Company registration number 02701792 (England and Wales)
MCDERMOTT DEVELOPMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
MCDERMOTT DEVELOPMENTS LIMITED
COMPANY INFORMATION
Directors
S McDermott
C Davis
R M Kay
M Wilkinson
B Kemp
Secretary
C Davis
Company number
02701792
Registered office
Jupiter House
and business address
1 Mercury Rise
Altham Business Park
Altham
Lancashire
BB5 5BY
Auditor
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Bankers
Handelsbanken plc
Challenge Way
Greenbank Business Park
Blackburn
Lancashire
BB1 5QB
MCDERMOTT DEVELOPMENTS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 34
MCDERMOTT DEVELOPMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

During the year the Group has continued to be a residential house builder operating under the brand name of McDermott Homes.

 

The Group trading results for the year are set out in the Consolidated Profit and Loss account on page 10 with the position of the group at the year end set out in the Consolidated Balance Sheet on page 12.

 

The results for the year show a profit before taxation of £15,760,757 (2022: £14,114,340) for the year and turnover of £42,336,685 (2022: £48,717,394). No dividend for the year has been paid or is proposed.

 

The Group Balance Sheet remains strong with net assets of £98,476,169 at the year-end (2022: £86,332,379), with no bank debt.

Principal risks and uncertainties

The directors have identified the following risks and uncertainties:

The Board and senior management constantly monitor and review the risks and uncertainties affecting the business and update existing strategies to ensure that the business can respond quickly and effectively to such events and challenges as they arise. Mitigating measures to an economic downturn would include restricting investment in land, slowing down construction on sites already in progress and reducing the overheads within the business. In particular, the directors carefully consider all risks and uncertainties when acquiring new land development sites and before starting construction works on new developments.

Section 172 statement

The McDermott Developments Group is a leading development, construction and investment Group in the North West region which depends on the trust and confidence of its stakeholders to operate sustainably in the long term. The Group is always looking to put its clients' interests first, to invest in its employees, to support the local community in which it is based and to strive to generate increasing profits to reinvest in future growth. The Directors' continued commitment to providing quality family homes in desirable locations underpins the Group’s approach and benefits all its stakeholders and customers.

The directors have acted in accordance with their duties codified in law, which include their duty to act in the way in which they consider, in good faith, will consistently promote the success of the group for the benefit of its members as a whole, having regard to the stakeholders and matters set in Section 172(1) of the Companies Act 2006.

Section 172 considerations are implemented in all the decision making undertaken at board level and the Board of directors believe that strong governance is essential to the Group.

Future outlook

The Group is financially well positioned to invest in larger development land sites, however, our ability to secure good quality land with planning permissions will continue to be our major challenge going forward.

MCDERMOTT DEVELOPMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

On behalf of the board

R M Kay
Director
18 September 2024
MCDERMOTT DEVELOPMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company and group continued to be that of residential property development and building.

 

Results and dividends

The results for the year are set out on page 10.

No dividends were paid in the year and the directors do not recommend the payment of a final dividend.

Directors

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

S McDermott
C Davis
R M Kay
M Wilkinson
B Kemp
Auditor

In accordance with the company's articles, a resolution proposing that Pierce C A Limited be reappointed as auditor of the group will be put at a General Meeting.

MCDERMOTT DEVELOPMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Energy and carbon report

The greenhouse gas emissions and energy data for the year ended 31 December 2023 has been prepared in line with HM Government Environmental Reporting Guidelines dated March 2019 and have used the 2021 UK Government’s Conversion factors for company reporting.

 

The Group’s energy consumption includes head office electricity, site consumption of gas, electricity and gas oil and motor vehicle fuels.

 

2023
Energy consumption
kWh
Aggregate of energy consumption in the year
1,181,120
2023
Emissions of CO2 equivalent
metric tonnes
Scope 1 - direct emissions
- Gas combustion
21.40
- Fuel consumed for owned transport
181.90
203.30
Scope 2 - indirect emissions
- Electricity purchased
35.10
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
66.90
Total gross emissions
305.30
Intensity ratio
Tonnes C02e per £1m of turnover
7.2
Measures taken to improve energy efficiency

Measures taken to improve energy efficiency includes the increased use of video conferencing facilities to reduce business travel. As part of a regular replacement cycle, we intend to update the plant fleet to newer more energy efficient models.

 

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.

MCDERMOTT DEVELOPMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
On behalf of the board
R M Kay
Director
18 September 2024
MCDERMOTT DEVELOPMENTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

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

 

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

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MCDERMOTT DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MCDERMOTT DEVELOPMENTS LIMITED
- 7 -
Opinion

We have audited the financial statements of McDermott Developments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

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 directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

MCDERMOTT DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MCDERMOTT DEVELOPMENTS LIMITED
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

In identifying and assessing risks of material misstatement in respect of irregularities we considered the following:

We are also required to perform specific procedures to respond to the risk of management override.

As a result of our audit procedures we did not identify a material risk of fraud or other non-compliance with laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

MCDERMOTT DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MCDERMOTT DEVELOPMENTS LIMITED
- 9 -

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.

Linda Wilkinson (Senior Statutory Auditor)
For and behalf of Pierce C A Limited
18 September 2024
Statutory Auditor
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
MCDERMOTT DEVELOPMENTS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
42,336,685
48,717,394
Cost of sales
(29,567,147)
(32,720,767)
Gross profit
12,769,538
15,996,627
Administrative expenses
(2,136,000)
(2,012,123)
Other operating income
998,285
968,840
Operating profit
5
11,631,823
14,953,344
Interest receivable and similar income
8
2,203,657
406,597
Interest payable and similar expenses
9
(19,935)
(533)
Gains/(losses) on investment transactions
10
1,945,212
(1,245,068)
Profit before taxation
15,760,757
14,114,340
Tax on profit
11
(3,616,967)
(2,619,542)
Profit for the financial year
12,143,790
11,494,798
Profit for the financial year is all attributable to the owners of the parent company.
MCDERMOTT DEVELOPMENTS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
£
£
Profit for the year
12,143,790
11,494,798
Other comprehensive income
-
-
Total comprehensive income for the year
12,143,790
11,494,798
Total comprehensive income for the year is all attributable to the owners of the parent company.
MCDERMOTT DEVELOPMENTS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
106,263
153,771
Current assets
Stocks
16
38,353,515
42,715,493
Debtors
17
2,508,187
1,039,339
Investments
18
15,919,601
13,593,434
Cash at bank and in hand
47,644,719
36,520,733
104,426,022
93,868,999
Creditors: amounts falling due within one year
19
(5,268,857)
(7,368,838)
Net current assets
99,157,165
86,500,161
Total assets less current liabilities
99,263,428
86,653,932
Provisions for liabilities
20
(787,259)
(321,553)
Net assets
98,476,169
86,332,379
Capital and reserves
Called up share capital
22
100,000
100,000
Capital redemption reserve
270,000
270,000
Non-distributable profits reserve
23
2,886,854
1,370,832
Distributable profit and loss reserves
95,219,315
84,591,547
Total equity
98,476,169
86,332,379
The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
18 September 2024
C Davis
R M Kay
Director
Director
MCDERMOTT DEVELOPMENTS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
106,263
153,771
Investments
14
460,701
460,701
566,964
614,472
Current assets
Stocks
16
26,693,506
31,055,484
Debtors
17
3,607,691
2,893,991
Investments
18
15,919,601
13,593,434
Cash at bank and in hand
47,623,922
36,422,623
93,844,720
83,965,532
Creditors: amounts falling due within one year
19
(4,946,438)
(7,131,635)
Net current assets
88,898,282
76,833,897
Total assets less current liabilities
89,465,246
77,448,369
Provisions for liabilities
20
(787,259)
(321,553)
Net assets
88,677,987
77,126,816
Capital and reserves
Called up share capital
22
100,000
100,000
Capital redemption reserve
270,000
270,000
Non-distributable profits reserve
23
2,886,854
1,370,832
Distributable profit and loss reserves
85,421,133
75,385,984
Total equity
88,677,987
77,126,816

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £11,551,171 (2022 - £10,882,630 profit).

The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
18 September 2024
C Davis
R M Kay
Director
Director
Company Registration No. 02701792
MCDERMOTT DEVELOPMENTS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Capital redemption reserve
Non-distri-butable profits
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2022
100,000
270,000
2,865,097
71,602,484
74,837,581
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
(1,494,265)
12,989,063
11,494,798
Balance at 31 December 2022
100,000
270,000
1,370,832
84,591,547
86,332,379
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,516,022
10,627,768
12,143,790
Balance at 31 December 2023
100,000
270,000
2,886,854
95,219,315
98,476,169
MCDERMOTT DEVELOPMENTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Share capital
Capital redemption reserve
Non-distri-butable profits
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2022
100,000
270,000
2,865,097
63,009,088
66,244,185
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
(1,494,265)
12,376,896
10,882,631
Balance at 31 December 2022
100,000
270,000
1,370,832
75,385,984
77,126,816
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,516,022
10,035,149
11,551,171
Balance at 31 December 2023
100,000
270,000
2,886,854
85,421,133
88,677,987
MCDERMOTT DEVELOPMENTS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
12,502,090
12,537,562
Interest paid
(19,935)
(533)
Corporation tax paid
(3,173,144)
(2,634,988)
Net cash inflow from operating activities
9,309,011
9,902,041
Investing activities
Purchase of tangible fixed assets
(7,727)
(67,497)
Proceeds on disposal of tangible fixed assets
-
14,873
Net purchase of listed investments
(380,955)
(299,504)
Interest received
1,845,399
113,296
Dividends received
358,258
293,301
Net cash generated from investing activities
1,814,975
54,469
Net increase in cash and cash equivalents
11,123,986
9,956,510
Cash and cash equivalents at beginning of year
36,520,733
26,564,223
Cash and cash equivalents at end of year
47,644,719
36,520,733
MCDERMOTT DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
1
Accounting policies
Company information

McDermott Developments Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Jupiter House, 1 Mercury Rise, Altham Business Park, Altham, Lancashire, BB5 5BY.

 

The group consists of McDermott Developments 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 the revaluation of listed investments at fair value. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated financial statements incorporate those of McDermott Developments Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

On 27 March 2009 the company acquired the entire share capital of Suncrest Properties Limited for a consideration of £100.

 

The 'acquisition' of Suncrest Properties Limited has been accounted for using the merger accounting method in the consolidation. The directors considered that the introduction of a new parent company, McDermott Developments Limited, did not alter the relative rights of the individual shareholders.

 

Allegro Corporation Limited and McDermott Homes Limited have been included in the group financial statements using the purchase method of accounting. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

 

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.

 

All financial statements are made up to 31 December 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.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.

 

 

 

MCDERMOTT DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.4
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts, where the sale of residential property is recognised on legal completion and the sale of development land and commercial property is recognised on exchange of unconditional contracts. Sales of part exchange houses are included in turnover.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Tangible fixed assets

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

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

Plant and equipment
5 - 6 years straight line
Fixtures and fittings
4 years straight line
Motor vehicles
4 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

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.

MCDERMOTT DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash at bank and in hand

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 six months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
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.

MCDERMOTT DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

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, 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.

MCDERMOTT DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
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.

1.13
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.

 

MCDERMOTT DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
1.14
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.

1.15
Retirement benefits

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

1.16
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

MCDERMOTT DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Residential property development and building
42,336,685
48,717,394
2023
2022
£
£
Other revenue
Interest income
1,845,399
113,296
Dividends received
358,258
293,301
Rent receivable
4,800
4,800
Ground rents receivable
107,044
95,305
Sales of freeholds to leaseholders
18,000
17,000
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
42,336,685
48,717,394
4
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
16,350
14,300
Audit of the financial statements of the company's subsidiaries
3,190
3,660
19,540
17,960
For other services
Other taxation services
2,250
-
All other non-audit services
830
2,990
3,080
2,990
5
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
55,235
70,416
Profit on disposal of tangible fixed assets
-
(14,873)
MCDERMOTT DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
325,595
384,612
Company pension contributions to defined contribution schemes
288,466
121,472
614,061
506,084
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
80,000
92,520
Company pension contributions to defined contribution schemes
72,000
39,444
7
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
Property development and building
49
49
49
49

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,200,014
2,222,556
2,200,014
2,222,556
Social security costs
242,194
258,134
242,194
258,134
Pension costs
405,768
242,727
405,768
242,727
2,847,976
2,723,417
2,847,976
2,723,417
Redundancy payments made or committed
10,931
-
10,931
-
MCDERMOTT DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
1,808,084
76,117
Other interest income
37,315
37,179
Total interest revenue
1,845,399
113,296
Other income from investments
Dividends received
358,258
293,301
Total income
2,203,657
406,597
9
Interest payable and similar expenses
2023
2022
£
£
Other interest
19,935
533
10
Gains/(losses) on investment transactions
2023
2022
£
£
Fair value gains/(losses) on financial instruments
Change in value of financial assets held at fair value through profit or loss
1,981,728
(1,844,771)
Exchange differences on financial assets held at fair value through profit or loss
(2,400)
4,135
1,979,328
(1,840,636)
Other gains
(Loss)/gain on disposal of fixed asset investments
(34,116)
595,568
1,945,212
(1,245,068)
MCDERMOTT DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
3,164,606
2,972,454
Adjustments in respect of prior periods
(13,345)
(2,406)
Total current tax
3,151,261
2,970,048
Deferred tax
Origination and reversal of timing differences
465,706
(350,506)
Total tax charge
3,616,967
2,619,542

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
15,760,757
14,114,340
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
3,703,778
2,681,725
Adjustments in respect of prior years
(13,345)
(2,406)
Other permanent differences
(73,466)
(59,777)
Taxation charge
3,616,967
2,619,542
MCDERMOTT DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
12
Intangible fixed assets
Group
Goodwill
Negative goodwill
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
107,235
(221,174)
(113,939)
Amortisation and impairment
At 1 January 2023 and 31 December 2023
107,235
(221,174)
(113,939)
Carrying amount
At 31 December 2023
-
0
-
0
-
0
At 31 December 2022
-
0
-
0
-
0
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.

Negative goodwill relates to the purchase, in 1997, of 87.5% of the issued share capital of Allegro Corporation Limited and represents the excess of the fair value of the assets acquired over the consideration price. The full amount of the negative goodwill has been written back to profit in previous years.

MCDERMOTT DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
13
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
152,302
172,580
220,175
545,057
Additions
3,236
4,491
-
0
7,727
At 31 December 2023
155,538
177,071
220,175
552,784
Depreciation and impairment
At 1 January 2023
112,221
148,572
130,493
391,286
Depreciation charged in the year
22,120
11,453
21,662
55,235
At 31 December 2023
134,341
160,025
152,155
446,521
Carrying amount
At 31 December 2023
21,197
17,046
68,020
106,263
At 31 December 2022
40,081
24,008
89,682
153,771
Company
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
152,302
172,580
220,175
545,057
Additions
3,236
4,491
-
0
7,727
At 31 December 2023
155,538
177,071
220,175
552,784
Depreciation and impairment
At 1 January 2023
112,221
148,572
130,493
391,286
Depreciation charged in the year
22,120
11,453
21,662
55,235
At 31 December 2023
134,341
160,025
152,155
446,521
Carrying amount
At 31 December 2023
21,197
17,046
68,020
106,263
At 31 December 2022
40,081
24,008
89,682
153,771
MCDERMOTT DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
460,701
460,701
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
460,701
Carrying amount
At 31 December 2023
460,701
At 31 December 2022
460,701
MCDERMOTT DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
15
Subsidiaries

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

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Allegro Corporation Limited
See below
Residential property development and building
Ordinary
100
McDermott Homes Limited
See below
Residential property development and building
Ordinary
100
Suncrest Properties Limited
See below
Residential property development and building
Ordinary
100

The registered office address of the above companies is:

 

Jupiter House

1 Mercury Rise

Altham Business Park

Altham

Lancashire

BB5 5BY

The individual company accounts for McDermott Homes Limited, company number 05856885, and Suncrest Properties Limited, company number 02984699, have not been subject to audit. Both companies are entitled to the exemption from audit under Section 479A of the Companies Act 2006 relating to subsidiary companies.

 

McDermott Developments Limited has guaranteed all the outstanding liabilities to which McDermott Homes Limited and Suncrest Properties Limited are subject to, at 31 December 2023, until such liabilities are satisfied in full. The amount of these liabilities at the balance sheet date was as follows:

 

McDermott Homes Limited     £152,573

Suncrest Properties Limited    £167,183

 

 

 

16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Land and property stocks
38,353,515
42,715,493
26,693,506
31,055,484
MCDERMOTT DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
460,108
231,258
446,774
223,196
Corporation tax recoverable
68,718
56,026
68,718
56,026
Amounts owed by group undertakings
-
-
1,130,767
1,893,276
Other debtors
1,760,783
621,307
1,752,391
613,537
Prepayments and accrued income
218,578
130,748
209,041
107,956
2,508,187
1,039,339
3,607,691
2,893,991
18
Current asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Listed investments
15,919,601
13,593,434
15,919,601
13,593,434

The group originally invested an amount of £10,756,475 in listed investments.

 

Proceeds from the realisation of stock disposals and the receipt of dividends and interest have been reinvested each year.

 

The total historic cost of the original portfolio and the subsequent reinvestment is £12,245,488 (2022: £11,901,049).

 

19
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
2,644,922
4,302,879
2,644,922
4,302,879
Land creditors
560,875
560,875
560,875
560,875
Corporation tax payable
95,664
104,855
-
0
78,258
Other taxation and social security
110,801
146,522
110,751
146,482
Other creditors
404,754
409,975
274,564
276,370
Accruals and deferred income
1,451,841
1,843,732
1,355,326
1,766,771
5,268,857
7,368,838
4,946,438
7,131,635
MCDERMOTT DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
20
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
£
£
Unrealised gains on listed investments
787,259
321,553
Liabilities
Liabilities
2023
2022
Company
£
£
Unrealised gains on listed investments
787,259
321,553
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
321,553
321,553
Charge to profit or loss
465,706
465,706
Liability at 31 December 2023
787,259
787,259

The deferred tax liability set out above relates to the potential tax on fair value gains which are expected to crystallise as and when the group disposes of its listed investments.

21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
405,768
242,727

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.

MCDERMOTT DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
22
Share capital
Group and company
2023
2022
Ordinary share capital
£
£
Issued and fully paid
15,000 A1 Ordinary shares of £1 each
15,000
15,000
15,000 A2 Ordinary shares of £1 each
15,000
15,000
10,000 B Ordinary shares of £1 each
10,000
10,000
10,000 C Ordinary shares of £1 each
10,000
10,000
10,000 D Ordinary shares of £1 each
10,000
10,000
10,000 E Ordinary shares of £1 each
10,000
10,000
5,000 F Ordinary shares of £1 each
5,000
5,000
12,500 H1 Ordinary shares of £1 each
12,500
12,500
12,500 H2 Ordinary shares of £1 each
12,500
12,500
Total equity share capital
100,000
100,000

The A1, A2, B, C, D, E, F, H1 and H2 ordinary shares have equal rights with regards to voting at company meetings, on sharing surplus assets on a winding up or liquidation and rights to dividends, except that the directors may declare dividends of different amounts and at different times to each class of ordinary share and that a baseline value applies to the F ordinary shares on any capital exit.

 

In a winding up of the company the profits and assets available for distribution shall be applied in the following order:

 

i) In repayment to the holders of the ordinary shares of the capital paid or credited as paid up thereon.

ii) Any surplus shall be paid to the holders of the ordinary shares.

23
Non-distributable profits reserve
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning of the year
1,370,832
2,865,097
1,370,832
2,865,097
Non distributable profits in the year
1,516,022
(1,494,265)
1,516,022
(1,494,265)
At the end of the year
2,886,854
1,370,832
2,886,854
1,370,832
MCDERMOTT DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
24
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel, who are also the directors of McDermott Developments Limited, is as follows:

2023
2022
£
£
Aggregate compensation
614,061
506,084

All of the directors of McDermott Developments Limited are considered to be key management personnel by virtue of their authority and responsibility for planning, directing and controlling the activities of the group.

Included in Other debtors are loans made by the group to its directors. No funds were advanced in the year and interest charged, at rates up to 2% over the bank base rate, was £12,760 (2022 - £6,303). The closing balance of the directors' loans outstanding was £197,997 (2022 - £185,237).

25
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
12,143,790
11,494,798
Adjustments for:
Taxation charged
3,616,967
2,619,542
Finance costs
19,935
533
Investment income
(2,203,657)
(406,597)
Gain on disposal of tangible fixed assets
-
(14,873)
Depreciation and impairment of tangible fixed assets
55,235
70,416
Fair value (gains)/losses on current asset investments
(1,981,728)
1,844,771
Loss/(gain) on sale of investments
34,116
(595,568)
Exchange differences on financial assets held at fair value
2,400
(4,135)
Movements in working capital:
Decrease/(increase) in stocks
4,361,978
(1,928,908)
(Increase) in debtors
(1,456,156)
(197,621)
(Decrease) in creditors
(2,090,790)
(344,796)
Cash generated from operations
12,502,090
12,537,562
26
Analysis of changes in net funds - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
36,422,623
11,201,299
47,623,922
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