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 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Neil South BA FCA |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Statutory Auditors and |
Chartered Accountants |
Cawley House |
149-155 Canal Street |
Nottingham |
Nottinghamshire |
NG1 7HR |
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 |
( |
) |
( |
) |
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 |
( |
) |
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 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Investments | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 20 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Revaluation reserve | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) |
Balance at 31 December 2022 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
Disposals | ( |
) | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 May 2022 |
Charge for period |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 30 April 2022 |
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 |
NET BOOK VALUE |
At 31 December 2022 |
At 30 April 2022 |
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 |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2022 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2022 |
£ | £ |
Aggregate capital and reserves |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2022 |
£ | £ |
Aggregate capital and reserves |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2022 |
£ | £ |
Aggregate capital and reserves |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2022 |
£ | £ |
Aggregate capital and reserves |
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 |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2022 |
£ | £ |
Aggregate capital and reserves |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2022 |
£ | £ |
Aggregate capital and reserves |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2022 |
£ | £ |
Aggregate capital and reserves |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2022 |
£ | £ |
Aggregate capital and reserves |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2022 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the period/year | ( |
) |
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 |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the period/year |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2022 |
£ | £ |
Aggregate capital and reserves |
Loss for the period/year | ( |
) | ( |
) |
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 |
Amounts owed by group undertakings | - | - |
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 |
12,472,353 | 16,987,811 |
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 |
Amounts owed to group undertakings | - | - |
Amounts owed to related parties | 4,512,844 | 4,526,690 | 4,512,844 | 4,526,690 |
Tax | 189,545 | (147,530 | ) |
Social security and other taxes | 831,822 | 727,164 |
VAT | 784,423 | 586,061 | 32 | 286,032 |
Other creditors | 209,011 | 195,288 |
Directors' current accounts | 3,621 | 3,360 | 3,621 | 3,359 |
Accrued expenses | 5,426,098 | 5,416,874 |
Deferred income | 5,061 | 2,568 | 5,061 | 2,568 |
25,210,580 | 32,749,397 |
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 |
Utilised during period | ( |
) |
Balance at 31 December 2022 |
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: | £ | £ |
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 | 8,897,423 |
Profit for the period |
Dividends | ( |
) | ( |
) |
Transfer | 130,779 | (130,779 | ) | - |
At 31 December 2022 | 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. |