Company registration number 10843461 (England and Wales)
MY HOLDINGS GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
MY HOLDINGS GROUP LIMITED
COMPANY INFORMATION
Directors
Y Tal
H Shah
(Appointed 7 June 2023)
Company number
10843461
Registered office
5 Beauchamp Court
Victors Way
Barnet
London
EN5 5TZ
Auditor
Evans Mockler Limited
5 Beauchamp Court
Victors Way
Barnet
London
EN5 5TZ
MY HOLDINGS GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 34
MY HOLDINGS GROUP LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 1 -
The directors present the strategic report for the period ended 30 September 2023.
Fair review of the business
The principal activity of the group continues to be main contractors to the construction industry and builders of residential and commercial property, specialising in the building of luxury residential homes and hotels. The results for the period under review are shown in the annexed financial statements. The group has continued to focus on providing a high quality service to its customers. The group has a healthy order book and the directors believe that that the group has a solid foundation of capital and infrastructure to support its growth. The group's key financial and other performance indicators during the period are shown on the profit and loss account.
Principal risks and uncertainties
The principal risks and uncertainties facing the group are divided between market risks, operational risks, financial risks and economic risks.
Market risk
The group has a relatively small percentage of its potential market and while it is constantly operating in a competitive environment, its capabilities and service levels have allowed it to grow successfully over many years. The group can compete for a wide range of customer types and it can offer competitive pricing and a high quality service.
Operational risk
While the group has a strong presence in the London area, most functions are carried out from its head office. The group has invested in its senior staff and has built up a team of experienced senior management. The investment in infrastructure during the period under review has had the effect of reducing the group's operational risk.
Financial risk
The group has been increasing its capital base and has very low reliance on external finance. The nature of the trade means that that there are spikes in working capital during particularly busy periods. The group has addressed this risk by making sure it is always in a position to forecast its cash flows and finance requirements and by enhancing its capital base to meet its predicted financial needs. The group's enhancement of its capital base is part of a plan to reduce its financial risk arising from increased construction costs, inflation, energy costs, and the general economic downturn.
Economic risk
The directors acknowledge the importance of maintaining close relationships with key customers to identify the early signs of financial difficulties. Sales trends in major markets are constantly reviewed regularly both over the life of the contract and cumulatively through close relationships with key customers to minimise the risk of dispute.
Development and performance
The group made a profit of £2,813,067 (2022: £307,532 loss) for the period on a turnover of £112,827,236 (2022: £43,327,785). The results for the current period relate to the extended period 1 April 2022 to 30 September 2023.
At 30 September 2023 the group had net assets of £28,677,465 (2022: £26,264,998).
Key performance indicators
In the opinion of the directors, the Key Performance Indicators are the level of turnover generated and margin achieved, which because of the nature of the long term construction contracts can vary year to year.
MY HOLDINGS GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 2 -
Other information and explanations
Section 414CZA(1) of the Companies Act 2006 requires the directors to explain how they have considered the matters set out in section 172(1) (a) to (f) of the Companies Act 2006 (‘S172 (1)') when performing their duty to promote the success of the group. When making decisions, the directors ensure that they act in the way that would most likely promote the group's success for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to the following matters:
(a) The likely consequences of any decision in the long term
The directors understand the business and the evolving environment in which the group operates. There were no changes to the strategic direction of the group in the period. The directors monitor changes in regulatory requirements to ensure the group remains compliant.
(b) The interests of the group's employees
The directors recognise that the success of the business depends on attracting, retaining and motivating high quality employees. The directors take into account the implications of decisions which may affect their perception as a responsible employer, on determining remuneration and benefits, and on providing a healthy and safe workplace environment, where relevant.
(c) The need to foster the group's business relationships with suppliers, customers and others
The directors seek to promote strong mutually beneficial relationships with suppliers, customers and authorities. Such general principles are critical in the delivery of the group's strategy.
(d) The impact of the group's operations on the community and the environment
The group is committed to understanding the interests of these stakeholder groups as is relevant to the company. The directors receive information on these topics on a periodic basis to provide relevant information for specific board decisions. The group seeks to work with suppliers of services who are certified to industry recognised standards.
(e) The desirability of the group maintaining a reputation for high standards of business conduct
The directors recognise the importance of acting in ways which promote high standards of business conduct. The board periodically reviews and approves clear operating frameworks to ensure that its high standards are maintained both within the businesses and the business relationships the group has with stakeholders.
(f) The need to act fairly as between members of the group
The directors aim to act fairly as between the group's members when delivering the group's strategy.
H Shah
Director
5 March 2024
MY HOLDINGS GROUP LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 3 -
The directors present their annual report and financial statements for the period ended 30 September 2023.
Principal activities
The principal activity of the group continues to be that of main contractors to the construction industry, builders of residential and commercial property, specialising in the building of luxury residential homes and hotels.
The principal activity of the company is that of a holding company.
Results and dividends
The results for the period are set out on page 8.
Ordinary dividends were paid amounting to £438,500. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Y Tal
H Shah
(Appointed 7 June 2023)
Auditor
Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and Evans Mockler Ltd will therefore continue in office.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report 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 group and company, 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 UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Strategic report
The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.
MY HOLDINGS GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
H Shah
Director
5 March 2024
MY HOLDINGS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MY HOLDINGS GROUP LIMITED
- 5 -
Qualified opinion on financial statements
We have audited the financial statements of MY Holdings Group Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 September 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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, except for the effects of the matter described in the 'basis for qualified opinion' paragraph, the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 2023 and of the group's profit 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 qualified opinion
The group has an overseas subsidiary, Yoav Tal Investments Ltd, which is incorporated in Israel, with financial statements prepared to 31 December 2022. Due to limited management information for Yoav Tal Investments Ltd for the period from 1 January 2023 to 30 September 2023, the financial statements prepared to 31 December 2022 have been included in the group financial statements. There were no further audit procedures we could adopt to satisfy ourselves that there were no significant transactions or events between the above two reporting dates which could potentially have a material impact on the group financial statements.
Due to the difference in the company year ends, there is an amount of £2.3m included within other debtors in these financial statements which has not been eliminated by a consolidation adjustment.
The balance due from Yoav Tal Investments Ltd in the parent company's separate financial statements totals £7.8m. Although the latest available audited accounts of Yoav Tal Investments Ltd do present a positive net asset position as at 31 December 2022, due to the different period ends, we have not been able to undertake any further audit work as to recoverability of the debt as at 30 September 2023.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 qualified 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 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.
MY HOLDINGS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MY HOLDINGS GROUP LIMITED
- 6 -
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:
the information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which 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 directors' responsibilities statement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor's report 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.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
MY HOLDINGS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MY HOLDINGS GROUP LIMITED
- 7 -
we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Directors (as required by auditing standards).
we had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.
with the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Directors.
we communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
we addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 an auditor's report 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.
Simon Toghill (Senior Statutory Auditor)
For and on behalf of Evans Mockler Limited
5 March 2024
Chartered Certified Accountants
Statutory Auditor
5 Beauchamp Court
Victors Way
Barnet
London
EN5 5TZ
MY HOLDINGS GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 8 -
Period
Year
ended
ended
30 September
31 March
2023
2022
Notes
£
£
Turnover
3
112,827,236
43,327,785
Cost of sales
(94,840,156)
(36,707,174)
Gross profit
17,987,080
6,620,611
Administrative expenses
(15,619,519)
(7,366,810)
Other operating income
725,855
69,121
Operating profit/(loss)
4
3,093,416
(677,078)
Share of results of associates and joint ventures
(66,061)
(101,427)
Interest receivable and similar income
8
743,823
592,628
Interest payable and similar expenses
9
(384,655)
(349,489)
Profit/(loss) before taxation
3,386,523
(535,366)
Tax on profit/(loss)
10
(573,456)
227,834
Profit/(loss) for the financial period
2,813,067
(307,532)
Other comprehensive income
Currency translation differences
37,900
59,479
Total comprehensive income for the period
2,850,967
(248,053)
Profit/(loss) for the financial period is all attributable to the owners of the parent company.
Total comprehensive income for the period is all attributable to the owners of the parent company.
MY HOLDINGS GROUP LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 9 -
30 September 2023
31 March 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
4,391,671
4,787,330
Investments
13
5,934,475
6,077,357
10,326,146
10,864,687
Current assets
Stocks
17
1,076,683
1,524,150
Debtors
18
30,661,191
28,962,429
Cash at bank and in hand
3,566,091
6,418,460
35,303,965
36,905,039
Creditors: amounts falling due within one year
19
(15,965,204)
(19,229,043)
Net current assets
19,338,761
17,675,996
Total assets less current liabilities
29,664,907
28,540,683
Creditors: amounts falling due after more than one year
20
(929,354)
(2,094,012)
Provisions for liabilities
Deferred tax liability
23
58,088
181,673
(58,088)
(181,673)
Net assets
28,677,465
26,264,998
Capital and reserves
Called up share capital
25
2,800,100
2,800,100
Profit and loss reserves
25,877,365
23,464,898
Total equity
28,677,465
26,264,998
The financial statements were approved by the board of directors and authorised for issue on 5 March 2024 and are signed on its behalf by:
05 March 2024
H Shah
Director
MY HOLDINGS GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2023
30 September 2023
- 10 -
30 September 2023
31 March 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
151,457
Investments
13
5,600,623
5,600,623
5,752,080
5,600,623
Current assets
Debtors
18
26,085,158
26,181,735
Cash at bank and in hand
594,237
1,266,464
26,679,395
27,448,199
Creditors: amounts falling due within one year
19
(4,978,655)
(5,668,634)
Net current assets
21,700,740
21,779,565
Total assets less current liabilities
27,452,820
27,380,188
Creditors: amounts falling due after more than one year
20
(698,436)
(633,500)
Net assets
26,754,384
26,746,688
Capital and reserves
Called up share capital
25
2,800,100
2,800,100
Profit and loss reserves
23,954,284
23,946,588
Total equity
26,754,384
26,746,688
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the period was £446,196 (2022 - £165,533).
The financial statements were approved by the board of directors and authorised for issue on 5 March 2024 and are signed on its behalf by:
05 March 2024
H Shah
Director
Company registration number 10843461 (England and Wales)
MY HOLDINGS GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2021
2,800,100
24,202,951
27,003,051
Year ended 31 March 2022:
Loss for the year
-
(307,532)
(307,532)
Other comprehensive income:
Currency translation differences
-
59,479
59,479
Total comprehensive income
-
(248,053)
(248,053)
Dividends
11
-
(490,000)
(490,000)
Balance at 31 March 2022
2,800,100
23,464,898
26,264,998
Period ended 30 September 2023:
Profit for the period
-
2,813,067
2,813,067
Other comprehensive income:
Currency translation differences
-
37,900
37,900
Total comprehensive income
-
2,850,967
2,850,967
Dividends
11
-
(438,500)
(438,500)
Balance at 30 September 2023
2,800,100
25,877,365
28,677,465
MY HOLDINGS GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2021
2,800,100
24,271,054
27,071,154
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
165,534
165,534
Dividends
11
-
(490,000)
(490,000)
Balance at 31 March 2022
2,800,100
23,946,588
26,746,688
Period ended 30 September 2023:
Profit and total comprehensive income
-
446,196
446,196
Dividends
11
-
(438,500)
(438,500)
Balance at 30 September 2023
2,800,100
23,954,284
26,754,384
MY HOLDINGS GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
5,344,873
1,544
Interest paid
(384,655)
(349,489)
Income taxes paid
(1,590,985)
(1,376,525)
Net cash inflow/(outflow) from operating activities
3,369,233
(1,724,470)
Investing activities
Purchase of tangible fixed assets
(675,311)
(2,008,528)
Proceeds from disposal of tangible fixed assets
61,467
36,589
Net investments in joint ventures
76,821
(2,705,705)
Interest received
743,823
592,628
Net cash generated from/(used in) investing activities
206,800
(4,085,016)
Financing activities
Proceeds from borrowings
203,189
-
Repayment of borrowings
-
(446)
Repayment of bank loans
(6,074,152)
(1,739,288)
Payment of finance leases obligations
(156,839)
(183,588)
Dividends paid to equity shareholders
(438,500)
(490,000)
Net cash used in financing activities
(6,466,302)
(2,413,322)
Net decrease in cash and cash equivalents
(2,890,269)
(8,222,808)
Cash and cash equivalents at beginning of period
6,418,460
14,581,789
Effect of foreign exchange rates
37,900
59,479
Cash and cash equivalents at end of period
3,566,091
6,418,460
MY HOLDINGS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 14 -
1
Accounting policies
Company information
MY Holdings Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 5 Beauchamp Court, Victors Way, Barnet, London, EN5 5TZ.
The group consists of MY Holdings Group Limited and all of its subsidiaries.
1.1
Reporting period
The directors decided to extend the period of accounts to 30 September 2023 for administration purposes.
The financial statements have been prepared for the period 1 April 2022 to 30 September 2023. Therefore, the comparative amounts presented in the financial statements including the notes are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The parent company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these finance statements.
The company has also taken advantage of disclosure exemptions available in FRS 102 and no statement of cash flows has been presented for the parent company.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company MY Holdings Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 September 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
MY HOLDINGS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover represents the value of work done during the period net of value added tax. The value of work done is calculated as the certified work adjusted for over and under measure. As described in more detail in the construction contract note 1.11, revenue and costs are recognised by reference to the stage of completion of construction where it can be reliably measured.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
over the lease period
Leasehold improvements
over the lease period
Plant and equipment
10% straight-line method
Fixtures and fittings
10% straight-line method
Computer equipment
33% straight-line method
Motor vehicles
20% straight-line method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.7
Fixed asset investments
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
MY HOLDINGS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.8
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.9
Stocks
Work in progress represents costs incurred on cost plus contracts, not billed at the year end.
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
MY HOLDINGS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.12
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
MY HOLDINGS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.13
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
MY HOLDINGS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.18
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.19
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
MY HOLDINGS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 20 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Accounting for contract and margin recognition
The group's accounting for contract and margin recognition policies, which are set out in note 1, are central to how the group values the work it has carried out in each financial year. Contract accounting requires estimates to be made and in many cases these contractual obligations span more than one financial period.
These policies require forecast to be made of the outcome of the construction obligations which require both estimates and judgements to be made of both costs and income recognition on each contract. No margin is recognised until the outcome of the contract can be estimated with reasonable certainty. On the cost side, estimates of budgeted and irrecoverable costs are made on each contract in addition to potential costs to be incurred for any maintenance and defects liabilities. On the income side, estimates and judgements are made on variations to consideration which typically include variations due to changes in scope of work, recoveries of claim income from customers, potential snagging works that may be levied by the customers.
Income and costs may be affected by a number of uncertainties that depend on the outcome of future events that may need to be revised as events unfold and uncertainties are resolved. The group continues to regularly assess these judgements and estimates.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Construction contracts
112,827,236
43,327,785
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
112,827,236
43,327,785
2023
2022
£
£
Other revenue
Interest income
743,823
592,628
Grants received
-
49,175
MY HOLDINGS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 21 -
4
Operating profit/(loss)
2023
2022
£
£
Operating profit/(loss) for the period is stated after charging/(crediting):
Exchange losses/(gains)
23,638
(226,166)
Government grants
-
(49,175)
Depreciation of owned tangible fixed assets
865,071
401,183
Depreciation of tangible fixed assets held under finance leases
176,449
151,089
Profit on disposal of tangible fixed assets
(32,016)
(35,427)
Operating lease charges
1,498,469
809,713
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
4,500
7,250
Audit of the financial statements of the company's subsidiaries
49,000
61,879
53,500
69,129
For other services
Taxation compliance services
4,500
10,000
All other non-audit services
24,500
126,255
29,000
136,255
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the period was:
Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Directors
2
1
2
1
Administrative
18
3
-
-
Management
93
59
-
-
Total
113
63
2
1
MY HOLDINGS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
6
Employees
(Continued)
- 22 -
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
10,858,855
3,574,775
185,438
Social security costs
1,507,899
479,713
-
22,517
Pension costs
396,196
93,352
3,742
12,762,950
4,147,840
211,697
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
234,103
88,899
Company pension contributions to defined contribution schemes
10,053
1,247
244,156
90,146
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
141,698
88,899
Company pension contributions to defined contribution schemes
5,283
1,247
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
33
447
Other interest income
743,790
592,181
Total income
743,823
592,628
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
33
447
MY HOLDINGS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 23 -
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
46,403
210,350
Other interest on financial liabilities
196,119
35,523
242,522
245,873
Other finance costs:
Interest on finance leases and hire purchase contracts
39,802
27,168
Other interest
102,331
76,448
Total finance costs
384,655
349,489
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
400,088
(227,834)
Adjustments in respect of prior periods
296,953
Total current tax
697,041
(227,834)
Deferred tax
Origination and reversal of timing differences
(123,585)
Total tax charge/(credit)
573,456
(227,834)
MY HOLDINGS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
10
Taxation
(Continued)
- 24 -
The actual charge/(credit) for the period can be reconciled to the expected charge/(credit) for the period based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit/(loss) before taxation
3,386,523
(535,366)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 21.00% (2022: 19.00%)
711,170
(101,720)
Tax effect of expenses that are not deductible in determining taxable profit
64,498
2,610
Tax effect of utilisation of tax losses not previously recognised
(405,629)
Effect of change in corporation tax rate
(42,165)
-
Permanent capital allowances in excess of depreciation
(138,863)
(183,410)
Depreciation on assets not qualifying for tax allowances
211,078
102,269
Losses c/f
138,139
Other adjustments
43,000
Under/(over) provided in prior years
296,952
(228,722)
Deferred tax movement
(123,585)
Taxation charge/(credit)
573,456
(227,834)
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
438,500
490,000
MY HOLDINGS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 25 -
12
Tangible fixed assets
Group
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 April 2022
690,191
2,019,806
2,964,962
92,059
24,186
884,369
6,675,573
Additions
13,521
163,773
272,209
27,486
3,474
194,848
675,311
Disposals
(157,403)
(157,403)
At 30 September 2023
703,712
2,183,579
3,237,171
119,545
27,660
921,814
7,193,481
Depreciation and impairment
At 1 April 2022
12,067
107,301
1,119,564
63,763
4,071
581,477
1,888,243
Depreciation charged in the period
14,694
350,097
435,759
23,994
13,634
203,341
1,041,519
Eliminated in respect of disposals
(127,952)
(127,952)
At 30 September 2023
26,761
457,398
1,555,323
87,757
17,705
656,866
2,801,810
Carrying amount
At 30 September 2023
676,951
1,726,181
1,681,848
31,788
9,955
264,948
4,391,671
At 31 March 2022
678,124
1,912,505
1,845,398
28,296
20,115
302,892
4,787,330
MY HOLDINGS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 26 -
Company
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022
Additions
78,087
83,542
161,629
At 30 September 2023
78,087
83,542
161,629
Depreciation and impairment
At 1 April 2022
Depreciation charged in the period
2,484
7,688
10,172
At 30 September 2023
2,484
7,688
10,172
Carrying amount
At 30 September 2023
75,603
75,854
151,457
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and equipment
296,050
160,531
19,167
Motor vehicles
247,651
373,618
75,854
543,701
534,149
95,021
-
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
5,600,623
5,600,623
Investments in associates and joint ventures
16
5,934,475
6,077,357
5,934,475
6,077,357
5,600,623
5,600,623
MY HOLDINGS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
13
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Group
Shares in joint ventures
£
Cost or valuation
At 1 April 2022
6,077,357
Valuation changes
(142,882)
At 30 September 2023
5,934,475
Carrying amount
At 30 September 2023
5,934,475
At 31 March 2022
6,077,357
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022 and 30 September 2023
5,600,623
Carrying amount
At 30 September 2023
5,600,623
At 31 March 2022
5,600,623
14
Subsidiaries
Details of the company's subsidiaries at 30 September 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
MYC Group (UK) Limited
5 Beauchamp Court, Victors Way, London, EN5 5TZ
Ordinary shares
100.00
-
MYC Trading Group Limited
5 Beauchamp Court, Victors Way, London, EN5 5TZ
Ordinary shares
-
100.00
MY Construction Limited
5 Beauchamp Court, Victors Way, London, EN5 5TZ
Ordinary shares
-
100.00
MY MEP Limited
5 Beauchamp Court, Victors Way, London, EN5 5TZ
Ordinary shares
-
100.00
MY Fab Limited
5 Beauchamp Court, Victors Way, London, EN5 5TZ
Ordinary shares
100.00
-
MY Merchant Limited
5 Beauchamp Court, Victors Way, London, EN5 5TZ
Ordinary shares
-
100.00
MY Facades Limited
5 Beauchamp Court, Victors Way, London, EN5 5TZ
Ordinary shares
-
100.00
Yoav Tal Investments Limited
1, Nir Eliyahu, 4584500, Israel
Ordinary shares
100.00
-
MY Contracts Limited
5 Beauchamp Court, Victors Way, London, EN5 5TZ
Ordinary shares
-
100.00
MY HOLDINGS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 28 -
15
Associates
Details of associates at 31 December 2022 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Yesodot Tal Megiddo Performance and Residences, Ltd.
Israel
Real Estate
Ordinary
-
50.00
Mastal, Ltd.
Israel
Real Estate
Ordinary
-
50.00
16
Associates and joint ventures
Details of joint ventures at 31 December 2022 are as follows:
Name of undertaking
Registered office
Nature of business
Interest
% Held
held
Direct
Indirect
Tal Megiddo Yesodot Performance Assets and Residences, Ltd. Pty.
Israel
Developing, desiging, performing and marketing a commercial center on land
Partnership
-
50.00
E.E. Yesodot Eitanim Ventures and Construction, Ltd, and Yoav Tal Investments, Ltd. Partnership
Israel
Residential projects development
Partnership
-
50.00
Yesodot Tal Migdal HaEmek, Ltd. Pty.
Israel
Developing and marketing real estates projects
Partnership
-
50.00
Mata Tal Givat Zemer Partnership
Israel
Residential projects development
Partnership
-
50.00
MY HOLDINGS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 29 -
17
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Work in progress
880,699
1,524,150
-
-
Finished goods and goods for resale
195,984
1,076,683
1,524,150
-
-
18
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
7,533,388
6,599,640
Gross amounts owed by contract customers
3,148,442
Amounts owed by group undertakings
-
-
1,833,293
1,070,600
Other debtors
19,496,765
11,316,976
16,307,311
9,619,103
Prepayments and accrued income
482,596
1,682,530
115,805
30,661,191
19,599,146
18,256,409
10,689,703
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
7,828,749
6,128,749
Amount owed by related parties
9,276,584
9,276,584
Other debtors
86,699
86,699
-
9,363,283
7,828,749
15,492,032
Total debtors
30,661,191
28,962,429
26,085,158
26,181,735
MY HOLDINGS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 30 -
19
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
21
4,693,607
3,093,607
Obligations under finance leases
22
186,396
175,388
24,788
Trade creditors
7,347,751
5,926,108
133,706
4,984
Amounts owed to group undertakings
55,970
1,448,226
Corporation tax payable
779,156
1,673,101
73,173
46,824
Other taxation and social security
840,663
2,097,115
-
-
Other creditors
6,502,036
4,331,582
4,683,518
1,065,243
Accruals and deferred income
309,202
332,142
7,500
9,750
15,965,204
19,229,043
4,978,655
5,668,634
20
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
21
1,200,000
Obligations under finance leases
22
295,854
260,512
64,936
Other borrowings
21
633,500
633,500
633,500
633,500
929,354
2,094,012
698,436
633,500
21
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
5,893,607
3,093,607
Loans from related parties
633,500
633,500
633,500
633,500
633,500
6,527,107
633,500
3,727,107
Payable within one year
4,693,607
3,093,607
Payable after one year
633,500
1,833,500
633,500
633,500
MY HOLDINGS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 31 -
22
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
186,396
175,388
24,788
In two to five years
295,854
260,512
64,936
482,250
435,900
89,724
-
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is four years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
23
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
58,088
181,673
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the period:
£
£
Liability at 1 April 2022
181,673
-
Credit to profit or loss
(123,585)
-
Liability at 30 September 2023
58,088
-
24
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
396,196
93,352
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
MY HOLDINGS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 32 -
25
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,800,100
2,800,100
2,800,100
2,800,100
26
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
116,933
725,634
104,001
2,749
Between two and five years
152,147
808,531
152,147
3,895
269,080
1,534,165
256,148
6,644
27
Events after the reporting date
EMWHY Int Limited was formed on 23 December 2023 and became the parent company.
28
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2023
2022
£
£
Aggregate compensation
226,486
87,967
Transactions with related parties
During the period the group entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2023
2022
2023
2022
£
£
£
£
Group
Other related parties
1,749,163
-
217,118
-
MY HOLDINGS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
28
Related party transactions
(Continued)
- 33 -
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2023
2022
£
£
Group
Other related parties
5,307,671
321,404
The following amounts were outstanding at the reporting end date:
Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Other related parties
18,480,218
18,894,041
Other information
During the year dividends totalling £438,500 (2022: £490,000) were paid to a director.
The company is exempt from disclosing other related party transactions as they are with other members of the group, and are wholly owned subsidiaries.
29
Cash generated from group operations
2023
2022
£
£
Profit/(loss) for the period after tax
2,813,067
(307,532)
Adjustments for:
Share of results of associates and joint ventures
66,060
101,427
Taxation charged/(credited)
573,456
(227,834)
Finance costs
384,655
349,489
Investment income
(743,823)
(592,628)
Gain on disposal of tangible fixed assets
(32,016)
(35,427)
Depreciation and impairment of tangible fixed assets
1,041,519
552,272
Movements in working capital:
Decrease/(increase) in stocks
447,467
(1,524,150)
(Increase)/decrease in debtors
(1,518,217)
3,666,780
Increase/(decrease) in creditors
2,312,705
(1,980,853)
Cash generated from operations
5,344,873
1,544
MY HOLDINGS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 34 -
30
Analysis of changes in net funds - group
1 April 2022
Cash flows
30 September 2023
£
£
£
Cash at bank and in hand
6,418,460
(2,852,369)
3,566,091
Borrowings excluding overdrafts
(5,893,607)
5,260,107
(633,500)
Obligations under finance leases
(435,900)
(46,350)
(482,250)
88,953
2,361,388
2,450,341
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