Company registration number 09866922 (England and Wales)
MCCRORY (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
MCCRORY (HOLDINGS) LIMITED
COMPANY INFORMATION
Director
P M McCrory
Secretary
C McCrory
Company number
09866922
Registered office
47-107 Europa Business Park
Bird Hall Lane
Cheadle Heath
Stockport
Cheshire
SK3 0XA
Auditor
JS. Audit Limited
James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD
Business address
47-107 Europa Business Park
Bird Hall Lane
Cheadle Heath
Stockport
Cheshire
SK3 0XA
Bankers
Barclays Bank UK PLC
1 Bridge Street
Stockport
SK1 1XU
MCCRORY (HOLDINGS) LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 29
MCCRORY (HOLDINGS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -

The director presents the strategic report for the year ended 31 October 2023.

Review of the business

The results for the group show a pre-tax profit of £1.64m (2022: £1.39m) for the year and turnover of £11.22m (2022: £10.56m).

 

The performance of the group has improved compared to 2022, revenue has increased by 6.28% and gross profit margin has increased to 33.03% (2022: 31.71%). The group’s range of building processes, expert knowledge and wide customer base continue to generate nationwide opportunities.

 

Strategy

The group’s success is pertained to the track record of its heritage, passion and innovation to deliver effective and efficient solutions at all stages of the building process. The group regard continued innovation within the sector as the foremost way of maintaining its leading market position.

Principal risks and uncertainties

The management of the business and the execution of the group’s strategy are subject to a number of risks.  Risks are rigorously monitored and regularly reviewed by the Board and appropriate processes put in place to manage and mitigate them. 

 

Challenging economic market conditions have resulted in a decline in the construction sector as a whole. The group believes their long track record of excellent service and wide choice of supply will help them overcome this decline. Furthermore, the group intends to make contract uplifts to help mitigate the risk of any future price increases.

 

Increases in wages costs have affected the group's ability to attract skilled labour. The group strives to retain their strong core team of employees to mitigate this risk.

Key performance indicators

The group monitors progress and the impact of policy adjustments with reference to gross profit margins and EBIT growth combined with ongoing monitoring of our liquidity position.

                    2023    2022

        

Gross Margin            33.03%     31.71% Gross profit generated as a                                  proportion of revenue

 

EBIT                £1.81m    £1.70m     Earnings before interest and tax

On behalf of the board

P M McCrory
Director
31 July 2024
MCCRORY (HOLDINGS) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -

The director presents his annual report and financial statements for the year ended 31 October 2023.

Principal activities

The principal activity of the company is that of a holding company.

 

The principal activity of the group continued to be that of construction and machine hire.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £535,222. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

P M McCrory
Financial instruments
Liquidity risk

The group manages its cash and borrowing requirements in order to generate interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Credit risk

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Future developments

The decline in the construction sector in expected to continue during 2023/24 but the directors remain confident that the group’s range of building processes, expert knowledge and wide customer base will continue to generate opportunities for the next year and beyond.

Auditor

The auditor, JS. Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

MCCRORY (HOLDINGS) LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
Statement of director's responsibilities

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

 

 

The director is 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. He is 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.

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
P M McCrory
Director
31 July 2024
MCCRORY (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MCCRORY (HOLDINGS) LIMITED
- 4 -
Opinion

We have audited the financial statements of McCrory (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 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 the financial statements:

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 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 opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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:

MCCRORY (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MCCRORY (HOLDINGS) LIMITED
- 5 -
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 director's 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:

Responsibilities of director

As explained more fully in the director's responsibilities statement, included within the director's report, the director is 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 director determines 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 director is 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 director either intends to liquidate the parent company or to cease operations, or has 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.

Irregularities and 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.

Based on our understanding of the company and sector, we identified that the principal risks of non-compliance with laws and regulations related to, but were not limited to, the Companies Act 2006, UK tax, employment, pension and health and safety legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

 

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgements and the risk of fraud in revenue recognition.

MCCRORY (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MCCRORY (HOLDINGS) LIMITED
- 6 -

Our procedures to respond to risks identified included the following:

 

 

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

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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 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.

Christopher Moss BSc F.C.A. (Senior Statutory Auditor)
For and on behalf of JS. Audit Limited
31 July 2024
Chartered Accountants
Statutory Auditor
James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD
MCCRORY (HOLDINGS) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
Restated
2023
2022
Notes
£
£
Turnover
3
11,223,864
10,560,579
Cost of sales
(7,516,102)
(7,211,328)
Gross profit
3,707,762
3,349,251
Administrative expenses
(2,407,152)
(1,872,108)
Other operating income
505,017
226,104
Operating profit
4
1,805,627
1,703,247
Interest receivable and similar income
8
1,348
1,480
Interest payable and similar expenses
9
(168,903)
(315,246)
Profit before taxation
1,638,072
1,389,481
Tax on profit
10
(446,094)
(274,174)
Profit for the financial year
1,191,978
1,115,307
Profit for the financial year is all attributable to the owners of the parent company.
MCCRORY (HOLDINGS) LIMITED
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
651,984
413,040
Investment property
13
175,000
175,000
826,984
588,040
Current assets
Debtors
16
6,083,781
7,394,817
Cash at bank and in hand
2,298,876
182,318
8,382,657
7,577,135
Creditors: amounts falling due within one year
17
(3,588,081)
(3,081,350)
Net current assets
4,794,576
4,495,785
Total assets less current liabilities
5,621,560
5,083,825
Creditors: amounts falling due after more than one year
18
(558,124)
(730,946)
Provisions for liabilities
Deferred tax liability
21
123,477
69,676
(123,477)
(69,676)
Net assets
4,939,959
4,283,203
Capital and reserves
Called up share capital
23
2
2
Share premium account
24
30,260
30,260
Profit and loss reserves
24
4,909,697
4,252,941
Total equity
4,939,959
4,283,203
The financial statements were approved and signed by the director and authorised for issue on 31 July 2024
31 July 2024
P M McCrory
Director
Company registration number 09866922 (England and Wales)
MCCRORY (HOLDINGS) LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
332,233
316,135
Investment property
13
175,000
175,000
Investments
14
1
1
507,234
491,136
Current assets
Debtors
16
523,897
489,439
Cash at bank and in hand
167,832
4,349
691,729
493,788
Creditors: amounts falling due within one year
17
(245,958)
(222,531)
Net current assets
445,771
271,257
Total assets less current liabilities
953,005
762,393
Creditors: amounts falling due after more than one year
18
-
(4,391)
Provisions for liabilities
Deferred tax liability
21
55,479
59,054
(55,479)
(59,054)
Net assets
897,526
698,948
Capital and reserves
Called up share capital
23
2
2
Share premium account
24
30,260
30,260
Profit and loss reserves
24
867,264
668,686
Total equity
897,526
698,948

As permitted by s408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £733,800 (2022: £703,484).

 

The financial statements were approved and signed by the director and authorised for issue on 31 July 2024
31 July 2024
P M McCrory
Director
Company registration number 09866922 (England and Wales)
MCCRORY (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2021
2
30,260
3,599,954
3,630,216
Year ended 31 October 2022:
Profit and total comprehensive income
-
-
1,115,307
1,115,307
Dividends
11
-
-
(462,320)
(462,320)
Balance at 31 October 2022
2
30,260
4,252,941
4,283,203
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
1,191,978
1,191,978
Dividends
11
-
-
(535,222)
(535,222)
Balance at 31 October 2023
2
30,260
4,909,697
4,939,959
MCCRORY (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2021
2
30,260
427,522
457,784
Year ended 31 October 2022:
Profit and total comprehensive income for the year
-
-
703,484
703,484
Dividends
11
-
-
(462,320)
(462,320)
Balance at 31 October 2022
2
30,260
668,686
698,948
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
733,800
733,800
Dividends
11
-
-
(535,222)
(535,222)
Balance at 31 October 2023
2
30,260
867,264
897,526
MCCRORY (HOLDINGS) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 12 -
Restated
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
4,762,389
807,027
Interest paid
(168,903)
(315,246)
Income taxes paid
(907,754)
(5,837)
Net cash inflow from operating activities
3,685,732
485,944
Investing activities
Purchase of tangible fixed assets
(103,219)
(28,887)
Proceeds from disposal of tangible fixed assets
-
75,549
Interest received
1,348
1,480
Net cash (used in)/generated from investing activities
(101,871)
48,142
Financing activities
Proceeds from borrowings
-
35,948
Repayment of borrowings
(554,466)
-
Repayment of bank loans
(325,000)
(297,917)
Payment of finance leases obligations
(52,615)
(43,432)
Dividends paid to equity shareholders
(535,222)
(462,320)
Net cash used in financing activities
(1,467,303)
(767,721)
Net increase/(decrease) in cash and cash equivalents
2,116,558
(233,635)
Cash and cash equivalents at beginning of year
182,318
415,953
Cash and cash equivalents at end of year
2,298,876
182,318
MCCRORY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 13 -
1
Accounting policies
Company information

McCrory (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 47-107 Europa Business Park, Bird Hall Lane, Cheadle Heath, Stockport, Cheshire, SK3 0XA.

 

The group consists of McCrory (Holdings) Limited and all of its subsidiaries.

1.1
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, modified to include investments properties at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company McCrory (Holdings) Limited together with all entities controlled by the parent company and its subsidiaries.

 

Subsidiaries acquired are consolidated using the merger accounting method. Under merger accounting the total results of the subsidiary are consolidated.

 

All financial statements are made up to 31 October 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.

1.3
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

MCCRORY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 14 -
1.4
Turnover

Profit is recognised on long term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of the total contract value which costs to date bear to total expected costs for that contract.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25%/33.33% reducing balance basis per annum
Motor vehicles
25% reducing balance basis per annum

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.

1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

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.

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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

MCCRORY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 15 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.9
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.

1.10
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.

MCCRORY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 16 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

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.

1.11
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.

1.12
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.

MCCRORY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 17 -
1.13
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.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
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.

1.16

Prior year restatement

The management fees receivable, disclosed under operating income, has been restated for the comparative year. This income was originally allocated against the costs to which it related and amounted to £226,104. This has not impacted on the results for the prior year or the brought forward reserves.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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:

Contingent liabilities

The contingent liability of £4,176,324 (2022: £2,179,037) as set out in note 25 is subject to uncertainty as it is yet to be confirmed whether this amount will be payable by the group.

MCCRORY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 18 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Long term contracts

The calculation of accrued and deferred income on long term contracts is subject to estimation uncertainty and requires an estimation of the value at the reporting date based on the stage of completion of the contract and the overall contract value. Due to the nature of the work undertaken the contracts can take several years to complete and are subject to unforeseen circumstances, however historically this has not been an issue. The carrying amount of amounts due from contract customers at the reporting date was £4,189,158 (2022: £4,931,088).

Useful economic lives of tangible fixed assets

The calculation of useful economic lives of the group's tangible fixed assets is subject to estimation uncertainty, as set out in Note 1.5.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Construction contracts
11,218,677
10,555,944
Rental income
5,187
4,635
11,223,864
10,560,579

All turnover arose within the United Kingdom.

2023
2022
£
£
Other revenue
Interest income
1,348
1,480
4
Operating profit
Restated
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
85,735
101,847
Depreciation of tangible fixed assets held under finance leases
19,359
20,821
Loss/(profit) on disposal of tangible fixed assets
6,256
(22,273)
Operating lease charges
79,457
65,075
MCCRORY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 19 -
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
3,150
3,000
Audit of the financial statements of the company's subsidiaries
10,500
10,000
13,650
13,000
For other services
Taxation compliance services
3,000
3,000
All other non-audit services
3,961
10,157
6,961
13,157
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Production
47
41
1
1
Project/site
15
15
-
-
Admin
21
19
-
-
Total
83
75
1
1

Their aggregate remuneration comprised:

Restated
Group
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
4,633,241
3,538,739
-
0
-
0
Social security costs
310,037
228,419
-
-
Pension costs
308,428
298,386
-
0
-
0
5,251,706
4,065,544
-
0
-
0
MCCRORY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 20 -
7
Director's remuneration
2023
2022
£
£
Remuneration for qualifying services
13,357
8,992
Company pension contributions to defined contribution schemes
500
146,085
13,857
155,077

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).

8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
1,348
1,480
9
Interest payable and similar expenses
Restated
2023
2022
£
£
Loan interest
151,198
302,642
Interest on finance leases and hire purchase contracts
4,734
4,382
Other interest
12,971
8,222
Total finance costs
168,903
315,246
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
393,215
284,177
Adjustments in respect of prior periods
(922)
3,011
Total current tax
392,293
287,188
Deferred tax
Origination and reversal of timing differences
53,801
(13,014)
Total tax charge
446,094
274,174
MCCRORY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
10
Taxation
(Continued)
- 21 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
1,638,072
1,389,481
Expected tax charge based on the standard rate of corporation tax in the UK of 22.52% (2022: 19.00%)
368,894
264,001
Tax effect of expenses that are not deductible in determining taxable profit
74,030
8,711
Adjustments in respect of prior years
(922)
3,011
Effect of change in corporation tax rate
-
(1,009)
Permanent capital allowances in excess of depreciation
-
(1,324)
Depreciation on assets not qualifying for tax allowances
1,392
784
Difference in deferred and corporation tax rates
2,700
-
0
Taxation charge
446,094
274,174

A UK corporation tax rate of 25% was announced in the Chancellor’s Budget of 3 March 2021 and applied from 1 April 2023. Deferred tax has been calculated at this rate

11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
535,222
462,320
MCCRORY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 22 -
12
Tangible fixed assets
Group
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 November 2022
486,661
434,955
921,616
Additions
260,969
89,325
350,294
Disposals
-
0
(11,053)
(11,053)
At 31 October 2023
747,630
513,227
1,260,857
Depreciation and impairment
At 1 November 2022
342,194
166,382
508,576
Depreciation charged in the year
36,534
68,560
105,094
Eliminated in respect of disposals
-
0
(4,797)
(4,797)
At 31 October 2023
378,728
230,145
608,873
Carrying amount
At 31 October 2023
368,902
283,082
651,984
At 31 October 2022
144,467
268,573
413,040
Company
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 November 2022
308,653
326,511
635,164
Additions
13,894
89,325
103,219
Disposals
-
0
(11,053)
(11,053)
At 31 October 2023
322,547
404,783
727,330
Depreciation and impairment
At 1 November 2022
181,593
137,436
319,029
Depreciation charged in the year
32,179
48,686
80,865
Eliminated in respect of disposals
-
0
(4,797)
(4,797)
At 31 October 2023
213,772
181,325
395,097
Carrying amount
At 31 October 2023
108,775
223,458
332,233
At 31 October 2022
127,060
189,075
316,135
MCCRORY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
12
Tangible fixed assets
(Continued)
- 23 -

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
247,075
-
0
-
0
-
0
Motor vehicles
58,077
59,944
-
0
-
0
305,152
59,944
-
-
13
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 November 2022 and 31 October 2023
175,000
175,000

The director considers that the above represents the market value of the investment property as at 31 October 2023 based on a recent valuation provided by the bank which the director has used as a guide.

14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
1
1
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2022 and 31 October 2023
1
Carrying amount
At 31 October 2023
1
At 31 October 2022
1
15
Subsidiaries

Details of the company's subsidiaries at 31 October 2023 are as follows:

MCCRORY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
15
Subsidiaries
(Continued)
- 24 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
McCrory Brickwork Limited
47-107 Europa Business Park, Bird Hall Lane, Cheadle Heath, Stockport, SK3 0XA
Construction
Ordinary
100.00
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
860,715
163,860
-
0
-
0
Gross amounts owed by contract customers
4,189,158
4,931,088
-
0
-
0
Amounts owed by group undertakings
-
-
522,795
489,439
Other debtors
831,206
2,136,340
901
-
0
Prepayments and accrued income
153,008
113,835
201
-
0
6,034,087
7,345,123
523,897
489,439
Amounts falling due after more than one year:
Corporation tax recoverable
49,694
46,694
-
0
-
0
Total debtors
6,083,781
7,391,817
523,897
489,439
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
19
325,000
325,000
-
0
-
0
Obligations under finance leases
20
68,923
26,641
4,391
5,775
Other borrowings
19
165,000
719,466
165,000
-
0
Trade creditors
1,555,192
622,581
481
280
Corporation tax payable
241,753
757,214
59,170
190,229
Other taxation and social security
275,230
97,893
15,142
16,865
Other creditors
550,440
50,000
1
-
0
Accruals and deferred income
406,543
482,555
1,773
9,382
3,588,081
3,081,350
245,958
222,531
MCCRORY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
17
Creditors: amounts falling due within one year
(Continued)
- 25 -

Net obligations under finance leases of the group of £68,923 (2022: £26,641) and the company of £4,391 (2022: £5,775) are secured against the assets to which they relate.

 

Included within other borrowings of the group is an amount of £165,000 (2022: £719,466) which is secured with a fixed and floating charge over all the property or undertakings of the subsidiary company.

 

18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
19
352,083
677,083
-
0
-
0
Obligations under finance leases
20
206,041
53,863
-
0
4,391
558,124
730,946
-
4,391

Net obligations under finance leases of the group £206,041 (2022: £53,863) and company £nil (2022: £4,391) are secured against the assets to which they relate.

 

19
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
677,083
1,002,083
-
0
-
0
Other loans
165,000
719,466
165,000
-
0
842,083
1,721,549
165,000
-
Payable within one year
490,000
1,044,466
165,000
-
0
Payable after one year
352,083
677,083
-
0
-
0

The bank loan is secured by a fixed and floating charge over all of the property or undertakings of the subsidiary company.

20
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
68,923
26,641
4,391
5,775
In two to five years
206,041
53,863
-
0
4,391
274,964
80,504
4,391
10,166
MCCRORY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
20
Finance lease obligations
(Continued)
- 26 -

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 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
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
123,477
69,676
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
55,479
59,054
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 November 2022
69,676
59,054
Charge/(credit) to profit or loss
53,801
(3,575)
Liability at 31 October 2023
123,477
55,479

The deferred tax liability set out above is expected to reverse within 4 years and relates to accelerated capital allowances that are expected to mature within the same period.

22
Retirement benefit schemes
Restated
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
308,428
298,386

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.

 

At the year-end accrued pension contributions amounted to £25,637 (2022: £2,019).

MCCRORY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 27 -
23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary Shares of 0.001p each
136,150
136,150
1
1
B Ordinary Shares of 0.001p each
11,850
11,850
-
-
C Ordinary Shares of 0.001p each
52,000
52,000
1
1
D Ordinary Shares of 0.001p each
8,223
8,223
-
-
E Ordinary Shares of 0.001p each
8,223
8,223
-
-
216,446
216,446
2
2

All shares rank pari passu in respect to voting and winding up rights.

24
Reserves
Share premium

Share premium account reserves represents the excess of the consideration received on the issue of the share capital over the nominal value of the shares.

Profit and loss reserves

Profit or loss reserve represents the cumulative profits or losses, net of dividends paid.

25
Financial commitments, guarantees and contingent liabilities

The group is currently in negotiations with HMRC in connection with underpaid taxes in prior years. The estimated amount involved is in the region of £4,176,324 (2022: £2,179,037) which has not been provided for in these financial statements.

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
30,450
55,795
-
14,916
Between two and five years
13,128
14,647
-
-
43,578
70,442
-
14,916
MCCRORY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 28 -
27
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
49,857
260,675
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
2023
2022
£
£
Group
Entities under common control
-
864,998
Loan interest paid
2023
2022
£
£
Group
Entities under common control
96,160
250,349

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Entities under common control
551,621
719,466

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Entities under common control
659,033
1,844,693
Other information

During the year an amount of £300,000 (2022: £Nil) was waived on amounts due from an entity under common control.

MCCRORY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 29 -
28
Directors' transactions

Advances or credits have been granted by the group to its directors as follows:

Description
% Rate
Opening balance
Closing balance
£
£
P. M. McCrory - Loan
-
102,904
102,904
102,904
102,904
29
Controlling party

The ultimate controlling party of the group is considered to be P. M. McCrory by virtue of his majority shareholding in the ultimate parent company.

30
Cash generated from group operations
Restated
2023
2022
£
£
Profit for the year after tax
1,191,978
1,115,307
Adjustments for:
Taxation charged
446,094
274,174
Finance costs
168,903
315,246
Investment income
(1,348)
(1,480)
Loss/(gain) on disposal of tangible fixed assets
6,256
(22,273)
Depreciation and impairment of tangible fixed assets
105,094
122,668
Movements in working capital:
Decrease in stocks
-
793,331
Decrease/(increase) in debtors
1,311,036
(1,965,473)
Increase in creditors
1,534,376
175,527
Cash generated from operations
4,762,389
807,027
31
Analysis of changes in net funds/(debt) - group
1 November 2022
Cash flows
New finance leases
31 October 2023
£
£
£
£
Cash at bank and in hand
182,318
2,116,558
-
2,298,876
Borrowings excluding overdrafts
(1,721,549)
879,466
-
(842,083)
Obligations under finance leases
(80,504)
52,615
(247,075)
(274,964)
(1,619,735)
3,048,639
(247,075)
1,181,829
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