REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2024 |
FOR |
MOUNTJOY LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Chartered Certified Accountants |
Statutory Auditor |
25 St Thomas Street |
Winchester |
Hampshire |
SO23 9HJ |
MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30TH APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
Other finance income | 19 |
6,000 | 978 |
899,877 | 804,601 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30TH APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME |
Actuarial gains on defined benefit plans |
Income tax relating to other comprehensive income |
( |
) |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
MOUNTJOY LIMITED (REGISTERED NUMBER: 06009150) |
BALANCE SHEET |
30TH APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
PENSION ASSET | 19 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30th April 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 30th April 2024 |
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 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Capital repayments in year | ( |
) |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
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 | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
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 | 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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 buildings | 15% - 33% straight line |
Plant and machinery | 20% - 33% straight line |
Fixtures and fittings | 20% - 33% straight line |
Computers | 20% - 33% straight line |
Motor vehicles | 16% - 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 |
£ | £ |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Facilities and maintenance | 188 | 184 |
Administration | 145 | 123 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
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 |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
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 |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) |
Auditors' remuneration |
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 |
Hire purchase |
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 |
Research and development | (6,386 | ) | (16,535 | ) |
Changes to prior year tax | - | (61,011 | ) |
Total current tax | ( |
) |
Deferred tax |
Tax on profit | ( |
) |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) |
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 | (6,500 | ) | 19,500 |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of 1 each |
Interim |
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 |
Additions |
At 30th April 2024 |
DEPRECIATION |
At 1st May 2023 |
Charge for year |
At 30th April 2024 |
NET BOOK VALUE |
At 30th April 2024 |
At 30th April 2023 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1st May 2023 |
Additions |
At 30th April 2024 |
DEPRECIATION |
At 1st May 2023 |
Charge for year |
At 30th April 2024 |
NET BOOK VALUE |
At 30th April 2024 |
At 30th April 2023 |
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 |
At 30th April 2024 |
DEPRECIATION |
Charge for year |
At 30th April 2024 |
NET BOOK VALUE |
At 30th April 2024 |
10. | STOCKS |
2024 | 2023 |
£ | £ |
Valuation | 31,620 | 24,740 |
11. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts recoverable on |
contracts |
Other debtors |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
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) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 1,330,547 | 1,400,654 |
Other creditors |
Accruals and deferred income |
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) |
14. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
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 |
Provided during year |
Balance at 30th April 2024 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
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 |
Profit for the year |
Actuarial gains on defined |
benefit plans | 26,000 |
OCI deferred tax | (6,500 | ) |
At 30th April 2024 |
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 | ( |
) |
Fair value of plan assets |
273,000 | - |
Present value of unfunded obligations |
Surplus |
Deferred tax liability | ( |
) |
Net asset |
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 | ( |
) |
(247,000 | ) | - |
Actual return on plan assets |
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 |
Benefits paid | ( |
) |
Business combinations |
Other remeasurement | (1,000 | ) | - |
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 |
Return on plan assets (excluding interest income) |
25,000 |
- |
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 |
Bonds |
Cash | 118,000 | - |
Liability Driven Investments | 294,000 | - |
Annuity Policy |
1,911,000 | - |
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
2024 | 2023 |
Discount rate |
Rate of future inflation - RPI | 3.66% | - |
Rate of future inflation - CPI | 3.15% | - |
Expected rate of increase pensions in payment | 3.36% | - |
Mortality assumptions | 2024 | 2023 |
Assumed life expectations on retirement at age 65: | Years | Years |
Retiring today |
-Males | 21 | - |
- Females | 24 | - |
Retiring in 20 years |
- Males | 23 | - |
- Females | 25 | - |
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. |