REGISTERED NUMBER: 05548908 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
MARRILL GROUP LIMITED |
REGISTERED NUMBER: 05548908 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
MARRILL GROUP LIMITED |
MARRILL GROUP LIMITED (REGISTERED NUMBER: 05548908) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 31 August 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 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 |
MARRILL GROUP LIMITED |
COMPANY INFORMATION |
for the year ended 31 August 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
1110 Elliott Court |
Herald Avenue |
Coventry Business Park |
Coventry |
West Midlands |
CV5 6UB |
MARRILL GROUP LIMITED (REGISTERED NUMBER: 05548908) |
GROUP STRATEGIC REPORT |
for the year ended 31 August 2024 |
The director presents his strategic report of the company and the group for the year ended 31 August 2024. |
REVIEW OF BUSINESS |
The Group posted a Net Profit for the year ended 31 August 2024 of £1.3m and EBITD of £3.2m. |
The Director considers this as a good performance considering the unprecedented cost inflation and the continued decline of UK automotive vehicle volumes. |
The Group's turnover decreased from £35m to £33m. |
JLR F-Type production finished in Dec 2023, these sales have been replaced by new off-highway contracts, but the Group's sales were reduced during the launch period of this replacement business. |
UK automotive vehicle volumes remain at 80% of historic levels. This is likely to continue in the medium term as the industry continues to develop cheaper electric vehicles. Whilst automotive volumes stagnate, off highway volumes remain buoyant. |
In November 2023, automotive serial production accounted for 40% of sales. In Nov 2025, it will represent 15%. Turnover will be maintained, with high added value business replacing the reduced automotive volumes. |
New business awarded includes; a £4m pa off-highway contract to supply pressed and assembled painted cab doors, a £1.5m pa vertical farming contract, fuel tank shells for JLR after market and a £1m off-highway turnkey project (design, press tool manufacture and production). |
The Coventry facility, which is predominantly off-highway business, continued to perform well. |
The Gateshead Pressings facility, which historically has predominantly supplied Nissan with high volume pressed parts, performed well considering the reduced level of sales and historically low pricing. Performance will improve for 2025, as the company introduces new customers and products. |
The Powys facility continued to supply JLR after-market assembly production, primarily Defender and Discovery models. This business continued to perform well and is forecast to increase further in 2025 as F-Type and F-Pace are added to the after-market sales portfolio. This has been augmented with £5m of new off highway door assemblies. |
The Group is now excellently positioned to continue winning new business contracts. The Group's capabilities include; in-house press tooling design and manufacture, 40 presses over 3 sites, a 2,500 tonne press (one of the largest in UK), 6 Trumpf laser cutting cells, Plasma Robot cutting, robot hemming, robot welding and an EDP paint line. |
Marrill has faced the challenge of increasing labour costs and energy costs. Working with suppliers and customers, Marrill has mitigated the impact of these cost increases. |
The Group has recruited, developed and trained a new commercial team which will optimise new business growth opportunities, facilitated by the Group's world class operational KPIs. |
The outlook for 2025 is encouraging with Coventry at optimum production levels and Powys forecasting sales to increase by 10-15% over the next three years. Sales for the Group will increase to around £40m by 2026, this will return a net profit of around 5%. |
The increased profits, together with reduced investment and gearing will see cash availability continue to improve. The Group's cash headroom is currently in excess of £2.75m. |
Key performance indicators |
The company uses a wide range of key performance indicators to monitor and measure both plant's |
performance to ensure that its customers' expectations are achieved. The KPI data is monitored daily ensuring that its customers' expectations are achieved. |
MARRILL GROUP LIMITED (REGISTERED NUMBER: 05548908) |
GROUP STRATEGIC REPORT |
for the year ended 31 August 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
Inflation and overseas conflicts are the most notable uncertainties. |
Marrill will reduce the impact of material inflation by continuing to use its purchasing leverage to secure the best price. The UK is seeing evidence of improvement in labour supply, this should ease wage pressure. Marrill benefit from commodity price fluctuation agreements with all its customers. |
Marrill use local steel and aluminium stockists, mitigating supply risk for its main components. |
ON BEHALF OF THE BOARD: |
MARRILL GROUP LIMITED (REGISTERED NUMBER: 05548908) |
REPORT OF THE DIRECTOR |
for the year ended 31 August 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 31 August 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 August 2024 will be £ 340,500 . |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Luckmans Duckett Parker 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 |
MARRILL GROUP LIMITED |
Opinion |
We have audited the financial statements of Marrill Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 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 31 August 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MARRILL GROUP LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MARRILL GROUP LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to designing audit procedures by tailoring and directing testing to aid and support the | determined level of risk.In response, the procedures we perform to determine the level of risk include: |
- | reference to history and experience of the Entity; and |
- | enquiry of management, including obtaining and reviewing supporting documentation concerning the Entity's procedures relating to: |
- | identifying and complying with laws and regulations and whether they were aware of any instances of non-compliance; and |
- | detection and response to risk of fraud and whether they were aware of any actual or suspected instances of fraud; and |
- | assessment of the controls and processes that the Entity has in place to mitigate risk. |
Our assessments included the identification of the following potential areas for fraud: |
- | management override of control; and |
- | revenue recognition, particularly in respect of delivery of services |
These procedures, and the extent to which they are capable of detecting irregularities, including fraud, are | detailed below: |
- | critically assessed the appropriateness and testing the application of the revenue and cost recognition policies; and |
- | testing the appropriateness of accounting estimates, journals and other adjustments made in the preparation of the financial statements; and |
- | reviewing the Entity's accounting policies for non-compliance with relevant standards; and |
- | making enquiries of management and reviewing correspondence with the relevant authorities to identify any irregularities or instances of non-compliance with laws and regulations. |
In performing an audit in accordance with UK GAAP, we exercise professional judgement and maintain professional scepticism throughout the audit process. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MARRILL GROUP LIMITED |
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 |
Statutory Auditors |
1110 Elliott Court |
Herald Avenue |
Coventry Business Park |
Coventry |
West Midlands |
CV5 6UB |
MARRILL GROUP LIMITED (REGISTERED NUMBER: 05548908) |
CONSOLIDATED |
INCOME STATEMENT |
for the year ended 31 August 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 32,633,349 | 34,952,284 |
Cost of sales | 22,290,172 | 25,286,062 |
GROSS PROFIT | 10,343,177 | 9,666,222 |
Administrative expenses | 8,638,859 | 8,092,250 |
1,704,318 | 1,573,972 |
Other operating income | 329,960 | 645,857 |
OPERATING PROFIT | 5 | 2,034,278 | 2,219,829 |
Interest payable and similar expenses | 7 | 260,978 | 270,576 |
PROFIT BEFORE TAXATION | 1,773,300 | 1,949,253 |
Tax on profit | 8 | 444,191 | 457,594 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,253,279 | 1,417,600 |
Non-controlling interests | 75,830 | 74,059 |
1,329,109 | 1,491,659 |
MARRILL GROUP LIMITED (REGISTERED NUMBER: 05548908) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
for the year ended 31 August 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,329,109 | 1,491,659 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,329,109 |
1,491,659 |
Total comprehensive income attributable to: |
Owners of the parent | 1,163,671 | 1,402,051 |
Non-controlling interests | 165,438 | 89,608 |
1,329,109 | 1,491,659 |
MARRILL GROUP LIMITED (REGISTERED NUMBER: 05548908) |
CONSOLIDATED BALANCE SHEET |
31 August 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | 54,652 | 76,513 |
Tangible assets | 12 | 7,777,606 | 7,926,219 |
Investments | 13 | - | - |
7,832,258 | 8,002,732 |
CURRENT ASSETS |
Stocks | 14 | 1,930,557 | 2,513,329 |
Debtors | 15 | 4,326,848 | 5,499,944 |
Cash at bank and in hand | 536,093 | 303,992 |
6,793,498 | 8,317,265 |
CREDITORS |
Amounts falling due within one year | 16 | 6,831,707 | 9,092,000 |
NET CURRENT LIABILITIES | (38,209 | ) | (774,735 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
7,794,049 |
7,227,997 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(1,717,374 |
) |
(2,305,542 |
) |
PROVISIONS FOR LIABILITIES | 21 | (818,568 | ) | (582,977 | ) |
ACCRUALS AND DEFERRED INCOME | 22 | (560,000 | ) | (630,000 | ) |
NET ASSETS | 4,698,107 | 3,709,478 |
CAPITAL AND RESERVES |
Called up share capital | 23 | 49 | 49 |
Revaluation reserve | 24 | 287,668 | 315,462 |
Retained earnings | 24 | 4,244,952 | 3,304,359 |
SHAREHOLDERS' FUNDS | 4,532,669 | 3,619,870 |
NON-CONTROLLING INTERESTS | 25 | 165,438 | 89,608 |
TOTAL EQUITY | 4,698,107 | 3,709,478 |
The financial statements were approved by the director and authorised for issue on 6 January 2025 and were signed by: |
J F Phillips - Director |
MARRILL GROUP LIMITED (REGISTERED NUMBER: 05548908) |
COMPANY BALANCE SHEET |
31 August 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Debtors | 15 |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Revaluation reserve | 24 |
Retained earnings | 24 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 273,118 | 298,952 |
The financial statements were approved by the director and authorised for issue on |
MARRILL GROUP LIMITED (REGISTERED NUMBER: 05548908) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 August 2024 |
Called up |
share | Retained | Revaluation |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1 September 2022 | 49 | 2,111,659 | 360,800 |
Changes in equity |
Dividends | - | (270,238 | ) | - |
Total comprehensive income | - | 1,417,600 | - |
Release of reserve | - | 45,338 | (45,338 | ) |
Balance at 31 August 2023 | 49 | 3,304,359 | 315,462 |
Changes in equity |
Dividends | - | (340,500 | ) | - |
Total comprehensive income | - | 1,253,279 | - |
Release of reserve | - | 27,794 | (27,794 | ) |
Balance at 31 August 2024 | 49 | 4,244,932 | 287,668 |
Non-controlling | Total |
Total | interests | equity |
£ | £ | £ |
Balance at 1 September 2022 | 2,472,508 | - | 2,472,508 |
Changes in equity |
Dividends | (270,238 | ) | - | (270,238 | ) |
Total comprehensive income | 1,417,600 | 89,608 | 1,507,208 |
Balance at 31 August 2023 | 3,619,870 | 89,608 | 3,709,478 |
Changes in equity |
Dividends | (340,500 | ) | - | (340,500 | ) |
Total comprehensive income | 1,253,279 | 165,438 | 1,418,717 |
Balance at 31 August 2024 | 4,532,649 | 255,046 | 4,787,695 |
MARRILL GROUP LIMITED (REGISTERED NUMBER: 05548908) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 August 2024 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 September 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Release of reserve | - | 27,794 | (27,794 | ) | - |
Balance at 31 August 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Release of reserve | - | 27,794 | (27,794 | ) | - |
Balance at 31 August 2024 | 49 | 55,328 | 343,045 |
MARRILL GROUP LIMITED (REGISTERED NUMBER: 05548908) |
CONSOLIDATED CASH FLOW STATEMENT |
for the year ended 31 August 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,936,650 | 1,942,840 |
Interest paid | (233,609 | ) | (228,339 | ) |
Interest element of hire purchase payments paid |
(27,369 |
) |
(42,237 |
) |
Net cash from operating activities | 2,675,672 | 1,672,264 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (803,750 | ) | (1,393,229 | ) |
Sale of tangible fixed assets | 3,600 | - |
Net cash from investing activities | (800,150 | ) | (1,393,229 | ) |
Cash flows from financing activities |
Repayment of bank loans | (1,067,547 | ) | (237,318 | ) |
New borrowings | - | 727,056 |
Capital repayments in year | (235,374 | ) | (292,352 | ) |
Amount introduced by directors | - | 27,233 |
Equity dividends paid | (340,500 | ) | (261,238 | ) |
Net cash from financing activities | (1,643,421 | ) | (36,619 | ) |
Increase in cash and cash equivalents | 232,101 | 242,416 |
Cash and cash equivalents at beginning of year |
2 |
303,992 |
61,576 |
Cash and cash equivalents at end of year |
2 |
536,093 |
303,992 |
MARRILL GROUP LIMITED (REGISTERED NUMBER: 05548908) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
for the year ended 31 August 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 1,773,300 | 1,949,253 |
Depreciation charges | 960,668 | 952,961 |
Loss on disposal of fixed assets | 9,958 | - |
Movement in provisions | (208,600 | ) | (343,872 | ) |
Finance costs | 260,978 | 270,576 |
2,796,304 | 2,828,918 |
Decrease in stocks | 582,772 | 557,710 |
Decrease in trade and other debtors | 1,173,113 | 65,090 |
Decrease in trade and other creditors | (1,615,539 | ) | (1,508,878 | ) |
Cash generated from operations | 2,936,650 | 1,942,840 |
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 31 August 2024 |
31.8.24 | 1.9.23 |
£ | £ |
Cash and cash equivalents | 536,093 | 303,992 |
Year ended 31 August 2023 |
31.8.23 | 1.9.22 |
£ | £ |
Cash and cash equivalents | 303,992 | 61,576 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.9.23 | Cash flow | At 31.8.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 303,992 | 232,101 | 536,093 |
303,992 | 232,101 | 536,093 |
Debt |
Finance leases | (1,199,478 | ) | 235,374 | (964,104 | ) |
Debts falling due within 1 year | (1,509,667 | ) | 646,814 | (862,853 | ) |
Debts falling due after 1 year | (1,404,164 | ) | 420,735 | (983,429 | ) |
(4,113,309 | ) | 1,302,923 | (2,810,386 | ) |
Total | (3,809,317 | ) | 1,535,024 | (2,274,293 | ) |
MARRILL GROUP LIMITED (REGISTERED NUMBER: 05548908) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 31 August 2024 |
1. | STATUTORY INFORMATION |
Marrill Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirement of paragraph 33.7. |
Basis of consolidation |
The consolidated financial statements incorporate those of Marrill Group Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). |
All financial statements are made up to 31 August 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. |
All intra-group transactions, balances, and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
Significant judgements and estimates |
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
Profit on long term contracts |
In producing the financial statements the directors have taken judgements over the profit to be taken on long term contracts. Profit is taken as the work is carried out where the final outcome can be assessed with reasonable certainty. Full provision is made for losses on all contracts in the year. |
Bad debt provisions |
Trade debtors are measured at transaction price less any provision for amount not expected to be recovered. Calculations of the provision requires judgements to be made. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affect period, or in the period of the revision and future periods where the revision affects both current and future periods. |
MARRILL GROUP LIMITED (REGISTERED NUMBER: 05548908) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The turnover shown in the profit and loss account represents the value of all goods sold during the period, less returns received, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer. Turnover is calculated as a proportion of total contract revenue where costs incurred to date bear a relation to total expected costs for that contract. |
Amounts recoverable on contracts are recognised to the extent that any profits by stage of completion have not been invoiced. |
Goodwill |
Tangible fixed assets |
Freehold property | - |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Land is not depreciated, as it is considered to have an infinite life. |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
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. |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. |
Work in progress is valued on the basis of direct material and labour costs plus attributable overheads based on a normal level of activity. |
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
MARRILL GROUP LIMITED (REGISTERED NUMBER: 05548908) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Transactions denominated in foreign currencies are recorded at the rates of exchange ruling at the dates of the transactions, or at an average rate for the period if the rates do not fluctuate significantly. Monetary assets and liabilities are translated at year end exchange rates or, where appropriate, at rates of exchange fixed under the terms of the relevant transaction. The resulting exchange rate differences are charged to the profit and loss account. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
MARRILL GROUP LIMITED (REGISTERED NUMBER: 05548908) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2024 |
2. | ACCOUNTING POLICIES - continued |
Long term contracts |
For long term contracts, profit is recognised by reference to the stage of completion of each contract where there is reasonably certainty that the contract will be profitable. Where the outcome of the contract cannot be established with reasonable certainty, no profit is recognised. Foreseeable losses are provided for in full at the point at which the loss is anticipated. |
Where amounts invoiced exceed the value of work done, the excess is accounted for as payments received on account and is included within creditors. Where the value of work done exceeds the amounts invoiced, the excess is accounted for as amounts recoverable on contracts and is included within debtors. |
Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable. |
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately. |
Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. |
The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. |
These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered. |
Grant income |
The company receives grant income that is recognised in the profit and loss account so as to match that income with the expenditure towards which it is intended to contribute. |
Government grants are recognised at the fair value of the asset receive d or receivable when there is |
reasonable assurance that the grant conditions will be met and the grants will be received. |
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
3. | 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 |
£ | £ |
Provision - goods and services | 32,633,349 | 34,952,284 |
32,633,349 | 34,952,284 |
MARRILL GROUP LIMITED (REGISTERED NUMBER: 05548908) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2024 |
3. | TURNOVER - continued |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 31,068,223 | 33,978,622 |
Europe | 16,191 | 30,077 |
United States of America | 528,919 | 387,401 |
Rest of World | 1,020,016 | 556,184 |
32,633,349 | 34,952,284 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 6,995,933 | 7,031,686 |
Social security costs | 634,358 | 632,744 |
Other pension costs | 208,297 | 172,476 |
7,838,588 | 7,836,906 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Production staff | 207 | 198 |
Administrative staff | 27 | 28 |
2024 | 2023 |
£ | £ |
Director's remuneration | 69,000 | 69,000 |
Director's pension contributions to money purchase schemes | 1,321 | 1,321 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 1 | 1 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 166,805 | 156,251 |
Other operating leases | 601,590 | 376,948 |
Depreciation - owned assets | 723,821 | 731,301 |
Depreciation - assets on hire purchase contracts | 214,983 | 205,263 |
Loss on disposal of fixed assets | 9,958 | - |
Goodwill amortisation | 21,861 | 16,396 |
Foreign exchange differences | 2,449 | 9,005 |
MARRILL GROUP LIMITED (REGISTERED NUMBER: 05548908) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2024 |
6. | AUDITORS' REMUNERATION |
2024 | 2023 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
30,975 |
47,293 |
£3,000 (2023: £2,750) was payable in relation to the audit of the group. £26,500 (2023: £25,250) was payable in relation to the audit of the company's subsidiaries. |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 233,609 | 228,339 |
Hire purchase | 27,369 | 42,237 |
260,978 | 270,576 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Deferred tax | 444,191 | 457,594 |
Tax on profit | 444,191 | 457,594 |
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 | 1,773,300 | 1,949,253 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
443,325 |
487,313 |
Effects of: |
Capital allowances in excess of depreciation | - | (29,719 | ) |
Depreciation in excess of capital allowances | 866 | - |
credit |
deduction |
respect of prior years |
Total tax charge | 444,191 | 457,594 |
9. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
MARRILL GROUP LIMITED (REGISTERED NUMBER: 05548908) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2024 |
10. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Interim | 15,500 | 9,000 |
C Ordinary shares of £1 each |
Interim | 325,000 | 261,238 |
340,500 | 270,238 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 September 2023 |
and 31 August 2024 | 109,305 |
AMORTISATION |
At 1 September 2023 | 32,792 |
Amortisation for year | 21,861 |
At 31 August 2024 | 54,653 |
NET BOOK VALUE |
At 31 August 2024 | 54,652 |
At 31 August 2023 | 76,513 |
12. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Short | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 September 2023 | 708,198 | 77,905 | 9,632,416 |
Additions | 8,885 | - | 417,580 |
Disposals | - | - | (31,816 | ) |
At 31 August 2024 | 717,083 | 77,905 | 10,018,180 |
DEPRECIATION |
At 1 September 2023 | 86,525 | 10,550 | 2,972,926 |
Charge for year | 14,342 | 6,492 | 666,228 |
Eliminated on disposal | - | - | (18,258 | ) |
At 31 August 2024 | 100,867 | 17,042 | 3,620,896 |
NET BOOK VALUE |
At 31 August 2024 | 616,216 | 60,863 | 6,397,284 |
At 31 August 2023 | 621,673 | 67,355 | 6,659,490 |
MARRILL GROUP LIMITED (REGISTERED NUMBER: 05548908) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2024 |
12. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 September 2023 | 1,814,600 | - | 411,180 | 12,644,299 |
Additions | 281,203 | 32,825 | 63,257 | 803,750 |
Disposals | - | - | - | (31,816 | ) |
At 31 August 2024 | 2,095,803 | 32,825 | 474,437 | 13,416,233 |
DEPRECIATION |
At 1 September 2023 | 1,409,569 | - | 238,511 | 4,718,081 |
Charge for year | 222,191 | 2,833 | 26,718 | 938,804 |
Eliminated on disposal | - | - | - | (18,258 | ) |
At 31 August 2024 | 1,631,760 | 2,833 | 265,229 | 5,638,627 |
NET BOOK VALUE |
At 31 August 2024 | 464,043 | 29,992 | 209,208 | 7,777,606 |
At 31 August 2023 | 405,031 | - | 172,669 | 7,926,218 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 September 2023 |
and 31 August 2024 | 2,927,681 | 91,385 | 3,019,066 |
DEPRECIATION |
At 1 September 2023 | 1,130,033 | 91,385 | 1,221,418 |
Charge for year | 214,983 | - | 214,983 |
At 31 August 2024 | 1,345,016 | 91,385 | 1,436,401 |
NET BOOK VALUE |
At 31 August 2024 | 1,582,665 | - | 1,582,665 |
At 31 August 2023 | 1,797,648 | - | 1,797,648 |
MARRILL GROUP LIMITED (REGISTERED NUMBER: 05548908) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2024 |
12. | TANGIBLE FIXED ASSETS - continued |
Company |
Plant and |
machinery |
£ |
COST |
At 1 September 2023 |
Disposals | ( |
) |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 September 2023 |
and 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
MARRILL GROUP LIMITED (REGISTERED NUMBER: 05548908) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2024 |
13. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 September 2023 |
and 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 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: New Horizon Park, Wateman Road, Coventry, Warwickshire, CV6 5TP |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Waterman Road, Red Lane, Coventry, United Kingdom, CV6 5TP |
Nature of business: |
% |
Class of shares: | holding |
14. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Raw materials | 1,181,897 | 1,743,787 |
Work-in-progress | 603,726 | 489,194 |
Finished goods | 144,934 | 280,348 |
1,930,557 | 2,513,329 |
MARRILL GROUP LIMITED (REGISTERED NUMBER: 05548908) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2024 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 3,818,012 | 4,933,190 |
Amounts owed by group undertakings | - | 1 |
Other debtors | - | 132,487 |
Tax | 100,760 | 100,742 |
Deferred tax asset | - | - | 218,940 | 191,878 |
Prepayments and accrued income | 408,076 | 333,524 |
4,326,848 | 5,499,944 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 18) | 178,248 | 172,229 |
Other loans (see note 18) | 684,605 | 1,337,438 |
Hire purchase contracts (see note 19) | 230,159 | 298,100 |
Trade creditors | 4,294,302 | 5,642,537 |
Amounts owed to group undertakings | - | - |
Social security and other taxes | 546,792 | 512,359 |
Other creditors | 152,417 | 360,134 |
Accruals and deferred income | 745,184 | 769,203 |
6,831,707 | 9,092,000 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Bank loans (see note 18) | 119,255 | 295,273 |
Other loans (see note 18) | 864,174 | 1,108,891 |
Hire purchase contracts (see note 19) | 733,945 | 901,378 |
1,717,374 | 2,305,542 |
MARRILL GROUP LIMITED (REGISTERED NUMBER: 05548908) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2024 |
18. | 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 | 178,248 | 172,229 |
Other loans | 210,969 | 160,804 |
Invoice discounting facility | 373,659 | 1,076,657 | - | - |
Preference shares | 99,977 | 99,977 | 99,977 | 99,977 |
862,853 | 1,509,667 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 119,255 | 178,248 |
Other loans - 1-2 years | 210,969 | 160,804 | - |
330,224 | 339,052 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | - | 117,025 |
Other loans - 2-5 years | 653,205 | 948,087 |
653,205 | 1,065,112 |
Details of shares shown as liabilities are as follows: |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Preference | £1 | 99,977 | 99,977 |
The preference shares do not carry voting rights. These shares do carry a right to dividends at 0.1% per annum and are redeemable on demand. |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 230,159 | 298,100 |
Between one and five years | 733,945 | 901,378 |
964,104 | 1,199,478 |
MARRILL GROUP LIMITED (REGISTERED NUMBER: 05548908) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2024 |
19. | LEASING AGREEMENTS - continued |
Group |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year | 215,022 | 283,497 |
Between one and five years | 805,995 | 823,275 |
In more than five years | 760,000 | 950,000 |
1,781,017 | 2,056,772 |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Bank loans | 297,503 | 467,502 |
Other loans | 1,075,143 | 1,269,695 |
Invoice discounting facility | 373,659 | 1,076,657 |
1,746,305 | 2,813,854 |
The invoice discounting facility balance of £373,659 (2023 : £1,076,657) is secured by way of a fixed and floating charge dated 12 April 2017, that covers all the property or undertakings of the company. |
The bank loan of £297,503 (2023: £467,502) was secured by way of a floating charge over certain assets of the company, and by debentures over the company assets. |
There is also an unlimited debenture dated 3 January 2017, incorporating a fixed and floating charge. |
The assets of the company are secured by debentures in favour of DBW Investments (3) Limited, Lloyds Bank Plc and Lloyds Commercial Finance Limited. These debentures contain fixed and floating charges over all the property or undertaking of the company. |
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. |
MARRILL GROUP LIMITED (REGISTERED NUMBER: 05548908) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2024 |
21. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 1,412,314 | 1,041,913 |
Tax losses carried forward | (869,989 | ) | (752,059 | ) |
Other timing differences | 2,226 | 2,384 |
Deferred tax | - | (191,878 | ) |
544,551 | 100,360 |
Other provisions |
Other provisions | 183,267 | 383,267 |
Provision for dilapidations | 90,750 | 99,350 |
274,017 | 482,617 |
Aggregate amounts | 818,568 | 582,977 |
Group |
Deferred |
tax |
£ |
Balance at 1 September 2023 | 100,360 |
Provided during year | 444,191 |
Balance at 31 August 2024 | 544,551 |
Company |
Deferred |
tax |
£ |
Balance at 1 September 2023 | ( |
) |
Provided during year | ( |
) |
Balance at 31 August 2024 | ( |
) |
22. | ACCRUALS AND DEFERRED INCOME |
Group |
2024 | 2023 |
£ | £ |
Deferred government grants | 560,000 | 630,000 |
MARRILL GROUP LIMITED (REGISTERED NUMBER: 05548908) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2024 |
23. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
C Ordinary | £1 | 26 | 26 |
A Ordinary | £1 | 23 | 23 |
49 | 49 |
At the year end the company has ordinary A and C shares which carry equal voting rights. |
24. | RESERVES |
Group |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 September 2023 | 3,304,379 | 315,462 | 3,619,841 |
Profit for the year | 1,253,279 | 1,253,279 |
Dividends | (340,500 | ) | (340,500 | ) |
Release of reserve | 27,794 | (27,794 | ) | - |
At 31 August 2024 | 4,244,952 | 287,668 | 4,532,620 |
Company |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 September 2023 | 394,878 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Release of reserve | 27,794 | (27,794 | ) | - |
At 31 August 2024 | 55,328 | 287,668 | 342,996 |
Capital redemption reserve |
The nominal value of shares repurchased and still held at the end of the reporting period. |
Other reserve |
The cumulative gains and losses in respect of revalued plant and machinery. |
Profit and loss reserves |
This reserve represents earnings net of distributions to owners. |
25. | NON-CONTROLLING INTERESTS |
There is a non-controlling interest in 10 of the 100 shares in issue of Marrill (Powys) Limited. During the year the profit attributable to the non-controlling interest was £75,830 and the minority shareholders received dividends of £nil from Marrill (Powys) Limited. |
The total attributable to non-controlling interests at the balance sheet date is £165,438. |
MARRILL GROUP LIMITED (REGISTERED NUMBER: 05548908) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2024 |
26. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. |
The pension contributions outstanding at the year-end were £8,906 (2023: £9,536). |
27. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 August 2024 and 31 August 2023: |
2024 | 2023 |
£ | £ |
J F Phillips |
Balance outstanding at start of year | - | 27,233 |
Amounts repaid | - | (27,233 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | - | - |
Interest is paid on the directors advances at the HMRC Official rate of interest. |
28. | RELATED PARTY DISCLOSURES |
The company has taken advantage of the exemption under FRS102 not to disclose transactions with group undertakings as voting rights are controlled within the group. |
Marrill Trust received rent of £314,000 in 2024 (2023: £234,000) from Marrill Limited. The Director of the company is a trustee of Marrill Trust. The balance owing to Marrill Trust at the year-end was £Nil (2023: £Nil). |
29. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is J F Phillips. |