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REGISTERED NUMBER: SC191842 (Scotland)












STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2024

FOR

HUGH L S MCCONNELL LIMITED

HUGH L S MCCONNELL LIMITED (REGISTERED NUMBER: SC191842)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Statement of Income and Retained Earnings 11

Balance Sheet 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


HUGH L S MCCONNELL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH APRIL 2024







DIRECTORS: Mr Eamonn McGarvey
Mr Robert Henry McGregor
Miss Claire Marie Roe
Mr Jon Matthew Wallis



REGISTERED OFFICE: Orion House
Bramah Avenue
Scottish Enterprise Technology Park
East Kilbride
Glasgow
G75 0RD



REGISTERED NUMBER: SC191842 (Scotland)



SENIOR STATUTORY AUDITOR: Mr Mark Jones FCA



AUDITORS: Cook & Partners Limited
Statutory Auditor
Manufactory House
Bell Lane
Hertford
Hertfordshire
SG14 1BP

HUGH L S MCCONNELL LIMITED (REGISTERED NUMBER: SC191842)

STRATEGIC REPORT
FOR THE YEAR ENDED 30TH APRIL 2024

The directors present their strategic report for the year ended 30th April 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of building & facility refurbishment and maintenance within the retail, commercial, residential, industrial and infrastructure sectors.

REVIEW OF BUSINESS
We have delivered another solid year of growth in all aspects of the business. Revenue has increased from £34.7m (FY23) to £57.5m; Operating Profit from £1.5m (FY23) to £2.4m; and our year end cash position improved from £3.8m (FY23) to £5.5m.

The profit growth at 61% is slightly behind the revenue growth of 66%, and we attribute this to our investment in establishing a Central Region this year. When that is accounted for, the underlying profit growth is 68%.

Our opportunities pipeline continues to grow, as we continue to advance our position in the Scotland market and increase our penetration and reputation in England. We enter FY25 with our highest ever recorded percentage of secured and expected orders against budget.

Our main area of investment in FY24 was people. The management team has been strengthened in depth at all levels, and whilst we retain our SME status and credentials, our management team is full of Tier 1 experience and capability. This brings security and resilience to our service provision and underpins and de-risks our continued growth.

We strive to be the employer of choice in our sectors and believe that this will lead to us becoming the contractor of choice for our customers. We improved our employee benefits offering again this year with the introduction of free life insurance and "We Care" health cover for all employees, incepted an Employee Forum that engages directly with our main board and owners, and contributed a significant percentage of our gross operating profit to the employee bonus pool.

The Directors are very pleased with the overall performance of the business in FY24 and would again like to thank all employees, supply chain partners, advisors, and customers for their support, commitment, and loyalty.


HUGH L S MCCONNELL LIMITED (REGISTERED NUMBER: SC191842)

STRATEGIC REPORT
FOR THE YEAR ENDED 30TH APRIL 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Operational Risk
The key operational risk remains the management of higher value projects. The risk is mitigated by our continued investment in the management team, recruiting capable managers with relevant experience; our certified quality control procedures; and targeting projects that are comfortably within our leadership and management skill set, focussing on our core business and not overly diversifying.

Financial Risk
Rising employment and material costs have affected most businesses in the UK, and it has been widely reported that companies exposed to a high proportion of long-term fixed price projects have experienced significant financial challenges in FY24.

As reported in FY23, McConnell adopted a strategy of negotiating shared risk with customers, and our supply chain, at inception of contracts, and in FY24 we had zero exposure to long-term fixed price projects.

McConnell continues to grow and strengthen without experiencing any bad debt or credit encumbrances. We continue to adopt a cautious approach to accounts provisioning, acknowledging the risks that exist within the construction sector.

The principal financial risk to the business is credit based. The possibility of a customer experiencing solvency issues during a significant project is the main exposure the business faces. This risk has been mitigated by continued diligent credit risk analysis prior to contractual commitment. The business has had no significant bad debts in recent years. All significant projects with customers who are not government or publicly funded are credit risk assessed. Our customer base consists of government & publicly funded organisations, and blue chip private and infrastructure clients.

Our liquidity risk continues to be mitigated by daily cashflow monitoring. Senior management are provided with real-time cashflow projections to ensure that we have sufficient liquidity to meet all our commitments. An experienced Finance Director and capable Finance and Commercial teams oversee cash management and commercial performance.

Political Risk
The general election called for July 2024 brings the spectre of political risk, by way of change of government, or significant manifesto changes from the incumbent party. This could bring about a change in investment policies, and private investment appetite for the UK.

The mitigation of this risk for McConnell is that our addressable market is made up of the cyclical financial investment required to maintain and update high-value property assets, to allow them to continue to be occupied, functional, rentable, mortgageable, insurable, and leveraged. History has shown us that the building and infrastructure maintenance and refurbishment sectors are extremely resilient to political change, policy change, and recessions.

It is widely reported that the buildings in many of our sectors have suffered from under-investment over a long period of time, and there is a continued essential and growing need for any government to invest in and improve the condition of built assets in Housing, Health, Education, Public Buildings, and Defence Infrastructure, in order to retain and improve their functionality, and protect their underlying asset value. Add to this, the mandatory requirement to reduce carbon emissions from all built form in the UK, and the national cladding remediation programme, and we consider there is a compelling resilience to our core addressable markets.

We estimate that the annual spend in the UK for the maintenance and refurbishment of all buildings and infrastructure in the UK, is in the region of £15bn to £17bn. McConnell directly addresses around 75% of that expenditure by geography and work-type, and we have a very small market share of this. Even allowing for a counter-intuitive reduction in investment in our addressable markets, we still see significant opportunity for continued growth and consolidation.











HUGH L S MCCONNELL LIMITED (REGISTERED NUMBER: SC191842)

STRATEGIC REPORT
FOR THE YEAR ENDED 30TH APRIL 2024


We are confident that McConnell remains well-placed to continue to develop and grow successfully and has excellent internal and external resilience and opportunity.

ON BEHALF OF THE BOARD:





Mr Robert Henry McGregor - Director


22nd August 2024

HUGH L S MCCONNELL LIMITED (REGISTERED NUMBER: SC191842)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30TH APRIL 2024

The directors present their report with the financial statements of the company for the year ended 30th April 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of building & facility refurbishment and maintenance within the retail, commercial, residential, industrial and infrastructure sectors.

DIVIDENDS
No dividends will be distributed for the year ended 30th April 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st May 2023 to the date of this report.

Mr Eamonn McGarvey
Mr Robert Henry McGregor
Mr Jon Matthew Wallis

Other changes in directors holding office are as follows:

Miss Claire Marie Roe - appointed 4th December 2023
Mr Kenneth Downs - resigned 30th November 2023

Mr Alan Burton ceased to be a director after 30th April 2024 but prior to the date of this report.

FINANCIAL INSTRUMENTS
Interest rate risk
The company manages its cash and borrowing requirements to minimise interest expense whilst ensuring that it 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' balances are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company 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;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

HUGH L S MCCONNELL LIMITED (REGISTERED NUMBER: SC191842)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30TH APRIL 2024


AUDITORS
The auditors, Cook & Partners Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr Robert Henry McGregor - Director


22nd August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HUGH L S MCCONNELL LIMITED

Opinion
We have audited the financial statements of Hugh L S Mcconnell Limited (the 'company') for the year ended 30th April 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30th April 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HUGH L S MCCONNELL LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HUGH L S MCCONNELL LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered 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:

Auditors approach to assessing the risks of material misstatement due to irregularities, including fraud.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity. The following laws and regulations are considered to be significant to the entity:

- Financial reporting Standard 102
- Companies Act 2006
- UK General Data Protection Regulation


We assessed the risks of material misstatement in respect of fraud as follows:

- Discussed the risk of material misstatement due to irregularities, including fraud with management at the planning stage to confirm that risks had been adequately identified and that the controls in place are sufficient for the size and nature of the business to reduce those risks to an acceptably low level.

- Undertook an initial analytical review of the financial statements to identify any potentially unusual or unexpected relationships or high risk audit areas.

- Completed a risk assessment checklist to aid in the identification of Risks for a company of this size and nature.

- We considered the risk of fraud through management override of controls, a common risk in a company of this size and nature, in response; we incorporated testing of manual journal entries into our audit approach and undertook a purely substantive approach to the audit with no reliance placed on controls.

- Accounting policies were reviewed at the planning stage to identify any subjective measurements or complex transactions where management would have the potential to show bias.

- Ensured all in the audit team are aware of the risks identified and particular areas that were susceptible to misstatement and during the audit planning meeting.

- Throughout the audit additional substantive testing was undertaken in areas where there was perceived to be a medium or high risk of misstatement.

- Audit testing was undertaken in a manner that was unpredictable in nature, selection and timing when compared to previous years work.

- The engagement Partners final review of the audit file and financial statements included a detailed review of all areas of medium or high risk identified at the planning stage of the audit.



REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HUGH L S MCCONNELL LIMITED

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above:

- Financial reporting Standard 102, Companies Act 2006 and UK General Data Protection Regulation. The audit team all have a good understanding of the requirements under these laws and regulations common to most trading businesses and were alert throughout the audit to any potential instances of non-compliance.

- Further, at both the planning and completion stage of the audit enquiries where made of management regarding any known instances of fraud or non-compliance with laws and regulations.

- These representations were corroborated where possible through the review of board minutes and correspondence with HMRC and companies house. No contradictory evidence was noted.


We consider that the work detailed above has ensured that the likelihood of detection of irregularities including fraud is considered to be high both at management level and during our audit approach. It is however worth noting that there is an inherent difficulty in detecting irregularities and there is no guarantee that all irregularities have been identified.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr Mark Jones FCA (Senior Statutory Auditor)
for and on behalf of Cook & Partners Limited
Statutory Auditor
Manufactory House
Bell Lane
Hertford
Hertfordshire
SG14 1BP

20th August 2024

HUGH L S MCCONNELL LIMITED (REGISTERED NUMBER: SC191842)

STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 30TH APRIL 2024

2024 2023
Notes £'000 £'000

TURNOVER 3 57,496 34,662

Cost of sales 48,750 26,069
GROSS PROFIT 8,746 8,593

Administrative expenses 6,378 7,121
2,368 1,472

Other operating income 53 28
OPERATING PROFIT 5 2,421 1,500


Interest payable and similar expenses 6 138 49
PROFIT BEFORE TAXATION 2,283 1,451

Tax on profit 7 396 221
PROFIT FOR THE FINANCIAL YEAR 1,887 1,230

Retained earnings at beginning of year 3,580 2,514

Dividends 8 - (164 )

RETAINED EARNINGS AT END OF
YEAR

5,467

3,580

HUGH L S MCCONNELL LIMITED (REGISTERED NUMBER: SC191842)

BALANCE SHEET
30TH APRIL 2024

2024 2023
Notes £'000 £'000 £'000 £'000
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 1,692 1,109
Investments 11 - 32
1,692 1,141

CURRENT ASSETS
Stocks 12 10 10
Debtors 13 13,373 7,849
Cash at bank and in hand 5,520 3,835
18,903 11,694
CREDITORS
Amounts falling due within one year 14 13,719 7,960
NET CURRENT ASSETS 5,184 3,734
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,876

4,875

CREDITORS
Amounts falling due after more than one
year

15

(1,030

)

(992

)

PROVISIONS FOR LIABILITIES 20 (304 ) (228 )
NET ASSETS 5,542 3,655

CAPITAL AND RESERVES
Called up share capital 21 75 75
Retained earnings 22 5,467 3,580
SHAREHOLDERS' FUNDS 5,542 3,655

The financial statements were approved by the Board of Directors and authorised for issue on 22nd August 2024 and were signed on its behalf by:





Mr Robert Henry McGregor - Director


HUGH L S MCCONNELL LIMITED (REGISTERED NUMBER: SC191842)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH APRIL 2024

2024 2023
Notes £'000 £'000
Cash flows from operating activities
Cash generated from operations 1 3,845 2,504
Interest paid (79 ) (27 )
Interest element of hire purchase payments
paid

(59

)

(22

)
Tax paid (6 ) -
Net cash from operating activities 3,701 2,455

Cash flows from investing activities
Purchase of tangible fixed assets (1,094 ) (1,108 )
Sale of tangible fixed assets 43 62
Net cash from investing activities (1,051 ) (1,046 )

Cash flows from financing activities
Loan repayments in year (510 ) (170 )
HP capital repayments in year (241 ) (168 )
Amount introduced by directors 41 -
New hire purchase agreements 785 820
Amounts advanced by group undertakings (1,040 ) 96
Equity dividends paid - (164 )
Net cash from financing activities (965 ) 414

Increase in cash and cash equivalents 1,685 1,823
Cash and cash equivalents at beginning of
year

2

3,835

2,012

Cash and cash equivalents at end of year 2 5,520 3,835

HUGH L S MCCONNELL LIMITED (REGISTERED NUMBER: SC191842)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH APRIL 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£'000 £'000
Profit before taxation 2,283 1,451
Depreciation charges 506 262
Profit on disposal of fixed assets (38 ) (36 )
Finance costs 138 49
2,889 1,726
Increase in trade and other debtors (4,580 ) (1,200 )
Increase in trade and other creditors 5,536 1,978
Cash generated from operations 3,845 2,504

2. CASH AND CASH EQUIVALENTS

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

Year ended 30th April 2024
30.4.24 1.5.23
£'000 £'000
Cash and cash equivalents 5,520 3,835
Year ended 30th April 2023
30.4.23 1.5.22
£'000 £'000
Cash and cash equivalents 3,835 2,012


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.23 Cash flow At 30.4.24
£'000 £'000 £'000
Net cash
Cash at bank and in hand 3,835 1,685 5,520
3,835 1,685 5,520
Debt
Finance leases (746 ) (545 ) (1,291 )
Debts falling due within 1 year (170 ) 170 -
Debts falling due after 1 year (340 ) 340 -
(1,256 ) (35 ) (1,291 )
Total 2,579 1,650 4,229

HUGH L S MCCONNELL LIMITED (REGISTERED NUMBER: SC191842)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2024

1. STATUTORY INFORMATION

Hugh L S Mcconnell Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared in pounds sterling which is the functional currency of the company and rounded to the nearest thousands.

The significant accounting policies applied in the preparation of these financial statements are set out below.

Preparation of consolidated financial statements
The financial statements contain information about Hugh L S McConnell Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, McConnell Group Limited, United Kingdom.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported as assets, liabilities, revenues and expenses for the year. The key sources of estimation uncertainty are as follows:

Depreciation and amortisation of tangible and intangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The expected lives of assets and their residual values are assessed regularly and may vary depending on a number of factors including asset life cycles, maintenance programmes etc.

Impairment of assets
Tangible fixed assets, intangible fixed assets, fixed asset investments, stock and debtors are all reviewed for evidence of impairment.

In connection with fixed assets (tangible, intangible and investments) factors taken into consideration include the economic viability and the expected future financial performance of the assets.

Trade debtors are reviewed for evidence of impairment. Factors considered include ageing, past recovery rates, customer creditworthiness, and the stage and expected outcome of any recovery proceedings.

Contract accounting
When determining the amount to include as amounts recoverable on contracts and thereby the amount of profit to recognise on individual contracts, factors such as the stage of completion and forecasted outturn of the contract are taken into account.

HUGH L S MCCONNELL LIMITED (REGISTERED NUMBER: SC191842)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The policy adopted for the recognition of turnover are as follows:

Construction contracts
When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to agreed valuations, current and projected contract costs and expected sales value.

Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Goodwill
The company has elected not to restate any business combinations which took place prior to the transition to FRS102. Goodwill therefore includes other intangible assets (such as customer lists) which were acquired prior to the transition date.

Goodwill is measured at cost less accumulated amortisation and any accumulated impairment losses. It has been amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on cost and 25% on reducing balance
Fixtures and fittings - 33% on cost and 15% on reducing balance
Motor vehicles - 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


HUGH L S MCCONNELL LIMITED (REGISTERED NUMBER: SC191842)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences. with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company makes payments to defined contribution pension schemes on behalf of employees. The assets of the schemes are held separately from those of the company in independently administered funds. Contributions payable for the year are charged in the profit and loss account.

Employee benefits
When employees have rendered service to the company, short term benefits (including holiday pay) to which employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other external charges.

Cash on the balance sheet comprises cash in hand and cash at bank.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

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

2024 2023
£'000 £'000
Construction contracts 57,496 34,662
57,496 34,662

HUGH L S MCCONNELL LIMITED (REGISTERED NUMBER: SC191842)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024

3. TURNOVER - continued

An analysis of turnover by geographical market is given below:

2024 2023
£'000 £'000
United Kingdom 57,496 34,662
57,496 34,662

4. EMPLOYEES AND DIRECTORS
2024 2023
£'000 £'000
Wages and salaries 8,530 5,802
Social security costs 941 657
Other pension costs 268 308
9,739 6,767

The average number of employees during the year was as follows:
2024 2023

Directors 6 5
Supervisory, Sales and admin 107 70
Production 55 46
168 121

2024 2023
£    £   
Directors' remuneration 501,963 459,251
Directors' pension contributions to money purchase schemes 68,917 179,478

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 6 5

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 141,632 164,392
Pension contributions to money purchase schemes 11,360 12,973

HUGH L S MCCONNELL LIMITED (REGISTERED NUMBER: SC191842)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024

5. OPERATING PROFIT

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

2024 2023
£'000 £'000
Other operating leases 186 162
Depreciation - owned assets 181 107
Depreciation - assets on hire purchase contracts 325 155
Profit on disposal of fixed assets (38 ) (36 )
Auditors' remuneration 34 29

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£'000 £'000
Bank loan interest 79 27
Hire purchase 59 22
138 49

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£'000 £'000
Current tax:
UK corporation tax 435 116
Prior years (116 ) (83 )
Total current tax 319 33

Deferred tax 77 188
Tax on profit 396 221

HUGH L S MCCONNELL LIMITED (REGISTERED NUMBER: SC191842)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024

7. TAXATION - continued

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

2024 2023
£'000 £'000
Profit before tax 2,283 1,451
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19.493%)

571

283

Effects of:
Expenses not deductible for tax purposes 10 2
Depreciation in excess of capital allowances - 10
Adjustments to tax charge in respect of previous periods (7 ) (82 )
Group relief 12 (12 )
Super deduction - (21 )
Change in tax rate 36 41
R&D enhanced expenditure (226 ) -
Total tax charge 396 221

8. DIVIDENDS
2024 2023
£'000 £'000
Ordinary shares of 1 each
Interim - 164

9. INTANGIBLE FIXED ASSETS
Goodwill
£'000
COST
At 1st May 2023
and 30th April 2024 422
AMORTISATION
At 1st May 2023
and 30th April 2024 422
NET BOOK VALUE
At 30th April 2024 -
At 30th April 2023 -

HUGH L S MCCONNELL LIMITED (REGISTERED NUMBER: SC191842)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024

10. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£'000 £'000 £'000 £'000
COST
At 1st May 2023 169 376 1,179 1,724
Additions 1 229 864 1,094
Disposals - - (69 ) (69 )
At 30th April 2024 170 605 1,974 2,749
DEPRECIATION
At 1st May 2023 118 160 337 615
Charge for year 18 125 363 506
Eliminated on disposal - - (64 ) (64 )
At 30th April 2024 136 285 636 1,057
NET BOOK VALUE
At 30th April 2024 34 320 1,338 1,692
At 30th April 2023 51 216 842 1,109

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£'000
COST
At 1st May 2023 867
Additions 785
Transfer to ownership (21 )
At 30th April 2024 1,631
DEPRECIATION
At 1st May 2023 117
Charge for year 325
Transfer to ownership (21 )
At 30th April 2024 421
NET BOOK VALUE
At 30th April 2024 1,210
At 30th April 2023 750

HUGH L S MCCONNELL LIMITED (REGISTERED NUMBER: SC191842)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024

11. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£'000
COST
At 1st May 2023 908
Disposals (908 )
At 30th April 2024 -
PROVISIONS
At 1st May 2023 876

Eliminated on disposal (876 )
At 30th April 2024 -
NET BOOK VALUE
At 30th April 2024 -
At 30th April 2023 32

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

McDonald Davis Limited
Registered office: United Kingdom
Nature of business: Dormant company
%
Class of shares: holding
Ordinary Shares 100.00
2024 2023
£'000 £'000
Aggregate capital and reserves - 30

John Law & Sons Limited
Registered office: United Kingdom
Nature of business: Dormant company
%
Class of shares: holding
Ordinary shares 100.00
2024 2023
£'000 £'000
Aggregate capital and reserves - 2

McConnell Decorators Limited
Registered office: United Kingdom
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00

HUGH L S MCCONNELL LIMITED (REGISTERED NUMBER: SC191842)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024

11. FIXED ASSET INVESTMENTS - continued

McConnell Seamless Roofing Limited
Registered office: United Kingdom
Nature of business: Dormant Company
%
Class of shares: holding
Ordinary 100.00

Subsequent to the financial year ended 30 April 2024, the above dormant subsidiaries went into the dissolution therefore the investments in these subsidiaries were written off at no gain/loss.

12. STOCKS
2024 2023
£'000 £'000
Stocks 10 10

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£'000 £'000
Trade debtors 8,546 4,185
Amounts owed by group undertakings 944 -
Amount recoverable on contract 3,664 3,571
Prepayments & other debtors 219 93
13,373 7,849

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£'000 £'000
Bank loans and overdrafts (see note 16) - 170
Hire purchase contracts (see note 17) 261 126
Payments on account - 1,380
Trade creditors 5,082 1,362
Amounts owed to group undertakings - 96
Tax 435 122
Social security and other taxes 1,921 1,281
Other creditors 73 -
Directors' current accounts 41 -
Accrued expenses 5,906 3,423
13,719 7,960

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£'000 £'000
Bank loans (see note 16) - 340
Hire purchase contracts (see note 17) 1,030 620
Amounts owed to group undertakings - 32
1,030 992

HUGH L S MCCONNELL LIMITED (REGISTERED NUMBER: SC191842)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£'000 £'000
Amounts falling due within one year or on demand:
Bank loans - 170

Amounts falling due between one and two years:
Bank loans - 1-2 years - 170

Amounts falling due between two and five years:
Bank loans - 2-5 years - 170

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£'000 £'000
Gross obligations repayable:
Within one year 339 167
Between one and five years 1,109 683
1,448 850

Finance charges repayable:
Within one year 78 41
Between one and five years 79 63
157 104

Net obligations repayable:
Within one year 261 126
Between one and five years 1,030 620
1,291 746

Non-cancellable operating leases
2024 2023
£'000 £'000
Within one year 352 200
Between one and five years 853 482
In more than five years - 25
1,205 707

HUGH L S MCCONNELL LIMITED (REGISTERED NUMBER: SC191842)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024

18. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£'000 £'000
Hire purchase contracts 1,291 745
CBILS - 510
1,291 1,255

Hire purchase liabilities are secured over the particular assets.

The business interruption loan was secured by a bond and floating charge over the company's assets and by a government guarantee. This loan was repaid during the period.

19. FINANCIAL INSTRUMENTS

The carrying amount of the company's financial instruments are as follows:



Financial assets 2024 2023
£'000 £'000
Debt instruments measured at amortised cost
Cash at bank and in hand 5,520 3,835
Trade and other debtors 13,373 7,849


Equity instruments measured at cost less impairment
Fixed asset unlisted in subsidiary undertakings - 32


Financial liabilities measured at amortised cost
Trade creditors & payments on account 5,082 2,742
Accrued expenses 5,906 3,423
Amounts owed to group undertakings - 128
Hire purchase liabilities 1,291 746
Bank loans - 510
Other Creditors 114 -



20. PROVISIONS FOR LIABILITIES
2024 2023
£'000 £'000
Deferred tax
Deferred tax 304 232
Other timing differences - (4 )
304 228

HUGH L S MCCONNELL LIMITED (REGISTERED NUMBER: SC191842)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024

20. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£'000
Balance at 1st May 2023 228
Provided during year 76
Balance at 30th April 2024 304

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £'000 £'000
75,000 Ordinary 1 75 75

22. RESERVES
Retained
earnings
£'000

At 1st May 2023 3,580
Profit for the year 1,887
At 30th April 2024 5,467

23. CONTINGENT LIABILITIES

On completion of some of its roofing contracts, the company provides a written guarantee for its works. Under the terms of the guarantees, which mostly last for ten years, the company is required to make good any defects which appear in its work during the guarantee period.

This guarantee system has been in place for over ten years and, in general, only minor repairs (if any) have been required. Since any estimate of the future costs of these minor repairs would be wholly subjective, no provision is made for them in the accounts and their cost is charged to the profit and loss account in the year in which they occur. If however any substantial post year end repairs are identified, the cost of such repairs would be accrued in the accounts.

24. CAPITAL COMMITMENTS
2024 2023
£'000 £'000
Contracted but not provided for in the
financial statements 207 298

25. RELATED PARTY DISCLOSURES

The company has granted security over its assets in connection with group borrowings.

HUGH L S MCCONNELL LIMITED (REGISTERED NUMBER: SC191842)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024

26. ULTIMATE CONTROLLING PARTY

The Company is a wholly-owned subsidiary of McConnell Group Limited, an entity incorporated in England and Wales with its registered office at Manufactory House, Bell Lane, Hertford, England, SG14 1BP. The Company's financial results are included in the consolidated accounts of McConnell Group Limited. Copies of these consolidated financial statements are available from the registered office.

On 17 July 2024, McConnell Group Holdings Limited, also incorporated in England and Wales with its registered office at the same address, acquired 100% of the shares of McConnell Group Limited.

The ultimate controlling parties are Robert McGregor, Eamonn McGarvey, Jon Wallis, David Kelly, and Stephen Allen.