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COMPANY REGISTRATION NUMBER: 00799600
H.Malone and Sons Ltd
Financial Statements
30 April 2024
H.Malone and Sons Ltd
Financial Statements
Year ended 30 April 2024
Contents
Page
Strategic report
1
Directors' report
4
Independent auditor's report to the members
6
Consolidated statement of comprehensive income
10
Consolidated statement of financial position
11
Company statement of financial position
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Notes to the financial statements
16
H.Malone and Sons Ltd
Strategic Report
Year ended 30 April 2024
Principal activity
The principal activity is that of mechanical and electrical services engineers.
Business review and future developments
Following H.Malone and Sons Ltd acquisition of McNally and Thompson (UK Contracts) Ltd in June 2022, we entered the new financial year with 11 months’ worth of knowledge and experience of working towards becoming a fully integrated mechanical and electrical contractor. This gave us renewed confidence that our business model was working and more importantly was being received extremely well by our customers. Trading activity during this time has been strengthened by our combined offer to our customers and we have successfully obtained new contracts. The company delivered a combined mechanical package for three award-winning projects, two of which were recognised at the Constructing Excellence in the Northeast Awards and one at the British Council for Offices (BCO) Innovation Award. The company continues to increase the intake of apprentices to ensure the capability is strong now and for the future. This year saw one of our apprentices gain the accolade of Trade Apprentice of the Year at the G4C North East & G4C Tees Valley Awards. We have recruited a further 6 apprentices this year (2023: 12) contributing to the company’s growth and success. These apprentices have been recruited not only for trade but also project management and finance. We aim to present a balanced and comprehensive review of the company's performance and development during the year and it's position at the year end. Our review is consistent with the size and nature of our business and covers the principal risks and uncertainties faced by the company.
Development and performance of the company
The company has returned an impressive performance despite the challenging economic environment in which the company operates. The company has a strong forward order book and is focusing on sectors that offer potential growth, including educational and large commercial establishments.
Key performance indicators
Revenue - £37,544,400 (2023 - £33,420,580), Operating profit margin - 2.8% (2023 - 3.0%),Net assets - £3,535,097 (2023 - £3,087,613), Net current assets £3,600,879 (2023 - £3,639,687).
Principal risks and uncertainties
Trading performance and cashflows are closely monitored and reviewed monthly and any significant variances are fully investigated, to foresee any potentials shortages. Project performance is closing monitored at senior management and board level to ensure project specific targets are being achieved. The principal risks and uncertainties faced by the business and the mitigating factors in place are as follows:
Market conditions
The construction industry has faced extremely challenging conditions over several years, with low levels of confidence throughout the UK economy and austerity measures impacting on the demand for new build. The company mitigates this risk by ensuring it offers its services over a broad range of sectors and seeking to establish lasting relationships with key contractors and end user clients based upon our reputation and the financial strength of the company. This has been firmly improved by our offer of a combined mechanical and electrical package. 98.4% of our turnover is from existing longstanding contractors.
Contractual and operational risk
Failure to deliver projects to time, quality or budget, and contractual disputes that can arise over the scope and valuation of contracts, may make the ultimate outcome of contracts uncertain. The company continually assesses and manages contractual and operational risks, including health and safety risks, throughout the bidding stage to the final commissioning of an installation and handover to client, using its experienced team of estimators, engineers, supervisors and surveyors. Our business information systems monitor profit and cash flow throughout the life of a contract and regular review meetings are held to monitor progress and identify and address operational and financial issues as they arise.
Cost inflation
Most projects that we secure do not allow for the recovery of any increase in labour costs. Labour costs for heating engineers and plumbers are determined annually by national agreements over which the company has no control. The company manages and, where possible, mitigates this risk, by allowing for any potential labour cost increases within the contract costings at the beginning of a contract wherever possible. The same principle has been applied to increases imposed by the government in the Autumn Budget 2024 which will largely impact the business from April 2025.
Credit and counterparty risk
The company's main financial assets are contract and other trade receivables and bank balances. These assets represent the company's main exposure to credit risk, which is a risk that a counterparty will fail to discharge its obligations, resulting in financial loss to the company. The company may also be exposed to financial risk through the failure of a subcontractor or supplier. The financial strength of counterparties is considered prior to signing contracts, and reviewed as contracts progress where there are indications that a counterparty may be experiencing financial difficulty.Procedures include the use of credit agencies to check the creditworthiness of existing and new clients and the use of approved supplier lists and framework agreements with key suppliers.
Liquidity risk
The company manages liquidity risk by maintaining adequate cash reserves and banking facilities, monitoring cash flows and by matching maturity profiles of financial assets and liabilities within the bounds of its contractual obligations.
This report was approved by the board of directors on 30 January 2025 and signed on behalf of the board by:
W Malone
Director
Registered office:
Gosforth Industrial Estate
Newcastle upon Tyne
NE3 1XL
H.Malone and Sons Ltd
Directors' Report
Year ended 30 April 2024
The directors present their report and the financial statements of the group for the year ended 30 April 2024 .
Directors
The directors who served the company during the year were as follows:
D Errington
D Gourley
G Reid
W Malone
PS Malone
G Redford
A dividend is recommended for payment.
Future developments
The company has returned an impressive performance despite the challenging economic environment in which the company operates. The company has a strong forward order book and is focusing on sectors that offer potential growth, including educational establishments and large commercial applications.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' 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 the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 30 January 2025 and signed on behalf of the board by:
W Malone
Director
Registered office:
Gosforth Industrial Estate
Newcastle upon Tyne
NE3 1XL
H.Malone and Sons Ltd
Independent Auditor's Report to the Members of H.Malone and Sons Ltd
Year ended 30 April 2024
Opinion
We have audited the financial statements of H.Malone and Sons Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 30 April 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of 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 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or 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. 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: 1. We identified the laws and regulations which apply to the Company and assessed the areas which could have a material effect on the financial statements 2. We analysed the financial statements to assess their susceptibility to material misstatement by obtainingan understanding of the entity's operations and control environment 3. We ensured the engagement team were familiar with the entity and the sector in which it operates, including the laws and regulations applicable to it. The engagement team remained alert to any indications of non compliance throughout the audit 4. By testing manual journal entries, particularly those relating to management estimates or those that were large or unusual, were able to address the risk of management override of controls 5. We reviewed the assumptions and judgements of management in accounting estimates to assess any bias resulting in the risk of material misstatement, indicative of fraud 6. Board meeting minutes are reviewed. Our audit procedures are designed to make us aware of instances of non-compliance with laws and regulations leading to the risk of material misstatement. There are inherent limitations with the audit procedures as detecting a material misstatement due to fraud is more difficult than error, due to deliberate concealment or collusion. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 an auditor's report 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.
Paul Hutchinson
(Senior Statutory Auditor)
For and on behalf of
Harrison Hutchinson Ltd
Chartered accountants & statutory auditor
246 Park View
Whitley Bay
Tyne and Wear
NE26 3QX
30 January 2025
H.Malone and Sons Ltd
Consolidated Statement of Comprehensive Income
Year ended 30 April 2024
2024
2023
Note
£
£
Turnover
4
37,544,400
33,420,580
Cost of sales
32,196,742
28,343,664
-------------
-------------
Gross profit
5,347,658
5,076,916
Administrative expenses
4,318,111
4,011,485
Other operating income
5
58,019
6,000
------------
------------
Operating profit
6
1,087,566
1,071,431
Other interest receivable and similar income
10
57,019
4,520
Interest payable and similar expenses
11
108,757
79,557
------------
------------
Profit before taxation
1,035,828
996,394
Tax on profit
12
230,344
200,086
------------
---------
Profit for the financial year and total comprehensive income
805,484
796,308
------------
---------
All the activities of the group are from continuing operations.
H.Malone and Sons Ltd
Consolidated Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
14
208,906
234,750
Tangible assets
15
596,786
254,484
---------
---------
805,692
489,234
Current assets
Stocks
17
896,787
814,986
Debtors
18
9,314,390
8,472,078
Cash at bank and in hand
1,797,169
3,784,385
-------------
-------------
12,008,346
13,071,449
Creditors: amounts falling due within one year
19
8,407,467
9,431,762
-------------
-------------
Net current assets
3,600,879
3,639,687
------------
------------
Total assets less current liabilities
4,406,571
4,128,921
Creditors: amounts falling due after more than one year
20
780,619
1,028,327
Provisions
22
90,855
12,981
------------
------------
Net assets
3,535,097
3,087,613
------------
------------
Capital and reserves
Called up share capital
27
4,800
4,800
Capital redemption reserve
28
200
200
Profit and loss account
28
3,530,097
3,082,613
------------
------------
Shareholders funds
3,535,097
3,087,613
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 30 January 2025 , and are signed on behalf of the board by:
W Malone
PS Malone
Director
Director
Company registration number: 00799600
H.Malone and Sons Ltd
Company Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
15
421,352
106,768
Investments
16
1,553,250
1,553,250
------------
------------
1,974,602
1,660,018
Current assets
Stocks
17
875,614
483,700
Debtors
18
5,872,275
5,313,276
Cash at bank and in hand
1,431,720
2,837,452
------------
------------
8,179,609
8,634,428
Creditors: amounts falling due within one year
19
6,704,399
6,667,237
------------
------------
Net current assets
1,475,210
1,967,191
------------
------------
Total assets less current liabilities
3,449,812
3,627,209
Creditors: amounts falling due after more than one year
20
663,771
922,083
Provisions
22
59,196
2,825
------------
------------
Net assets
2,726,845
2,702,301
------------
------------
Capital and reserves
Called up share capital
27
4,800
4,800
Capital redemption reserve
28
200
200
Profit and loss account
28
2,721,845
2,697,301
------------
------------
Shareholders funds
2,726,845
2,702,301
------------
------------
The profit for the financial year of the parent company was £ 382,542 (2023: £ 410,996 ).
These financial statements were approved by the board of directors and authorised for issue on 30 January 2025 , and are signed on behalf of the board by:
W Malone
PS Malone
Director
Director
Company registration number: 00799600
H.Malone and Sons Ltd
Consolidated Statement of Changes in Equity
Year ended 30 April 2024
Called up share capital
Capital redemption reserve
Profit and loss account
Total
£
£
£
£
At 1 May 2022
4,800
200
2,682,650
2,687,650
Profit for the year
796,308
796,308
-------
----
------------
------------
Total comprehensive income for the year
796,308
796,308
Dividends paid and payable
13
( 396,345)
( 396,345)
-------
----
------------
------------
Total investments by and distributions to owners
( 396,345)
( 396,345)
At 30 April 2023
4,800
200
3,082,613
3,087,613
Profit for the year
805,484
805,484
-------
----
------------
------------
Total comprehensive income for the year
805,484
805,484
Dividends paid and payable
13
( 358,000)
( 358,000)
----
----
---------
---------
Total investments by and distributions to owners
( 358,000)
( 358,000)
-------
----
------------
------------
At 30 April 2024
4,800
200
3,530,097
3,535,097
-------
----
------------
------------
H.Malone and Sons Ltd
Company Statement of Changes in Equity
Year ended 30 April 2024
Called up share capital
Capital redemption reserve
Profit and loss account
Total
£
£
£
£
At 1 May 2022
4,800
200
2,682,650
2,687,650
Profit for the year
410,996
410,996
-------
----
------------
------------
Total comprehensive income for the year
410,996
410,996
Dividends paid and payable
13
( 396,345)
( 396,345)
-------
----
------------
------------
Total investments by and distributions to owners
( 396,345)
( 396,345)
At 30 April 2023
4,800
200
2,697,303
2,702,303
Profit for the year
382,542
382,542
-------
----
------------
------------
Total comprehensive income for the year
382,542
382,542
Dividends paid and payable
13
( 358,000)
( 358,000)
----
----
---------
---------
Total investments by and distributions to owners
( 358,000)
( 358,000)
-------
----
------------
------------
At 30 April 2024
4,800
200
2,721,845
2,726,845
-------
----
------------
------------
H.Malone and Sons Ltd
Consolidated Statement of Cash Flows
Year ended 30 April 2024
2024
2023
Note
£
£
Cash generated from operations
29
( 823,156)
1,441,465
Interest paid
( 108,757)
( 79,557)
Interest received
57,019
4,520
Tax paid
( 249,938)
( 84,157)
------------
------------
Net cash (used in)/from operating activities
( 1,124,832)
1,282,271
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 477,000)
( 139,018)
Proceeds from sale of tangible assets
26,256
32,200
Acquisition of subsidiaries
( 360,740)
------------
------------
Net cash used in investing activities
( 450,744)
( 467,558)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
( 282,500)
894,583
Government grant income
6,000
Payments of finance lease liabilities
228,860
121,386
Equity payments
( 358,000)
( 396,345)
------------
------------
Net cash (used in)/from financing activities
( 411,640)
625,624
------------
------------
Net (decrease)/increase in cash and cash equivalents
( 1,987,216)
1,440,337
Cash and cash equivalents at beginning of year
3,784,385
2,344,048
------------
------------
Cash and cash equivalents at end of year
1,797,169
3,784,385
------------
------------
H.Malone and Sons Ltd
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Gosforth Industrial Estate, Newcastle upon Tyne, NE3 1XL.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of H.Malone and Sons Ltd and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: - Bad debts Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: - Amounts recoverable on contracts - Work in progress - Cost provision
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods and services rendered, net of discounts and Value Added Tax and excluding retentions. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually upon despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be reliably measured. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is only recognised to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Amortised over ten years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
Amortised over five years
Motor vehicles
-
25.00% Straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Construction contracts
37,544,400
33,420,580
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Rental income
58,019
Government grant income
6,000
--------
-------
58,019
6,000
--------
-------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Amortisation of intangible assets
25,844
23,690
Depreciation of tangible assets
126,947
59,220
Gains on disposal of tangible assets
( 18,507)
( 7,504)
Impairment of trade debtors
(2,162)
(5,576)
Operating lease rentals
52,286
27,402
---------
--------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
24,000
19,000
--------
--------
Fees payable to the company's auditor and its associates for other services:
Other non-audit services
2,000
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
139
138
Administrative staff
33
24
Management staff
8
8
----
----
180
170
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
7,862,348
7,257,654
Social security costs
830,002
645,778
Other pension costs
267,452
286,138
------------
------------
8,959,802
8,189,570
------------
------------
9.
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
10. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
53,739
Interest on bank deposits
3,263
4,520
Other interest receivable and similar income
17
--------
-------
57,019
4,520
--------
-------
11. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
78,432
73,297
Interest on obligations under finance leases and hire purchase contracts
29,666
4,796
Interest payable on overdue taxation
659
1,464
---------
--------
108,757
79,557
---------
--------
12. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
149,750
195,457
Adjustments in respect of prior periods
2,720
---------
---------
Total current tax
152,470
195,457
---------
---------
Deferred tax:
Origination and reversal of timing differences
77,874
4,629
---------
---------
Tax on profit
230,344
200,086
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
1,035,828
996,394
------------
---------
Profit on ordinary activities by rate of tax
206,225
227,001
Adjustment to tax charge in respect of prior periods
2,720
( 57,518)
Effect of expenses not deductible for tax purposes
20,954
17,747
Effect of capital allowances and depreciation
( 77,429)
3,246
Rounding on tax charge
2
Deferred tax movement
77,874
4,013
Adjustment due to tax rate change during the year
5,595
------------
---------
Tax on profit
230,344
200,086
------------
---------
13.
14. Intangible assets
Group
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
258,440
---------
Amortisation
At 1 May 2023
23,690
Charge for the year
25,844
---------
At 30 April 2024
49,534
---------
Carrying amount
At 30 April 2024
208,906
---------
At 30 April 2023
234,750
---------
The company has no intangible assets.
15. Tangible assets
Group
Freehold property
Short leasehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
63,350
32,482
66,931
529,034
691,797
Additions
81,390
105,542
290,068
477,000
Disposals
( 52,755)
( 52,755)
--------
---------
---------
---------
------------
At 30 April 2024
63,350
113,872
172,473
766,347
1,116,042
--------
---------
---------
---------
------------
Depreciation
At 1 May 2023
8,668
45,712
382,937
437,317
Charge for the year
14,743
24,083
88,119
126,945
Disposals
( 45,006)
( 45,006)
--------
---------
---------
---------
------------
At 30 April 2024
23,411
69,795
426,050
519,256
--------
---------
---------
---------
------------
Carrying amount
At 30 April 2024
63,350
90,461
102,678
340,297
596,786
--------
---------
---------
---------
------------
At 30 April 2023
63,350
23,814
21,219
146,097
254,480
--------
---------
---------
---------
------------
Company
Freehold property
Short leasehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
63,350
31,842
55,675
364,337
515,204
Additions
81,390
62,112
243,993
387,495
Disposals
( 12,760)
( 12,760)
--------
---------
---------
---------
---------
At 30 April 2024
63,350
113,232
117,787
595,570
889,939
--------
---------
---------
---------
---------
Depreciation
At 1 May 2023
8,204
41,517
358,719
408,440
Charge for the year
14,567
14,112
44,229
72,908
Disposals
( 12,761)
( 12,761)
--------
---------
---------
---------
---------
At 30 April 2024
22,771
55,629
390,187
468,587
--------
---------
---------
---------
---------
Carrying amount
At 30 April 2024
63,350
90,461
62,158
205,383
421,352
--------
---------
---------
---------
---------
At 30 April 2023
63,350
23,638
14,158
5,618
106,764
--------
---------
---------
---------
---------
16. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 May 2023 and 30 April 2024
1,553,250
------------
Impairment
At 1 May 2023 and 30 April 2024
------------
Carrying amount
At 1 May 2023 and 30 April 2024
1,553,250
------------
At 30 April 2023
1,553,250
------------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
McNally and Thompson (UK Contracts) Ltd
Gosforth Industrial Estate
Ordinary
100
Newcastle upon Tyne
Tyne and Wear
NE3 1XL
17. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
5,500
5,500
Work in progress
891,287
809,486
875,614
483,700
---------
---------
---------
---------
896,787
814,986
875,614
483,700
---------
---------
---------
---------
18. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
8,246,334
8,062,534
5,151,095
5,011,111
Prepayments and accrued income
350,921
277,182
266,249
227,422
Directors loan account
1,306
1,306
Other debtors
715,829
132,362
453,625
74,743
------------
------------
------------
------------
9,314,390
8,472,078
5,872,275
5,313,276
------------
------------
------------
------------
19. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
282,500
282,500
282,500
282,500
Trade creditors
4,248,858
5,100,842
2,959,001
2,916,688
Amounts owed to group undertakings
520,169
126,104
Accruals and deferred income
3,200,828
3,387,900
2,514,842
2,721,813
Corporation tax
149,731
247,199
80,038
175,226
Social security and other taxes
265,991
211,087
117,395
258,530
Obligations under finance leases and hire purchase contracts
74,416
15,142
45,311
Other creditors
30,143
32,092
30,143
31,376
Other short term creditors
155,000
155,000
155,000
155,000
------------
------------
------------
------------
8,407,467
9,431,762
6,704,399
6,667,237
------------
------------
------------
------------
20. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
329,583
612,083
329,583
612,083
Obligations under finance leases and hire purchase contracts
275,830
106,244
168,715
Other creditors
175,206
310,000
165,473
310,000
---------
------------
---------
---------
780,619
1,028,327
663,771
922,083
---------
------------
---------
---------
21. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
74,416
15,142
74,416
15,142
Later than 1 year and not later than 5 years
275,830
106,244
275,830
106,244
---------
---------
---------
---------
350,246
121,386
350,246
121,386
---------
---------
---------
---------
22. Provisions
Group
Deferred tax (note 23)
£
At 1 May 2023
12,981
Additions
77,874
--------
At 30 April 2024
90,855
--------
Company
Deferred tax (note 23)
£
At 1 May 2023
2,825
Additions
56,371
--------
At 30 April 2024
59,196
--------
23. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 22)
90,855
12,981
59,196
2,825
--------
--------
--------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
90,855
12,891
59,196
2,825
--------
--------
--------
-------
24. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 225,260 (2023: £ 286,138 ).
25. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Recognised in other operating income:
Government grants recognised directly in income
6,000
----
-------
----
----
26. Financial instruments
The carrying amount for each category of financial instrument is as follows:
Financial liabilities measured at fair value through profit or loss
Group
Company
2024
2023
2024
2023
£
£
£
£
Financial liabilities measured at fair value through profit or loss
612,083
894,583
612,083
894,583
---------
---------
---------
---------
27. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
A Ordinary shares shares of £ 1 each
2,450
2,450
2,450
2,450
B Ordinary shares shares of £ 1 each
200
200
200
200
C Ordinary shares shares of £ 1 each
500
500
500
500
D Ordinary shares shares of £ 1 each
1,650
1,650
1,650
1,650
-------
-------
-------
-------
4,800
4,800
4,800
4,800
-------
-------
-------
-------
28. Reserves
Capital redemption reserve: This reserve records the nominal value of shares repurchased by the company. Profit and loss account: This reserve records retained earnings and accumulated losses.
29. Cash generated from operations
2024
2023
£
£
Profit for the financial year
805,484
796,308
Adjustments for:
Depreciation of tangible assets
126,949
59,220
Amortisation of intangible assets
25,844
23,690
Government grant income
( 6,000)
Other interest receivable and similar income
( 57,019)
( 4,520)
Interest payable and similar expenses
108,757
79,557
Gains on disposal of tangible assets
( 18,507)
( 7,504)
Tax on profit
230,344
200,086
Accrued (income)/expenses
( 187,072)
2,065,008
Changes in:
Stocks
( 81,801)
800,267
Trade and other debtors
( 842,312)
( 3,962,654)
Trade and other creditors
( 933,823)
1,398,007
---------
------------
( 823,156)
1,441,465
---------
------------
30. Analysis of changes in net debt
At 1 May 2023
Cash flows
At 30 Apr 2024
£
£
£
Cash at bank and in hand
3,784,385
(1,987,216)
1,797,169
Debt due within one year
(297,642)
(59,274)
(356,916)
Debt due after one year
(718,327)
112,914
(605,413)
------------
------------
------------
2,768,416
( 1,933,576)
834,840
------------
------------
------------
31.
32. Related party transactions
Group
During the year the group entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Premises leased from self-administered pension scheme
65,000
65,000
--------
--------
----
----
H.Malone and Sons Ltd
Notes to the Financial Statements (continued)
Year ended 30 April 2024
32. Related party transactions (continued)
Company
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Premises leased from self-administered pension scheme
65,000
65,000
--------
--------
----
----