REGISTERED NUMBER: 12329395 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements for the Year Ended 31 March 2024 |
for |
Monnow Valley Holdings Ltd |
REGISTERED NUMBER: 12329395 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements for the Year Ended 31 March 2024 |
for |
Monnow Valley Holdings Ltd |
Monnow Valley Holdings Ltd (Registered number: 12329395) |
Contents of the Consolidated Financial Statements |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 6 |
Report of the Independent Auditors | 7 |
Consolidated Statement of Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Company Cash Flow Statement | 16 |
Notes to the Cash Flow Statements | 17 |
Notes to the Consolidated Financial Statements | 19 |
Monnow Valley Holdings Ltd |
Company Information |
for the year ended 31 March 2024 |
Director: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditor |
Certified Accountants |
Unit 2 Foley Works |
Foley Industrial Estate |
Hereford |
Herefordshire |
HR1 2SF |
Monnow Valley Holdings Ltd (Registered number: 12329395) |
Group Strategic Report |
for the year ended 31 March 2024 |
The director presents his strategic report of the company and the group for the year ended 31 March 2024. |
Fair review of the business |
Who we are |
Monnow Valley Holdings Ltd is the parent company of the group incorporating K.G.D. Enterprises Limited (K.G.D.) along with its subsidiary, KGD Process International Limited. |
K.G.D. specialises in the design and build of various "packages" for the oil and gas, pharmaceutical, renewables and nuclear industries in addition to the supply of expert maintenance support to local food and industrial sectors. All of this involves specialist design, fabrication, inspection, NDT (non-destructive testing) and finishing. Our main customers utilise all these skills to obtain the most cost- effective package build. |
KGD Process International Limited is currently not trading and will soon be made dormant until such time as it is required for a specific Process Technology opportunity. |
Monnow Valley Holdings Ltd was formed in late 2019 and is the landlord to K.G.D. of new purpose- built factories at Hursey Road and the existing Netherwood Road premises, situated close by one another in Hereford. |
These modern bespoke facilities are where the Team is based and all the package - build work is carried out. In addition to this, site installations and maintenance is undertaken for several local and national companies in the food, beverage, and industrial sectors. |
Our Team |
We are fortunate in retaining a stable workforce and steadily increasing it to just over 120, many of whom have come through our established training programme and are advancing their careers within the business structure, benefiting both the employees and the company. We actively encourage staff progression as their vast amount of relevant experience within KGD is retained and brought effectively to their new roles. |
This strategy has given us a good depth of knowledge in project management, design, QA / NDT, workshop, site, and commercial activities and provides great potential for promotion in various roles. One of the objectives is to minimise the difficulties caused from loss of expertise through the retirement of key personnel by developing a pool of insider replacements. Succession planning is very important to K.G.D. |
Monnow Valley Holdings Ltd (Registered number: 12329395) |
Group Strategic Report |
for the year ended 31 March 2024 |
Key performance indicators |
The key financial indicators for the group are: |
2024 | 2023 |
Operating profit / (loss) | 1,694,892 | £1,082,524 |
Profit / (Loss) after tax | 1,245,189 | £955,305 |
Equity shareholders funds | 6,703,556 | £9,458,367 |
Current assets as % of current liabilities (quick ratio) | 117% | 226% |
Average number of employees | 121 | 109 |
We had a quiet start to the 2023/2024 financial year having finished a number of projects in March 2023. We then had an influx of contracts starting in June which led us to a sustained busy period for the rest of 2023-24 and with other contracts a busy 2024-25. In January 2024 we had completion of a management 'share buy back' leaving the Managing Director in sole control of the business. This is reflected in some of the Balance Sheet figures showing significant changes. |
Our general philosophy of investment in people, facilities and equipment have continued to maintain our efficiency and capabilities to deal with an increased throughput of work. Our turnover has increased by 60% whilst maintaining a healthy cashflow and profit margin as we progress. |
We have taken on another strong cohort of apprentices and new employees to further enhance our team. We are also heavily investing in R&D to automate our processes to improve efficiency, quality, data collection and environmental impact. |
Facilities |
Dedicated structural steel workshop |
Dedicated Stainless Steel Workshop, complete with office facilities |
Dedicated Clean Build Workshop, complete with office facilities |
Dedicated Shot-blasting and Painting Facility |
Dedicated stores and sheet metal department |
Two X-Ray bunkers with Quality Control Offices |
We have some of the best facilities in the world to complete the manufacturing of our equipment. Our focus is now on productivity, efficiency and improved quality. We are continuing our investment in training, equipment and automation to achieve this. |
Effective Hours |
This is the number of hours sold compared to the quantity of non- productive / sold hours. |
The relevant data is collated from the payroll and cost ledger and better informs new quotations. |
Despite having a slow start for Q1 & Q2, we managed to get all departments back to full capacity as we entered the last quarter, meaning our KPI's were not achieved early in the year but were still inline with the previous year. |
Safety |
This is measured by recording and reviewing all lost time and minor incidents. |
Our safety system is based on the foundation of strong apprenticeships, solid initial training, and regular updates along with close scrutiny of our safety records within our ISO 45001 (H&S) standard to identify any trends. |
Monnow Valley Holdings Ltd (Registered number: 12329395) |
Group Strategic Report |
for the year ended 31 March 2024 |
Customer focus |
At each contract review customer feedback and impressions are assessed and action taken to retain or improve the relationship. |
We continue to achieve a very high customer return rate and we have enjoyed over 30 years of continuous work with many clients. The investment in new facilities and equipment is helping to solidify customer impressions. |
Energy Prices |
Energy prices have reduced to more normal levels and we have fixed our costs for the medium term. All efforts are being made to reduce usage and to review and change processes to save energy. |
Inflation |
We are continuing to experience inflation and wage growth in excess of inflation. We are doing everything we can to limit the passing on of price increases to our clients whilst concurrently awarding wage increases to staff to ensure we retain the very valuable skills and experience that we have within the business. |
Depressed oil & gas activities / oil price |
Activity returned to the Oil and Gas areas last year and the continuation of the Ukraine war saw energy security continue at the forefront. We foresee an upturn in this activity going forward as hostilities persist and energy remains at a premium whilst further development of green energies continues apace. |
Renewables and Hydrogen |
We have continued with some Hydrogen related works. This is a very exciting area for us, and our sales are focused toward building new business in Hydrogen and Renewables. We are one of thirty-one companies to be awarded the "Fit For Hydrogen" accreditation this year, which should assist our aim at becoming a market leading manufacturer of equipment in this area. We are also continuing our journey within the Nuclear Sector having received new contracts this year and forming relationships with possible new customers for future Nuclear Developments. |
Continuity of contracts & customers |
The world continues to evolve with the cost-of-living crisis, inflation, and the continual amalgamation of companies. We have been fortunate in retaining many clients, but the last couple of years has highlighted the importance of our pro-active approach in continually seeking to increase our spread of customers, of target industries and of the types of work we offer as this remains our best insulation to fluctuations outside of our control. |
This approach has seen our focus move towards renewables as we see the manufacture of equipment in this sector as our next major opportunity. |
Exchange rate considerations. |
At present the exchange rate means we remain competitive within Europe and the Rest of the World but any significant adjustment to the rate can impede our progress. |
To reduce the risk of losses on long term contracts from currency exchange, we use a combination of forward buying / selling as well as greater consideration being given to material sourcing. We also try to be more robust with progress payments. |
Changes to Warranty conditions |
Projects that are undertaken are now carrying with them more onerous warranty conditions and this could cause problems for funding as the lengthening of terms tie up increasingly more capital. |
To manage this situation, we must initially look at two points. Firstly, we need to limit the value and conditions of the warranties on items we manufacture which are normally very robust, static and of relatively low value. Secondly, we need to make full use of the Government Export Guarantee Schemes which we have used successfully in the past in conjunction with our bankers. Going further forward a policy based on historical data needs to be put in place. To date we have no history of warranty claims against us, but we must not be complacent and need to continue to minimise the risk by increasingly vigilant quality control. |
Health and Safety |
We have a good health and safety record and have ISO 45001 in place which we work to. |
Monnow Valley Holdings Ltd (Registered number: 12329395) |
Group Strategic Report |
for the year ended 31 March 2024 |
However, we need to keep improving and we have a policy in place to strengthen the H & S knowledge and implementation thereof by staff moving up to supervisory roles from the manual trades where they would have already gained a significant level of practical H & S knowledge. |
Employment legislation. |
We take our responsibilities here most seriously and strive to keep abreast of this constantly changing area. We have had a pension scheme in place for many years and in 2014 we transferred to the auto-enrolment scheme. |
Corporate responsibilities |
We have continued and increased our involvement in our apprenticeship programme in conjunction with the Hereford & Worcester Group Training scheme. Since 2016 we have allocated time within KGD to give more one-to -one training to the apprentices in their first year. This has proven to be very successful and will be carried on and expanded. |
We continue to engage with local associations to ensure issues relevant to us are kept under consideration by adding our views to various issues. |
We regularly assist several diverse local good causes and charities. |
We continue to help local nonprofessional sports clubs some of which have an involvement with K.G.D staff. We view sports clubs as areas for raising the K.G.D profile and attracting potential apprentice applications. |
We are qualified to ISO 14001 and operate our environmental issues within that system. The new buildings are using modern insulation values and water saving systems etc. Our waste management is now fully established with all items recycled where possible. |
Summary |
As predicted we had a slow start to the 2023-24 Financial Year, we saw delays to the majority of the major contracts not starting until Q2. We have finished the year with an increased profit and turnover whilst maintaining cashflow and balance sheet stability. We have started 2024-25 with a full orderbook with a number of opportunities ahead of us we envisage a substantial upturn in activity in Oil & Gas, Nuclear and Renewables, and we persist to prepare our man power, facilities and finances for this increase. |
We continue to progressively and steadily expand the business whilst maintaining a strong Balance Sheet and good profitability. |
On behalf of the board: |
Monnow Valley Holdings Ltd (Registered number: 12329395) |
Report of the Director |
for the year ended 31 March 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 31 March 2024. |
Principal activity |
The principal activity of the company and group continued to be that of the manufacture of bespoke packages for the oil and gas industry worldwide, coupled with expert maintenance support to local food and industrial companies. Furthermore, we have recently embarked on both pharmaceutical and nuclear work |
Dividends |
No dividends will be distributed for the year ended 31 March 2024. |
Director |
Statement of director's responsibilities |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
Auditors |
The auditors, Acre Accountancy Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
On behalf of the board: |
Report of the Independent Auditors to the Members of |
Monnow Valley Holdings Ltd |
Opinion |
We have audited the financial statements of Monnow Valley Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and Notes to the Cash Flow Statements, 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 group's and of the parent company affairs as at 31 March 2024 and of the group's 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 group 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 director's 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 the 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Monnow Valley Holdings Ltd |
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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page six, the director is 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 director determines 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 director is responsible for assessing the group's and 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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 enquired with management about the legal framework that the company operates in. We also enquired about the risk of fraud and whether they were aware of any instances of fraud. |
We communicated the outcome of this risk assessment with the audit team and planned our audit work accordingly. Our work in these areas is limited to analytical procedures and inspection of relevant documentation. Where a breach of operational regulations is not disclosed to us, or it is not evident from documentation that we receive during the audit, an audit will not detect that breach. |
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 |
Monnow Valley Holdings Ltd |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
Certified Accountants |
Unit 2 Foley Works |
Foley Industrial Estate |
Hereford |
Herefordshire |
HR1 2SF |
Monnow Valley Holdings Ltd (Registered number: 12329395) |
Consolidated Statement of Comprehensive Income |
for the year ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 15,075,287 | 11,832,155 |
Cost of sales | (11,676,883 | ) | (9,159,300 | ) |
GROSS PROFIT | 3,398,404 | 2,672,855 |
Administrative expenses | (1,703,512 | ) | (1,610,331 | ) |
1,694,892 | 1,062,524 |
Other operating income | - | 20,000 |
OPERATING PROFIT | 5 | 1,694,892 | 1,082,524 |
Interest receivable and similar income | 6 | 1,209 | 13,046 |
1,696,101 | 1,095,570 |
Interest payable and similar expenses | 7 | (24,800 | ) | (50,674 | ) |
PROFIT BEFORE TAXATION | 1,671,301 | 1,044,896 |
Tax on profit | 8 | (426,112 | ) | (89,591 | ) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,245,189 |
955,305 |
Profit attributable to: |
Owners of the parent | 1,245,189 | 955,305 |
Total comprehensive income attributable to: |
Owners of the parent | 1,245,189 | 955,305 |
Monnow Valley Holdings Ltd (Registered number: 12329395) |
Consolidated Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 10 | 2,674,412 | 5,672,500 |
Investments | 11 | - | - |
Investment property | 12 | 2,944,157 | - |
5,618,569 | 5,672,500 |
CURRENT ASSETS |
Stocks | 13 | 1,058,704 | 570,709 |
Debtors | 14 | 7,076,965 | 4,234,538 |
Cash at bank | 2,626,338 | 4,561,418 |
10,762,007 | 9,366,665 |
CREDITORS |
Amounts falling due within one year | 15 | (9,169,676 | ) | (4,128,104 | ) |
NET CURRENT ASSETS | 1,592,331 | 5,238,561 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
7,210,900 |
10,911,061 |
CREDITORS |
Amounts falling due after more than one year |
16 |
- |
(959,823 |
) |
PROVISIONS FOR LIABILITIES | 19 | (507,344 | ) | (492,871 | ) |
NET ASSETS | 6,703,556 | 9,458,367 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 472,538 | 1,417,616 |
Capital redemption reserve | 21 | 1,411,162 | 466,084 |
Pre-acquisition reserves | 21 | 8,316,197 | 8,316,197 |
Retained earnings | 21 | (3,496,341 | ) | (741,530 | ) |
SHAREHOLDERS' FUNDS | 6,703,556 | 9,458,367 |
The financial statements were approved by the director and authorised for issue on 3 October 2024 and were signed by: |
E A Pitt - Director |
Monnow Valley Holdings Ltd (Registered number: 12329395) |
Company Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Capital redemption reserve | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 3,912,611 | 2,409,854 |
The financial statements were approved by the director and authorised for issue on |
Monnow Valley Holdings Ltd (Registered number: 12329395) |
Consolidated Statement of Changes in Equity |
for the year ended 31 March 2024 |
Called up | Capital |
share | Retained | redemption | Pre-acquisition | Total |
capital | earnings | reserve | reserves | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2022 | 134,550 | 1,002,315 | - | 8,316,197 | 9,453,062 |
Changes in equity |
Bonus share issue | 1,749,150 | (1,749,150 | ) | - | - | - |
Purchase of own shares | (466,084 | ) | (950,000 | ) | 466,084 | - | (950,000 | ) |
Total comprehensive income | - | 955,305 | - | - | 955,305 |
Balance at 31 March 2023 | 1,417,616 | (741,530 | ) | 466,084 | 8,316,197 | 9,458,367 |
Changes in equity |
Purchase of own shares | (945,078 | ) | (4,000,000 | ) | 945,078 | - | (4,000,000 | ) |
Total comprehensive income | - | 1,245,189 | - | - | 1,245,189 |
Balance at 31 March 2024 | 472,538 | (3,496,341 | ) | 1,411,162 | 8,316,197 | 6,703,556 |
Monnow Valley Holdings Ltd (Registered number: 12329395) |
Company Statement of Changes in Equity |
for the year ended 31 March 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Bonus share issue | 1,749,150 | (1,749,150 | ) | - | - |
Purchase of own shares | (466,084 | ) | (950,000 | ) | 466,084 | (950,000 | ) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Purchase of own shares | (945,078 | ) | (4,000,000 | ) | 945,078 | (4,000,000 | ) |
Total comprehensive income | - |
Balance at 31 March 2024 |
Monnow Valley Holdings Ltd (Registered number: 12329395) |
Consolidated Cash Flow Statement |
for the year ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 3,544,887 | (78,018 | ) |
Interest paid | (24,800 | ) | (50,674 | ) |
Tax paid | (94,724 | ) | (61,999 | ) |
Government grants | - | 20,000 |
Net cash from operating activities | 3,425,363 | (170,691 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (156,829 | ) | (94,546 | ) |
Sale of tangible fixed assets | - | 833 |
Interest received | 1,209 | 13,046 |
Net cash from investing activities | (155,620 | ) | (80,667 | ) |
Cash flows from financing activities |
Loans (repaid)/received in year | (110,000 | ) | 440,000 |
Loan repayments in year | (1,094,823 | ) | (131,649 | ) |
Share buyback | (4,000,000 | ) | (950,000 | ) |
Net cash from financing activities | (5,204,823 | ) | (641,649 | ) |
Decrease in cash and cash equivalents | (1,935,080 | ) | (893,007 | ) |
Cash and cash equivalents at beginning of year |
2 |
4,561,418 |
5,454,425 |
Cash and cash equivalents at end of year | 2 | 2,626,338 | 4,561,418 |
Monnow Valley Holdings Ltd (Registered number: 12329395) |
Company Cash Flow Statement |
for the year ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Interest received |
Dividends received |
Net cash from investing activities |
Cash flows from financing activities |
Loans(repaid)/received in year | ( |
) |
Loan repayments in year | ( |
) | ( |
) |
Loans from/(to) subsidiary | 1,362,711 | (1,507,861 | ) |
Share buyback | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
475,292 |
Cash and cash equivalents at end of year | 2 | 228,947 | 237,478 |
Monnow Valley Holdings Ltd (Registered number: 12329395) |
Notes to the Cash Flow Statements |
for the year ended 31 March 2024 |
1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
Group |
2024 | 2023 |
£ | £ |
Profit for the financial year | 1,245,189 | 955,305 |
Depreciation charges | 210,762 | 201,695 |
Profit on disposal of fixed assets | - | (833 | ) |
Government grants | - | (20,000 | ) |
Finance costs | 24,800 | 50,674 |
Finance income | (1,209 | ) | (13,046 | ) |
Taxation | 426,112 | 89,591 |
1,905,654 | 1,263,386 |
Increase in stocks | (487,995 | ) | (94,762 | ) |
Increase in trade and other debtors | (2,845,982 | ) | (2,120,643 | ) |
Increase in trade and other creditors | 4,973,210 | 874,001 |
Cash generated from operations | 3,544,887 | (78,018 | ) |
Company |
2024 | 2023 |
£ | £ |
Profit before taxation |
Finance costs | 24,592 | 50,674 |
Finance income | (3,702,652 | ) | (2,112,646 | ) |
314,373 | 344,326 |
Increase in trade and other debtors | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statements in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Group | Company |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 | 31.3.24 | 1.4.23 |
£ | £ | £ | £ |
Cash and cash equivalents | 2,626,338 | 4,561,418 | 228,947 | 237,478 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 | 31.3.23 | 1.4.22 |
£ | £ | £ | £ |
Cash and cash equivalents | 4,561,418 | 5,454,425 | 237,478 | 475,292 |
Monnow Valley Holdings Ltd (Registered number: 12329395) |
Notes to the Cash Flow Statements |
for the year ended 31 March 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
Group |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank | 4,561,418 | (1,935,080 | ) | 2,626,338 |
4,561,418 | (1,935,080 | ) | 2,626,338 |
Debt |
Debts falling due within 1 year | (135,000 | ) | 135,000 | - |
Debts falling due after 1 year | (959,823 | ) | 959,823 | - |
(1,094,823 | ) | 1,094,823 | - |
Total | 3,466,595 | (840,257 | ) | 2,626,338 |
Company |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank | 237,478 | (8,531 | ) | 228,947 |
237,478 | ( |
) | 228,947 |
Debt |
Debts falling due within 1 year | (135,000 | ) | 135,000 | - |
Debts falling due after 1 year | (959,823 | ) | 959,823 | - |
(1,094,823 | ) | 1,094,823 | - |
Total | (857,345 | ) | 1,086,292 | 228,947 |
Monnow Valley Holdings Ltd (Registered number: 12329395) |
Notes to the Consolidated Financial Statements |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Monnow Valley Holdings Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Monnow Valley Holdings Limited is a private limited company domiciled and incorporated in England and Wales. The registered office is Netherwood Road, Rotherwas Industrial Estate, Hereford, UK, HR2 6JU. |
The group consists of Monnow Valley Holdings Limited and all of its subsidiaries. |
Basis of consolidation |
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration after the acquisition date. The cost of the combination includes the estimated amount of contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment. |
The consolidated financial statements incorporate those of Monnow Valley Holdings Limited and all of its subsidiaries (i.e entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. |
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 inline 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. |
Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates. In the group financial statements, associates are accounted for using the equity method. |
Entities in which the group holds and interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. In the group financial statements, joint ventures are accounted for using the equity method. |
Monnow Valley Holdings Ltd (Registered number: 12329395) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
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 an underlying assumptions are reviewed on an ongoing basis. Revisions to accounting 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. |
Critical judgements |
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
Warranty provision |
Warranties are now being incorporated into contracts for major offshore package applications previously shipped and currently being completed. This has necessitated the creation of a warranty provision. During the warranty period the company has an obligation to rectify defects. The provision is maintained until the director considers that the claims against the company are remote. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement and volume rebates. |
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Turnover from larger contracts is recognised on staged invoices. Smaller contracts and site work is invoiced on completion. |
Profits from contracts are recognised by reference to overall anticipated costs and profits, actual costs to date, and the stage of completion where the outcome can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total anticipated costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent to cover costs incurred to date. |
Monnow Valley Holdings Ltd (Registered number: 12329395) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Leasehold land and buildings | 10 - 30 years |
Assets under construction | 30 years |
Plant and equipment | 2 - 10 years |
Motor vehicles | 4 years |
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. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. |
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential. |
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. |
On larger contracts work that is unbilled at the balance sheet date is shown as work-in-progress. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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. |
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. |
Monnow Valley Holdings Ltd (Registered number: 12329395) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Fixed asset investments |
Equity instruments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available. |
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cots less any accumulated impairment losses. |
A subsidiary is an entity controlled by the group. Control us the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
An associate is an entity, being neither a subsidiary not a joint venture, in which the company holds a long term interest and where the company has significant influence where it has the power to participate in the financial and operating decisions of the associate. |
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the groups share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of the acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates. |
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate. |
In the parent company financial statements, investments in associates are accounted for at cost less impairment. |
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities. |
Monnow Valley Holdings Ltd (Registered number: 12329395) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
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 exisit, 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 seperately for impairment. |
Recoverable amount is the higher of the fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present money value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. |
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried out at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
Monnow Valley Holdings Ltd (Registered number: 12329395) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
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 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 assets original effective interest rate. The impairment loss in recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event accruing 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 or ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate. |
Other financial liabilities |
Derivatives including interest rate swaps and forward 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 the profit or loss in finance costs to 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 FRS102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the groups contractual obligations expire or are discharged or cancelled. |
Monnow Valley Holdings Ltd (Registered number: 12329395) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
3. | EMPLOYEES AND DIRECTORS |
Year Ended | Year Ended |
31.3.24 | 31.3.23 |
£ | £ |
Wages and salaries | 3,858,368 | 3,533,880 |
Social security costs | 369,760 | 363,842 |
Other pension costs | 95,091 | 83,851 |
4,323,219 | 3,981,573 |
The average number of employees during the year was as follows: |
Year Ended | Year Ended |
31.3.24 | 31.3.23 |
Administration | 5 | 5 |
Engineering | 116 | 104 |
121 | 109 |
The average number of employees by undertakings that were proportionately consolidated during the year was 121 (2023:109). |
4. | DIRECTORS' EMOLUMENTS |
31.3.24 | 31.3.23 |
Directors remuneration | 60,353 | £107,529 |
The number of directors to whom retirement benefits were accruing was as follows: |
Retirement schemes | 1 | 1 |
Monnow Valley Holdings Ltd (Registered number: 12329395) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 20,853 | 9,013 |
Other operating leases | 50,495 | 48,673 |
Depreciation - owned assets | 210,760 | 201,695 |
Profit on disposal of fixed assets | - | (833 | ) |
Foreign exchange differences | (302,451 | ) | (74,798 | ) |
Auditors' remuneration | 12,100 | 11,500 |
6. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2024 | 2023 |
£ | £ |
Deposit account interest | 1,209 | 12,835 |
HMRC interest on tax repayment | - | 211 |
1,209 | 13,046 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 24,468 | 50,674 |
HMRC late payment interest | 332 | - |
24,800 | 50,674 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 411,639 | 155,141 |
Prior year overprovision | - | (62,000 | ) |
Total current tax | 411,639 | 93,141 |
Deferred tax | 14,473 | (3,550 | ) |
Tax on profit | 426,112 | 89,591 |
9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
Monnow Valley Holdings Ltd (Registered number: 12329395) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
10. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Long | Plant and | Motor |
property | leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 April 2023 | 2,944,157 | 160,799 | 4,646,621 | 316,861 | 8,068,438 |
Additions | - | - | 156,829 | - | 156,829 |
Reclassification/transfer | (2,944,157 | ) | - | - | - | (2,944,157 | ) |
At 31 March 2024 | - | 160,799 | 4,803,450 | 316,861 | 5,281,110 |
Depreciation |
At 1 April 2023 | - | 127,466 | 2,002,893 | 265,579 | 2,395,938 |
Charge for year | - | 12,924 | 182,890 | 14,946 | 210,760 |
At 31 March 2024 | - | 140,390 | 2,185,783 | 280,525 | 2,606,698 |
Net book value |
At 31 March 2024 | - | 20,409 | 2,617,667 | 36,336 | 2,674,412 |
At 31 March 2023 | 2,944,157 | 33,333 | 2,643,728 | 51,282 | 5,672,500 |
Company |
Freehold |
property |
£ |
Cost |
At 1 April 2023 |
Reclassification/transfer | ( |
) |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
Monnow Valley Holdings Ltd (Registered number: 12329395) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 April 2023 |
and 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: KGD Netherwood Road, Rotherwas Industrial Estate, Hereford HR2 6JU |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: KGD Netherwood Road, Rotherwas Industrial Estate, Hereford, HR2 6JU |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Loss for the year | ( |
) |
Monnow Valley Holdings Ltd (Registered number: 12329395) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
12. | INVESTMENT PROPERTY |
Group |
Total |
£ |
Fair value |
Reclassification/transfer | 2,944,157 |
At 31 March 2024 | 2,944,157 |
Net book value |
At 31 March 2024 | 2,944,157 |
Company |
Total |
£ |
Fair value |
Reclassification/transfer | 2,944,157 |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
The director considers the cost and the fair value of the investment properties to be the same at 31/03/2024. |
13. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 72,988 | 72,988 |
Work-in-progress | 985,716 | 497,721 |
1,058,704 | 570,709 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 3,735,193 | 3,170,936 |
Amounts owed by group undertakings | - | - |
Other debtors | 63,700 | 71,620 |
Tax | - | 3,555 |
VAT | 115,863 | - |
Prepayments | 3,162,209 | 988,427 |
7,076,965 | 4,234,538 |
Monnow Valley Holdings Ltd (Registered number: 12329395) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | - | 135,000 |
Trade creditors | 1,157,915 | 446,106 |
Amounts owed to group undertakings | - | - |
Tax | 411,780 | 98,420 |
Social security and other taxes | 120,913 | 121,565 |
VAT | - | 105,885 | 19,350 | 22,919 |
Other creditors | 354,996 | 528,958 |
Accruals and deferred income | 7,124,072 | 2,692,170 |
9,169,676 | 4,128,104 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 17) | - | 959,823 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | - | 135,000 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | - | 959,823 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans | - | 1,094,823 |
Barclays held a fixed and floating charge on the land and freehold property forming plots S3-S4 and S8-S10 Hursey Road, Rotherwas Industrial Estate, Hereford. This charge was satisfied on 28th November 2023. |
HSBC hold a fixed and floating charge which covers all property or undertaking of KGD Enterprises Ltd. |
Monnow Valley Holdings Ltd (Registered number: 12329395) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
19. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 507,344 | 492,871 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 492,871 |
Charge to Statement of Comprehensive Income during year | 14,473 |
Balance at 31 March 2024 | 507,344 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 472,538 | 1,417,616 |
945,078 own Ordinary shares of £1 each were purchased out of reserves at a cost of £4,000,000. |
21. | RESERVES |
Group |
Capital |
Retained | redemption | Pre-acquisition |
earnings | reserve | reserves | Totals |
£ | £ | £ | £ |
At 1 April 2023 | (741,530 | ) | 466,084 | 8,316,197 | 8,040,751 |
Profit for the year | 1,245,189 | 1,245,189 |
Purchase of own shares | (4,000,000 | ) | 945,078 | - | (3,054,922 | ) |
At 31 March 2024 | (3,496,341 | ) | 1,411,162 | 8,316,197 | 6,231,018 |
Company |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | 765,180 |
Profit for the year |
Purchase of own shares | (4,000,000 | ) | 945,078 | (3,054,922 | ) |
At 31 March 2024 | 1,622,869 |