follows:
Period
1.5.22
to Year ended
31.12.22 30.4.22

Administration 100 77
Production 241 297
341 374

Period
1.5.22
to Year ended
31.12.22 30.4.22
£    £   
Directors' remuneration 617,107 1,004,515
Directors' pension contributions to money purchase schemes 4,594 16,327

Information regarding the highest paid director is as follows:
Period
1.5.22
to Year ended
31.12.22 30.4.22
£    £   
Emoluments etc 189,899 274,883
Pension contributions to money purchase schemes 890 1,322

5. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging/(crediting):

Period
1.5.22
to Year ended
31.12.22 30.4.22
£    £   
Equipment Hire 2,386,228 7,447,905
Venue Hire 405,882 558,801
Depreciation - owned assets 106,716 189,177
Depreciation - assets on hire purchase contracts 947,875 1,477,239
Profit on disposal of fixed assets (20,396 ) (413,857 )
Auditors' remuneration 48,900 46,500
Auditors' remuneration for non audit work 40,788 59,400

McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Financial Statements - continued
for the period 1 May 2022 to 31 December 2022

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.5.22
to Year ended
31.12.22 30.4.22
£    £   
Bank interest 35,009 19,541
Bank loan interest 698,468 639,631
Hire purchase 114,552 164,141
848,029 823,313

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the period was as follows:
Period
1.5.22
to Year ended
31.12.22 30.4.22
£    £   
Current tax:
UK corporation tax 145,113 -
Prior year adjustment 10,263 (146,033 )
Total current tax 155,376 (146,033 )

Deferred tax (983,195 ) 165,954
Tax on (loss)/profit (827,819 ) 19,921

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

Period
1.5.22
to Year ended
31.12.22 30.4.22
£    £   
(Loss)/profit before tax (3,940,428 ) 2,146,637
(Loss)/profit multiplied by the standard rate of corporation tax in the
UK of 19 % (2022 - 19 %)

(748,681

)

407,861

Effects of:
Expenses not deductible for tax purposes 18,077 20,408
Income not taxable for tax purposes (4,402 ) (21,728 )
Capital allowances in excess of depreciation (129,398 ) (256,969 )
Utilisation of tax losses - (149,572 )
Adjustments to tax charge in respect of previous periods 10,263 (146,033 )
Taxable losses carried forwards 1,009,517 -

Deferred tax movement (983,195 ) 165,954
Total tax (credit)/charge (827,819 ) 19,921

McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Financial Statements - continued
for the period 1 May 2022 to 31 December 2022

8. INDIVIDUAL INCOME STATEMENT

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.


9. DIVIDENDS
Period
1.5.22
to Year ended
31.12.22 30.4.22
£    £   
Interim 140,000 290,000

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 May 2022 926,928 9,575,487 155,532
Additions - 1,175,074 -
Disposals (274,368 ) (15,306 ) -
At 31 December 2022 652,560 10,735,255 155,532
DEPRECIATION
At 1 May 2022 - 4,186,311 90,739
Charge for period - 1,017,979 14,147
Eliminated on disposal - (9,764 ) -
At 31 December 2022 - 5,194,526 104,886
NET BOOK VALUE
At 31 December 2022 652,560 5,540,729 50,646
At 30 April 2022 926,928 5,389,176 64,793

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2022 65,409 86,959 10,810,315
Additions 75,500 851 1,251,425
Disposals (4,564 ) - (294,238 )
At 31 December 2022 136,345 87,810 11,767,502
DEPRECIATION
At 1 May 2022 28,618 47,553 4,353,221
Charge for period 5,864 16,601 1,054,591
Eliminated on disposal (2,157 ) - (11,921 )
At 31 December 2022 32,325 64,154 5,395,891
NET BOOK VALUE
At 31 December 2022 104,020 23,656 6,371,611
At 30 April 2022 36,791 39,406 6,457,094

McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Financial Statements - continued
for the period 1 May 2022 to 31 December 2022

10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 May 2022 8,435,723
Additions 1,111,735
Disposals (14,171 )
Transfer to ownership (231,683 )
At 31 December 2022 9,301,604
DEPRECIATION
At 1 May 2022 3,422,775
Charge for period 947,875
Eliminated on disposal (9,262 )
Transfer to ownership (169,602 )
At 31 December 2022 4,191,786
NET BOOK VALUE
At 31 December 2022 5,109,818
At 30 April 2022 5,012,948

Company
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST OR VALUATION
At 1 May 2022 926,928 90,895 1,017,823
Disposals (274,368 ) - (274,368 )
At 31 December 2022 652,560 90,895 743,455
DEPRECIATION
At 1 May 2022 - 48,913 48,913
Charge for period - 6,059 6,059
At 31 December 2022 - 54,972 54,972
NET BOOK VALUE
At 31 December 2022 652,560 35,923 688,483
At 30 April 2022 926,928 41,982 968,910

Included in cost or valuation of land and buildings is freehold land of £ 184,796 (2022 - £ 184,796 ) which is not depreciated.

McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Financial Statements - continued
for the period 1 May 2022 to 31 December 2022

10. TANGIBLE FIXED ASSETS - continued

Company

Cost or valuation at 31 December 2022 is represented by:

Fixtures
Freehold and
property fittings Totals
£    £    £   
Valuation in 2013 8,915 - 8,915
Cost 643,645 90,895 734,540
652,560 90,895 743,455

If freehold land and properties had not been revalued they would have been included at the following historical cost:

2022 2022
£    £   
Cost 787,234 787,234

Value of land in freehold land and buildings 184,796 184,796

Freehold land and buildings were valued on an open market basis on 11 December 2013 by Innes England Chartered Surveyors .

The Directors believe that there has been no change to the value of the investment property since the valuation was performed.

11. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 May 2022
and 31 December 2022 101,100
NET BOOK VALUE
At 31 December 2022 101,100
At 30 April 2022 101,100

Market value of listed investments at 31 December 2022 - £ 296,326 (2022 - £ 296,326 ).

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

Subsidiaries


McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Financial Statements - continued
for the period 1 May 2022 to 31 December 2022

11. FIXED ASSET INVESTMENTS - continued

McCann Developments Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2022 2022
£    £   
Aggregate capital and reserves (7,423 ) (7,423 )

McCann Electrical Engineering Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2022 2022
£    £   
Aggregate capital and reserves 100 100

McCann Civil & Electrical Contracting Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2022 2022
£    £   
Aggregate capital and reserves 100 100

McCann Civil & Electrical Engineering Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2022 2022
£    £   
Aggregate capital and reserves 100 100

McCann Civil Contracting Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2022 2022
£    £   
Aggregate capital and reserves 100 100

McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Financial Statements - continued
for the period 1 May 2022 to 31 December 2022

11. FIXED ASSET INVESTMENTS - continued

McCann Infrastructure Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2022 2022
£    £   
Aggregate capital and reserves 100 100

McCann Utilities Ltd (previously Civil Engineering, & Group)
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2022 2022
£    £   
Aggregate capital and reserves 100 100

McCann Hire Ltd (previously Civils)
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2022 2022
£    £   
Aggregate capital and reserves 100 100

McCann Electrical Contracting Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2022 2022
£    £   
Aggregate capital and reserves 100 100

J McCann & Co Ltd (previously Construction)
Registered office:
Nature of business: Lighting & electrical contractor
%
Class of shares: holding
Ordinary 100.00
2022 2022
£    £   
Aggregate capital and reserves 84,034 3,793,768
(Loss)/profit for the period/year (3,709,734 ) 1,242,727

McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Financial Statements - continued
for the period 1 May 2022 to 31 December 2022

11. FIXED ASSET INVESTMENTS - continued

Peter James Homes Limited
Registered office:
Nature of business: Property Development
%
Class of shares: holding
Ordinary 100.00
2022 2022
£    £   
Aggregate capital and reserves 2,115,597 1,552,611
Profit for the period/year 562,986 431,300

J McCann & Co (Nottm) Limited
Registered office:
Nature of business: Lighting & electrical contractor
%
Class of shares: holding
Ordinary 100.00
2022 2022
£    £   
Aggregate capital and reserves 3,367 8,966
Loss for the period/year (5,599 ) (13,381 )


12. STOCKS

Group
2022 2022
£    £   
Work-in-progress 21,942,835 22,971,753

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2022 2022 2022
£    £    £    £   
Trade debtors 5,532,229 4,694,837 - 681,940
Amounts owed by group undertakings - - 10,464,351 10,101,329
Amounts owed by related parties 851,060 777,134 851,060 777,134
Other debtors 46,410 102,394 - -
Amounts recoverable on
contracts 5,337,173 10,612,873 - -
Tax - 25,237 - -
Deferred tax asset 277,093 - - -
Prepayments and accrued income 428,388 775,336 10,000 10,000
12,472,353 16,987,811 11,325,411 11,570,403

Deferred tax asset
Group Company
2022 2022 2022 2022
£    £    £    £   
Deferred tax 277,093 - - -

McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Financial Statements - continued
for the period 1 May 2022 to 31 December 2022

14. CURRENT ASSET INVESTMENTS

Group Company
2022 2022 2022 2022
£    £    £    £   
Listed investments 66,178 66,178 66,177 66,177

Market value of listed investments at 31 December 2022 held by the group - £0 (2022 - £296,326). and by the company - £ (66,177) (2022 - £ (66,177) ).

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2022 2022 2022
£    £    £    £   
Bank loans and overdrafts (see note 17) 4,416,459 10,721,831 - -
Hire purchase contracts (see note 18) 1,810,874 1,596,229 - -
Trade creditors 7,020,822 9,120,862 5,733 -
Amounts owed to group undertakings - - 334,780 900
Amounts owed to related parties 4,512,844 4,526,690 4,512,844 4,526,690
Tax 189,545 (147,530 ) 67,277 -
Social security and other taxes 831,822 727,164 - -
VAT 784,423 586,061 32 286,032
Other creditors 209,011 195,288 8,696 8,696
Directors' current accounts 3,621 3,360 3,621 3,359
Accrued expenses 5,426,098 5,416,874 7,203 56,282
Deferred income 5,061 2,568 5,061 2,568
25,210,580 32,749,397 4,945,247 4,884,527

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

Group
2022 2022
£    £   
Bank loans (see note 17) 6,166,738 1,413,618
Hire purchase contracts (see note 18) 2,446,591 2,717,817
8,613,329 4,131,435

17. LOANS

An analysis of the maturity of loans is given below:

Group
2022 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 4,416,459 10,721,831
Amounts falling due between one and two years:
Bank loans - 1-2 years 6,166,738 1,413,618

McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Financial Statements - continued
for the period 1 May 2022 to 31 December 2022

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2022 2022
£    £   
Gross obligations repayable:
Within one year 1,932,891 1,728,550
Between one and five years 2,559,290 2,836,267
4,492,181 4,564,817

Finance charges repayable:
Within one year 122,017 132,321
Between one and five years 112,699 118,450
234,716 250,771

Net obligations repayable:
Within one year 1,810,874 1,596,229
Between one and five years 2,446,591 2,717,817
4,257,465 4,314,046

19. SECURED DEBTS

On 20/05/1987 McCann Holdings Limited gave unlimited guarantee over J McCann & Co (Nott'm) Ltd bank accounts.

20. PROVISIONS FOR LIABILITIES

Group Company
2022 2022 2022 2022
£    £    £    £   
Deferred tax - 706,102 6,839 7,820

Group
Deferred
tax
£   
Balance at 1 May 2022 706,102
Utilised during period 102,115
Change in tax rate 220,687
Trading losses carried forward (1,305,997 )
Balance at 31 December 2022 (277,093 )

Company
Deferred
tax
£   
Balance at 1 May 2022 7,820
Utilised during period (981 )
Balance at 31 December 2022 6,839

McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Financial Statements - continued
for the period 1 May 2022 to 31 December 2022

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

22. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 May 2022 13,941,117 203,932 14,145,049
Deficit for the period (3,112,609 ) (3,112,609 )
Dividends (140,000 ) (140,000 )
Transfer 130,779 (130,779 ) -
At 31 December 2022 10,819,287 73,153 10,892,440

Company
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 May 2022 8,693,491 203,932 8,897,423
Profit for the period 39,740 39,740
Dividends (140,000 ) (140,000 )
Transfer 130,779 (130,779 ) -
At 31 December 2022 8,724,010 73,153 8,797,163


23. PENSION COMMITMENTS

The company operates a defined contribution scheme and contributions are charged in the profit and loss account as they accrue. The charge for the period was £258,203 (2022: £530,641).

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 December 2022 and the year ended 30 April 2022:

2022 2022
£    £   
J J McCann
Balance outstanding at start of period (3,359 ) (2,911 )
Amounts advanced 139,738 289,552
Amounts repaid (140,000 ) (290,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period (3,621 ) (3,359 )

McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Financial Statements - continued
for the period 1 May 2022 to 31 December 2022

25. RELATED PARTY DISCLOSURES

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.

26. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J J McCann.