REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MARWOOD GROUP LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MARWOOD GROUP LIMITED |
MARWOOD GROUP LIMITED (REGISTERED NUMBER: 01422430) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 6 |
Report of the Independent Auditors | 7 |
Income Statement | 10 |
Other Comprehensive Income | 11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 13 |
Cash Flow Statement | 14 |
Notes to the Cash Flow Statement | 15 |
Notes to the Financial Statements | 16 |
MARWOOD GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditor |
Riverside House |
1-5 Como Street |
Romford |
Essex |
RM7 7DN |
SOLICITORS: |
8-10 Eastern Road |
Romford |
Essex |
RM1 3PJ |
MARWOOD GROUP LIMITED (REGISTERED NUMBER: 01422430) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
The Marwood Group Limited provides specialist non-mechanical plant hire and sales mainly to the UK construction and civil engineering industries and has maintained market share in this competitive sector. |
NEW LONDON DEPOT ACQUISITION |
The purchase of a new London depot to replace the existing Barking depot marks a significant strategic move for the company. The expansion to a larger site will allow us to enhance operational efficiency and improve stock management. This new depot is expected to be a cornerstone in supporting the company's continued natural growth. |
REVIEW OF BUSINESS |
In line with our strategy, we are focused on increasing our stock holding of environmentally harvested products sourced from around the world. This initiative is not only environmentally responsible but also strategically important in positioning the company as a leader in sustainable practices within the industry. |
FINANCIAL HEALTH |
The Company's financial health remains strong, with exceptionally low gearing. Excluding amounts owed to shareholders, the gearing ratio at the balance sheet date was 0%, consistent with the previous year (2022: 0%). This conservative financial approach ensures that the company maintains a strong balance sheet, providing stability and resilience against market fluctuations. |
MARWOOD GROUP LIMITED (REGISTERED NUMBER: 01422430) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The board of directors are responsible for overseeing the effectiveness of the company's risk and control procedures. These procedures address risks relating to processes, governance and risks within the market. |
The principal risks facing the business are as follows: |
Governance and Risk Management |
The Board of Directors is responsible for overseeing the effectiveness of the company's risk management and control procedures. These procedures are designed to address a range of risks, including operational processes, governance, and market-related risks. |
Market Uncertainty |
One of the principal risks facing the business is the potential market uncertainty caused by the general elections. The anticipation and outcome of elections can lead to a temporary pause in the marketplace, affecting demand and project timelines within the construction industry. The company remains vigilant in monitoring these developments and adjusting its strategies accordingly. |
Credit Risk Management |
Credit risk remains a key area of focus for the company, particularly in ensuring that new customers are subject to rigorous credit checks. To mitigate this risk, all new customers with potential credit balances undergo thorough reviews, and limits are set on hire turnover. Sales within the first 12 months are conducted on a cash basis, further reducing exposure to credit risk. |
Liquidity Risk |
Due to the Company's strong financial position and lack of gearing, liquidity risk is not considered a significant concern. The company maintains sufficient cash reserves and has a robust financial framework in place to manage any potential liquidity challenges. |
Market Risk in Construction Industry |
The construction industry is inherently cyclical, with fluctuations in demand influenced by broader economic conditions. Despite these challenges, the company has successfully positioned itself as a key supplier to major hire, civil engineering, utility companies and house builders across the UK. This diversification across sectors helps mitigate the impact of market cycles and ensures a steady flow of business. |
MARWOOD GROUP LIMITED (REGISTERED NUMBER: 01422430) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
STRATEGIC FRAMEWORK |
The long-term strategic goals of the company are based on five key areas as follows: |
Operational |
Maintain market share and growth across all depots and divisions |
Cost control through investment in efficient systems |
Utilising IT and the new ways of remote working |
Hold large stocks of all current hire lines |
Maintain good relationships with suppliers to enable immediate response to new demands |
Customer |
Maintaining and nurturing close beneficial relationships with new and existing customers |
Achievement of excellent customer satisfaction and retention |
Respond to customer feed back |
Innovation |
Continually developing new and existing products to meet changing and new needs of customers |
Responding to changing market and regulatory conditions |
Design and build product suitable for the hire industry |
Collaborate with partners and suppliers to produce better products |
People |
Attract develop and retain motivated, skilled and talented people |
Encourage management team to identify and take advantage of opportunities and deal with threats effectively |
Invest in training and staff development |
Provide staff with the opportunity to grow within the Company |
Regulatory and Governance |
Promote regulatory and governance excellence |
MARWOOD GROUP LIMITED (REGISTERED NUMBER: 01422430) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FINANCIAL AND OPERATING REVIEW |
2023 | 2022 | Change | % Change |
£ | £ | £ |
Profit and Loss |
Turnover | 33,478 | 29,597 | 3,881 | 13.11 |
Cost of Sales | 12,048 | 11,095 | (953) | (8.59) |
Gross Profit | 21,430 | 18,502 | 2,928 | 15.83 |
Gross Profit % | 64.01% | 62.51% | 1.50.% | 2.40 |
EBITDA | 9,869 | 8,325 | 1,544 | 18.55 |
EBITDA % | 29.48% | 28.13% | 1.35% | 4.80 |
Balance Sheet |
Shareholders Funds |
51,198 |
43.241 |
7,957 |
18.40 |
Trade Debtors Days |
69.10 |
79.65 |
10.55 |
13.25 |
Trade Creditors Days |
23.08 |
24.28 |
1.21 |
4.97 |
CONCLUSION |
The Company has made significant strides in expanding its operational capabilities, particularly with the acquisition of the new London depot. The focus on environmentally sustainable products and maintaining a strong financial position ensures that the company is well-positioned to navigate both current and future challenges. With a robust risk management framework in place and a clear strategy for growth, the company is poised for continued success in the coming year. |
ON BEHALF OF THE BOARD: |
MARWOOD GROUP LIMITED (REGISTERED NUMBER: 01422430) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
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. |
The directors confirm that they have taken steps to ensure all information relevant to the audit of these accounts has been made available to the auditors prior to the date of approval of these accounts by the board. |
AUDITORS |
The auditors, Clemence Hoar Cummings, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MARWOOD GROUP LIMITED |
Opinion |
We have audited the financial statements of Marwood Group Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 31 December 2023 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 |
MARWOOD GROUP 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 six, 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. |
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: |
- We have designed our work to ensure that laws and regulations have been adhered to, and the transactions undertaken by the Company are properly reflected in the financial statements. |
- We have obtained a detailed understanding of the Company's internal control systems and we have used the knowledge gained to identify any areas of risk of mis-statement or fraud. We have then designed our audit tests in each area to identify whether in respect of the transactions we have selected for testing the relevant controls have operated as expected. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MARWOOD GROUP LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and Statutory Auditor |
Riverside House |
1-5 Como Street |
Romford |
Essex |
RM7 7DN |
MARWOOD GROUP LIMITED (REGISTERED NUMBER: 01422430) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
REVENUE |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
8,842,348 | 7,316,816 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
MARWOOD GROUP LIMITED (REGISTERED NUMBER: 01422430) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
MARWOOD GROUP LIMITED (REGISTERED NUMBER: 01422430) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Property, plant and equipment | 8 |
CURRENT ASSETS |
Inventories | 9 |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 13 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
MARWOOD GROUP LIMITED (REGISTERED NUMBER: 01422430) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2023 |
MARWOOD GROUP LIMITED (REGISTERED NUMBER: 01422430) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
28,717,932 |
Cash and cash equivalents at end of year |
2 |
19,026,629 |
34,639,633 |
MARWOOD GROUP LIMITED (REGISTERED NUMBER: 01422430) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Finance income | (1,337,818 | ) | (336,025 | ) |
9,869,483 | 8,324,367 |
Increase in inventories | ( |
) | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations |
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 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 19,026,629 | 34,639,633 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 34,639,633 | 28,717,932 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 34,639,633 | (15,613,004 | ) | 19,026,629 |
34,639,633 | ( |
) | 19,026,629 |
Total | 34,639,633 | (15,613,004 | ) | 19,026,629 |
MARWOOD GROUP LIMITED (REGISTERED NUMBER: 01422430) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Marwood Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the net invoiced sale of goods sold. Plant on hire is recognised on a straight - line basis over the period the equipment is on hire less any returns and rebates. |
Goodwill |
Goodwill relates to the acquisition cost of Railtec Ltd and Europalite Ltd (£70,000 & £3,500 respectively). These have been fully amortised over their estimated useful life. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Included in fixed assets are items of plant that are available for both hire and sale to customers. As it is not possible to identify the use of such items at acquisition the company employs a policy of including individually identifiable items as fixed assets however on disposal to customers in the normal course of business the surplus or deficit is shown in the trading account. |
Stocks |
Sales stock are valued at lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
As the majority of bulk stock items purchased are available for both hire and sale it is not always possible to identify if they should be treated as stock or fixed assets. The company therefore employs a policy of treating individually identifiable items as fixed assets and bulk items as stock. The items treated as stock are written down to reflect their value as used items and introduce an element of cost for the use of items when hired to customer's. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
MARWOOD GROUP LIMITED (REGISTERED NUMBER: 01422430) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
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 operates a defined contribution pension scheme. |
The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge in the profit and loss account represents contributions payable by the Company to the fund. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Directors | 6 | 6 |
Employees | 181 | 177 |
4. | DIRECTORS' EMOLUMENTS |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
MARWOOD GROUP LIMITED (REGISTERED NUMBER: 01422430) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | DIRECTORS' EMOLUMENTS - continued |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors remuneration |
Foreign exchange differences |
During the year £1,850 was charged as audit fees to the Marwood Group Pension Fund. |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred taxation | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Itemised plant adjustment | (73,349 | ) | (38,800 | ) |
Deferred tax movement | 90,627 | (43,688 | ) |
Total tax charge | 2,482,074 | 1,508,291 |
MARWOOD GROUP LIMITED (REGISTERED NUMBER: 01422430) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
8. | PROPERTY, PLANT AND EQUIPMENT |
Freehold | Short | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
MARWOOD GROUP LIMITED (REGISTERED NUMBER: 01422430) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | PROPERTY, PLANT AND EQUIPMENT - continued |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Included in cost of land and buildings is freehold land of £ 3,778,450 (2022 - £ 149,450 ) which is not depreciated. |
9. | INVENTORIES |
2023 | 2022 |
£ | £ |
Goods available for sale or hire |
Fuel and oil |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments and accrued income |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation |
Social security and other taxes |
VAT | - | 429,334 |
Other creditors | 2,728,082 | 5,356,605 |
Deferred income |
Accrued expenses |
MARWOOD GROUP LIMITED (REGISTERED NUMBER: 01422430) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
13. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred taxation | 396,210 | 305,583 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Accelerated Capital Allowances | 90,627 |
Rate Movement |
Balance at 31 December 2023 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
15. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
At 31 December 2023 |
16. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements |
MARWOOD GROUP LIMITED (REGISTERED NUMBER: 01422430) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
17. | RELATED PARTY DISCLOSURES |
During the year rents payable of £2,095,646 (2022 - £2,019,317) were paid to Marwood Group Pension Fund a fund in which C J Martin and Mrs C A Martin (who are shareholders in Marwood Group Limited) are members and trustees. |
Marwood Group Ltd are holding an improvement grant for £20,000 for the property at Bridgend that is owned by Marwood Group Pension Fund. |
Marwood Group Ltd also paid employers pension contributions to Marwood Pension Fund for Mr S A Martin and Ms J A Martin who are both trustees of Marwood Pension Fund, the amounts are as follows. |
31.12.23 | 31.12.22 |
£ | £ |
Mr S A Martin | 5,000 | 5,000 |
Ms J A Martin | 5,000 | 5,000 |
The amount owed to the shareholders at the Balance Sheet date was £2,593,261, which is included in other creditors. (2022 - £5,200,214) |
18. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr C Martin. |