Company registration number SC308225 (Scotland)
MARTIN ALAN HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
MARTIN ALAN HOLDINGS LIMITED
COMPANY INFORMATION
Directors
A A Fairlie
M S Robb
A R L Anderson
Mr C Baillie
Mr H Davidson
Mrs J A Anderson
Secretary
A A Fairlie
Company number
SC308225
Registered office
Limemount
5 Dudhope Terrace
Dundee
DD3 6HG
Auditor
Murray Taylor Audit Limited
10 Murray Lane
Montrose
Angus
DD10 8LF
MARTIN ALAN HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Income statement
8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 30
MARTIN ALAN HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

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

Review of the business

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

The financial statements for the year show that the group has achieved a pre-tax profit of £506,618. This is down from £1,906,149 in 2023.

 

The turnover for the year is fallen from £11,152,873 in 2023 to £8,854,508. Shareholder funds have risen from a deficit of £3,879,950 to £3,574,531. Trading conditions continue to be tough, but the directors are satisfied with the performance achieved.

 

While the group remains in an insolvent position, this is due to loans outstanding to the directors of £7,474,396. The directors have confirmed that these will not be withdrawn to the detriment to third party creditors.

Principal risks and uncertainties

The company's operations expose it to a variety of financial risks that include the effects of changes in debt, market prices, credit risk, liquidity risk and interest rate risk. The company director closely monitors the risks on the ongoing basis to seek to limit any adverse conditions which may affect the financial performance of the company.

By order of the board

A A Fairlie
Secretary
27 January 2025
MARTIN ALAN HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the company and group continued to be that of property development and civil engineering via the group subsidiaries.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £78,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A A Fairlie
M S Robb
A R L Anderson
Mr C Baillie
Mr H Davidson
Mrs J A Anderson
Auditor

In accordance with the company's articles, a resolution proposing that Murray Taylor Audit Limited be reappointed as auditor of the group will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MARTIN ALAN HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

By order of the board
A A Fairlie
Secretary
27 January 2025
MARTIN ALAN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MARTIN ALAN HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Martin Alan Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 the provisions available for small entities, in the circumstances set out in note 26 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

MARTIN ALAN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARTIN ALAN HOLDINGS LIMITED
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

MARTIN ALAN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARTIN ALAN HOLDINGS LIMITED
- 6 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

 

We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including relevant legislation such as the Companies Act 2006, taxation legislation, data protection, employment and health and safety legislation.

 

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence.

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

To address the risk of fraud through management bias and override of controls, we:

 

•performed analytical procedures to identify any unusual or unexpected relationships;

 

•tested journal entries to identify unusual transactions;

 

•investigated the rationale behind significant or unusual transaction

 

in response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

•agreeing financial statement disclosures to underlying supporting documentation;

 

•enquiring of management as to actual and potential litigation and claims;

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

MARTIN ALAN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARTIN ALAN HOLDINGS LIMITED
- 7 -
R J Sim F.C.C.A. (Senior Statutory Auditor)
For and on behalf of Murray Taylor Audit Limited
Chartered Certified Accountants
Statutory Auditor
10 Murray Lane
Montrose
Angus
DD10 8LF
27 January 2025
MARTIN ALAN HOLDINGS LIMITED
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
Notes
£
£
Revenue
3
8,854,508
11,152,873
Cost of sales
(7,061,006)
(8,489,789)
Gross profit
1,793,502
2,663,084
Administrative expenses
(1,375,411)
(663,237)
Operating profit
4
418,091
1,999,847
Investment income
6
167,094
9,247
Finance costs
7
(78,567)
(102,945)
Profit before taxation
506,618
1,906,149
Tax on profit
8
(123,199)
(384,575)
Profit for the financial year
383,419
1,521,574
Profit for the financial year is all attributable to the owner of the parent company.
MARTIN ALAN HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
£
£
Profit for the year
383,419
1,521,574
Other comprehensive income
-
-
Total comprehensive income for the year
383,419
1,521,574
Total comprehensive income for the year is all attributable to the owners of the parent company.
MARTIN ALAN HOLDINGS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
11
72,415
54,364
Current assets
Inventories
14
834,182
834,182
Trade and other receivables
15
1,287,612
1,332,865
Cash and cash equivalents
4,174,318
4,554,682
6,296,112
6,721,729
Current liabilities
16
(5,932,837)
(4,085,179)
Net current assets
363,275
2,636,550
Total assets less current liabilities
435,690
2,690,914
Non-current liabilities
17
(4,010,221)
(6,570,864)
Net liabilities
(3,574,531)
(3,879,950)
Equity
Called up share capital
21
91,668
91,668
Capital redemption reserve
11,668
11,668
Retained earnings
(3,677,867)
(3,983,286)
Total equity
(3,574,531)
(3,879,950)

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
27 January 2025
A A Fairlie
M S Robb
Director
Director
Company registration number SC308225 (Scotland)
MARTIN ALAN HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
30 April 2024
- 11 -
2024
2023
Notes
£
£
£
£
Non-current assets
Investments
12
7,700,001
7,700,001
Current assets
Trade and other receivables
15
656,160
8,676
Cash and cash equivalents
2,971,261
2,394,722
3,627,421
2,403,398
Current liabilities
16
(3,549,084)
(1,111,179)
Net current assets
78,337
1,292,219
Total assets less current liabilities
7,778,338
8,992,220
Non-current liabilities
17
(3,957,886)
(6,524,000)
Net assets
3,820,452
2,468,220
Equity
Called up share capital
21
91,668
91,668
Capital redemption reserve
11,668
11,668
Retained earnings
3,717,116
2,364,884
Total equity
3,820,452
2,468,220

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £1,430,232 (2023 - £2,219,976 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
27 January 2025
A A Fairlie
M S Robb
Director
Director
Company registration number SC308225 (Scotland)
MARTIN ALAN HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Capital redemption reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 May 2022
73,332
11,668
(5,431,860)
(5,346,860)
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
1,521,574
1,521,574
Dividends
9
-
-
(73,000)
(73,000)
Issued share capital
18,336
-
-
18,336
Balance at 30 April 2023
91,668
11,668
(3,983,286)
(3,879,950)
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
383,419
383,419
Dividends
9
-
-
(78,000)
(78,000)
Balance at 30 April 2024
91,668
11,668
(3,677,867)
(3,574,531)
MARTIN ALAN HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
Share capital
Capital redemption reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 May 2022
73,332
11,668
217,908
302,908
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
2,219,976
2,219,976
Dividends
9
-
-
(73,000)
(73,000)
Issued share capital
18,336
-
-
18,336
Balance at 30 April 2023
91,668
11,668
2,364,884
2,468,220
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
1,430,232
1,430,232
Dividends
9
-
-
(78,000)
(78,000)
Balance at 30 April 2024
91,668
11,668
3,717,116
3,820,452
MARTIN ALAN HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
187,390
2,432,063
Interest paid
(78,567)
(102,945)
Income taxes paid
(393,100)
(309,379)
Net cash (outflow)/inflow from operating activities
(284,277)
2,019,739
Investing activities
Purchase of property, plant and equipment
(65,355)
(4,064)
Interest received
167,094
9,247
Net cash generated from investing activities
101,739
5,183
Financing activities
Proceeds from issue of shares
-
18,336
Repayment of borrowings
(125,000)
(68,336)
Repayment of bank loans
(9,285)
(10,000)
Payment of finance leases obligations
14,459
(25,981)
Dividends paid to equity shareholders
(78,000)
(73,000)
Net cash used in financing activities
(197,826)
(158,981)
Net (decrease)/increase in cash and cash equivalents
(380,364)
1,865,941
Cash and cash equivalents at beginning of year
4,554,682
2,688,741
Cash and cash equivalents at end of year
4,174,318
4,554,682
MARTIN ALAN HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
23
(664,128)
(17,512)
Interest paid
(56,082)
(100,022)
Income taxes paid
(8,525)
-
0
Net cash outflow from operating activities
(728,735)
(117,534)
Investing activities
Interest received
144,774
-
0
Dividends received
1,363,500
2,346,500
Net cash generated from investing activities
1,508,274
2,346,500
Financing activities
Proceeds from issue of shares
-
18,336
Repayment of borrowings
(125,000)
(68,336)
Dividends paid to equity shareholders
(78,000)
(73,000)
Net cash used in financing activities
(203,000)
(123,000)
Net increase in cash and cash equivalents
576,539
2,105,966
Cash and cash equivalents at beginning of year
2,394,722
288,756
Cash and cash equivalents at end of year
2,971,261
2,394,722
MARTIN ALAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
1
Accounting policies
Company information

Martin Alan Holdings Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Limemount, 5 Dudhope Terrace, Dundee, DD3 6HG.

 

The group consists of Martin Alan Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Martin Alan Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

MARTIN ALAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -

Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.5
Revenue

Revenue 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 consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. 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.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

MARTIN ALAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -

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:

Plant and equipment
20% on cost
Computers
15% on cost
Motor vehicles
25% on cost

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 recognised in the income statement.

1.8
Non-current investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of non-current assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

MARTIN ALAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Inventories

Inventories 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 inventories to their present location and condition.

 

Inventories 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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

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

1.12
Financial instruments

The group 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 group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction 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.

MARTIN ALAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 20 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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 group 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

MARTIN ALAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 21 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

MARTIN ALAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 22 -
1.15
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 non-current 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.

1.16
Retirement benefits

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

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

3
Revenue
2024
2023
£
£
Revenue analysed by class of business
General building and civil engineering
8,854,508
11,152,873
2024
2023
£
£
Other revenue
Interest income
167,094
9,247
MARTIN ALAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
3,000
3,000
Depreciation of owned property, plant and equipment
47,304
58,254
Operating lease charges
32,167
33,688
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Construction and administration staff
60
62
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,870,319
2,037,390
-
0
-
0
Social security costs
178,040
204,343
-
-
Pension costs
783,313
133,190
-
0
-
0
2,831,672
2,374,923
-
0
-
0
6
Investment income
2024
2023
£
£
Interest income
Interest on bank deposits
167,094
9,247
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
167,094
9,247
MARTIN ALAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
7
Finance costs
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
1,443
649
Other interest on financial liabilities
74,887
100,022
76,330
100,671
Other finance costs:
Interest on finance leases and hire purchase contracts
2,237
2,274
Total finance costs
78,567
102,945
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
123,199
384,575

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
506,618
1,906,149
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
126,655
362,168
Tax effect of expenses that are not deductible in determining taxable profit
3,522
2,594
Permanent capital allowances in excess of depreciation
(4,513)
10,083
Tax at marginal rate
(2,465)
9,730
Taxation charge
123,199
384,575
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
78,000
73,000
MARTIN ALAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
10,659,847
Amortisation and impairment
At 1 May 2023 and 30 April 2024
10,659,847
Carrying amount
At 30 April 2024
-
0
At 30 April 2023
-
0
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.
11
Property, plant and equipment
Group
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
59,517
51,100
237,864
348,481
Additions
21,425
-
0
43,930
65,355
At 30 April 2024
80,942
51,100
281,794
413,836
Depreciation and impairment
At 1 May 2023
52,257
44,872
196,988
294,117
Depreciation charged in the year
7,140
3,119
37,045
47,304
At 30 April 2024
59,397
47,991
234,033
341,421
Carrying amount
At 30 April 2024
21,545
3,109
47,761
72,415
At 30 April 2023
7,260
6,228
40,876
54,364
The company had no property, plant and equipment at 30 April 2024 or 30 April 2023.
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
7,700,001
7,700,001
MARTIN ALAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
12
Fixed asset investments
(Continued)
- 26 -
Movements in non-current investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
7,700,001
Carrying amount
At 30 April 2024
7,700,001
At 30 April 2023
7,700,001
13
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Martin Alan Construction Limited
Limemount, 5 Dudhope Terrace, Dundee, DD3 6HG, Scotland
Ordinary A and Ordinary B
100.00
Martin Alan Properties Limited
Limemount, 5 Dudhope Terrace, Dundee, DD3 6HG, Scotland
Ordinary shares
100.00
14
Inventories
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
834,182
834,182
-
-
15
Trade and other receivables
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade receivables
907,374
1,160,776
-
0
-
0
Amounts owed by group undertakings
-
-
650,000
-
Other receivables
327,891
124,295
6,160
8,676
Prepayments and accrued income
52,347
47,794
-
0
-
0
1,287,612
1,332,865
656,160
8,676
MARTIN ALAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
16
Current liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
10,000
10,000
-
0
-
0
Obligations under finance leases
19
23,645
23,942
-
0
-
0
Other borrowings
18
3,516,510
1,075,396
3,516,510
1,075,396
Trade payables
1,099,401
1,412,270
-
0
-
0
Corporation tax payable
135,391
405,292
31,150
20,717
Other taxation and social security
17,720
39,650
-
-
Other payables
1,036,059
1,029,772
-
0
-
0
Accruals and deferred income
94,111
88,857
1,424
15,066
5,932,837
4,085,179
3,549,084
1,111,179
17
Non-current liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
12,382
21,667
-
0
-
0
Obligations under finance leases
19
39,953
25,197
-
0
-
0
Other borrowings
18
3,957,886
6,524,000
3,957,886
6,524,000
4,010,221
6,570,864
3,957,886
6,524,000
18
Borrowings
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
22,382
31,667
-
0
-
0
Other loans
7,474,396
7,599,396
7,474,396
7,599,396
7,496,778
7,631,063
7,474,396
7,599,396
Payable within one year
3,526,510
1,085,396
3,516,510
1,075,396
Payable after one year
3,970,268
6,545,667
3,957,886
6,524,000

The bank loans and overdrafts are secured via a bond and floating charge over the assets of the Group. The bank loans are repayable by instalment and attract a 2.5% rate of interest. The final repayment date is June 2026.

 

The other loans are secured by floating charges over the assets of the Group. While the loans are repayable on demand and attract no rate of interest, these loans will only be repaid so as not the disadvantage other third party creditors.

 

Hire purchase liabilities are secured over the motor vehicles to which they relate.

MARTIN ALAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
23,645
23,942
-
0
-
0
In two to five years
39,953
25,197
-
0
-
0
63,598
49,139
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
783,313
133,190

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
91,668
91,668
91,668
91,668

Each share entitles its holder to vote and to participate on a winding up or return of capital. The company may by special resolution in a general meeting declare dividends provided that no dividend shall be declared or paid until all sums of principal and interest in respect of £3,534,846 secured loan notes 2013 - 2015, £1,340,665 secured on loan notes 2015 - 2017 series A, £2,386,480 secured loan notes 2015 - 2017 series B, £182,982 secured loan notes 2017 series A and £323,759 secured loan notes 2017 series B issued by virtue of instrument by the company dated 5th October 2007 have been paid in full save with the prior written consent of the holders of the majority of the said loan notes in issue at that time.

MARTIN ALAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
22
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
383,419
1,521,574
Adjustments for:
Taxation charged
123,199
384,575
Finance costs
78,567
102,945
Investment income
(167,094)
(9,247)
Depreciation and impairment of property, plant and equipment
47,304
58,254
Movements in working capital:
Decrease in inventories
-
99,752
Decrease in trade and other receivables
45,253
529,747
Decrease in trade and other payables
(323,258)
(255,537)
Cash generated from operations
187,390
2,432,063
23
Cash absorbed by operations - company
2024
2023
£
£
Profit for the year after tax
1,430,232
2,219,976
Adjustments for:
Taxation charged
18,958
-
0
Finance costs
56,082
100,022
Investment income
(1,508,274)
(2,346,500)
Movements in working capital:
(Increase)/decrease in trade and other receivables
(647,484)
1,116
(Decrease)/increase in trade and other payables
(13,642)
7,874
Cash absorbed by operations
(664,128)
(17,512)
24
Analysis of changes in net debt - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
4,554,682
(380,364)
4,174,318
Borrowings excluding overdrafts
(7,631,063)
134,285
(7,496,778)
Obligations under finance leases
(49,139)
(14,459)
(63,598)
(3,125,520)
(260,538)
(3,386,058)
MARTIN ALAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 30 -
25
Analysis of changes in net debt - company
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
2,394,722
576,539
2,971,261
Borrowings excluding overdrafts
(7,599,396)
125,000
(7,474,396)
(5,204,674)
701,539
(4,503,135)
26
Non-audit services provided by auditor

In common with many businesses of our size and nature we use our auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

 

In common with many other businesses of our size and nature we use our auditor to provide tax advice and to represent us, as necessary, at tax tribunals.

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