IRIS Accounts Production v24.3.2.46 SC421124 Board of Directors 1.5.23 30.4.24 30.4.24 Medium entities 93 71 true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 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REGISTERED NUMBER: SC421124 (Scotland)















MP GROUP U K LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






MP GROUP U K LIMITED (REGISTERED NUMBER: SC421124)






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




Page

Company Information 1

Strategic Report 2 to 3

Report of the Directors 4 to 5

Report of the Independent Auditors 6 to 9

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14 to 23


MP GROUP U K LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: Robert James McLarrie
Robert Gerard McLarrie
Przemyslaw Pruszczynski



REGISTERED OFFICE: 324 Drumoyne Road
Glasgow
G51 4DX



REGISTERED NUMBER: SC421124 (Scotland)



AUDITORS: Azets Audit Services
Chartered accountants
Statutory auditor
Abercorn House
79 Renfrew Road
Paisley
Renfrewshire
PA3 4DA



BANKERS: Royal Bank of Scotland plc
Glasgow City Branch
10 Gordon Street
Glasgow
G1 3PL

MP GROUP U K LIMITED (REGISTERED NUMBER: SC421124)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their strategic report for the year ended 30 April 2024.

REVIEW OF BUSINESS
The results for the year and financial position of the company are as shown in the annexed financial statements.

The key financial highlights are as follows:

2024 2023
£ £
Turnover 24,687,087 19,888,012
Turnover growth 24.1% 27.3%
Profit/(Loss) before tax 1,363,960 107,265

The net assets of the company have increased from £1,519,867 at 30 April, 2023 to £1,752,776 at 30 April, 2024.

PRINCIPAL RISKS AND UNCERTAINTIES
The company faces a number of business risks and uncertainties due to difficult trading conditions and competition in the market. In view of this, the directors look carefully at the risks and uncertainties facing the business.

Commercial risk
At present there is an increased level of macroeconomic uncertainty, including sustained interest rates, cost and wage inflation. This impacts upon customer demand and a rise in our own operational cost basis therefore the directors actively monitor the situation and have contingency measures in place to obtain the best possible prices from suppliers. In addition, the company has a loyal customer base which somewhat reduces its exposure to a temporary downturn in trade and local competition.

Liquidity and credit risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments the group uses a mixture of long-term and short-term finance. Principal financial assets includes bank balances, cash, work in progress, trade and other receivables.

The company's credit risk is primarily attributable to its debtors, retention debtors, and work in progress balances with the amounts shown in the accounts net of any provisions for doubtful receivables. The company aims to mitigate credit risk by continuing to be selective regarding which clients it trades with and to what level and extent credit terms are made available. Regular credit checks on clients are carried out.

Compliance with regulations
As a company we work to comply with all relevant legislation including health & safety and employment law. We have processes in place to ensure compliance across the business with regular reporting to the board on these matters.

FUTURE DEVELOPMENTS
The directors expect to maintain a steady turnover for the next financial year with no products or services being added to the company's current mix. The increasing focus on energy efficiency by the government will likely improve demand on the industry in which the company competes and therefore the directors consider that this will ensure future stability for the business.

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to finance the company's operations.

Trade debtors are managed in respect of credit and cashflow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.


MP GROUP U K LIMITED (REGISTERED NUMBER: SC421124)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

KEY PERFORMANCE INDICATORS
Key performance indicators are monitored on a regular basis and include; order book, contract margins and net assets.

ON BEHALF OF THE BOARD:





Robert James McLarrie - Director


28 January 2025

MP GROUP U K LIMITED (REGISTERED NUMBER: SC421124)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of providing multidisciplinary construction services, specialising in energy efficiency, fit out, mechanical & electrical, fire & security and renewables.

DIVIDENDS
The company has paid interim dividends amounting to £842,500 (2023 - £187,500) during the year.

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

Robert James McLarrie
Robert Gerard McLarrie
Przemyslaw Pruszczynski

POLITICAL DONATIONS AND EXPENDITURE
Non political donations amounting to £3,195 (2023 - £2,547) were paid during the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

MP GROUP U K LIMITED (REGISTERED NUMBER: SC421124)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


AUDITORS
The auditors, Azets Audit Services, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Robert James McLarrie - Director


28 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MP GROUP U K LIMITED

Opinion
We have audited the financial statements of MP Group U K Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 30 April 2024 and of its 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 company 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 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 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 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 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
MP GROUP U K LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MP GROUP U K LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
- Reviewing minutes of meetings of those charged with governance;
- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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
MP GROUP U K 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.




Alex Webb (Senior Statutory Auditor)
for and on behalf of Azets Audit Services
Chartered accountants
Statutory auditor
Abercorn House
79 Renfrew Road
Paisley
Renfrewshire
PA3 4DA

28 January 2025

MP GROUP U K LIMITED (REGISTERED NUMBER: SC421124)

INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

30/4/24 30/4/23
Notes £    £   

TURNOVER 3 24,687,087 19,888,012

Cost of sales (18,209,759 ) (15,048,696 )
GROSS PROFIT 6,477,328 4,839,316

Administrative expenses (10,063,023 ) (4,831,834 )
(3,585,695 ) 7,482

Other operating income 5,000,000 173,912
OPERATING PROFIT 1,414,305 181,394

Interest receivable and similar income 1,597 2,130
1,415,902 183,524
Gain/loss on revaluation of tangible assets - (41,857 )
1,415,902 141,667

Interest payable and similar expenses 5 (51,942 ) (34,402 )
PROFIT BEFORE TAXATION 6 1,363,960 107,265

Tax on profit 7 (288,551 ) 13,168
PROFIT FOR THE FINANCIAL YEAR 1,075,409 120,433

MP GROUP U K LIMITED (REGISTERED NUMBER: SC421124)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

30/4/24 30/4/23
Notes £    £   

PROFIT FOR THE YEAR 1,075,409 120,433


OTHER COMPREHENSIVE INCOME
Revaluation of freehold property - (93,077 )
Deferred tax on revaluation - 17,685
Income tax relating to components of other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

(75,392

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,075,409

45,041

MP GROUP U K LIMITED (REGISTERED NUMBER: SC421124)

BALANCE SHEET
30 APRIL 2024

30/4/24 30/4/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,008,636 503,237

CURRENT ASSETS
Debtors 10 10,278,613 4,942,022
Cash at bank and in hand 2,491,592 1,206,805
12,770,205 6,148,827
CREDITORS
Amounts falling due within one year 11 10,967,268 4,614,321
NET CURRENT ASSETS 1,802,937 1,534,506
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,811,573

2,037,743

CREDITORS
Amounts falling due after more than one
year

12

(824,759

)

(475,535

)

PROVISIONS FOR LIABILITIES 17 (234,038 ) (42,341 )
NET ASSETS 1,752,776 1,519,867

CAPITAL AND RESERVES
Called up share capital 18 300 300
Retained earnings 19 1,752,476 1,519,567
SHAREHOLDERS' FUNDS 1,752,776 1,519,867

The financial statements were approved by the Board of Directors and authorised for issue on 28 January 2025 and were signed on its behalf by:





Robert James McLarrie - Director


MP GROUP U K LIMITED (REGISTERED NUMBER: SC421124)

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

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 May 2022 300 1,586,634 75,392 1,662,326

Changes in equity
Dividends - (187,500 ) - (187,500 )
Total comprehensive income - 120,433 (75,392 ) 45,041
Balance at 30 April 2023 300 1,519,567 - 1,519,867

Changes in equity
Dividends - (842,500 ) - (842,500 )
Total comprehensive income - 1,075,409 - 1,075,409
Balance at 30 April 2024 300 1,752,476 - 1,752,776

MP GROUP U K LIMITED (REGISTERED NUMBER: SC421124)

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

1. STATUTORY INFORMATION

MP Group U K Limited, is a private company, limited by shares, registered in Scotland. The company's registered number is SC421124 and registered office address is 324 Drumoyne Road, Glasgow G51 4DX.

The nature of the company's operations and its principal activities was that of providing multidisciplinary construction services, specialising in energy efficiency, fit out, mechanical & electrical, fire & security and renewables.

2. ACCOUNTING POLICIES

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

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company 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 requirements of Section 7 Statement of Cash Flows.

Turnover
Turnover represents revenue earned under a wide variety of contracts to provide commercial building services and advice to third parties.

Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under those contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including recoverable expenses and disbursements, but excluding Value Added Tax.

For incomplete contracts, an assessment is made of the extent to which revenue has been earned. This assessment takes into account the nature of the assignment, its stage of completion and the relevant contract terms.

Unbilled revenue is included in debtors within 'amounts recoverable on contracts'.

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

MP GROUP U K LIMITED (REGISTERED NUMBER: SC421124)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 ' Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.


MP GROUP U K LIMITED (REGISTERED NUMBER: SC421124)

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

2. ACCOUNTING POLICIES - continued
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Deferred tax assets and deferred tax liabilities are offset only if the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

Leases
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

MP GROUP U K LIMITED (REGISTERED NUMBER: SC421124)

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

2. ACCOUNTING POLICIES - continued

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Provisions
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable, and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provision are generally charged as an expense to profit or loss.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

30/4/24 30/4/23
£    £   
Rendering of services 24,687,087 19,888,012
24,687,087 19,888,012

MP GROUP U K LIMITED (REGISTERED NUMBER: SC421124)

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

3. TURNOVER - continued

An analysis of turnover by geographical market is given below:

30/4/24 30/4/23
£    £   
United Kingdom 24,687,087 19,888,012
24,687,087 19,888,012

4. EMPLOYEES AND DIRECTORS

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

20242023

Employees9371

30/4/24 30/4/23
£    £   
Directors' remuneration 34,500 34,500

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30/4/24 30/4/23
£    £   
Bank interest 11 -
Bank loan interest 9,588 3,110
Premium credit interest - 2,567
Interest on late paid tax 1,932 -
Hire purchase 40,411 28,725
51,942 34,402

6. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

30/4/24 30/4/23
£    £   
Hire of plant and machinery 477,116 560,547
Other operating leases 208,881 243,274
Depreciation - owned assets 24,639 37,971
Depreciation - assets on hire purchase contracts 297,536 171,505
Profit on disposal of fixed assets - (3,060 )
Auditors' remuneration 22,500 -

MP GROUP U K LIMITED (REGISTERED NUMBER: SC421124)

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

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
30/4/24 30/4/23
£    £   
Current tax:
UK corporation tax 170,578 -
Adjustment in respect of prior periods (73,724 ) (5,802 )
Total current tax 96,854 (5,802 )

Deferred tax 191,697 (7,366 )
Tax on profit 288,551 (13,168 )

UK corporation tax has been charged at 25% (2023 - 22.50%).

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

30/4/24 30/4/23
£    £   
Profit before tax 1,363,960 107,265
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 22.500%)

340,990

24,135

Effects of:
Adjustments to tax charge in respect of previous periods (73,724 ) (5,802 )
Corporation tax eliminated because of research and development - (24,135 )
Deferred tax movements - (7,366 )
Disallowed expenses and non-taxable income 5,092 -
Deferred tax rate changes 14,479 -
Group relief claimed (1,800 ) -
Prior year adjustment - deferred tax 3,514 -
Total tax charge/(credit) 288,551 (13,168 )

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 30 April 2024.

30/4/23
Gross Tax Net
£    £    £   
Revaluation of freehold property (93,077 ) - (93,077 )
Deferred tax on revaluation 17,685 - 17,685
(75,392 ) - (75,392 )

The main rate of UK corporation tax increased to 25% from 1 April 2023.

MP GROUP U K LIMITED (REGISTERED NUMBER: SC421124)

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

8. DIVIDENDS
30/4/24 30/4/23
£    £   
Ordinary shares of £1 each
Interim 842,500 187,500

9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 May 2023 11,480 9,037 1,100,679 36,869 1,158,065
Additions 25,242 - 796,763 5,569 827,574
At 30 April 2024 36,722 9,037 1,897,442 42,438 1,985,639
DEPRECIATION
At 1 May 2023 4,765 3,828 624,234 22,001 654,828
Charge for year 7,371 1,302 304,709 8,793 322,175
At 30 April 2024 12,136 5,130 928,943 30,794 977,003
NET BOOK VALUE
At 30 April 2024 24,586 3,907 968,499 11,644 1,008,636
At 30 April 2023 6,715 5,209 476,445 14,868 503,237

The net book value of tangible fixed assets includes £ 968,523 (2023 - £ 445,327 ) in respect of assets held under hire purchase contracts.

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/4/24 30/4/23
£    £   
Trade debtors 2,800,140 2,929,127
Amounts owed by group undertakings 4,759,951 276,446
Amounts recoverable on contracts 2,230,877 1,370,131
Other debtors - 23,500
Directors' current accounts - 44,589
Corporation tax - 36,310
VAT - 77,750
Prepayments 487,645 184,169
10,278,613 4,942,022

MP GROUP U K LIMITED (REGISTERED NUMBER: SC421124)

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

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/4/24 30/4/23
£    £   
Bank loans and overdrafts (see note 13) 45,000 45,000
Hire purchase contracts (see note 14) 292,484 185,238
Trade creditors 4,591,104 3,195,175
Corporation tax 170,579 -
Social security and other taxes 515,773 376,404
VAT 309,257 -
Other finance liability 373,486 57,524
Accruals and deferred income 4,669,585 754,980
10,967,268 4,614,321

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/4/24 30/4/23
£    £   
Bank loans (see note 13) 52,500 97,500
Hire purchase contracts (see note 14) 772,259 378,035
824,759 475,535

13. LOANS

An analysis of the maturity of loans is given below:

30/4/24 30/4/23
£    £   
Amounts falling due within one year or on demand:
Bank loans 45,000 45,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 45,000 45,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 7,500 52,500

14. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

30/4/24 30/4/23
£    £   
Net obligations repayable:
Within one year 292,484 185,238
Between one and five years 772,259 378,035
1,064,743 563,273

MP GROUP U K LIMITED (REGISTERED NUMBER: SC421124)

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

15. SECURED DEBTS

The following secured debts are included within creditors:

30/4/24 30/4/23
£    £   
Bank loans 97,500 142,500
Hire purchase contracts 1,064,743 563,273
1,162,243 705,773

Bank loans are secured by a bond and floating charge over the assets of the company.

Hire purchase creditors are secured over the assets to which they relate.

16. FINANCIAL INSTRUMENTS

The carrying amount for each category of financial instrument is as follows:

2024 2023
£ £
Financial assets
Financial assets that are debt instruments measured at amortised cost 9,770,968 4,643,793
Cash and cash equivalents 2,491,592 1,206,805
12,262,560 5,850,598
Financial liabilities
Financial liabilities measured at amortised cost 6,131,833 3,958,472

17. PROVISIONS FOR LIABILITIES
30/4/24 30/4/23
£    £   
Deferred tax 234,038 42,341

Deferred
tax
£   
Balance at 1 May 2023 42,341
Originating and reversal of 177,218
timing differences
Effect of changes in tax rates 14,479
Balance at 30 April 2024 234,038

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/4/24 30/4/23
value: £    £   
150 Ordinary £1 150 150
150 Ordinary B £1 150 150
300 300

MP GROUP U K LIMITED (REGISTERED NUMBER: SC421124)

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

19. RESERVES
Retained
earnings
£   

At 1 May 2023 1,519,567
Profit for the year 1,075,409
Dividends (842,500 )
At 30 April 2024 1,752,476

Retained earnings
Retained earnings represents cumulative profits or loss, net of dividends paid.

20. PENSION COMMITMENTS

The company operates defined contribution retirement schemes for all qualifying staff. The total expense charged to the profit and loss in the year to 30 April 2024 amounted to £48,285 (2023 - £36,618). The amount owed by the company at 30 April 2024 is £9,251 (2023 - £7,353).

21. ULTIMATE PARENT COMPANY

The ultimate parent company is MP Group UK Holdings Limited. The registered office and principal place of business is 324 Drumoyne Road, Glasgow, G51 4DX.

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 30 April 2024 the company was owed £nil (2023 - £44,589) by the directors from interest free loans.

23. RELATED PARTY DISCLOSURES

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.