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REGISTERED NUMBER: 11451719 (England and Wales)












GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2024

FOR

MCCONNELL GROUP LIMITED

MCCONNELL GROUP LIMITED (REGISTERED NUMBER: 11451719)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Statement of Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


MCCONNELL GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH APRIL 2024







DIRECTORS: Mr Robert Henry McGregor
Mr Jon Matthew Wallis
Miss Claire Marie Roe





REGISTERED OFFICE: Manufactory House
Bell Lane
Hertford
Hertfordshire
SG14 1BP





REGISTERED NUMBER: 11451719 (England and Wales)





AUDITORS: Cook & Partners Limited
Statutory Auditor
Manufactory House
Bell Lane
Hertford
Hertfordshire
SG14 1BP

MCCONNELL GROUP LIMITED (REGISTERED NUMBER: 11451719)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30TH APRIL 2024

The directors present their strategic report of the company and the group for the year ended 30th April 2024.

PRINCIPAL ACTIVITY

The principal activity of the company is that of an investment holding company.

REVIEW OF BUSINESS
We have delivered another solid year of growth in all aspects of the business. Group revenue has increased from £34.7m (FY23) to £57.5m; Operating Profit from £1.5m (FY23) to £2.4m; and our year end cash position improved from £3.8m (FY23) to £5.5m.

The profit growth at 61% is slightly behind the revenue growth of 66%, and we attribute this to our investment in establishing a Central Region this year. When that is accounted for, the underlying profit growth is 68%.

Our opportunities pipeline continues to grow, as we continue to advance our position in the Scotland market and increase our penetration and reputation in England. We enter FY25 with our highest ever recorded percentage of secured and expected orders against budget.

Our main area of investment in FY24 was people. The management team has been strengthened in depth at all levels, and whilst we retain our SME status and credentials, our management team is full of Tier 1 experience and capability. This brings security and resilience to our service provision and underpins and de-risks our continued growth.

We strive to be the employer of choice in our sectors and believe that this will lead to us becoming the contractor of choice for our customers. We improved our employee benefits offering again this year with the introduction of free life insurance and "We Care" health cover for all employees, incepted an Employee Forum that engages directly with our main board and owners, and contributed a significant percentage of our gross operating profit to the employee bonus pool.

The Directors are very pleased with the overall performance of the business in FY24 and would again like to thank all employees, supply chain partners, advisors, and customers for their support, commitment, and loyalty.


MCCONNELL GROUP LIMITED (REGISTERED NUMBER: 11451719)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30TH APRIL 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Operational Risk

The key operational risk remains the management of higher value projects. The risk is mitigated by our continued investment in the management team, recruiting capable managers with relevant experience; our certified quality control procedures; and targeting projects that are comfortably within our leadership and management skill set, focussing on our core business and not overly diversifying.

Financial Risk

Rising employment and material costs have affected most businesses in the UK, and it has been widely reported that companies exposed to a high proportion of long-term fixed price projects have experienced significant financial challenges in FY24.

As reported in FY23, McConnell adopted a strategy of negotiating shared risk with customers, and our supply chain, at inception of contracts, and in FY24 we had zero exposure to long-term fixed price projects.

McConnell continues to grow and strengthen without experiencing any bad debt or credit encumbrances. We continue to adopt a cautious approach to accounts provisioning, acknowledging the risks that exist within the construction sector.

The principal financial risk to the business is credit based. The possibility of a customer experiencing solvency issues during a significant project is the main exposure the business faces. This risk has been mitigated by continued diligent credit risk analysis prior to contractual commitment. The business has had no significant bad debts in recent years. All significant projects with customers who are not government or publicly funded are credit risk assessed. Our customer base consists of government & publicly funded organisations, and blue chip private and infrastructure clients.

Our liquidity risk continues to be mitigated by daily cashflow monitoring. Senior management are provided with real-time cashflow projections to ensure that we have sufficient liquidity to meet all our commitments. An experienced Finance Director and capable Finance and Commercial teams oversee cash management and commercial performance.

Political Risk

The general election called for July 2024 brings the spectre of political risk, by way of change of government, or significant manifesto changes from the incumbent party. This could bring about a change in investment policies, and private investment appetite for the UK.

The mitigation of this risk for McConnell is that our addressable market is made up of the cyclical financial investment required to maintain and update high-value property assets, to allow them to continue to be occupied, functional, rentable, mortgageable, insurable, and leveraged. History has shown us that the building and infrastructure maintenance and refurbishment sectors are extremely resilient to political change, policy change, and recessions.

It is widely reported that the buildings in many of our sectors have suffered from under-investment over a long period of time, and there is a continued essential and growing need for any government to invest in and improve the condition of built assets in Housing, Health, Education, Public Buildings, and Defence Infrastructure, in order to retain and improve their functionality, and protect their underlying asset value. Add to this, the mandatory requirement to reduce carbon emissions from all built form in the UK, and the national cladding remediation programme, and we consider there is a compelling resilience to our core addressable markets.

We estimate that the annual spend in the UK for the maintenance and refurbishment of all buildings and infrastructure in the UK, is in the region of £15bn to £17bn. McConnell directly addresses around 75% of that expenditure by geography and work-type, and we have a very small market share of this. Even allowing for a counter-intuitive reduction in investment in our addressable markets, we still see significant opportunity for continued growth and consolidation.

We are confident that McConnell remains well-placed to continue to develop and grow successfully and has excellent internal and external resilience and opportunity.

MCCONNELL GROUP LIMITED (REGISTERED NUMBER: 11451719)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30TH APRIL 2024


ON BEHALF OF THE BOARD:





Mr Robert Henry McGregor - Director


15th October 2024

MCCONNELL GROUP LIMITED (REGISTERED NUMBER: 11451719)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30TH APRIL 2024

The directors present their report with the financial statements of the company and the group for the year ended 30th April 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30th April 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st May 2023 to the date of this report.

Mr Eamonn McGarvey
Mr Robert Henry McGregor
Mr Jon Matthew Wallis

Other changes in directors holding office are as follows:

Miss Claire Marie Roe - appointed 4th December 2023
Mr Kenneth Downs - resigned 30th November 2023

Mr Eamonn McGarvey ceased to be a director after 30th April 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and 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 directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

MCCONNELL GROUP LIMITED (REGISTERED NUMBER: 11451719)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30TH APRIL 2024


AUDITORS
The auditors, Cook & Partners Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Mr Robert Henry McGregor - Director


15th October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MCCONNELL GROUP LIMITED

Opinion
We have audited the financial statements of McConnell Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th April 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 and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30th April 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 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MCCONNELL GROUP LIMITED


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 Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept 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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MCCONNELL GROUP LIMITED


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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Auditors approach to assessing the risks of material misstatement due to irregularities, including fraud.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity. The following laws and regulations are considered to be significant to the entity:

- Financial reporting Standard 102
- Companies Act 2006
- UK General Data Protection Regulation

We assessed the risks of material misstatement in respect of fraud as follows:

- Discussed the risk of material misstatement due to irregularities, including fraud with management at the planning stage to confirm that risks had been adequately identified and that the controls in place are sufficient for the size and nature of the business to reduce those risks to an acceptably low level.

- Undertook an initial analytical review of the financial statements to identify any potentially unusual or unexpected relationships or high risk audit areas.

- Completed a risk assessment checklist to aid in the identification of Risks for a company of this size and nature.

- We considered the risk of fraud through management override of controls, a common risk in a company of this size and nature, in response; we incorporated testing of manual journal entries into our audit approach and undertook a purely substantive approach to the audit with no reliance placed on controls.

- Accounting policies were reviewed at the planning stage to identify any subjective measurements or complex transactions where management would have the potential to show bias.

- Ensured all in the audit team are aware of the risks identified and particular areas that were susceptible to misstatement and during the audit planning meeting.

- Throughout the audit additional substantive testing was undertaken in areas where there was perceived to be a medium or high risk of misstatement.

- Audit testing was undertaken in a manner that was unpredictable in nature, selection and timing when compared to previous years work.

- The engagement Partners final review of the audit file and financial statements included a detailed review of all areas of medium or high risk identified at the planning stage of the audit.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above:

- Financial reporting Standard 102, Companies Act 2006 and UK General Data Protection Regulation. The audit team all have a good understanding of the requirements under these laws and regulations common to most trading businesses and were alert throughout the audit to any potential instances of non-compliance.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MCCONNELL GROUP LIMITED


- Further, at both the planning and completion stage of the audit enquiries where made of management regarding any known instances of fraud or non-compliance with laws and regulations.

- These representations were corroborated where possible through the review of board minutes and correspondence with HMRC and companies house. No contradictory evidence was noted.

We consider that the work detailed above has ensured that the likelihood of detection of irregularities including fraud is considered to be high both at management level and during our audit approach. It is however worth noting that there is an inherent difficulty in detecting irregularities and there is no guarantee that all irregularities have been identified.

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.

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.




Mr Mark Jones FCA (Senior Statutory Auditor)
for and on behalf of Cook & Partners Limited
Statutory Auditor
Manufactory House
Bell Lane
Hertford
Hertfordshire
SG14 1BP

15th October 2024

MCCONNELL GROUP LIMITED (REGISTERED NUMBER: 11451719)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 30TH APRIL 2024

2024 2023
Notes £'000 £'000

TURNOVER 57,496 34,660

Cost of sales 48,750 26,069
GROSS PROFIT 8,746 8,591

Administrative expenses 6,379 7,128
2,367 1,463

Other operating income 53 28
OPERATING PROFIT 4 2,420 1,491


Interest payable and similar expenses 5 149 109
PROFIT BEFORE TAXATION 2,271 1,382

Tax on profit 6 396 221
PROFIT FOR THE FINANCIAL YEAR 1,875 1,161

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,875

1,161

Profit attributable to:
Owners of the parent 1,875 1,161

Total comprehensive income attributable to:
Owners of the parent 1,875 1,161

MCCONNELL GROUP LIMITED (REGISTERED NUMBER: 11451719)

CONSOLIDATED BALANCE SHEET
30TH APRIL 2024

2024 2023
Notes £'000 £'000 £'000 £'000
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 1,692 1,109
Investments 11 - -
1,692 1,109

CURRENT ASSETS
Stocks 12 10 10
Debtors 13 12,429 7,850
Cash at bank and in hand 5,543 3,971
17,982 11,831
CREDITORS
Amounts falling due within one year 14 13,764 9,052
NET CURRENT ASSETS 4,218 2,779
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,910

3,888

CREDITORS
Amounts falling due after more than one
year

15

(1,030

)

(960

)

PROVISIONS FOR LIABILITIES 18 (305 ) (228 )
NET ASSETS 4,575 2,700

CAPITAL AND RESERVES
Called up share capital 19 1 1
Retained earnings 20 4,574 2,699
SHAREHOLDERS' FUNDS 4,575 2,700

The financial statements were approved by the Board of Directors and authorised for issue on 15th October 2024 and were signed on its behalf by:




Mr Robert Henry McGregor - Director



Miss Claire Marie Roe - Director


MCCONNELL GROUP LIMITED (REGISTERED NUMBER: 11451719)

COMPANY BALANCE SHEET
30TH APRIL 2024

2024 2023
Notes £'000 £'000 £'000 £'000
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 1,297 1,297
1,297 1,297

CURRENT ASSETS
Debtors 13 - 97
Cash at bank 24 136
24 233
CREDITORS
Amounts falling due within one year 14 990 1,187
NET CURRENT LIABILITIES (966 ) (954 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

331

343

CAPITAL AND RESERVES
Called up share capital 19 1 1
Retained earnings 20 330 342
SHAREHOLDERS' FUNDS 331 343

Company's (loss)/profit for the financial year (12 ) 97

The financial statements were approved by the Board of Directors and authorised for issue on 15th October 2024 and were signed on its behalf by:





Mr Robert Henry McGregor - Director


MCCONNELL GROUP LIMITED (REGISTERED NUMBER: 11451719)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30TH APRIL 2024

Called up
share Retained Total
capital earnings equity
£'000 £'000 £'000
Balance at 1st May 2022 1 1,663 1,664

Changes in equity
Dividends - (125 ) (125 )
Total comprehensive income - 1,161 1,161
Balance at 30th April 2023 1 2,699 2,700

Changes in equity
Total comprehensive income - 1,875 1,875
Balance at 30th April 2024 1 4,574 4,575

MCCONNELL GROUP LIMITED (REGISTERED NUMBER: 11451719)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30TH APRIL 2024

Called up
share Retained Total
capital earnings equity
£'000 £'000 £'000
Balance at 1st May 2022 1 370 371

Changes in equity
Dividends - (125 ) (125 )
Total comprehensive income - 97 97
Balance at 30th April 2023 1 342 343

Changes in equity
Total comprehensive income - (12 ) (12 )
Balance at 30th April 2024 1 330 331

MCCONNELL GROUP LIMITED (REGISTERED NUMBER: 11451719)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH APRIL 2024

2024 2023
Notes £'000 £'000
Cash flows from operating activities
Cash generated from operations 1 3,852 2,503
Interest paid (90 ) (87 )
Interest element of hire purchase payments
paid

(59

)

(22

)
Tax paid (6 ) -
Net cash from operating activities 3,697 2,394

Cash flows from investing activities
Purchase of tangible fixed assets (1,094 ) (1,108 )
Sale of tangible fixed assets 43 62
Net cash from investing activities (1,051 ) (1,046 )

Cash flows from financing activities
New loans in year - 821
Loan repayments in year (1,560 ) (170 )
New hire purchase agreements 785 -
Capital repayments in year (240 ) (168 )
Amount introduced by directors 41 100
Amount withdrawn by directors (100 ) -
Equity dividends paid - (125 )
Net cash from financing activities (1,074 ) 458

Increase in cash and cash equivalents 1,572 1,806
Cash and cash equivalents at beginning of
year

2

3,971

2,165

Cash and cash equivalents at end of year 2 5,543 3,971

MCCONNELL GROUP LIMITED (REGISTERED NUMBER: 11451719)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH APRIL 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£'000 £'000
Profit before taxation 2,271 1,382
Depreciation charges 506 262
Profit on disposal of fixed assets (38 ) (36 )
Finance costs 149 109
2,888 1,717
Increase in trade and other debtors (4,579 ) (1,195 )
Increase in trade and other creditors 5,543 1,981
Cash generated from operations 3,852 2,503

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30th April 2024
30.4.24 1.5.23
£'000 £'000
Cash and cash equivalents 5,543 3,971
Year ended 30th April 2023
30.4.23 1.5.22
£'000 £'000
Cash and cash equivalents 3,971 2,165


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.23 Cash flow At 30.4.24
£'000 £'000 £'000
Net cash
Cash at bank and in hand 3,971 1,572 5,543
3,971 1,572 5,543
Debt
Finance leases (746 ) (545 ) (1,291 )
Debts falling due within 1 year (1,220 ) 1,220 -
Debts falling due after 1 year (340 ) 340 -
(2,306 ) 1,015 (1,291 )
Total 1,665 2,587 4,252

MCCONNELL GROUP LIMITED (REGISTERED NUMBER: 11451719)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2024

1. STATUTORY INFORMATION

McConnell Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The
Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared in pounds sterling which is the functional currency of the company and rounded to the nearest thousands.

The significant accounting policies applied in the preparation of these financial statements are set out below.

Basis of consolidation
The consolidated financial statements incorporate the financial statements of the parent company. Mcconnell Group Limited and its 100% subsidiary Hugh L S McConnell Limited, and its subsidiaries. No members of the group have been excluded from consolidation. All inter-group balances, transactions, income and expenses are eliminated on consolidation. The consolidated accounts are prepared using uniform accounting policies.

The consolidated financial statements incorporate the results of business combinations using the purchase method. The results fo acquired subsidiaries are included in the consolidated statements of comprehensive income from the date that control is obtained.

The cost of a business combination is measured at the aggregate of the fair value (at the date of exchange) of assets given, liabilities incurred or assumed and equity instruments issued by the group in exchange for control of the acquiree, plus costs attributable to the business combination.

Any excess of the cost of the business over the group 's share of the net fair value of the identifiable assets and liabilities is recognised as goodwill.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The policy adopted for the recognition of turnover are as follows:

Construction contracts

When the outcome of a construction contract can be estimated reliably, contract costs and turnover are
recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to agreed valuations, current and projected contract costs and expected sales value. Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

MCCONNELL GROUP LIMITED (REGISTERED NUMBER: 11451719)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on cost and 25% on reducing balance
Fixtures and fittings - 33% on cost and 15% on reducing balance
Motor vehicles - 25% on cost

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded attransaction price. Any losses arising from impairment are recognised in the profit and loss account in otherexternal charges.

Cash on the balance sheet comprises cash in hand and cash at bank.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

MCCONNELL GROUP LIMITED (REGISTERED NUMBER: 11451719)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024

2. ACCOUNTING POLICIES - continued

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.

Employee benefits
When employees have rendered service to the company, short term benefits (including holiday pay) to which employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that
service.

3. EMPLOYEES AND DIRECTORS
2024 2023
£'000 £'000
Wages and salaries 8,530 5,802
Social security costs 941 657
Other pension costs 268 308
9,739 6,767

The average number of employees during the year was as follows:
2024 2023

Directors 6 5
Supervisory, Sales and admin 107 70
Production 55 46
168 121

The average number of employees by undertakings that were proportionately consolidated during the year was 168 (2023 - 121 ) .

2024 2023
£    £   
Directors' remuneration 501,963 459,251
Directors' pension contributions to money purchase schemes 68,917 179,478

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

Money purchase schemes 6 5

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 141,632 164,392
Pension contributions to money purchase schemes 11,360 12,973

MCCONNELL GROUP LIMITED (REGISTERED NUMBER: 11451719)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024

4. OPERATING PROFIT

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

2024 2023
£'000 £'000
Other operating leases 186 162
Depreciation - owned assets 181 107
Depreciation - assets on hire purchase contracts 325 155
Profit on disposal of fixed assets (38 ) (36 )
Auditors' remuneration 34 29

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£'000 £'000
Bank interest & related costs 79 27
Loan interest 11 56
Hire purchase 59 22
Loan arrangement costs - 4
149 109

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£'000 £'000
Current tax:
UK corporation tax 435 116
Prior years (116 ) (83 )
Total current tax 319 33

Deferred tax 77 188
Tax on profit 396 221

UK corporation tax has been charged at 19 % .

MCCONNELL GROUP LIMITED (REGISTERED NUMBER: 11451719)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£'000 £'000
Profit before tax 2,271 1,382
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19.493 %)

568

269

Effects of:
Expenses not deductible for tax purposes 10 2
Adjustments to tax charge in respect of previous periods (7 ) (83 )
Depreciation in excess of capital allowances - 11

Other timing differences - 2
Super deduction - (21 )
Change in tax rate 36 41
Group relief 15 -
R&D enhanced expenditure (226 ) -
Total tax charge 396 221

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2024 2023
£'000 £'000
Ordinary A shares of 1 each
Interim - 100
Ordinary B shares of 1 each
Interim - 25
- 125

MCCONNELL GROUP LIMITED (REGISTERED NUMBER: 11451719)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£'000
COST
At 1st May 2023
and 30th April 2024 422
AMORTISATION
At 1st May 2023
and 30th April 2024 422
NET BOOK VALUE
At 30th April 2024 -
At 30th April 2023 -

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£'000 £'000 £'000 £'000
COST
At 1st May 2023 169 376 1,179 1,724
Additions 1 229 864 1,094
Disposals - - (69 ) (69 )
At 30th April 2024 170 605 1,974 2,749
DEPRECIATION
At 1st May 2023 118 160 337 615
Charge for year 18 125 363 506
Eliminated on disposal - - (64 ) (64 )
At 30th April 2024 136 285 636 1,057
NET BOOK VALUE
At 30th April 2024 34 320 1,338 1,692
At 30th April 2023 51 216 842 1,109

MCCONNELL GROUP LIMITED (REGISTERED NUMBER: 11451719)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024

10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£'000
COST
At 1st May 2023 867
Additions 785
Transfer to ownership (21 )
At 30th April 2024 1,631
DEPRECIATION
At 1st May 2023 117
Charge for year 325
Transfer to ownership (21 )
At 30th April 2024 421
NET BOOK VALUE
At 30th April 2024 1,210
At 30th April 2023 750

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£'000
COST
At 1st May 2023
and 30th April 2024 1,297
NET BOOK VALUE
At 30th April 2024 1,297
At 30th April 2023 1,297

MCCONNELL GROUP LIMITED (REGISTERED NUMBER: 11451719)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024

11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Hugh L S McConnell Limited
Registered office: Manufactory House, Bell Lane, Hertford, England, SG14 1BP.
Nature of business: Building and facility refurbishment
%
Class of shares: holding
Ordinary 100.00
2024 2023
£'000 £'000
Aggregate capital and reserves 5,542 3,655
Profit for the year 1,887 1,066

McDonald Davis Limited
Registered office: 6 Inkerman Place, Kilmarnock, East Ayrshire, KA1 2RL
Nature of business: Dormant company
%
Class of shares: holding
Ordinary Shares 100.00
2024 2023
£'000 £'000
Aggregate capital and reserves - 30

John Law & Sons Limited
Registered office: 6 Inkerman Place, Kilmarnock, Ayrshire, KA1 2RL
Nature of business: Dormant company
%
Class of shares: holding
Ordinary shares 100.00
2024 2023
£'000 £'000
Aggregate capital and reserves - 2

McConnell Decorators Limited
Registered office: 6 Inkerman Place, Kilmarnock, Ayrshire, KA1 2RL
Nature of business: Dormant company
%
Class of shares: holding
Ordinary shares 100.00

McConnell Seamless Roofing Limited
Registered office: 6 Inkerman Place, Kilmarnock, East Ayrshire, KA1 2RL
Nature of business: Dormant Company
%
Class of shares: holding
Ordinary shares 100.00

Subsequent to the financial year ended 30 April 2024, the above dormant subsidiaries went into the dissolution therefore the investments in these subsidiaries were written off at no gain/loss.


MCCONNELL GROUP LIMITED (REGISTERED NUMBER: 11451719)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024

12. STOCKS

Group
2024 2023
£'000 £'000
Stocks 10 10

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Trade debtors 8,546 4,185 - -
Other debtors - - - 96
Prepayments and accrued income 3,664 3,571 - -
Prepayments 219 94 - 1
12,429 7,850 - 97

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Bank loans and overdrafts (see note 16) - 170 - -
Other loans (see note 16) - 1,050 - 1,050
Hire purchase contracts (see note 17) 261 126 - -
Payments on account - 1,380 - -
Trade creditors 5,081 1,364 - -
Amounts owed to group undertakings - - 944 -
Tax 435 122 - -
Social security and other taxes 1,921 1,281 - -
Other creditors 73 - - -
Directors' current accounts 41 100 - 100
Accrued expenses 5,952 3,459 46 37
13,764 9,052 990 1,187

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£'000 £'000
Bank loans (see note 16) - 340
Hire purchase contracts (see note 17) 1,030 620
1,030 960

MCCONNELL GROUP LIMITED (REGISTERED NUMBER: 11451719)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Amounts falling due within one year or on demand:
Bank loans - 170 - -
Other loans - 1,050 - 1,050
- 1,220 - 1,050
Amounts falling due between one and two years:
Bank loans - 1-2 years - 170 - -
Amounts falling due between two and five years:
Bank loans - 2-5 years - 170 - -

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£'000 £'000
Gross obligations repayable:
Within one year 339 167
Between one and five years 1,109 683
1,448 850

Finance charges repayable:
Within one year 78 41
Between one and five years 79 63
157 104

Net obligations repayable:
Within one year 261 126
Between one and five years 1,030 620
1,291 746

MCCONNELL GROUP LIMITED (REGISTERED NUMBER: 11451719)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024

17. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2024 2023
£'000 £'000
Within one year 352 200
Between one and five years 853 482
In more than five years - 25
1,205 707

18. PROVISIONS FOR LIABILITIES

Group
2024 2023
£'000 £'000
Deferred tax
Deferred tax 228 232
Provided during year 77 (4 )
305 228

Group
Deferred
tax
£'000
Balance at 1st May 2023 228
Provided during year 77
Balance at 30th April 2024 305

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £'000 £'000
950 Ordinary A 1 1 1
50 Ordinary B 1 - -
1 1

Ordinary A and Ordinary B shares have full rights with respect to voting, dividends and other distributions, save that the directors may declare a different rate of dividend on the Ordinary A and Ordinary B shares.

MCCONNELL GROUP LIMITED (REGISTERED NUMBER: 11451719)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024

20. RESERVES

Group
Retained
earnings
£'000

At 1st May 2023 2,699
Profit for the year 1,875
At 30th April 2024 4,574

Company
Retained
earnings
£'000

At 1st May 2023 342
Deficit for the year (12 )
At 30th April 2024 330


21. CONTINGENT LIABILITIES

On completion of some of its roofing contracts, a subsidiary company provides a written guarantee for its works. Under the terms of the guarantees, which mostly last for ten years, a subsidiary company is required to make good any defects which appear in its work during the guarantee period.

This guarantee system has been in place for over ten years and, in general, only minor repairs (if any) have been required. Since any estimate of the future costs of these minor repairs would be wholly subjective, no provision is made for them in the accounts and their cost is charged to the profit and loss account in the year in which they occur. If however any substantial post year end repairs are identified, the cost of such repairs would be accrued in the accounts.

After the year end the company entered into an agreement with IGF Business Credit Limited for invoice discounting facility of up to £7m, which is secured on the group assets.

22. RELATED PARTY DISCLOSURES

During this period, the company repaid a loan of £850,000 to Criterion Homes Limited, where R H McGregor serves as a director. Additionally, loans totaling £300,000 were repaid to both R H McGregor and E McGarvey, who are directors and shareholders of the company.

23. ULTIMATE CONTROLLING PARTY

Hugh L S McConnell Limited is a wholly-owned subsidiary of McConnell Group Limited, an entity incorporated in England and Wales with its registered office at Manufactory House, Bell Lane, Hertford, England, SG14 1BP. The subsidiary's company's financial results have been in this consolidated financial statements.

On 17 July 2024, McConnell Group Holdings Limited, also incorporated in England and Wales with its registered office at the same address, acquired 100% of the shares of McConnell Group Limited.

The ultimate controlling parties are Robert McGregor, Eamonn McGarvey, Jon Wallis, David Kelly, and Stephen Allen.