REGISTERED NUMBER: 10210371 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 30 March 2024 |
for |
Mayflower Pacific Holdings Limited |
REGISTERED NUMBER: 10210371 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 30 March 2024 |
for |
Mayflower Pacific Holdings Limited |
Mayflower Pacific Holdings Limited (Registered number: 10210371) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 March 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other 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 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
Mayflower Pacific Holdings Limited |
Company Information |
for the Year Ended 30 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Ebenezer House |
Ryecroft |
Newcastle |
Staffordshire |
ST5 2BE |
ACCOUNTANTS: |
10-12 Wellington Street |
(St Johns) |
Blackburn |
Lancashire |
BB1 8AG |
Mayflower Pacific Holdings Limited (Registered number: 10210371) |
Group Strategic Report |
for the Year Ended 30 March 2024 |
The directors present their strategic report of the company and the group for the year ended 30 March 2024. |
REVIEW OF BUSINESS |
The group continues to concentrate on the core business of manufacturing and supply of heat and thermal equipment, from its site in the North West. |
Performance for the year saw turnover remain level of the financial period. |
The turnover has continued to increase over the group in both components. The revenue generated going forward is expected to continue to increase further upon these figures. |
It is a fundamental objective to maintain a sustainable growth plan, and the group has taken the time during the year to focus on a wider spread of market sectors. |
KEY PERFORMANCE INDICATORS |
The key performance indicator detailed above is recognised as an integral part of monitoring the business, along with gross margin and net margin. |
2024 | 2023 |
Gross profit margin | 40.74% | 43.83% |
Net profit margin | 19.95% | 13.59% |
Debtor days | 36 | 53 |
It is the responsibility of the commercial team to regularly monitor and review these figures and report the results and any corrective actions to the board. |
Mayflower Pacific Holdings Limited (Registered number: 10210371) |
Group Strategic Report |
for the Year Ended 30 March 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
There are certain risks, which could materially and adversely impact the group's results compared to expectation. A summary of the key risks is set out below. This is not an exhaustive list of the factors that could adversely impact group profitability. |
FINANCIAL INSTRUMENTS |
The group uses various financial instruments; these include cash and various items, such as trade debtors, trade creditors and loans that arise directly from its operations. |
The existence of these financial instruments exposes the group to several financial risks which are described in more detail below. |
The main risks arising from the group's financial instruments are categorised as market risk, credit risk and liquidity risk. The directors review and agree policies for managing these risks and they are summarised below. |
MARKET RISK |
The directors are constantly monitoring both the quality and price of the products it acquires and the range of goods it supplies to minimise the market risk. |
INTEREST RATE RISK |
The group's policy throughout the year has been to maintain liquid funds at the bank and avoid incurring too much interest whilst also funding the repayment of hire purchase obligations and loan repayments. |
Where the group has had to undertake short term borrowings via hire purchase obligations, the group's exposure to interest rate fluctuations on its borrows its management by the use of fixed and floating facilities. It is the group's policy to minimise the amount of borrowings at floating rates of interest. |
The maturity of the borrowings is set out on note 16 to the financial statements. |
CREDIT RISK |
To counteract the risk of bad debts the business has increased the use of credit checking and monitoring facilities to assess the risk to the group. If a significant risk is identified then a further review is made and where appropriate protective actions are undertaken. |
LIQUIDITY RISK |
The business has a very strong relationship with its bank. The group has the facilities available to meet its needs on an ongoing basis. These facilities are reviewed on a regular basis, by both the bank and the management, and are in accordance with the needs of the group. |
FUTURE DEVELOPMENTS |
The directors are keen to expand the core business, through organic sustainable growth, supply chain partnerships, and through strategic acquisition opportunities. |
The business has a continued re-investment programme replacing production equipment with newer technology to enable the group to compete in increasingly competitive markets, which is constantly reviewed in line with business opportunities. |
ON BEHALF OF THE BOARD: |
Mayflower Pacific Holdings Limited (Registered number: 10210371) |
Report of the Directors |
for the Year Ended 30 March 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 March 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 March 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 31 March 2023 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 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, Thompson Wright 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 |
Mayflower Pacific Holdings Limited |
Opinion |
We have audited the financial statements of Mayflower Pacific Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 March 2024 which comprise the Consolidated Income Statement, Consolidated Other 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 30 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 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 |
Mayflower Pacific Holdings 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 four, 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 |
Mayflower Pacific Holdings 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: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- the Senior Statutory Auditor ensured that the audit team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the fabrications industry; |
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental, other industry specific accreditations and health and safety legislation; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Report of the Independent Auditors to the Members of |
Mayflower Pacific Holdings Limited |
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. |
Other matters which we are required to address |
In the previous accounting period the directors of the company took advantage of audit exemption under s477 of the Companies Act. Therefore the prior period financial statements were not subject to audit. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Ebenezer House |
Ryecroft |
Newcastle |
Staffordshire |
ST5 2BE |
Mayflower Pacific Holdings Limited (Registered number: 10210371) |
Consolidated Income Statement |
for the Year Ended 30 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER | 4 | 7,629,580 | 7,650,499 |
Cost of sales | 4,520,992 | 4,296,915 |
GROSS PROFIT | 3,108,588 | 3,353,584 |
Administrative expenses | 2,290,548 | 2,762,835 |
818,040 | 590,749 |
Other operating income | - | 3,000 |
OPERATING PROFIT | 6 | 818,040 | 593,749 |
Income from interest in associated undertakings | 738,810 | 545,912 |
Interest receivable and similar income | 43,750 | - |
782,560 | 545,912 |
1,600,600 | 1,139,661 |
Interest payable and similar expenses | 7 | 78,383 | 100,321 |
PROFIT BEFORE TAXATION | 1,522,217 | 1,039,340 |
Tax on profit | 8 | 332,547 | 25,746 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,108,839 | 1,013,594 |
Non-controlling interests | 80,831 | - |
1,189,670 | 1,013,594 |
Mayflower Pacific Holdings Limited (Registered number: 10210371) |
Consolidated Other Comprehensive Income |
for the Year Ended 30 March 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,189,670 | 1,013,594 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,189,670 | 1,013,594 |
Total comprehensive income attributable to: |
Owners of the parent | 1,148,719 | 1,013,594 |
Non-controlling interests | 40,951 | - |
1,189,670 | 1,013,594 |
Mayflower Pacific Holdings Limited (Registered number: 10210371) |
Consolidated Balance Sheet |
30 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 | 1,576,845 | 1,617,296 |
Investments | 11 |
Interest in associate | 1,049,703 | 760,893 |
2,626,548 | 2,378,189 |
CURRENT ASSETS |
Stocks | 12 | 375,688 | 1,223,535 |
Debtors | 13 | 2,837,664 | 1,794,314 |
Cash at bank and in hand | 828,781 | 520,865 |
4,042,133 | 3,538,714 |
CREDITORS |
Amounts falling due within one year | 14 | 1,741,527 | 2,153,666 |
NET CURRENT ASSETS | 2,300,606 | 1,385,048 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 4,927,154 | 3,763,237 |
CREDITORS |
Amounts falling due after more than one year | 15 | (246,619 | ) | (460,874 | ) |
PROVISIONS FOR LIABILITIES | 19 | (387,965 | ) | (159,583 | ) |
NET ASSETS | 4,292,570 | 3,142,780 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 1,000,000 | 1,000,000 |
Retained earnings | 21 | 3,251,619 | 2,142,780 |
SHAREHOLDERS' FUNDS | 4,251,619 | 3,142,780 |
NON-CONTROLLING INTERESTS | 22 | 40,951 | - |
TOTAL EQUITY | 4,292,570 | 3,142,780 |
The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2024 and were signed on its behalf by: |
D J Wilkinson - Director |
Mayflower Pacific Holdings Limited (Registered number: 10210371) |
Company Balance Sheet |
30 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 15 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 462,442 | 378,730 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Mayflower Pacific Holdings Limited (Registered number: 10210371) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 March 2024 |
Called up |
share | Retained | Non-controlling | Total |
capital | earnings | Total | interests | equity |
£ | £ | £ | £ | £ |
Balance at 31 March 2022 | 1,000,100 | 1,129,186 | 2,129,286 | - | 2,129,286 |
Changes in equity |
Issue of share capital | (100 | ) | - | (100 | ) | - | (100 | ) |
Total comprehensive income | - | 1,013,594 | 1,013,594 | - | 1,013,594 |
Balance at 30 March 2023 | 1,000,000 | 2,142,780 | 3,142,780 | - | 3,142,780 |
Changes in equity |
Total comprehensive income | - | 1,108,839 | 1,108,839 | 40,951 | 1,149,790 |
Balance at 30 March 2024 | 1,000,000 | 3,251,619 | 4,251,619 | 40,951 | 4,292,570 |
Mayflower Pacific Holdings Limited (Registered number: 10210371) |
Company Statement of Changes in Equity |
for the Year Ended 30 March 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 31 March 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 March 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 March 2024 |
Mayflower Pacific Holdings Limited (Registered number: 10210371) |
Consolidated Cash Flow Statement |
for the Year Ended 30 March 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 410,162 | 268,118 |
Interest paid | (87,416 | ) | (112,536 | ) |
- | 3,000 |
Net cash from operating activities | 322,746 | 158,582 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (253,417 | ) | (120,993 | ) |
Sale of tangible fixed assets | 35,000 | - |
Sale of fixed asset investments | 120 | - |
Interest received | 43,750 | - |
Dividends received | 738,810 | 545,912 |
Net cash from investing activities | 564,263 | 424,919 |
Cash flows from financing activities |
New loans in year | - | 98,751 |
Loan repayments in year | (69,978 | ) | (41,967 | ) |
Capital repayments in year | (223,108 | ) | (376,704 | ) |
Amount withdrawn by directors | (28,449 | ) | (11,708 | ) |
Share issue | - | (100 | ) |
Increase in associate | (288,810 | ) | (245,512 | ) |
Loans from/to associates | 71,252 | 147,491 |
Dividends paid to minority interests | (40,000 | ) | - |
Net cash from financing activities | (579,093 | ) | (429,749 | ) |
Increase in cash and cash equivalents | 307,916 | 153,752 |
Cash and cash equivalents at beginning of year | 2 | 520,865 | 367,113 |
Cash and cash equivalents at end of year | 2 | 828,781 | 520,865 |
Mayflower Pacific Holdings Limited (Registered number: 10210371) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 March 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 1,522,217 | 1,039,340 |
Depreciation charges | 268,898 | 234,956 |
Profit on disposal of fixed assets | (10,029 | ) | - |
Finance costs | 9,033 | 12,215 |
Government grants | - | (3,000 | ) |
Finance costs | 78,383 | 100,321 |
Finance income | (782,560 | ) | (545,912 | ) |
1,085,942 | 837,920 |
Decrease in stocks | 847,847 | 79,379 |
Increase in trade and other debtors | (1,114,602 | ) | (794,024 | ) |
(Decrease)/increase in trade and other creditors | (409,025 | ) | 144,843 |
Cash generated from operations | 410,162 | 268,118 |
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 30 March 2024 |
30.3.24 | 31.3.23 |
£ | £ |
Cash and cash equivalents | 828,781 | 520,865 |
Year ended 30 March 2023 |
30.3.23 | 31.3.22 |
£ | £ |
Cash and cash equivalents | 520,865 | 367,113 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 31.3.23 | Cash flow | At 30.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 520,865 | 307,916 | 828,781 |
520,865 | 307,916 | 828,781 |
Debt |
Finance leases | (625,274 | ) | 223,108 | (402,166 | ) |
Debts falling due within 1 year | (69,978 | ) | 42,061 | (27,917 | ) |
Debts falling due after 1 year | (39,584 | ) | 27,917 | (11,667 | ) |
(734,836 | ) | 293,086 | (441,750 | ) |
Total | (213,971 | ) | 601,002 | 387,031 |
Mayflower Pacific Holdings Limited (Registered number: 10210371) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 March 2024 |
1. | STATUTORY INFORMATION |
Mayflower Pacific Holdings Limited is a |
2. | STATEMENT OF COMPLIANCE |
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. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in Sterling, which is the functional currency of the company and are rounded to the nearest pound. |
Basis of consolidation |
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. |
The consolidated financial statements incorporate the results of the business combinations using the acquisition method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the date of acquisition. The results of acquired operations are included in the consolidated Profit and Loss Account from the date on which control is obtained. |
Investments |
Investments are recognised at cost less any subsequent impairment losses. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
The company makes estimates and assumption concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. |
Critical Judgements |
In categorizing leases as finance leases or operating leases, management makes judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee, or the lessee where the company is a lessor. |
Revenue recognition |
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax returns, rebates and discounts. |
The company recognises revenue when: |
The amount of revenue can be reliably measured; |
it is probable that future economic benefits will flow to the entity; |
and specific criteria have been met for each of the company's activities. |
Mayflower Pacific Holdings Limited (Registered number: 10210371) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 March 2024 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. |
Investments in associates |
Investments in associates are recognised at cost plus any profits attributable to the group. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of th transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured. |
Non-monetary items measured in terms of historical cost in foreign currency are not retranslated. |
Leases |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. |
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. |
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability. |
Mayflower Pacific Holdings Limited (Registered number: 10210371) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 March 2024 |
3. | 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. |
Borrowings |
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing. |
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. |
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Rental of assets | 287,711 | 184,489 |
Metal fabrication | 5,498,594 | 6,905,789 |
Thermal equipment fabrication | 1,843,275 | 560,221 |
7,629,580 | 7,650,499 |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 1,815,135 | 2,228,879 |
Social security costs | 183,587 | 225,214 |
Other pension costs | 45,128 | 48,997 |
2,043,850 | 2,503,090 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 3 | 3 |
Admin | 6 | 7 |
Engineers and designers | 51 | 58 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 65,770 | 63,000 |
Mayflower Pacific Holdings Limited (Registered number: 10210371) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 March 2024 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | (4,941 | ) | 224,488 |
Other operating leases | 604,563 | 751,358 |
Depreciation - owned assets | 268,897 | 234,956 |
Profit on disposal of fixed assets | (10,029 | ) | - |
Auditors' remuneration | 16,000 | - |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest | 17,334 | 38,443 |
Bank loan interest | 61,049 | 61,878 |
78,383 | 100,321 |
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 | 104,166 | - |
Deferred tax | 228,381 | 25,746 |
Tax on profit | 332,547 | 25,746 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 1,522,217 | 1,039,340 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2023 - 19 %) |
289,221 |
197,475 |
Effects of: |
Expenses not deductible for tax purposes | 1,417 | 1,969 |
Income not taxable for tax purposes | (140,375 | ) | (103,762 | ) |
Capital allowances in excess of depreciation | - | (75,012 | ) |
Depreciation in excess of capital allowances | 89,019 | - |
Utilisation of tax losses | 85,329 | - |
R&D Expenditure | - | (6,858 | ) |
Losses carried forward | - | 11,934 |
Tax rate difference | 7,936 | - |
Total tax charge | 332,547 | 25,746 |
Mayflower Pacific Holdings Limited (Registered number: 10210371) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 March 2024 |
9. | INDIVIDUAL INCOME STATEMENT |
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. |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 31 March 2023 | 28,362 | 1,671,927 | 785,188 | 2,485,477 |
Additions | - | 242,181 | 11,236 | 253,417 |
Disposals | - | (35,000 | ) | - | (35,000 | ) |
At 30 March 2024 | 28,362 | 1,879,108 | 796,424 | 2,703,894 |
DEPRECIATION |
At 31 March 2023 | 13,149 | 594,037 | 260,995 | 868,181 |
Charge for year | 2,837 | 186,455 | 79,605 | 268,897 |
Eliminated on disposal | - | (10,029 | ) | - | (10,029 | ) |
At 30 March 2024 | 15,986 | 770,463 | 340,600 | 1,127,049 |
NET BOOK VALUE |
At 30 March 2024 | 12,376 | 1,108,645 | 455,824 | 1,576,845 |
At 30 March 2023 | 15,213 | 1,077,890 | 524,193 | 1,617,296 |
Hire Purchase Contracts |
Included within the net book value of tangible fixed assets is £656,051 (2023 - £797,112) in respect of assets held under hire purchase contracts. Depreciation for the year on these assets was £116,090 (2023 - £98,740). |
Company |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 31 March 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 March 2024 |
DEPRECIATION |
At 31 March 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 March 2024 |
NET BOOK VALUE |
At 30 March 2024 |
At 30 March 2023 |
Mayflower Pacific Holdings Limited (Registered number: 10210371) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 March 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Hire Purchase Contracts |
Included within the net book value of tangible fixed assets is £656,051 (2023 - £797,112) in respect of assets held under hire purchase contracts. Depreciation for the year on these assets was £116,090 (2023 - £98,740). |
11. | FIXED ASSET INVESTMENTS |
Group |
Interest |
in |
associate |
£ |
COST |
At 31 March 2023 | 760,893 |
Reclassification/transfer | 288,810 |
At 30 March 2024 | 1,049,703 |
NET BOOK VALUE |
At 30 March 2024 | 1,049,703 |
At 30 March 2023 | 760,893 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 31 March 2023 |
Disposals | ( |
) |
At 30 March 2024 |
NET BOOK VALUE |
At 30 March 2024 |
At 30 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: Unit 5a Frontier Park Frontier Avenue, Rishton, Blackburn, Lancashire, BB1 3AL |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 5a Frontier Park Frontier Avenue, Rishton, Blackburn, Lancashire, United Kingdom, BB1 3AL |
Nature of business: |
% |
Class of shares: | holding |
Mayflower Pacific Holdings Limited (Registered number: 10210371) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 March 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
Mayflower Pacific Holdings Limited own 45% of Tek-Dry Systems Limited and 50% of Mattresstek Limited. The holding above is representative in the figures above. |
12. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 15,000 | 50,000 |
Raw materials | 42,844 | 244,641 |
Work-in-progress | 317,844 | 928,894 |
375,688 | 1,223,535 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 760,781 | 1,120,429 |
Amounts owed by group undertakings | - | - |
Amounts owed by associates | 124,486 | 195,738 |
Other debtors | 1,553,157 | 2,546 |
Prepayments | 399,240 | 475,601 |
2,837,664 | 1,794,314 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 27,917 | 69,978 |
Hire purchase contracts (see note 17) | 167,214 | 203,984 |
Trade creditors | 446,292 | 860,277 |
Amounts owed to group undertakings | - | - |
Tax | 104,166 | - |
Social security and other taxes | 48,181 | 42,960 |
VAT | 236,766 | 163,366 | 35,368 | 51,544 |
Other creditors | 73,650 | 234,197 |
Directors' current accounts | 5,484 | 33,933 | 5,484 | 33,933 |
Accruals and deferred income | 631,857 | 544,971 |
1,741,527 | 2,153,666 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 16) | 11,667 | 39,584 |
Hire purchase contracts (see note 17) | 234,952 | 421,290 |
246,619 | 460,874 |
Mayflower Pacific Holdings Limited (Registered number: 10210371) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 March 2024 |
16. | 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 | 27,917 | 69,978 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years | 10,000 | 27,917 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years | 1,667 | 11,667 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 167,214 | 203,984 |
Between one and five years | 234,952 | 421,290 |
402,166 | 625,274 |
Company |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Company |
2024 | 2023 |
£ | £ |
Bank loans |
Mayflower Pacific Holdings Limited (Registered number: 10210371) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 March 2024 |
19. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 387,965 | 294,823 |
Tax losses carried forward | - | (135,240 | ) | ( |
) |
387,965 | 159,583 | 293,148 | 114,633 |
Group |
Deferred |
tax |
£ |
Balance at 31 March 2023 | 159,583 |
Charge to Income Statement during year | 93,142 |
Losses utilised | 135,240 |
Balance at 30 March 2024 | 387,965 |
Company |
Deferred |
tax |
£ |
Balance at 31 March 2023 |
Charge to Income Statement during year |
Losses utilised | 135,240 |
Balance at 30 March 2024 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1,000,000 | 1,000,000 |
21. | RESERVES |
Group |
Retained |
earnings |
£ |
At 31 March 2023 | 2,142,780 |
Profit for the year | 1,108,839 |
At 30 March 2024 | 3,251,619 |
Mayflower Pacific Holdings Limited (Registered number: 10210371) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 March 2024 |
21. | RESERVES - continued |
Company |
Retained |
earnings |
£ |
At 31 March 2023 |
Profit for the year |
At 30 March 2024 |
22. | NON-CONTROLLING INTERESTS |
The non-controlling interest is owned by Mr T Fryars, Mrs I Fryars and Tek-Dry Limited Employee Benefit Trust in relation to Tek-Dry Systems Limited. |
The non-controlling interest is owned by Mr M Birtwistle and Mr S Peel in relation to Mattresstek Limited. |
23. | RELATED PARTY DISCLOSURES |
Remuneration of key management personnel |
As permitted by FRS 102, remuneration of key management personnel has not been disclosed. |
Other transactions with related parties |
As permitted by FRS102, related party transactions with wholly owned members of Mayflower Pacific Holdings Limited have not been disclosed. |