IRIS Accounts Production v24.2.0.383 10210371 Board of Directors 30.3.24 31.3.23 30.3.24 30.3.24 manufacturing and supply of heat and thermal equipment, from its site in the North West. true true true false true true false false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh102103712023-03-30102103712024-03-30102103712023-03-312024-03-30102103712022-03-30102103712022-03-312023-03-30102103712023-03-3010210371ns15:EnglandWales2023-03-312024-03-3010210371ns14:PoundSterling2023-03-312024-03-3010210371ns10:Director12023-03-312024-03-3010210371ns10:Consolidated2024-03-3010210371ns10:ConsolidatedGroupCompanyAccounts2023-03-312024-03-3010210371ns10:PrivateLimitedCompanyLtd2023-03-312024-03-3010210371ns10:Consolidatedns10:FRS1022023-03-312024-03-3010210371ns10:Consolidatedns10:Audited2023-03-312024-03-3010210371ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-03-312024-03-3010210371ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-03-312024-03-3010210371ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-03-312024-03-3010210371ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-03-312024-03-3010210371ns10:FullAccounts2023-03-312024-03-3010210371ns5:Subsidiary12023-03-312024-03-3010210371ns5:Subsidiary22023-03-312024-03-3010210371ns10:OrdinaryShareClass12023-03-312024-03-3010210371ns10:Consolidated2023-03-312024-03-3010210371ns10:Director22023-03-312024-03-3010210371ns10:RegisteredOffice2023-03-312024-03-3010210371ns10:Consolidated2022-03-312023-03-3010210371ns5:CurrentFinancialInstruments2024-03-3010210371ns5:CurrentFinancialInstruments2023-03-3010210371ns5:Non-currentFinancialInstruments2024-03-3010210371ns5:Non-currentFinancialInstruments2023-03-3010210371ns5:ShareCapital2024-03-3010210371ns5:ShareCapital2023-03-3010210371ns5:RetainedEarningsAccumulatedLosses2024-03-3010210371ns5:RetainedEarningsAccumulatedLosses2023-03-3010210371ns5:ShareCapital2022-03-3010210371ns5:RetainedEarningsAccumulatedLosses2022-03-3010210371ns5:RetainedEarningsAccumulatedLosses2022-03-312023-03-3010210371ns5:RetainedEarningsAccumulatedLosses2023-03-312024-03-301021037112023-03-312024-03-3010210371ns5:ShortLeaseholdAssetsns5:LandBuildings2023-03-312024-03-3010210371ns5:PlantMachinery2023-03-312024-03-3010210371ns5:FurnitureFittings2023-03-312024-03-3010210371ns5:ShortLeaseholdAssetsns5:LandBuildings2023-03-3010210371ns5:PlantMachinery2023-03-3010210371ns5:FurnitureFittings2023-03-3010210371ns5:ShortLeaseholdAssetsns5:LandBuildings2024-03-3010210371ns5:PlantMachinery2024-03-3010210371ns5:FurnitureFittings2024-03-3010210371ns5:ShortLeaseholdAssetsns5:LandBuildings2023-03-3010210371ns5:PlantMachinery2023-03-3010210371ns5:FurnitureFittings2023-03-3010210371ns5:CostValuation2023-03-3010210371ns5:DisposalsRepaymentsInvestments2024-03-3010210371ns5:CostValuation2024-03-3010210371ns5:Subsidiary112023-03-312024-03-30102103713ns5:Subsidiary22023-03-312024-03-3010210371ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3010210371ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3010210371ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-03-3010210371ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-03-3010210371ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-3010210371ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3010210371ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3010210371ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3010210371ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-03-3010210371ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-03-3010210371ns5:HirePurchaseContracts2024-03-3010210371ns5:HirePurchaseContracts2023-03-3010210371ns5:Secured2024-03-3010210371ns5:Secured2023-03-3010210371ns5:AcceleratedTaxDepreciationDeferredTax2024-03-3010210371ns5:AcceleratedTaxDepreciationDeferredTax2023-03-3010210371ns5:TaxLossesCarry-forwardsDeferredTax2024-03-3010210371ns5:TaxLossesCarry-forwardsDeferredTax2023-03-3010210371ns5:DeferredTaxation2023-03-3010210371ns5:DeferredTaxation2023-03-312024-03-3010210371ns5:DeferredTaxation2024-03-3010210371ns10:OrdinaryShareClass12024-03-3010210371ns5:RetainedEarningsAccumulatedLosses2023-03-30
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: T Fryars
D J Wilkinson



REGISTERED OFFICE: Unit 5a Frontier Park Frontier Avenue
Rishton
Blackburn
Lancashire
BB1 3AL



REGISTERED NUMBER: 10210371 (England and Wales)



AUDITORS: Thompson Wright Limited
Chartered Accountants
Ebenezer House
Ryecroft
Newcastle
Staffordshire
ST5 2BE



ACCOUNTANTS: Howard & Co
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:





D J Wilkinson - Director


16 October 2024

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.

T Fryars
D J Wilkinson

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:





D J Wilkinson - Director


16 October 2024

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.




Jeremy Bostock BA (Hons) BFP FCA (Senior Statutory Auditor)
for and on behalf of Thompson Wright Limited
Chartered Accountants
Ebenezer House
Ryecroft
Newcastle
Staffordshire
ST5 2BE

16 October 2024

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 1,189,670 1,013,594
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 1,192,884 1,374,985
Investments 11 500,780 500,900
1,693,664 1,875,885

CURRENT ASSETS
Debtors 13 1,625,545 1,291,661
Cash at bank and in hand 411,155 360,555
2,036,700 1,652,216
CREDITORS
Amounts falling due within one year 14 735,338 969,777
NET CURRENT ASSETS 1,301,362 682,439
TOTAL ASSETS LESS CURRENT LIABILITIES 2,995,026 2,558,324

CREDITORS
Amounts falling due after more than one year 15 (234,952 ) (439,207 )

PROVISIONS FOR LIABILITIES 19 (293,148 ) (114,633 )
NET ASSETS 2,466,926 2,004,484

CAPITAL AND RESERVES
Called up share capital 20 1,000,000 1,000,000
Retained earnings 21 1,466,926 1,004,484
SHAREHOLDERS' FUNDS 2,466,926 2,004,484

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 16 October 2024 and were signed on its behalf by:





D J Wilkinson - Director


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 1,000,000 625,754 1,625,754

Changes in equity
Total comprehensive income - 378,730 378,730
Balance at 30 March 2023 1,000,000 1,004,484 2,004,484

Changes in equity
Total comprehensive income - 462,442 462,442
Balance at 30 March 2024 1,000,000 1,466,926 2,466,926

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 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. 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 have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Straight line over 10 years
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance

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
60 68

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 28,362 1,361,794 732,809 2,122,965
Additions - 38,852 9,110 47,962
Disposals - (35,000 ) - (35,000 )
At 30 March 2024 28,362 1,365,646 741,919 2,135,927
DEPRECIATION
At 31 March 2023 13,149 486,597 248,234 747,980
Charge for year 2,837 129,437 72,818 205,092
Eliminated on disposal - (10,029 ) - (10,029 )
At 30 March 2024 15,986 606,005 321,052 943,043
NET BOOK VALUE
At 30 March 2024 12,376 759,641 420,867 1,192,884
At 30 March 2023 15,213 875,197 484,575 1,374,985

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 500,900
Disposals (120 )
At 30 March 2024 500,780
NET BOOK VALUE
At 30 March 2024 500,780
At 30 March 2023 500,900

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

Subsidiaries

Altham Fabrications Limited
Registered office: Unit 5a Frontier Park Frontier Avenue, Rishton, Blackburn, Lancashire, BB1 3AL
Nature of business: Metal fabrications
%
Class of shares: holding
Ordinary 100.00

Hunt Heat Exchangers Limited
Registered office: Unit 5a Frontier Park Frontier Avenue, Rishton, Blackburn, Lancashire, United Kingdom, BB1 3AL
Nature of business: Metal fabrications
%
Class of shares: holding
Ordinary A 60.00


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 5,040 -
Amounts owed by group undertakings - - 319,271 903,404
Amounts owed by associates 124,486 195,738 - -
Other debtors 1,553,157 2,546 1,047,179 -
Prepayments 399,240 475,601 254,055 388,257
2,837,664 1,794,314 1,625,545 1,291,661

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 17,917 40,000
Hire purchase contracts (see note 17) 167,214 203,984 167,214 203,984
Trade creditors 446,292 860,277 60,156 303,232
Amounts owed to group undertakings - - 127,284 -
Tax 104,166 - - -
Social security and other taxes 48,181 42,960 1,627 2,195
VAT 236,766 163,366 35,368 51,544
Other creditors 73,650 234,197 339 458
Directors' current accounts 5,484 33,933 5,484 33,933
Accruals and deferred income 631,857 544,971 319,949 334,431
1,741,527 2,153,666 735,338 969,777

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 - 17,917
Hire purchase contracts (see note 17) 234,952 421,290 234,952 421,290
246,619 460,874 234,952 439,207

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 17,917 40,000
Amounts falling due between one and two years:
Bank loans - 1-2 years 10,000 27,917 - 17,917
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 167,214 203,984
Between one and five years 234,952 421,290
402,166 625,274

18. SECURED DEBTS

The following secured debts are included within creditors:

Company
2024 2023
£    £   
Bank loans 17,917 57,917

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 387,965 294,823 293,148 249,873
Tax losses carried forward - (135,240 ) - (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 114,633
Charge to Income Statement during year 43,275
Losses utilised 135,240
Balance at 30 March 2024 293,148

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000,000 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 1,004,484
Profit for the year 462,442
At 30 March 2024 1,466,926


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.