Company registration number SC226322 (Scotland)
CURTIS MOORE GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
CURTIS MOORE GROUP LIMITED
COMPANY INFORMATION
Directors
Mrs Y M Devlin
Mr A H Devlin
Mr E D McGhee
Secretary
Mrs Y M Devlin
Company number
SC226322
Registered office
3 Queensberry Avenue
Hillington Park
Glasgow
United Kingdom
G52 4NL
Auditor
Azets Audit Services
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
CURTIS MOORE GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 33
CURTIS MOORE GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

 

Curtis Moore Group is the holding company for the following companies:

 

Curtis Moore (Cladding Systems) Limited

Curtis Moore Developments Limited

Curtis Moore Aviation Limited

 

The group has a 75% stake in Curtis Moore Contracts Limited.

Review of the business

Business Model

The group was established to bring together all of the above companies within the group and to develop Group activities.

 

Curtis Moore (Cladding Systems) Limited, founded in 2000, is a well-established and leading Building Envelope contractor operating from our head office in Hillington, Glasgow. We offer a UK wide design, installation and maintenance service, using award winning Roofing and Cladding solutions, for ambitious building projects within the complex Industrial, Commercial and Nuclear sector.

 

Markets and Trends

Curtis Moore are proud to remain at the forefront of the Nuclear, Defence and energy sectors, embracing new technologies and delivering innovative projects.

 

Working closely with our supply chain we are able to navigate many industry specific challenges, including continued global material shortages, unprecedented price increases and economic uncertainty throughout Europe.

 

Notwithstanding these factors, we remain well placed to continue delivering strategic projects within the complex Building Envelope sector. Successful partnering with our customers and supply chain has also assisted, ensuring price certainty and positive cash flows using advance procurement.

 

The corrective action taken in 2023 has shown through in strong financial results for 2024 including a healthy cash position and a strong forward order book for 2025 and beyond.

 

Objectives

It remains our objective to capitalise on our strategic drive to secure long term sustainable business within our chosen sectors of Nuclear, Defence and Energy. We will do this whilst remaining committed to building strong relationships with industry leading Tier 1 main contractors and our supply chain partners; allowing us to focus both on the development of our core business throughout Scotland, whilst also establishing a strategic base to service longer term framework opportunities.

Principal risks and uncertainties

Whilst we have created a more secure market in Nuclear, Defence and Energy, we are mindful of the risks associated with the procurement of suitably qualified and experienced labour to deliver these projects. The business operates a continuous recruitment process to encourage the appropriate labour market to engage in projects of this nature. This process will be continually monitored to ensure we have the required level of resource to deliver our committed and future projects

 

Development and performance

In light of our recent commercial review the shareholders are pleased to report an increase in group pre-tax profits of £0.6m (2023 £0.4m); against turnover of £27m (2023 £25.7m), with a strong secured pipeline and a healthy order book extending beyond 2025.

 

Future Development

Shareholders are pleased to report a satisfactory performance post year end.

CURTIS MOORE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Key performance indicators

All departments are set rigorous performance metrics which are reviewed at board level; not least contract performance, forecast out turn and cash flow management.

On behalf of the board

Mr A H Devlin
Director
4 September 2024
CURTIS MOORE GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company and group continued to be that of roofing and cladding specialists. Other activities include land development, rental of hangerage and aircraft, and the provision of aerial photography services. Curtis Moore Group Limited is the holding company for its subsidiaries; Curtis Moore (Cladding Systems) Limited, Curtis Moore Developments Limited, Curtis Moore Aviation Limited and Curtis Moore Contracts Limited.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £75,000. The directors do not recommend payment of a further dividend.

Directors

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

Mrs Y M Devlin
Mr A H Devlin
Mr E D McGhee
Auditor

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

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr A H Devlin
Director
4 September 2024
CURTIS MOORE GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

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.

CURTIS MOORE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CURTIS MOORE GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of Curtis Moore Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 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:

CURTIS MOORE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CURTIS MOORE GROUP LIMITED
- 6 -
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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

CURTIS MOORE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CURTIS MOORE GROUP LIMITED
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Jennifer Alexander (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
4 September 2024
Chartered Accountants
Statutory Auditor
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
CURTIS MOORE GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
26,998,423
25,676,667
Cost of sales
(22,299,592)
(21,659,022)
Gross profit
4,698,831
4,017,645
Administrative expenses
(3,949,734)
(3,650,803)
Other operating income
6,388
68,364
Operating profit
4
755,485
435,206
Interest receivable and similar income
9
1,827
825
Interest payable and similar expenses
8
(185,056)
(54,784)
Profit before taxation
572,256
381,247
Tax on profit
10
221,947
370,308
Profit for the financial year
25
794,203
751,555
Profit for the financial year is all attributable to the owners of the parent company.
CURTIS MOORE GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
£
£
Profit for the year
794,203
751,555
Other comprehensive income
-
-
Total comprehensive income for the year
794,203
751,555
Total comprehensive income for the year is all attributable to the owners of the parent company.
CURTIS MOORE GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,569,238
1,762,309
Current assets
Stocks
15
37,279
38,209
Debtors
16
6,498,299
6,841,023
Cash at bank and in hand
1,200,299
635,230
7,735,877
7,514,462
Creditors: amounts falling due within one year
17
(5,953,742)
(6,107,522)
Net current assets
1,782,135
1,406,940
Total assets less current liabilities
3,351,373
3,169,249
Creditors: amounts falling due after more than one year
18
(1,134,207)
(1,675,075)
Provisions for liabilities
Deferred tax liability
22
3,789
-
0
(3,789)
-
Net assets
2,213,377
1,494,174
Capital and reserves
Called up share capital
24
106
106
Profit and loss reserves
25
2,213,271
1,494,068
Total equity
2,213,377
1,494,174
The financial statements were approved by the board of directors and authorised for issue on 4 September 2024 and are signed on its behalf by:
04 September 2024
Mr A H Devlin
Director
Company registration number SC226322 (Scotland)
CURTIS MOORE GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
15,154
19,582
Investments
13
304
304
15,458
19,886
Current assets
Debtors
16
334,720
294,720
Cash at bank and in hand
14,439
31,194
349,159
325,914
Creditors: amounts falling due within one year
17
(262,683)
(193,656)
Net current assets
86,476
132,258
Total assets less current liabilities
101,934
152,144
Provisions for liabilities
Deferred tax liability
22
3,789
3,721
(3,789)
(3,721)
Net assets
98,145
148,423
Capital and reserves
Called up share capital
24
106
106
Profit and loss reserves
25
98,039
148,317
Total equity
98,145
148,423

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 £24,722 (2023 - £130,503 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 4 September 2024 and are signed on its behalf by:
04 September 2024
Mr A H Devlin
Director
Company Registration No. SC226322
CURTIS MOORE GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
106
1,002,513
1,002,619
Year ended 31 March 2023:
Profit and total comprehensive income
-
751,555
751,555
Dividends
11
-
(260,000)
(260,000)
Balance at 31 March 2023
106
1,494,068
1,494,174
Year ended 31 March 2024:
Profit and total comprehensive income
-
794,203
794,203
Dividends
11
-
(75,000)
(75,000)
Balance at 31 March 2024
106
2,213,271
2,213,377
CURTIS MOORE GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
106
277,814
277,920
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
130,503
130,503
Dividends
11
-
(260,000)
(260,000)
Balance at 31 March 2023
106
148,317
148,423
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
24,722
24,722
Dividends
11
-
(75,000)
(75,000)
Balance at 31 March 2024
106
98,039
98,145
CURTIS MOORE GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
30
1,608,203
(573,719)
Interest paid
(185,056)
(54,784)
Income taxes refunded
27,698
63,551
Net cash inflow/(outflow) from operating activities
1,450,845
(564,952)
Investing activities
Purchase of tangible fixed assets
(15,903)
(982,065)
Proceeds from disposal of tangible fixed assets
46,291
2,703,743
Interest received
1,827
825
Net cash generated from investing activities
32,215
1,722,503
Financing activities
Proceeds of new bank loans
-
949,228
Repayment of bank loans
(260,531)
(463,460)
Payment of finance leases obligations
(128,574)
(2,036,467)
Dividends paid to equity shareholders
(75,000)
(260,000)
Net cash used in financing activities
(464,105)
(1,810,699)
Net increase/(decrease) in cash and cash equivalents
1,018,955
(653,148)
Cash and cash equivalents at beginning of year
181,344
834,492
Cash and cash equivalents at end of year
1,200,299
181,344
Relating to:
Cash at bank and in hand
1,200,299
635,230
Bank overdrafts included in creditors payable within one year
-
(453,886)
CURTIS MOORE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Company information

Curtis Moore Group Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is 3 Queensberry Avenue, Hillington Park, Glasgow, United Kingdom, G52 4NL.

 

The group consists of Curtis Moore Group 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. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Curtis Moore Group 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).

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

The group's going concern assessment considers its principal risks, and is dependant on a number of factors including financial performance and access to funding facilities.

 

The current and future financial position of the group, its cash flows and liquidity position have been reviewed by the directors. Following this review, the directors have a reasonable expectation that the group has adequate resources to continue in operational existences for the foreseeable future.

 

The group's secured pipeline of work and long-term forecast outlook has provided further assurance to the directors regarding its financial position. As such, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.

1.4
Turnover

Turnover represents the value of roofing and cladding works executed during the year on long term contracts ascertained by reference to contract measurement. Further information in respect of long term contracts is detailed in its accounting policy.

1.5
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.

CURTIS MOORE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -

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:

Improvements to property
10% on cost and 5% on cost
Plant and machinery
25% reducing balance and 10% on cost
Fixtures and fittings
25% reducing balance
Computer equipment
25% reducing balance
Motor vehicles
25% reducing balance
Aircraft
10% on cost

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

1.6
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

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

1.8
Stocks

Stocks and work in progress 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.

CURTIS MOORE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.9
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

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

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
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.

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.

CURTIS MOORE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
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

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.

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.

CURTIS MOORE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
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. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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.

CURTIS MOORE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.17
Government grants

Grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

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.

Key sources of estimation uncertainty

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

Accounting for long term contracts

The Group estimates the outcome of its long term contracts. This is normally measured by the proportion of the costs incurred to date compared to the estimated total contract costs, except where this would not be representative of the stage of completion.

 

Estimated total contract costs are based on management's detailed budgets and projections. Where management judge that the outcome of a long term contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recovered.

CURTIS MOORE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Roofing, cladding & framing
26,998,423
25,319,682
Aircraft and other rental
-
52,818
Sale of development land
-
304,167
26,998,423
25,676,667
2024
2023
£
£
Other revenue
Interest income
1,827
825
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
112,697
98,722
Depreciation of tangible fixed assets held under finance leases
74,233
64,870
Profit on disposal of tangible fixed assets
(5,847)
(77,687)
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
7,415
5,000
Audit of the financial statements of the company's subsidiaries
30,210
27,000
37,625
32,000
For other services
All other non-audit services
4,792
4,356
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
85,000
156,000
CURTIS MOORE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
7
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administrative
26
36
2
3
Operations
15
13
-
-
Total
41
49
2
3

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,178,935
2,588,631
85,000
166,153
Social security costs
260,066
273,344
3,528
7,942
Pension costs
133,350
60,921
-
0
-
0
3,572,351
2,922,896
88,528
174,095
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
85,641
2,958
Other finance costs:
Interest on finance leases and hire purchase contracts
80,848
51,826
Other interest
18,567
-
Total finance costs
185,056
54,784
CURTIS MOORE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,827
825

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
1,827
825
10
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(150,495)
(24,796)
Deferred tax
Origination and reversal of timing differences
(71,452)
(345,512)
Total tax credit
(221,947)
(370,308)

The actual credit 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:

2024
2023
£
£
Profit before taxation
572,256
381,247
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
143,064
72,437
Tax effect of expenses that are not deductible in determining taxable profit
11,876
6,387
Tax effect of income not taxable in determining taxable profit
-
0
(426,646)
Unutilised tax losses carried forward
-
0
496,701
Under/(over) provided in prior years
(150,495)
(24,796)
Fixed asset differences
47,316
(185,460)
Tax adjustments, reliefs and transfers
(273,708)
(309,773)
Tax effect of balancing charge on capital allowances
-
0
842
Taxation credit
(221,947)
(370,308)
CURTIS MOORE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
75,000
260,000
CURTIS MOORE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
12
Tangible fixed assets
Group
Improvements to property
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Aircraft
Total
£
£
£
£
£
£
£
Cost
At 1 April 2023
586,255
133,714
110,756
292,889
447,529
1,005,280
2,576,423
Additions
-
0
-
0
9,251
6,652
18,400
-
0
34,303
Disposals
-
0
-
0
-
0
(1,078)
(74,238)
-
0
(75,316)
At 31 March 2024
586,255
133,714
120,007
298,463
391,691
1,005,280
2,535,410
Depreciation and impairment
At 1 April 2023
220,002
129,992
87,795
158,105
164,736
53,484
814,114
Depreciation charged in the year
31,419
4,660
6,870
34,816
68,084
41,081
186,930
Eliminated in respect of disposals
-
0
-
0
-
0
(1,078)
(33,794)
-
0
(34,872)
At 31 March 2024
251,421
134,652
94,665
191,843
199,026
94,565
966,172
Carrying amount
At 31 March 2024
334,834
(938)
25,342
106,620
192,665
910,715
1,569,238
At 31 March 2023
366,253
3,722
22,961
134,784
282,793
951,796
1,762,309
CURTIS MOORE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
Company
Improvements to property
Computer equipment
Total
£
£
£
Cost
At 1 April 2023
42,142
1,078
43,220
Disposals
-
0
(1,078)
(1,078)
At 31 March 2024
42,142
-
0
42,142
Depreciation and impairment
At 1 April 2023
22,774
864
23,638
Depreciation charged in the year
4,214
214
4,428
Eliminated in respect of disposals
-
0
(1,078)
(1,078)
At 31 March 2024
26,988
-
0
26,988
Carrying amount
At 31 March 2024
15,154
-
0
15,154
At 31 March 2023
19,368
214
19,582

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
190,381
274,664
-
0
-
0
Computer equipment
21,708
28,943
-
0
-
0
212,089
303,607
-
-
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
304
304
CURTIS MOORE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
304
Carrying amount
At 31 March 2024
304
At 31 March 2023
304
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Registered
Class of
Name of undertaking
office
Nature of business
shares held
% Held
Direct
Indirect
Curtis Moore (Cladding Systems) Limited
Scotland
Cladding Contractors
Ordinary
100
0
Curtis Moore Aviation Limited **
Scotland
Aviation Services
Ordinary
100
0
Curtis Moore Contracts Limited
Scotland
Building Contractors
Ordinary
75
0
Curtis Moore Developments Limited **
Scotland
Land Development
Ordinary
100
0

** these entities are exempt from audit of individual accounts under section 479A of the Companies Act 2006.

15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
37,279
38,209
-
-
CURTIS MOORE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,148,271
487,323
-
0
-
0
Gross amounts owed by contract customers
1,732,858
4,180,459
-
0
-
0
Corporation tax recoverable
133,628
10,831
-
0
-
0
Amounts owed by group undertakings
-
-
279,085
279,085
Other debtors
194,609
1,002,344
55,635
15,635
Prepayments and accrued income
144,088
150,676
-
0
-
0
5,353,454
5,831,633
334,720
294,720
Amounts falling due after more than one year:
Gross amounts owed by contract customers
1,036,099
975,885
-
0
-
0
Deferred tax asset (note 22)
108,746
33,505
-
0
-
0
1,144,845
1,009,390
-
-
Total debtors
6,498,299
6,841,023
334,720
294,720
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
324,320
729,752
-
0
-
0
Obligations under finance leases
20
72,610
91,863
-
0
-
0
Trade creditors
2,015,946
3,411,936
967
27
Gross amounts owed to contract customers
2,718,543
646,535
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
233,449
151,745
Other taxation and social security
135,283
150,450
28,267
35,456
Government grants
21
1,237
1,237
-
0
-
0
Other creditors
191,671
1,002,239
-
0
6,428
Accruals and deferred income
494,132
73,510
-
0
-
0
5,953,742
6,107,522
262,683
193,656
CURTIS MOORE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
988,624
1,297,609
-
0
-
0
Obligations under finance leases
20
84,935
175,856
-
0
-
0
Government grants
21
1,141
2,377
-
0
-
0
Other creditors
59,507
199,233
-
0
-
0
1,134,207
1,675,075
-
-
Amounts included above which fall due after five years are as follows:
Payable by instalments
444,291
444,083
-
-
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,312,944
1,573,475
-
0
-
0
Bank overdrafts
-
0
453,886
-
0
-
0
1,312,944
2,027,361
-
-
Payable within one year
324,320
729,752
-
0
-
0
Payable after one year
988,624
1,297,609
-
0
-
0

One of the bank loans is a lending facility obtained under the Coronavirus Business Interruption Loan Scheme (CBILS) during the prior year. The loan is subject to interest of 4.25% over base rate and a final repayment date 6 years after draw down. The loan is 100% guaranteed by the UK Government and the first twelve months of payments were covered by the UK Government, meaning that the group did not need to make any repayments for twelve months.

 

Another bank loan is repayable in monthly instalments with the final balance being made during the year. The interest rate payable for the loan is 4.75%.

 

Another bank loan obtained in the year is repayable in monthly instalments with a final balance due in 2029. The interest rate payable for the loan is 4.5% above base rate.

CURTIS MOORE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
72,610
91,863
-
0
-
0
In two to five years
84,935
175,856
-
0
-
0
157,545
267,719
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

All finance leases are secured over the underlying asset.

21
Government grants
Group
Company
2024
2023
2024
2023
£
£
£
£
Arising from government grants
2,378
3,614
-
-

Deferred income is included in the financial statements as follows:

Current liabilities
1,237
1,237
-
0
-
0
Non-current liabilities
1,141
2,377
-
0
-
0
2,378
3,614
-
-
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
3,789
-
(372,966)
(322,263)
Tax losses
-
-
481,712
355,768
3,789
-
108,746
33,505
CURTIS MOORE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
22
Deferred taxation
(Continued)
- 31 -
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
3,789
3,721
-
-
Group
Company
2024
2024
Movements in the year:
£
£
Liability/(Asset) at 1 April 2023
(33,505)
3,721
(Credit)/charge to profit or loss
(71,452)
68
Liability/(Asset) at 31 March 2024
(104,957)
3,789

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
133,350
60,921

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.

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
106
106
106
106

The company has one class of ordinary shares. There are no restrictions in respect to distribution of dividends or repayment of capital.

CURTIS MOORE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 32 -
25
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
1,494,068
1,002,513
148,317
277,814
Profit for the year
794,203
751,555
24,722
130,503
Dividends
(75,000)
(260,000)
(75,000)
(260,000)
At the end of the year
2,213,271
1,494,068
98,039
148,317
26
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
92,700
95,199
-
-
Between two and five years
73,584
117,425
-
-
166,284
212,624
-
-
27
Related party transactions
Transactions with related parties

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

 

The key management personnel are considered to be the directors of the Company. Directors remuneration is disclosed in note 6 to the financial statements.

28
Directors' transactions

Dividends totalling £75,000 (2023 - 260,000) were paid in the year in respect of shares held by the company's directors.

At the year end the directors owe £55,632 to the group (2023: £15,632). The balance is considered repayable on demand and bears no interest.

 

An amount of £10,000 (2023: £24,131) due to Ashandail Properties is included in other creditors, a partnership in which Mr & Mrs Devlin are partners.

 

CM Project Services Ltd is a company under common directorship. Curtis Moore (Cladding Systems) Limited made sales of £5,625 (2023: £nil) to CM Project Services Ltd. There was also £120,725 (2023: £nil) of purchases from CM Project Services Limited. At 31 March 2024 the balance owing to Curtis Moore (Cladding Systems) Limited by CM Project Services Ltd was £6,750 (2023: £nil).

CURTIS MOORE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 33 -
29
Controlling party

The ultimate controlling parties are Mrs Y Devlin and Mr A Devlin who own 100% of the issued share capital of Curtis Moore Group Limited.

30
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit for the year after tax
794,203
751,555
Adjustments for:
Taxation credited
(221,947)
(370,308)
Finance costs
185,056
54,784
Investment income
(1,827)
(825)
Gain on disposal of tangible fixed assets
(5,847)
(77,687)
Depreciation and impairment of tangible fixed assets
186,930
163,592
Movements in working capital:
Decrease in stocks
930
202,325
Decrease in debtors
540,763
1,400,971
Increase/(decrease) in creditors
131,178
(2,696,889)
Decrease in deferred income
(1,236)
(1,237)
Cash generated from/(absorbed by) operations
1,608,203
(573,719)
31
Analysis of changes in net debt - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
635,230
565,069
1,200,299
Bank overdrafts
(453,886)
453,886
-
0
181,344
1,018,955
1,200,299
Borrowings excluding overdrafts
(1,573,475)
260,531
(1,312,944)
Obligations under finance leases
(267,719)
110,174
(157,545)
(1,659,850)
1,389,660
(270,190)
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.210Mr A H DevlinMr E D McGheeMr E D McGheeMrs Y M 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