IRIS Accounts Production v24.2.0.383 01422430 Board of Directors Board of Directors 1.1.23 31.12.23 31.12.23 the sale and hire of non mechanical plant. true false true true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh014224302022-12-31014224302023-12-31014224302023-01-012023-12-31014224302021-12-31014224302022-01-012022-12-31014224302022-12-3101422430ns15:EnglandWales2023-01-012023-12-3101422430ns14:PoundSterling2023-01-012023-12-3101422430ns10:Director12023-01-012023-12-3101422430ns10:Director22023-01-012023-12-3101422430ns10:CompanySecretary12023-01-012023-12-3101422430ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3101422430ns10:FRS1022023-01-012023-12-3101422430ns10:Audited2023-01-012023-12-3101422430ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3101422430ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3101422430ns10:FullAccounts2023-01-012023-12-310142243012023-01-012023-12-3101422430ns10:OrdinaryShareClass12023-01-012023-12-3101422430ns10:Director32023-01-012023-12-3101422430ns10:Director42023-01-012023-12-3101422430ns10:Director52023-01-012023-12-3101422430ns10:Director62023-01-012023-12-3101422430ns10:RegisteredOffice2023-01-012023-12-3101422430ns5:CurrentFinancialInstruments2023-12-3101422430ns5:CurrentFinancialInstruments2022-12-3101422430ns5:ShareCapital2023-12-3101422430ns5:ShareCapital2022-12-3101422430ns5:RetainedEarningsAccumulatedLosses2023-12-3101422430ns5:RetainedEarningsAccumulatedLosses2022-12-3101422430ns5:ShareCapital2021-12-3101422430ns5:RetainedEarningsAccumulatedLosses2021-12-3101422430ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3101422430ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3101422430ns5:NetGoodwill2023-01-012023-12-3101422430ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3101422430ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-01-012023-12-3101422430ns5:ShortLeaseholdAssetsns5:LandBuildings2023-01-012023-12-3101422430ns5:PlantMachinery2023-01-012023-12-3101422430ns5:FurnitureFittings2023-01-012023-12-3101422430ns5:MotorVehicles2023-01-012023-12-3101422430ns10:HighestPaidDirector2023-01-012023-12-3101422430ns10:HighestPaidDirector2022-01-012022-12-3101422430ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-01-012023-12-3101422430ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-01-012022-12-3101422430ns5:OwnedAssets2023-01-012023-12-3101422430ns5:OwnedAssets2022-01-012022-12-3101422430ns5:NetGoodwill2022-12-3101422430ns5:NetGoodwill2023-12-3101422430ns5:NetGoodwill2022-12-3101422430ns5:LandBuildings2022-12-3101422430ns5:ShortLeaseholdAssetsns5:LandBuildings2022-12-3101422430ns5:PlantMachinery2022-12-3101422430ns5:LandBuildings2023-01-012023-12-3101422430ns5:LandBuildings2023-12-3101422430ns5:ShortLeaseholdAssetsns5:LandBuildings2023-12-3101422430ns5:PlantMachinery2023-12-3101422430ns5:LandBuildings2022-12-3101422430ns5:ShortLeaseholdAssetsns5:LandBuildings2022-12-3101422430ns5:PlantMachinery2022-12-3101422430ns5:FurnitureFittings2022-12-3101422430ns5:MotorVehicles2022-12-3101422430ns5:FurnitureFittings2023-12-3101422430ns5:MotorVehicles2023-12-3101422430ns5:FurnitureFittings2022-12-3101422430ns5:MotorVehicles2022-12-3101422430ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3101422430ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3101422430ns5:WithinOneYear2023-12-3101422430ns5:WithinOneYear2022-12-3101422430ns5:BetweenOneFiveYears2023-12-3101422430ns5:BetweenOneFiveYears2022-12-3101422430ns5:MoreThanFiveYears2023-12-3101422430ns5:MoreThanFiveYears2022-12-3101422430ns5:AllPeriods2023-12-3101422430ns5:AllPeriods2022-12-3101422430ns5:DeferredTaxation2022-12-3101422430ns5:DeferredTaxation2023-12-3101422430ns10:OrdinaryShareClass12023-12-3101422430ns5:RetainedEarningsAccumulatedLosses2022-12-31
REGISTERED NUMBER: 01422430 (England and Wales)















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: A R Piggott
J R Gold
J A Martin
S A Martin
J F Hannon
K S Rahman



SECRETARY: A R Piggott



REGISTERED OFFICE: 72 Roding Road
London Industrial Park
London
E6 6JG



REGISTERED NUMBER: 01422430 (England and Wales)



AUDITORS: Clemence Hoar Cummings
Chartered Accountants and Statutory Auditor
Riverside House
1-5 Como Street
Romford
Essex
RM7 7DN



SOLICITORS: Mullis & Peake
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:





A R Piggott - Secretary


22 August 2024

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.

A R Piggott
J R Gold
J A Martin
S A Martin
J F Hannon
K S Rahman

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:



A R Piggott - Secretary


22 August 2024

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.




David Belbin BSc FCA DChA (Senior Statutory Auditor)
for and on behalf of Clemence Hoar Cummings
Chartered Accountants and Statutory Auditor
Riverside House
1-5 Como Street
Romford
Essex
RM7 7DN

22 August 2024

MARWOOD GROUP LIMITED (REGISTERED NUMBER: 01422430)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

REVENUE 33,477,665 29,596,948

Cost of sales 12,047,652 11,094,851
GROSS PROFIT 21,430,013 18,502,097

Administrative expenses 12,587,665 11,185,281
8,842,348 7,316,816

Other operating income 259,000 257,333
OPERATING PROFIT 5 9,101,348 7,574,149

Interest receivable and similar income 1,337,818 336,025
PROFIT BEFORE TAXATION 10,439,166 7,910,174

Tax on profit 6 2,482,074 1,508,291
PROFIT FOR THE FINANCIAL YEAR 7,957,092 6,401,883

MARWOOD GROUP LIMITED (REGISTERED NUMBER: 01422430)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 7,957,092 6,401,883


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

7,957,092

6,401,883

MARWOOD GROUP LIMITED (REGISTERED NUMBER: 01422430)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 - -
Property, plant and equipment 8 20,935,321 3,300,875
20,935,321 3,300,875

CURRENT ASSETS
Inventories 9 7,515,410 6,668,016
Debtors 10 9,432,465 6,801,143
Cash at bank and in hand 19,026,629 34,639,633
35,974,504 48,108,792
CREDITORS
Amounts falling due within one year 11 5,315,610 7,863,171
NET CURRENT ASSETS 30,658,894 40,245,621
TOTAL ASSETS LESS CURRENT
LIABILITIES

51,594,215

43,546,496

PROVISIONS FOR LIABILITIES 13 396,210 305,583
NET ASSETS 51,198,005 43,240,913

CAPITAL AND RESERVES
Called up share capital 14 100 100
Retained earnings 15 51,197,905 43,240,813
SHAREHOLDERS' FUNDS 51,198,005 43,240,913

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




K S Rahman - Director



J F Hannon - Director


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 100 36,838,930 36,839,030

Changes in equity
Total comprehensive income - 6,401,883 6,401,883
Balance at 31 December 2022 100 43,240,813 43,240,913

Changes in equity
Total comprehensive income - 7,957,092 7,957,092
Balance at 31 December 2023 100 51,197,905 51,198,005

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 3,382,721 7,624,357
Tax paid (1,930,959 ) (1,545,554 )
Net cash from operating activities 1,451,762 6,078,803

Cash flows from investing activities
Purchase of tangible fixed assets (18,680,081 ) (609,897 )
Sale of tangible fixed assets 277,497 116,770
Interest received 1,337,818 336,025
Net cash from investing activities (17,064,766 ) (157,102 )

(Decrease)/increase in cash and cash equivalents (15,613,004 ) 5,921,701
Cash and cash equivalents at
beginning of year

2

34,639,633

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 10,439,166 7,910,174
Depreciation charges 816,233 753,581
Profit on disposal of fixed assets (48,098 ) (3,363 )
Finance income (1,337,818 ) (336,025 )
9,869,483 8,324,367
Increase in inventories (847,394 ) (100,731 )
(Increase)/decrease in trade and other debtors (2,631,322 ) 38,225
Decrease in trade and other creditors (3,008,046 ) (637,504 )
Cash generated from operations 3,382,721 7,624,357

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 (15,613,004 ) 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 private company, limited by shares , registered in England and Wales. 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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 10% on reducing balance
Short leasehold - 10% on reducing balance
Plant and machinery - 25% on reducing balance, 10% on cost and 4% on cost
Fixtures and fittings - 25% on reducing balance and 10% on reducing balance
Motor vehicles - 25% on reducing balance

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 6,801,685 6,298,246
Social security costs 722,460 700,801
Other pension costs 598,386 520,584
8,122,531 7,519,631

The average number of employees during the year was as follows:
2023 2022

Directors 6 6
Employees 181 177
187 183

4. DIRECTORS' EMOLUMENTS
2023 2022
£    £   
Directors' remuneration 496,136 482,388
Directors' pension contributions to money purchase schemes 166,753 134,144

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

Money purchase schemes 2 2

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 116,873 112,435
Pension contributions to money purchase schemes 49,920 39,740

5. OPERATING PROFIT

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

2023 2022
£    £   
Hire of plant and machinery 2,340 5,856
Depreciation - owned assets 816,236 753,581
Profit on disposal of fixed assets (48,098 ) (3,363 )
Auditors remuneration 25,125 25,300
Foreign exchange differences 2,884 10,832

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 2,391,447 1,551,979

Deferred taxation 90,627 (43,688 )
Tax on profit 2,482,074 1,508,291

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 10,439,166 7,910,174
Profit multiplied by the standard rate of corporation tax in the UK
of 23.520% (2022 - 19%)

2,455,292

1,502,933

Effects of:
Expenses not deductible for tax purposes 720 485
Depreciation in excess of capital allowances 8,784 87,361
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 73,500
AMORTISATION
At 1 January 2023
and 31 December 2023 73,500
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 342,333 2,097,302 6,114,871
Additions 16,968,347 160,594 474,920
Disposals - (59,363 ) (409,973 )
At 31 December 2023 17,310,680 2,198,533 6,179,818
DEPRECIATION
At 1 January 2023 224,958 1,089,203 4,537,823
Charge for year 7,370 112,375 420,775
Eliminated on disposal - (28,284 ) (318,311 )
At 31 December 2023 232,328 1,173,294 4,640,287
NET BOOK VALUE
At 31 December 2023 17,078,352 1,025,239 1,539,531
At 31 December 2022 117,375 1,008,099 1,577,048

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 898,583 1,532,488 10,985,577
Additions 70,787 1,005,433 18,680,081
Disposals (55,643 ) (680,164 ) (1,205,143 )
At 31 December 2023 913,727 1,857,757 28,460,515
DEPRECIATION
At 1 January 2023 684,050 1,148,668 7,684,702
Charge for year 37,326 238,390 816,236
Eliminated on disposal (41,704 ) (587,445 ) (975,744 )
At 31 December 2023 679,672 799,613 7,525,194
NET BOOK VALUE
At 31 December 2023 234,055 1,058,144 20,935,321
At 31 December 2022 214,533 383,820 3,300,875

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 7,515,410 6,667,450
Fuel and oil - 566
7,515,410 6,668,016

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 6,337,812 6,458,903
Other debtors 18,000 -
VAT 2,733,498 -
Prepayments and accrued income 343,155 342,240
9,432,465 6,801,143

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 761,714 738,125
Taxation 1,452,966 992,481
Social security and other taxes 224,666 193,454
VAT - 429,334
Other creditors 2,728,082 5,356,605
Deferred income 61,583 61,417
Accrued expenses 86,599 91,755
5,315,610 7,863,171

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 2,143,498 2,136,834
Between one and five years 4,820,989 5,712,199
In more than five years - 896,500
6,964,487 8,745,533

13. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred taxation 396,210 305,583

Deferred
tax
£   
Balance at 1 January 2023 305,583
Accelerated Capital Allowances 90,627
Rate Movement
Balance at 31 December 2023 396,210

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

15. RESERVES
Retained
earnings
£   

At 1 January 2023 43,240,813
Profit for the year 7,957,092
At 31 December 2023 51,197,905

16. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 1,278,456

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.