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REGISTERED NUMBER: 01059082 (England and Wales)












Group Strategic Report, Report of the Directors and

Audited

Consolidated Financial Statements

for the Year Ended 31 December 2023

for

McCann Group Limited

McCann Group Limited (Registered number: 01059082)






Contents of the Consolidated Financial Statements
for the year ended 31 December 2023




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 19


McCann Group Limited

Company Information
for the year ended 31 December 2023







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 year ended 31 December 2023

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

REVIEW OF BUSINESS
This review is intended to be consistent with the size and nature of our business and we aim to present a balanced and comprehensive review of the development and performance of the company during the year to 31st December 2023, its position at year end and an update of events after the balance sheet date to enable a better understanding by the readers of the accounts as to the Company's financial position.

Company has consolidated its core business, returning profits of £3,165,803, before tax, on a turnover of £85,170,616. This was achieved by concentrating on our highways maintenance and infrastructure skills and ensuring that projects obtained and delivered certainty and a healthy margin. Due to increased return, cash flow and profitability have been restored with healthy cash balances being reported at year end. Residential housebuilding slowed due to interest rate increases and a slowdown in the nationwide housing market. However, we are well positioned to take advantage of any positive upturn in 2024.
The company will continue to maintain its focus on working capital and cash management in the future and continue to leverage our specialist expertise whilst seeking new opportunities, within our sector, for increased margin generation.

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 - there is ongoing uncertainty due to the risk of recession, further inflationary and interest rate increases along with possible changes in Government policy following the election due this year.

Geopolitical disruptions - the current uncertain state of world politics, including Ukraine, Yemen and the Middle East can all have an impact on local economic conditions. The Directors continue to monitor these impacts and react as necessary.

Financial risk - the company has a broad range of customers including both private companies and public sector bodies. The risk that the company will suffer from significant levels of bad debts is managed by the diversified portfolio and well established credit control procedures across the company. The company is funded through a combination of hire purchase funding and a credit facility with the company's bankers who have remained supportive throughout this period and beyond.

The above risk are typical of the current UK economy and we are confident that they do not represent an undue risk to the success of the business. Our current portfolio of Government backed, long term contracts, will continue to provide a significant buffer to these uncertainties. This is recognised in the Company improving its cash position since the year end and continues to work with positive cash balances, as it expects to continue to do so through 2024.

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.


McCann Group Limited (Registered number: 01059082)

Group Strategic Report
for the year ended 31 December 2023

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, focussing on its core business. Turnover is forecast to be £72m for 2024 and £80m for 2025, consolidating our 2023 performance and effectively managing the planned increased activity to maintain and improve existing margins.
Where appropriate, we will continue to target long term profitable contracts whilst maintaining our customer centric delivery model that allows a flexible response to their needs. This will continue to provide a stable client base and the opportunity for longer term investments.

In line with our strategy we have already been successful in securing a framework extension with Hillingdon Borough Council. We were also successful in securing a 10 year £35m street light maintenance and capital framework with Suffolk County Council. These significant wins have been complimented with repeat business on the back of our existing frameworks with Sandwell County Council and a continuation of service with Birmingham City Council.

ON BEHALF OF THE BOARD:





J J McCann - Director


23 February 2024

McCann Group Limited (Registered number: 01059082)

Report of the Directors
for the year ended 31 December 2023

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

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £ 205,000 .

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 January 2023 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 year ended 31 December 2023

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- 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


23 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 year ended 31 December 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 31 December 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
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

23 February 2024

McCann Group Limited (Registered number: 01059082)

Consolidated
Income Statement
for the year ended 31 December 2023

2023 2023 2023
Continuing Discontinued Total
Notes £    £    £   

TURNOVER 3 82,285,616 - 82,285,616
Cost of sales (71,771,226 ) - (71,771,226 )
GROSS PROFIT 10,514,390 - 10,514,390

Administrative expenses (6,627,861 ) - (6,627,861 )
3,886,529 - 3,886,529

Other operating income 54,173 - 54,173


OPERATING PROFIT 5 3,940,702 - 3,940,702

Interest receivable and similar income 16,200 - 16,200
Gain/loss on revaluation of assets 160,865 - 160,865
Interest payable and similar expenses 6 (951,964 ) - (951,964 )
PROFIT BEFORE TAXATION 3,165,803 - 3,165,803
Tax on profit 7 (868,218 ) - (868,218 )
PROFIT FOR THE FINANCIAL YEAR 2,297,585 - 2,297,585
Profit attributable to:
Owners of the parent 2,297,585

McCann Group Limited (Registered number: 01059082)

Consolidated
Income Statement
for the year ended 31 December 2023

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 (3,493,965 ) (1,187,524 ) (4,681,489 )
1,765,913 (4,871,212 ) (3,105,299 )

Other operating income 8,302 - 8,302


OPERATING PROFIT/(LOSS) 5 1,774,215 (4,871,212 ) (3,096,997 )

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 1,079,076 (5,019,503 ) (3,940,427 )
Tax on profit/(loss) 7 (125,887 ) 953,706 827,819
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

953,189

(4,065,797

)

(3,112,608

)
Profit/(loss) attributable to:
Owners of the parent (3,112,608 )

McCann Group Limited (Registered number: 01059082)

Consolidated
Other Comprehensive Income
for the year ended 31 December 2023

Period
1.5.22
Year ended to
31.12.23 31.12.22
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 2,297,585 (3,112,608 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,297,585

(3,112,608

)

Total comprehensive income attributable to:
Owners of the parent 2,297,585 (3,112,608 )

McCann Group Limited (Registered number: 01059082)

Consolidated Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 5,586,479 6,371,611
Investments 11 - -
Investment property 12 2,885,000 -
8,471,479 6,371,611

CURRENT ASSETS
Stocks 13 16,311,971 21,942,835
Debtors 14 10,512,788 12,472,353
Investments 15 66,178 66,178
Cash at bank 7,377,689 3,864,372
34,268,626 38,345,738
CREDITORS
Amounts falling due within one year 16 27,357,424 25,210,579
NET CURRENT ASSETS 6,911,202 13,135,159
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,382,681

19,506,770

CREDITORS
Amounts falling due after more than one
year

17

(1,805,530

)

(8,613,329

)

PROVISIONS FOR LIABILITIES 21 (591,125 ) -
NET ASSETS 12,986,026 10,893,441

CAPITAL AND RESERVES
Called up share capital 22 1,000 1,000
Revaluation reserve 23 73,153 73,153
Retained earnings 23 12,911,873 10,819,288
SHAREHOLDERS' FUNDS 12,986,026 10,893,441

The financial statements were approved by the Board of Directors and authorised for issue on 23 February 2024 and were signed on its behalf by:





J J McCann - Director


McCann Group Limited (Registered number: 01059082)

Company Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 681,067 688,483
Investments 11 101,100 101,100
Investment property 12 - -
782,167 789,583

CURRENT ASSETS
Debtors 14 12,273,638 11,325,411
Investments 15 66,177 66,177
Cash at bank 1,154,919 1,569,078
13,494,734 12,960,666
CREDITORS
Amounts falling due within one year 16 5,506,158 4,945,247
NET CURRENT ASSETS 7,988,576 8,015,419
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,770,743

8,805,002

PROVISIONS FOR LIABILITIES 21 6,839 6,839
NET ASSETS 8,763,904 8,798,163

CAPITAL AND RESERVES
Called up share capital 22 1,000 1,000
Revaluation reserve 23 73,153 73,153
Retained earnings 23 8,689,751 8,724,010
SHAREHOLDERS' FUNDS 8,763,904 8,798,163

Company's profit for the financial year 170,741 39,740

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 year ended 31 December 2023

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

Balance at 1 May 2022 1,000 13,941,117 203,932 14,146,049

Changes in equity
Dividends - (140,000 ) - (140,000 )
Total comprehensive income - (2,981,829 ) (130,779 ) (3,112,608 )
Balance at 31 December 2022 1,000 10,819,288 73,153 10,893,441

Changes in equity
Dividends - (205,000 ) - (205,000 )
Total comprehensive income - 2,297,585 - 2,297,585
Balance at 31 December 2023 1,000 12,911,873 73,153 12,986,026

McCann Group Limited (Registered number: 01059082)

Company Statement of Changes in Equity
for the year ended 31 December 2023

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

Balance at 1 May 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

Changes in equity
Dividends - (205,000 ) - (205,000 )
Total comprehensive income - 170,741 - 170,741
Balance at 31 December 2023 1,000 8,689,751 73,153 8,763,904

McCann Group Limited (Registered number: 01059082)

Consolidated Cash Flow Statement
for the year ended 31 December 2023

Period
1.5.22
Year ended to
31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 15,071,139 1,948,004
Interest paid (784,456 ) (733,477 )
Interest element of hire purchase
payments paid

(167,508

)

(114,552

)
Tax paid (45,929 ) 206,936
Net cash from operating activities 14,073,246 1,306,911

Cash flows from investing activities
Purchase of tangible fixed assets (834,513 ) (1,251,426 )
Purchase of investment property (2,724,135 ) -
Sale of tangible fixed assets 141,267 302,713
Interest received 16,200 4,599
Net cash from investing activities (3,401,181 ) (944,114 )

Cash flows from financing activities
New loans & HP in year 3,891,787 5,369,173
Capital repayments in year (10,841,985 ) (6,978,006 )
Amount introduced by directors 205,000 140,000
Amount withdrawn by directors (208,550 ) (139,739 )
Equity dividends paid (205,000 ) (140,000 )
Net cash from financing activities (7,158,748 ) (1,748,572 )

Increase/(decrease) in cash and cash equivalents 3,513,317 (1,385,775 )
Cash and cash equivalents at
beginning of year

2

3,864,372

5,250,147

Cash and cash equivalents at end of
year

2

7,377,689

3,864,372

McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Cash Flow Statement
for the year ended 31 December 2023

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
Period
1.5.22
Year ended to
31.12.23 31.12.22
£    £   
Profit/(loss) before taxation 3,165,803 (3,940,427 )
Depreciation charges 1,491,047 1,054,592
Profit on disposal of fixed assets (12,667 ) (20,396 )
Gain on revaluation of fixed assets (160,865 ) -
Finance costs 951,964 848,029
Finance income (16,200 ) (4,599 )
5,419,082 (2,062,801 )
Decrease in stocks 5,630,864 1,028,918
Decrease in trade and other debtors 1,681,271 4,753,468
Increase/(decrease) in trade and other creditors 2,339,922 (1,771,581 )
Cash generated from operations 15,071,139 1,948,004

2. CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 7,377,689 3,864,372
Period ended 31 December 2022
31.12.22 1.5.22
£    £   
Cash and cash equivalents 3,864,372 5,250,147


McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Cash Flow Statement
for the year ended 31 December 2023

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 3,864,372 3,513,317 7,377,689
3,864,372 3,513,317 7,377,689

Liquid resources
Current asset investments 66,178 - 66,178
66,178 - 66,178
Debt
Finance leases (4,257,465 ) 1,105,383 (3,152,082 )
Debts falling due within 1 year (4,416,459 ) (321,924 ) (4,738,383 )
Debts falling due after 1 year (6,166,738 ) 6,166,738 -
(14,840,662 ) 6,950,197 (7,890,465 )
Total (10,910,112 ) 10,463,514 (446,598 )

McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023

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 as modified by the revaluation of certain assets.

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.

McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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.

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.

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

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

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

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.

McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

3. TURNOVER

The turnover and profit (2022 - loss) 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
Year ended to
31.12.23 31.12.22
£    £   
Rendering of services 67,125,484 43,128,637
Sale of goods 15,160,132 19,171,553
82,285,616 62,300,190

4. EMPLOYEES AND DIRECTORS
Period
1.5.22
Year ended to
31.12.23 31.12.22
£    £   
Wages and salaries 13,083,477 11,755,549
Social security costs 1,616,653 1,392,454
Other pension costs 311,391 258,203
15,011,521 13,406,206

The average number of employees during the year was as follows:
Period
1.5.22
Year ended to
31.12.23 31.12.22

Administration 86 100
Production 169 241
255 341

Period
1.5.22
Year ended to
31.12.23 31.12.22
£    £   
Directors' remuneration 863,852 617,107
Directors' pension contributions to money purchase schemes 7,176 4,594

Information regarding the highest paid director is as follows:
Period
1.5.22
Year ended to
31.12.23 31.12.22
£    £   
Emoluments etc 253,788 189,899
Pension contributions to money purchase schemes 1,356 890

McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

5. OPERATING PROFIT/(LOSS)

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

Period
1.5.22
Year ended to
31.12.23 31.12.22
£    £   
Equipment Hire 3,253,405 2,386,228
Venue Hire 622,262 405,882
Depreciation - owned assets 145,258 106,717
Depreciation - assets on hire purchase contracts 1,345,787 947,875
Profit on disposal of fixed assets (12,667 ) (20,396 )
Auditors' remuneration 50,950 48,900
Auditors' remuneration for non audit work 63,572 40,788

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.5.22
Year ended to
31.12.23 31.12.22
£    £   
Bank interest 33,171 35,009
Bank loan interest 751,130 698,468
Loan interest 155 -
Hire purchase 167,508 114,552
951,964 848,029

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
Period
1.5.22
Year ended to
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax - 145,113
Prior year adjustment - 10,263
Total current tax - 155,376

Deferred tax 868,218 (983,195 )
Tax on profit/(loss) 868,218 (827,819 )

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.


McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

9. DIVIDENDS
Period
1.5.22
Year ended to
31.12.23 31.12.22
£    £   
Interim 205,000 140,000

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 652,560 10,735,255 155,532
Additions - 659,971 -
Disposals - (80,102 ) -
At 31 December 2023 652,560 11,315,124 155,532
DEPRECIATION
At 1 January 2023 - 5,194,526 104,886
Charge for year - 1,410,340 14,129
Eliminated on disposal - (42,887 ) -
At 31 December 2023 - 6,561,979 119,015
NET BOOK VALUE
At 31 December 2023 652,560 4,753,145 36,517
At 31 December 2022 652,560 5,540,729 50,646

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 136,345 87,811 11,767,503
Additions 168,662 5,880 834,513
Disposals (113,417 ) - (193,519 )
At 31 December 2023 191,590 93,691 12,408,497
DEPRECIATION
At 1 January 2023 32,326 64,154 5,395,892
Charge for year 46,740 19,836 1,491,045
Eliminated on disposal (22,032 ) - (64,919 )
At 31 December 2023 57,034 83,990 6,822,018
NET BOOK VALUE
At 31 December 2023 134,556 9,701 5,586,479
At 31 December 2022 104,019 23,657 6,371,611

McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 9,301,604 - 9,301,604
Additions 659,971 168,662 828,633
Disposals (77,750 ) - (77,750 )
Transfer to ownership (561,205 ) - (561,205 )
At 31 December 2023 9,322,620 168,662 9,491,282
DEPRECIATION
At 1 January 2023 4,191,786 - 4,191,786
Charge for year 1,303,622 42,165 1,345,787
Eliminated on disposal (8,717 ) - (8,717 )
Transfer to ownership (384,339 ) - (384,339 )
At 31 December 2023 5,102,352 42,165 5,144,517
NET BOOK VALUE
At 31 December 2023 4,220,268 126,497 4,346,765
At 31 December 2022 5,109,818 - 5,109,818

Company
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 652,560 90,895 743,455
DEPRECIATION
At 1 January 2023 - 54,972 54,972
Charge for year - 7,416 7,416
At 31 December 2023 - 62,388 62,388
NET BOOK VALUE
At 31 December 2023 652,560 28,507 681,067
At 31 December 2022 652,560 35,923 688,483

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 year ended 31 December 2023

10. TANGIBLE FIXED ASSETS - continued

Company

Cost or valuation at 31 December 2023 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:

2023 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 January 2023
and 31 December 2023 101,100
NET BOOK VALUE
At 31 December 2023 101,100
At 31 December 2022 101,100

Market value of listed investments at 31 December 2023 - £ 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 year ended 31 December 2023

11. FIXED ASSET INVESTMENTS - continued

McCann Developments Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 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
2023 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
2023 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
2023 2022
£    £   
Aggregate capital and reserves 100 100

McCann Civil Contracting Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 100 100

McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

11. FIXED ASSET INVESTMENTS - continued

McCann Infrastructure Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 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
2023 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
2023 2022
£    £   
Aggregate capital and reserves 100 100

McCann Electrical Contracting Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 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
2023 2022
£    £   
Aggregate capital and reserves 2,613,035 84,034
Profit/(loss) for the year/period 2,529,001 (3,709,734 )

McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

11. FIXED ASSET INVESTMENTS - continued

Peter James Homes Limited
Registered office:
Nature of business: Property Development
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1,708,876 2,115,597
(Loss)/profit for the year/period (406,721 ) 562,986

J McCann & Co (Nottm) Limited
Registered office:
Nature of business: Lighting & electrical contractor
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 7,931 3,367
Profit/(loss) for the year/period 4,564 (5,599 )


12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
Additions 2,724,135
Revaluations 160,865
At 31 December 2023 2,885,000
NET BOOK VALUE
At 31 December 2023 2,885,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 160,865
Cost 2,724,135
2,885,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 3,777,367 1,053,232
Aggregate depreciation (1,053,232 ) (1,053,232 )

Investment property was valued on an open market basis on 31 December 2023 by management .

McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

13. STOCKS

Group
2023 2022
£    £   
Work-in-progress 16,311,971 21,942,835

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 524,773 5,532,229 - -
Amounts owed by group undertakings - - 11,279,120 10,464,351
Amounts owed by related parties 984,518 851,060 984,518 851,060
Other debtors 44,657 46,410 - -
Amounts recoverable on
contracts 8,264,593 5,337,173 - -
VAT 260,930 - - -
Deferred tax asset - 277,093 - -
Prepayments and accrued income 433,317 428,388 10,000 10,000
10,512,788 12,472,353 12,273,638 11,325,411

Deferred tax asset
Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax - 277,093 - -

15. CURRENT ASSET INVESTMENTS

Group Company
2023 2022 2023 2022
£    £    £    £   
Listed investments 66,178 66,178 66,177 66,177

Market value of listed investments at 31 December 2023 held by the group - £0 (2022 - £0). and by the company - £ (66,177) (2022 - £ (66,177) ).

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 18) 4,738,383 4,416,459 - -
Hire purchase contracts (see note 19) 1,346,552 1,810,874 - -
Trade creditors 8,441,243 7,020,822 8,733 5,733
Amounts owed to group undertakings - - 938,826 334,780
Amounts owed to related parties 4,511,644 4,512,844 4,511,644 4,512,844
Tax 143,616 189,545 21,349 67,277
Social security and other taxes 663,135 831,822 - -
VAT - 784,423 4,577 32
Other creditors 449,020 209,011 8,696 8,696
Directors' current accounts 71 3,621 71 3,621
Accrued expenses 7,058,699 5,426,097 7,201 7,203
Deferred income 5,061 5,061 5,061 5,061
27,357,424 25,210,579 5,506,158 4,945,247

McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

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

Group
2023 2022
£    £   
Bank loans (see note 18) - 6,166,738
Hire purchase contracts (see note 19) 1,805,530 2,446,591
1,805,530 8,613,329

18. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 4,738,383 4,416,459
Amounts falling due between one and two years:
Bank loans - 1-2 years - 6,166,738

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year 1,456,908 1,932,891
Between one and five years 1,932,814 2,559,290
3,389,722 4,492,181

Finance charges repayable:
Within one year 110,356 122,017
Between one and five years 127,284 112,699
237,640 234,716

Net obligations repayable:
Within one year 1,346,552 1,810,874
Between one and five years 1,805,530 2,446,591
3,152,082 4,257,465

20. SECURED DEBTS

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

McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

21. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 591,125 - 6,839 6,839

Group
Deferred
tax
£   
Balance at 1 January 2023 (277,093 )
Utilised during year 868,218
Balance at 31 December 2023 591,125

Company
Deferred
tax
£   
Balance at 1 January 2023 6,839
Balance at 31 December 2023 6,839

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

23. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2023 10,819,288 73,153 10,892,441
Profit for the year 2,297,585 2,297,585
Dividends (205,000 ) (205,000 )
At 31 December 2023 12,911,873 73,153 12,985,026

Company
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2023 8,724,010 73,153 8,797,163
Profit for the year 170,741 170,741
Dividends (205,000 ) (205,000 )
At 31 December 2023 8,689,751 73,153 8,762,904


McCann Group Limited (Registered number: 01059082)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

24. 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 year was £258,203 (2022: £530,641).

25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 December 2023 and the period ended 31 December 2022:

2023 2022
£    £   
J J McCann
Balance outstanding at start of year (3,621 ) (3,359 )
Amounts advanced 208,550 139,738
Amounts repaid (205,000 ) (140,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (71 ) (3,621 )

26. 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.

27. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J J McCann.