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REGISTERED NUMBER: 06009150 (England and Wales)





STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2024

FOR

MOUNTJOY LIMITED

MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150)

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










Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 8

Income Statement 11

Other Comprehensive Income 12

Balance Sheet 13

Statement of Changes in Equity 14

Cash Flow Statement 15

Notes to the Cash Flow Statement 16

Notes to the Financial Statements 18


MOUNTJOY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH APRIL 2024







DIRECTORS: D J Carlin
S J Ingram
D O'Rourke
Ms T Roxborough





SECRETARY: Ms B Carlin





REGISTERED OFFICE: Fairfield House
47-51 Kingston Crescent
Portsmouth
Hampshire
PO2 8AA





REGISTERED NUMBER: 06009150 (England and Wales)





AUDITORS: Shaw Gibbs (Audit) Limited
Chartered Certified Accountants
Statutory Auditor
25 St Thomas Street
Winchester
Hampshire
SO23 9HJ

MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150)

STRATEGIC REPORT
FOR THE YEAR ENDED 30TH APRIL 2024


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

REVIEW OF BUSINESS
Mountjoy has delivered strong financial and operational performance during 2023/24. This success has been driven by:
- A continued strategic focus on developing long-term relationships with client organisations in our core markets of Living, Learning and Caring
- Our ability to provide a wide range of facilities and housing maintenance services - covering the whole asset lifecycle from reactive repairs and planned maintenance through to major refurbishments
- Continued demand for our services across our operating area in the South of England underpinned by long-term growth in population and economic activity across the region
- Ongoing investment in improving our services - including the development and roll out of customer portal to allow customers to book, amend and track jobs and provide feedback
- Investing in the continued development of our staff - including a bespoke training plan for our Management team and an online training platform to support the training and development of all staff.

During the 2023/24 year the company secured 3 contract extensions with key Building Maintenance and FM clients further extending partnerships with these organisations.

The company's key performance indicators remain as revenue growth, operation profit, EBITDA and free cash.

Turnover was in line with prior year at c£45m, Profit before tax was £897K, which included movement in relation to the defined benefit pension scheme, when this is excluded profit before tax was £653k which was below prior year with additional costs associated with changes in our contract with Woking BC being incurred in the year. Free cash grew across the year and finished the year at £2.6m, £0.6m ahead of prior year.

The significant cost pressures in the wider construction industry remain, energy prices continue to rise and competition for staff is high however materials inflation has started to slow from the levels seen in the last 36 months with industry forecast showing this trend expecting to continue.

The company's strong relationships with clients and partnering approach means we are well-placed to mitigate the impact of these cost pressures on profit margins.


MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150)

STRATEGIC REPORT
FOR THE YEAR ENDED 30TH APRIL 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The Directors have identified the following principal risks and uncertainties which the company faces, and how these are being managed. Our approach is:

Principal Risks/Uncertainties Statement of Company Position
Market Conditions:Both the company's building
maintenance division and its building projects division
are affected by the general macro-economic conditions
The war in Ukraine and subsequent increase in energy
prices and inflation in the UK has made the economic
outlook more uncertain. However, the company's core
markets (social housing maintenance, education, health)
are less affected by economic cycles and remain a key
focus for public sector investment and expenditure.

Health & Safety The company operates in the
construction and building markets which mean that staff
and subcontractors are carrying out high risk activities
The company has a comprehensive H&S management
system which is accredited to the International Standard
ISO45001. The company's SHEQ Steering Group has
oversight of Safety, which meets bi-monthly and is
chaired by the Managing Director.

Staff RetentionThe business is reliant on the attraction
and retention of skilled and motivated staff to deliver our
services
Attraction and retention of staff remains a key focus for
the business. The 2024 staff survey showed a further
increase in the Net Promoter Score along with increased
participation in the survey from staff -demonstrating the
positive impact of recent investment and improvements
across the business.

Cash FlowThe business is required to manage its cash
flow to an optimum level to ensure it can meets its
obligations
The business has worked hard to optimise its cash
position which finished the year at £2.6m, this was a
30% improvement on the prior year.

SubcontractorsThe company relies on specialist
subcontractors to deliver services on its behalf. Risks
include both safety and financial loss.
The company has an online subcontractor approval
process which provides a good level of control and
compliance. The Finance team undertake regular credit
checks and we ensure we do not have undue reliance on
any one subcontractor.


MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150)

STRATEGIC REPORT
FOR THE YEAR ENDED 30TH APRIL 2024

SECTION 172(1) STATEMENT
The Company recognises the importance of delivering effective corporate governance in supporting the long-term success and sustainability of its business. The members of the Board bring a wide range of experience when making decisions.

Mountjoy Board meets at least 10 times a year, and more frequently when deemed appropriate. These meetings are supplemented by regular Maintenance, Finance and Operational review meetings, Construction CVR and Operational meetings and Health and Safety meetings providing timely and detailed information in support of the Board's decision making.

When making decisions, each Director ensures that he/she acts in the way he/she considers in good faith, would most likely promote the Company's success, and in doing so having regard (amongst other matters) to the following:
- The likely consequences of any decision in the long term. The Directors understand the business of Mountjoy and the environment in which it operates allowing informed decision making and challenge to be undertaken in line with Company strategy.
- The interest of the employees. The Directors recognise the employees throughout the business are fundamental and core to the Company strategy and values. The Directors consider that creating and maintaining safe working environments and practices as a prime objective. Mountjoy is committed to embracing diversity as well as fostering and actively encouraging a culture of respect and inclusion.
- The need to foster business relationships with suppliers, customers and others. Delivering the strategy requires working in partnership across both public and private sector suppliers and customers and each entity promotes respectful and supportive working practices with all stakeholders.
- The impact of operations on the community and environment. The group has extensive interaction with educational establishments, local authorities and local communities around its operating sites. A proactive and open dialogue is encouraged at all times with these communities as well as the regulatory authorities.
- The desirability of maintaining a reputation for high standards of business conduct. The Directors periodically review and approve governance standards, business procedures and policies to ensure that high standards are maintained both within the Mountjoy business and the business relationships it maintains. This, complemented by the way the Board is informed and monitors compliance, assures the Company always acts in a manner that promotes high standards of business conduct.
- The need to act fairly between members of the Company. The Directors fully support the values of Equality, Diversity, and Inclusion and across the business there is ongoing support to employee led networks. This year has seen further focus on employee mental health and wellbeing with several initiatives developed across the business.

FUTURE DEVELOPMENT
Going forward the company will continue to focus on the key markets and sectors where we have achieved success, facilities management is an area where we have extensive expertise and a track record of successfully delivering long term contracts for a variety of clients. Building on the strong relationships we have in this market, we plan to grow through both additional opportunities with existing clients and through extending our current offering to new clients. In addition we will continue to deliver Construction Projects through new contracts and will target frameworks within our geography where we will operate as main contractor on projects ranging up to £5m in value.

The Directors remain confident in the company's financial position moving into 2024/25.

ON BEHALF OF THE BOARD:





D J Carlin - Director


22nd January 2025

MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150)

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


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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of facilities maintenance and building services.

DIVIDENDS
Ordinary dividends were paid amounting to £nil. The directors do not recommend payment of a final dividend.

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

D J Carlin
S J Ingram
D O'Rourke
Ms T Roxborough

DISABLED PERSONS
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

ENGAGEMENT WITH EMPLOYEES
The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletin and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
To maintain future growth the nature of our relationships with our clients, customers and suppliers is crucial. Each board member plays a significant role in this approach through extending long term relationships with clients, customers and suppliers with regular meetings and open dialogue. This approach through fostering a partnership working relationship with these people and organisations ensures the future prosperity of the company.

STREAMLINED ENERGY AND CARBON REPORTING
This report has been prepared in compliance with the Streamlined Energy and Carbon (SECR) Reporting requirements as outlined in the Companies Act (2006) for large quoted and unlisted companies. As such, Mountjoy Limited is required to disclose its Greenhouse Gas (GHG) emissions.

The report provides details on Mountjoy Limited's annual GHG emissions and total energy consumption, covering our offices and transport assets. It also outlines the energy efficiency and environmental management actions implemented during the financial year. This report includes our SECR disclosure for the 2023/2024 financial year.

Energy Consumption
The table below presents our yearly energy usage, including electricity, natural gas, and fuel consumption from our fleet and employee vehicles. In compliance with SECR reporting requirements, this data is provided in kilowatt hours (kWh)

2024
Energy Consumption kWh
Aggregate of energy consumption in the year

MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150)

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

-Gas combustion 0
-Electricity Purchased 99,928
-Transport fuel 2,315,647
2,415,575


2024

Emissions of CO2 equilvalent
metric
tones

Scope 1 - direct emissions
-Gas combusition 0
-Fuel consumed for owned transport 550
550
Scope 2 - indirect emissions
-Electricity purchased 21
Total gross emissions 571
Intensity ratio
Tonnes CO2e per £1 million turnover 12.69

Quantification and reporting methodology
The company has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol- Corporate Standard and have used the 2022 UK Government's Conversion Factors for Company Reporting

Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per flm of turnover, the recommended ratio for the sector.

Measures taken to improve energy efficiency
The company continues to minimize energy consumption by installing low-energy/LED lighting and educating staff on reducing usage. They've also adopted hybrid office working models and implemented energy-efficient cleaning practices using modern equipment.

Traditional IT servers have been replaced with virtual machines where feasible, with a shift towards hosting these off-site in cloud environments.

When selecting fleet replacements, the company considers carbon emissions, opting for electric or hybrid vehicles where practical. Each business unit within the company maintains its own fleet policy, reviewed annually to incorporate technological advancements and further reduce emissions wherever possible


MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150)

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

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;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Shaw Gibbs (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D J Carlin - Director


22nd January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MOUNTJOY LIMITED


Opinion
We have audited the financial statements of Mountjoy Limited (the 'company') for the year ended 30th April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30th 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
MOUNTJOY 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 seven, 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.

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:

We obtained an understanding of the legal and regulatory framework applicable to the company via discussions with the directors. This identified that the most significant laws and regulations relate to the form and content of the financial statements such as the UK Companies Act 2006 and Financial Reporting Standard 102. The company complies with these laws and regulations by using appropriately qualified professionals to prepare the financial statements.

As part of our planning process we assessed susceptibility of the company's financial statements to material misstatements, including how fraud might occur by making an assessment of the key risks. The key risks identified in respect of Mountjoy Limited are revenue recognition and management override. Risks also arise from accounting estimates made by the directors which include calculation of work in progress and depreciation policies. The directors confirmed no actual, suspected or alleged cases of fraud.

Based on this assessment we designed our audit procedures to address these key risk areas with an emphasis on testing sales and work-in-progress and those areas susceptible to management override including testing manual journals, testing of payroll records and making enquiries of management. We also assessed the reasonableness of work in progress calculations and depreciation rates used.

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
MOUNTJOY 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.




David Barr FCA (Senior Statutory Auditor)
for and on behalf of Shaw Gibbs (Audit) Limited
Chartered Certified Accountants
Statutory Auditor
25 St Thomas Street
Winchester
Hampshire
SO23 9HJ

28th January 2025

MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150)

INCOME STATEMENT
FOR THE YEAR ENDED 30TH APRIL 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 44,565,529 46,436,731

Cost of sales 35,599,207 38,147,542
GROSS PROFIT 8,966,322 8,289,189

Administrative expenses 8,072,445 7,485,566
OPERATING PROFIT 5 893,877 803,623

Interest receivable and similar income - 978
Other finance income 19 6,000 -
6,000 978
899,877 804,601

Interest payable and similar expenses 6 2,718 1,295
PROFIT BEFORE TAXATION 897,159 803,306

Tax on profit 7 136,113 (9,055 )
PROFIT FOR THE FINANCIAL YEAR 761,046 812,361

MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30TH APRIL 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 761,046 812,361


OTHER COMPREHENSIVE INCOME
Actuarial gains on defined benefit plans 26,000 -
Income tax relating to other comprehensive
income

(6,500

)

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

19,500

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

780,546

812,361

MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150)

BALANCE SHEET
30TH APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 428,788 279,730

CURRENT ASSETS
Stocks 10 31,620 24,740
Debtors 11 6,152,524 6,154,206
Cash at bank and in hand 2,633,103 2,056,950
8,817,247 8,235,896
CREDITORS
Amounts falling due within one year 12 6,690,588 6,609,018
NET CURRENT ASSETS 2,126,659 1,626,878
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,555,447

1,906,608

CREDITORS
Amounts falling due after more than one
year

13

(15,304

)

-

PROVISIONS FOR LIABILITIES 16 (57,926 ) (187 )

PENSION ASSET 19 204,750 -
NET ASSETS 2,686,967 1,906,421

CAPITAL AND RESERVES
Called up share capital 17 221,329 221,329
Retained earnings 18 2,465,638 1,685,092
SHAREHOLDERS' FUNDS 2,686,967 1,906,421

The financial statements were approved by the Board of Directors and authorised for issue on 22nd January 2025 and were signed on its behalf by:




D J Carlin - Director



S J Ingram - Director


MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st May 2022 221,329 1,644,352 1,865,681

Changes in equity
Dividends - (771,621 ) (771,621 )
Total comprehensive income - 812,361 812,361
Balance at 30th April 2023 221,329 1,685,092 1,906,421

Changes in equity
Total comprehensive income - 780,546 780,546
Balance at 30th April 2024 221,329 2,465,638 2,686,967

MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH APRIL 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 922,477 1,066,774
Interest paid (1,222 ) (1,295 )
Interest element of hire purchase payments
paid

(1,496

)

-
Tax paid (58,357 ) (96,274 )
Net cash from operating activities 861,402 969,205

Cash flows from investing activities
Purchase of tangible fixed assets (283,115 ) (167,490 )
Interest received 6,000 978
Net cash from investing activities (277,115 ) (166,512 )

Cash flows from financing activities
Capital repayments in year (8,134 ) -
Equity dividends paid - (771,621 )
Net cash from financing activities (8,134 ) (771,621 )

Increase in cash and cash equivalents 576,153 31,072
Cash and cash equivalents at beginning of
year

2

2,056,950

2,025,878

Cash and cash equivalents at end of year 2 2,633,103 2,056,950

MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150)

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


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 897,159 803,306
Depreciation charges 161,317 135,800
Profit on disposal of fixed assets - (35,668 )
Defined benefit asset (273,000 ) -
Actuarial gains 26,000 -
Finance costs 2,718 1,295
Finance income (6,000 ) (978 )
808,194 903,755
(Increase)/decrease in stocks (6,880 ) 2,639
Decrease/(increase) in trade and other debtors 1,682 (487,301 )
Increase in trade and other creditors 119,481 647,681
Cash generated from operations 922,477 1,066,774

2. CASH AND CASH EQUIVALENTS

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

Year ended 30th April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 2,633,103 2,056,950
Year ended 30th April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 2,056,950 2,025,878


MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150)

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


3. ANALYSIS OF CHANGES IN NET FUNDS

Other
non-cash
At 1.5.23 Cash flow changes At 30.4.24
£    £    £    £   
Net cash
Cash at bank
and in hand 2,056,950 576,153 2,633,103
2,056,950 576,153 2,633,103
Debt
Finance leases - 8,134 (27,260 ) (19,126 )
- 8,134 (27,260 ) (19,126 )
Total 2,056,950 584,287 (27,260 ) 2,613,977

MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150)

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


1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are 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.

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 affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing material adjustment to the carrying amount of assets and liabilities are as follows:

Construction contracts
Amounts recoverable on construction contracts involves estimation.

Management base the valuation of work in progress and accruals on estimates of costs, assessing staffing requirements and margins on each job. The stage of completion is determined by an independent Quantity Surveyor which mitigates against the risk of estimation uncertainty.

The value of amounts recoverable on construction contracts at the year end is £2,189,487 (2023: £2,705,411) and the related accrual is £2,004,471 (2023: £1,428,911).

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of the consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by surveys of work performed, where the revenue per the valuation is compared with the total expected revenue. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150)

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


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings15% - 33% straight line
Plant and machinery20% - 33% straight line
Fixtures and fittings20% - 33% straight line
Computers20% - 33% straight line
Motor vehicles16% - 33% straight line

There are some cases where the assets have been depreciated not in line with the above rates, as they have been depreciated in accordance with the contract that the asset relates to.

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

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.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150)

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


2. ACCOUNTING POLICIES - continued

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
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method and is based on actuarial advice.

The change in the net defined liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in the profit or loss as other finance revenue or cost.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit ans loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150)

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


2. ACCOUNTING POLICIES - continued

Going concern
The company reported turnover for the period of £44.6m (2023: £46.4m) and Net Assets of £2.6m (2023: £1.9m).

In considering the appropriateness for adopting the going concern basis for preparing the financial information, the Directors notes that the Company operates in markets where spend is largely non-discretionary and that contracts tend to be long term partnerships. More than 92.3% of the turnover forecast for 2024-5 is from clients where the business has had a partnership of more than 3 years. The Board believes that the company has sufficient resources to remain operational over the next financial year. To support this judgment, they conducted stress tests on the business plan using various downside scenarios. After evaluating these potential challenges, the Board concluded that it is highly unlikely for any combination of these scenarios to threaten the company's status as a going concern.

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:

2024 2023
£    £   
Maintenance 33,630,342 33,923,384
Construction contracts 10,935,187 12,513,347
44,565,529 46,436,731

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 11,401,673 9,796,212
Social security costs 1,093,091 963,984
Other pension costs 398,503 355,994
12,893,267 11,116,190

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

Facilities and maintenance 188 184
Administration 145 123
333 307

2024 2023
£    £   
Directors' remuneration 354,428 456,213
Directors' pension contributions to money purchase schemes 121,600 140,160

MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150)

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


4. EMPLOYEES AND DIRECTORS - continued

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

Money purchase schemes 4 5

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 96,851 106,763
Pension contributions to money purchase schemes 22,000 35,693

As at 30th April 2024 there were accrued pension contributions in respect of directors totalling £2,894 (2023: £51,894).

5. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 669,114 785,714
Other operating leases 233,029 165,715
Depreciation - owned assets 159,045 135,800
Depreciation - assets on hire purchase contracts 2,272 -
Profit on disposal of fixed assets - (35,668 )
Auditors' remuneration 21,401 7,913

Fees paid to the auditors for audit services totalled £15,730 (2022: £14,750). In addition to this a fee of £2,490 (2023: £750) has been paid to the auditors for non-audit services.

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 1,222 1,295
Hire purchase 1,496 -
2,718 1,295

MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150)

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


7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 23,010 58,357
Research and development (6,386 ) (16,535 )
Changes to prior year tax - (61,011 )
Total current tax 16,624 (19,189 )

Deferred tax 119,489 10,134
Tax on profit 136,113 (9,055 )

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:

2024 2023
£    £   
Profit before tax 897,159 803,306
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19.500%)

224,290

156,645

Effects of:
Expenses not deductible for tax purposes (13,973 ) 17,008
Capital allowances in excess of depreciation (30,027 ) (25,253 )
Adjustments to tax charge in respect of previous periods - (61,011 )
Deferred tax 119,489 10,134
Research and development (6,386 ) (16,535 )
Group relief (97,030 ) (90,043 )
Gain on actuarial settlements (60,250 ) -
Total tax charge/(credit) 136,113 (9,055 )

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Actuarial gains on defined benefit plans 26,000 (6,500 ) 19,500

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of 1 each
Interim - 771,621

MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150)

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


9. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1st May 2023 246,866 19,996 63,709
Additions 89,136 - -
At 30th April 2024 336,002 19,996 63,709
DEPRECIATION
At 1st May 2023 246,866 12,524 52,679
Charge for year 8,913 2,340 3,782
At 30th April 2024 255,779 14,864 56,461
NET BOOK VALUE
At 30th April 2024 80,223 5,132 7,248
At 30th April 2023 - 7,472 11,030

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st May 2023 399,203 1,530,023 2,259,797
Additions 39,460 181,779 310,375
At 30th April 2024 438,663 1,711,802 2,570,172
DEPRECIATION
At 1st May 2023 366,012 1,301,986 1,980,067
Charge for year 19,494 126,788 161,317
At 30th April 2024 385,506 1,428,774 2,141,384
NET BOOK VALUE
At 30th April 2024 53,157 283,028 428,788
At 30th April 2023 33,191 228,037 279,730

MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150)

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


9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 27,260
At 30th April 2024 27,260
DEPRECIATION
Charge for year 2,272
At 30th April 2024 2,272
NET BOOK VALUE
At 30th April 2024 24,988

10. STOCKS
2024 2023
£    £   
Valuation 31,620 24,740

11. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 1,827,422 1,980,053
Amounts recoverable on
contracts 2,189,487 2,705,410
Other debtors 1,157 10,992
Prepayments and accrued income 28,382 142,850
4,046,448 4,839,305

Amounts falling due after more than one year:
Amounts owed by group undertakings 2,106,076 1,314,901

Aggregate amounts 6,152,524 6,154,206

MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150)

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


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 14) 3,822 -
Trade creditors 2,082,346 2,477,349
Tax 16,624 58,357
Social security and other taxes 582,216 609,460
VAT 1,330,547 1,400,654
Other creditors - 2,675
Accruals and deferred income 2,675,033 2,060,523
6,690,588 6,609,018

Included within accruals is £2,894 (2023: £51,894) in relation to unpaid pensions.

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 14) 15,304 -

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 3,822 -
Between one and five years 15,304 -
19,126 -

Non-cancellable operating leases
2024 2023
£    £   
Within one year 876,955 399,649
Between one and five years 1,372,341 986,131
In more than five years 394,720 506,492
2,644,016 1,892,272

MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150)

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


15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 19,126 -

The hire purchase liability is secured against the assets these relate to.

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 57,926 187

Deferred
tax
£   
Balance at 1st May 2023 187
Provided during year 57,739
Balance at 30th April 2024 57,926

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
221,329 Ordinary 1 221,329 221,329

Each share has full rights in the company with respect to voting, dividends and distributions.

18. RESERVES
Retained
earnings
£   

At 1st May 2023 1,685,092
Profit for the year 761,046
Actuarial gains on defined
benefit plans 26,000
OCI deferred tax (6,500 )
At 30th April 2024 2,465,638

MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150)

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


19. EMPLOYEE BENEFIT OBLIGATIONS

The company operates one defined benefit scheme during the year, the Quarr Group Limited Life Assurance Plan. The employer began participating in the Plan on 25th July 2023 and on 1st August 2023 the assets and defined benefit obligations of the Plan were shared between MountJoy and N-Viro Limited.

The Quarr Group Limited Life Assurance Plan ("the Scheme") is an independently administered final salary scheme, where members receive benefits based on their final salary. The Scheme also provides benefits to spouses and dependants in the event of a member's death after retirement. Following consultation with the trustees of the Scheme and the Scheme members, the Scheme was closed to further service accrual with effect from 31st July 2005.

The amounts recognised in the balance sheet are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Present value of funded obligations (1,638,000 ) -
Fair value of plan assets 1,911,000 -
273,000 -
Present value of unfunded obligations - -
Surplus 273,000 -
Deferred tax liability (68,250 ) -
Net asset 204,750 -

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Current service cost - -
Net interest from net defined benefit
asset/liability

(6,000

)

-
Past service cost - -
Gains/losses on settlements and curtailments (241,000 ) -
(247,000 ) -

Actual return on plan assets 89,000 -

MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150)

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


19. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Interest cost 58,000 -
Benefits paid (63,000 ) -
Business combinations 1,644,000 -
Other remeasurement (1,000 ) -
1,638,000 -

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Assets interest income 64,000 -
Benefits paid (63,000 ) -
Business combinations 1,885,000 -
Return on plan assets (excluding interest
income)

25,000

-
1,911,000 -

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Other remeasurement 1,000 -
Return on plan assets (excluding interest
income)

25,000

-
26,000 -

MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150)

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


19. EMPLOYEE BENEFIT OBLIGATIONS - continued

The major categories of scheme assets as amounts of total scheme assets are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Equities 1,380,000 -
Bonds 92,000 -
Cash 118,000 -
Liability Driven Investments 294,000 -
Annuity Policy 27,000 -
1,911,000 -

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2024 2023
Discount rate 5.11% -
Rate of future inflation - RPI 3.66% -
Rate of future inflation - CPI 3.15% -
Expected rate of increase pensions in payment 3.36% -

Mortality assumptions20242023
Assumed life expectations on retirement at age 65:YearsYears
Retiring today
-Males21-
- Females24-

Retiring in 20 years
- Males23-
- Females25-

20. ULTIMATE PARENT COMPANY

Mountjoy Holdings Limited (incorporated in England and Wales ) is regarded by the directors as being the company's ultimate parent company.

The results of the company are not consolidated for the current year, as group accounts are not required to be prepared by Mountjoy Holdings Limited for the year ended 30th April 2024.

21. FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

HSBC UK holds a fixed and floating charge over all assets of the company.

The Quarr Group Limited has fixed and floating charges over the assets of Mountjoy Holdings Limited and Mountjoy Limited.

MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150)

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


22. 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.