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REGISTERED NUMBER: 11353599 (England and Wales)















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 April 2024

for

MOLLOY INVESTMENTS HOLDINGS LIMITED

MOLLOY INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 11353599)

Contents of the Consolidated Financial Statements
for the year ended 30 April 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


MOLLOY INVESTMENTS HOLDINGS LIMITED

Company Information
for the year ended 30 April 2024







Directors: D A Molloy
D J Molloy
L Dowd





Registered office: Chandos House, Unit 7 Oak Green Business
Earl Road
Cheadle Hulme
Cheadle
SK8 6QL





Registered number: 11353599 (England and Wales)





Auditors: CLA Evelyn Partners Limited
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

MOLLOY INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 11353599)

Group Strategic Report
for the year ended 30 April 2024


The directors present their strategic report of the company and the group for the year ended 30 April 2024.

Review of business
Performance during 2023/24 has been in line with expectations.

We secured numerous contracts throughout the year from existing client base as well as new. However inflation and competition in the market have put downwards pressure on margins in the current year.

Looking forward the Directors expect inflation to continue to have a negative impact on margins.

Principal risks and uncertainties
The company undertakes some contracts on a fixed price basis. There is an element of risk that unforeseen events occur resulting in costs being incurred which cannot be recovered from the client. The risk is mitigated internally by employing suitably qualified and experienced staff to manage this process.

Rising interest rates and wider issues in the economy has the potential to weaken demand in the housing market.

Section 172(1) statement
The board of directors of Molloy Investments Holdings Limited consider, both individually and together, that they have acted in the way they consider, in good faith, to be most likely to promote the success of the group for the benefit of its stakeholders.

The board consider it their duty to create value for clients, business partners and shareholders and strive for business excellence with full respect for society, the environment, employees and partners. This involves:

- Creating a welcoming, safe and enjoyable workplace. The company's employees are at the core of everything that they do and the future of the company is underpinned by their work. As a construction business, the safety of employees in the workplace is of the utmost importance. The board has implemented strategies and safeguards to ensure employee safety. The board also aims to ensure that the company is a positive employer that works for the benefit of employees.

- Fostering long term relationships with suppliers that are mutually beneficial. The company strives to maintain strong links with suppliers which span multiple years and contracts. This is a key aspect of driving efficiencies and future profitability for the company.

-Creating and maintaining a trusted brand and industry reputation. The company is constantly striving to provide the best service to customers, ensuring that projects are completed to a high standard to create relationships that are mutually beneficial.

- Considering the impacts of the company on the environment and the wider community. The company is constantly looking for ways to minimise the environmental impact of their activities. The company aims to be considerate constructors, ensuring that the impact of construction on the local community and environment is minimised.

Key performance indicators
The financial key performance indicators of the company are detailed for the last 3 years below:

2024 2023 2022
Turnover £'000 47,314 76,672 54,452
Gross profit £'000 7,956 16,117 10,034
Gross profit % 17% 21% 18%
Operating profit £'000 3,479 11,570 5,414
Operating profit/turnover % 7% 15% 10%

On behalf of the board:




D J Molloy - Director


31 January 2025

MOLLOY INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 11353599)

Report of the Directors
for the year ended 30 April 2024


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

Principal activity
The principal activity of the group in the year under review was that of construction.

Dividends
Interim dividends of £13,735.63 (2023: £31,422.67) per share were paid during the year. The directors recommend that no final dividend be paid.

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

D A Molloy
D J Molloy

Other changes in directors holding office are as follows:

L Dowd - appointed 21 February 2024

Financial instruments
The group's principal financial instruments comprise bank deposits, bank loans and various items such as trade debtors, trade creditors, finance and operating lease agreements, which arise directly from its operations. The main purpose of these instruments is to finance the group's operations.

Due to the nature of the financial instruments used by the group there is no exposure to price risk. The company operates wholly within the UK and foreign exchange risk is not material.

The group's approach to managing other risks applicable to the financial instruments concerned is shown below.

The group's treasury management policies are designed to ensure continuity of funding. The group makes use of money market facilities, when funds are available, in order to maximise interest received.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning contract terms and the regular monitoring of amounts outstanding.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet both anticipated requirements and to provide a prudent level of headroom.

The group is a lessee in respect of finance and operating leased assets. The liquidity risk in respect of these is managed in the same way as trade creditors above.

Streamlined energy and carbon reporting
This section includes our mandatory reporting of energy and greenhouse gas emissions for the period 1 May 2023 to 30 April 2024, pursuant to the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, implementing the government's Streamlined Energy and Carbon Reporting (SECR) policy.

Molloy Investments Holdings Limited is an 'unquoted organisation' under the scope of SECR.

Our methodology to calculate our greenhouse gas emissions is based on the 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance (March 2019)' issued by DEFRA, using DEFRA's 2020 conversion factors. In some cases consumption has been extrapolated from available data or direct comparison made to a comparable period.

We report using a financial control approach to define our organisational boundary. We have reported all material emission sources required by the regulations for which we deem ourselves to be responsible and have maintained records of all source data and calculations.






MOLLOY INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 11353599)

Report of the Directors
for the year ended 30 April 2024





The table below includes total energy consumption (reported as kWh) and greenhouse gas emissions for the sources required by the regulations, along with our intensity ratio.

Total Energy Consumption - Used for Emissions Calculations below (mWh) 10,721.67
Combustion of gas (Scope 1) / tCO2e 0
Vehicle/asset fuel combustion emissions (Scope 1) / tCO2e 2583.23
Purchase of electricity (Scope 2, location based) / tCO2e 11.11
Vehicle/asset fuel combustion emissions (Scope 3, Category 6: Automotive travel only)
/ tCO2e

19.29
Total gross Scope 1, Scope 2 & Scope 3, Category 6: Automotive travel only)
emissions / tCO2e

2611.63
Turnover (£m) 47
Intensity Ratio: Turnover (tCO2e / £m) 55.57


Statement of directors' responsibilities
The directors are responsible for preparing the Group 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 the group and of 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

On behalf of the board:





D J Molloy - Director


31 January 2025

Report of the Independent Auditors to the Members of
Molloy Investments Holdings Limited


Opinion
We have audited the financial statements of Molloy Investments Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company 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; 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 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 and 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 report of the directors, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the report of the directors. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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 Group 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 Group 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
Molloy Investments Holdings Limited


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 Group 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 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 Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Report of the Independent Auditors to the Members of
Molloy Investments Holdings Limited


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

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:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to UK employment and tax legislation. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to fraudulent financial reporting and management bias in accounting estimates.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the company engagement team included:
- discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
- identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
- understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
- identifying and testing journal entries, through the use of audit data analytics, to test the journals with the largest risk scores;
- focussing on revenue recognition, in particular focussing on cut-off and the valuation of accrued and deferred income; and
- assessing and challenging managements key accounting estimates by evaluating the significant assumptions and the choice of data used. We re-performed calculations and performed sensitivity analysis.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




David Fort FCA (Senior Statutory Auditor)
for and on behalf of CLA Evelyn Partners Limited
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

31 January 2025

MOLLOY INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 11353599)

Consolidated
Income Statement
for the year ended 30 April 2024

2024 2023
Notes £ £

Turnover 4 47,314,123 76,671,516

Cost of sales (39,358,397 ) (60,554,470 )
Gross profit 7,955,726 16,117,046

Administrative expenses (4,477,191 ) (4,637,410 )
3,478,535 11,479,636

Other operating income - 90,582
Operating profit 6 3,478,535 11,570,218

Interest receivable and similar income 233,368 35,869
3,711,903 11,606,087

Interest payable and similar expenses 7 (11,845 ) (7,303 )
Profit before taxation 3,700,058 11,598,784

Tax on profit 8 (1,258,435 ) (2,490,135 )
Profit for the financial year 2,441,623 9,108,649
Profit attributable to:
Owners of the parent 2,441,623 9,108,649

MOLLOY INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 11353599)

Consolidated
Other Comprehensive Income
for the year ended 30 April 2024

2024 2023
Notes £ £

Profit for the year 2,441,623 9,108,649


Other comprehensive income - -
Total comprehensive income for the year 2,441,623 9,108,649

Total comprehensive income attributable to:
Owners of the parent 2,441,623 9,108,649

MOLLOY INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 11353599)

Consolidated Balance Sheet
30 April 2024

2024 2023
Notes £ £ £ £
Fixed assets
Intangible assets 11 2,949,631 3,687,040
Tangible assets 12 1,651,071 1,686,539
Investments 13 - -
4,600,702 5,373,579

Current assets
Debtors 14 6,349,971 11,178,911
Cash at bank and in hand 11,377,433 6,790,332
17,727,404 17,969,243
Creditors
Amounts falling due within one year 15 8,467,020 10,693,286
Net current assets 9,260,384 7,275,957
Total assets less current liabilities 13,861,086 12,649,536

Creditors
Amounts falling due after more than one
year

16

(112,184

)

(128,544

)

Provisions for liabilities 18 (5,850 ) (14,000 )
Net assets 13,743,052 12,506,992

Capital and reserves
Called up share capital 19 150 150
Merger relief reserve 20 8,793,600 8,793,600
Retained earnings 20 4,949,302 3,713,242
Shareholders' funds 13,743,052 12,506,992

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by:





D J Molloy - Director


MOLLOY INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 11353599)

Company Balance Sheet
30 April 2024

2024 2023
Notes £ £ £ £
Fixed assets
Intangible assets 11 - -
Tangible assets 12 1,017,603 1,017,603
Investments 13 2,995,835 2,995,835
4,013,438 4,013,438

Current assets
Debtors 14 150 150
Cash at bank 1,067,017 4,920
1,067,167 5,070
Creditors
Amounts falling due within one year 15 4,519,803 4,004,658
Net current liabilities (3,452,636 ) (3,999,588 )
Total assets less current liabilities 560,802 13,850

Capital and reserves
Called up share capital 19 150 150
Retained earnings 20 560,652 13,700
Shareholders' funds 560,802 13,850

Company's profit for the financial year 1,752,515 4,730,099

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by:





D J Molloy - Director


MOLLOY INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 11353599)

Consolidated Statement of Changes in Equity
for the year ended 30 April 2024

Called up Merger
share Retained relief Total
capital earnings reserve equity
£ £ £ £
Balance at 1 May 2022 150 (679,007 ) 8,793,600 8,114,743

Changes in equity
Dividends - (4,716,400 ) - (4,716,400 )
Total comprehensive income - 9,108,649 - 9,108,649
Balance at 30 April 2023 150 3,713,242 8,793,600 12,506,992

Changes in equity
Dividends - (1,205,563 ) - (1,205,563 )
Total comprehensive income - 2,441,623 - 2,441,623
Balance at 30 April 2024 150 4,949,302 8,793,600 13,743,052

MOLLOY INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 11353599)

Company Statement of Changes in Equity
for the year ended 30 April 2024

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 May 2022 150 - 150

Changes in equity
Dividends - (4,716,399 ) (4,716,399 )
Total comprehensive income - 4,730,099 4,730,099
Balance at 30 April 2023 150 13,700 13,850

Changes in equity
Dividends - (1,205,563 ) (1,205,563 )
Total comprehensive income - 1,752,515 1,752,515
Balance at 30 April 2024 150 560,652 560,802

MOLLOY INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 11353599)

Consolidated Cash Flow Statement
for the year ended 30 April 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 7,025,553 9,102,382
Interest element of hire purchase payments
paid

(11,845

)

(7,303

)
Tax paid (1,398,064 ) (2,273,498 )
Net cash from operating activities 5,615,644 6,821,581

Cash flows from investing activities
Purchase of tangible fixed assets - (37,514 )
Sale of tangible fixed assets 40,000 -
Interest received 233,368 35,869
Net cash from investing activities 273,368 (1,645 )

Cash flows from financing activities
Amount introduced by directors (22,307 ) 1,932,873
Amount withdrawn by directors - (1,905,872 )
Repayment of finance leases (74,041 ) (14,828 )
Equity dividends paid (1,205,563 ) (4,716,400 )
Net cash from financing activities (1,301,911 ) (4,704,227 )

Increase in cash and cash equivalents 4,587,101 2,115,709
Cash and cash equivalents at beginning
of year

2

6,790,332

4,674,623

Cash and cash equivalents at end of year 2 11,377,433 6,790,332

MOLLOY INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 11353599)

Notes to the Consolidated Cash Flow Statement
for the year ended 30 April 2024


1. Reconciliation of profit before taxation to cash generated from operations

2024 2023
£ £
Profit before taxation 3,700,058 11,598,784
Depreciation charges 788,903 777,834
Loss on disposal of fixed assets 5,064 -
Finance costs 11,845 7,303
Finance income (233,368 ) (35,869 )
4,272,502 12,348,052
Decrease in trade and other debtors 4,846,745 832,671
Decrease in trade and other creditors (2,093,694 ) (4,078,341 )
Cash generated from operations 7,025,553 9,102,382

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 30 April 2024
30/4/24 1/5/23
£ £
Cash and cash equivalents 11,377,433 6,790,332
Year ended 30 April 2023
30/4/23 1/5/22
£ £
Cash and cash equivalents 6,790,332 4,674,623


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 6,790,332 4,587,101 - 11,377,433
6,790,332 4,587,101 - 11,377,433
Debt
Finance leases (149,176 ) 74,041 (61,090 ) (136,225 )
(149,176 ) 74,041 (61,090 ) (136,225 )
Total 6,641,156 4,661,142 (61,090 ) 11,241,208

MOLLOY INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 11353599)

Notes to the Consolidated Financial Statements
for the year ended 30 April 2024


1. Statutory information

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

2. Statement of compliance

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

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis.

Basis of consolidation
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's indentifiable assets, liabilities and contingent liabilities are initially recognised at their fair value at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained.

Critical accounting judgements and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates that affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the reporting period. Actual outcomes may differ from these judgements, estimates and assumptions that have the most significant effect on the carrying value of assets and liabilities of the company are discussed below.

a) Revenue and margin recognition

The company's revenue recognition and margin recognition policies are central to how the company values the work it has carried out in each financial year. These polices require forecasts to be made out of the outcomes of construction contracts, which require assessments and judgements to be made. The company reviews and, when necessary, revises the estimates of revenue and costs as the contract progresses.

b) Recoverable value of retentions

The company makes an estimate of the recoverable value of retentions which are included in debtors. When assessing impairment of retentions management considers factors including the current credit rating of the debtor, historical experience and current contract status including potential remedial works. See note 15 for the net carrying amount of retentions and associated impairment provision.

c) Investment in subsidiaries

Management assess at each reporting date whether there is an indication that the investment in the subsidiary is impaired. If any such indication exists, management shall estimate the recoverable amount of the asset and any impairment loss shall be recognised immediately in the statement of comprehensive income.

MOLLOY INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 11353599)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 April 2024


3. Accounting policies - continued

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

-when the outcome of construction contracts can be estimated reliably, contract revenue and contract costs are recognised as revenue and expenses respectively by reference to the stage of completion at the end of the reporting period; and

- reliable estimation of the outcome of construction contracts requires reliable estimates of the stage of completion, future costs and collectability of billings; and

- the stage of completion is measured by surveys of work performed.

When the outcome of a construction contract cannot be estimated reliably, revenue is only recognised to the extent of contract costs incurred that it is probable will be recoverable.

When it is probable that total contract costs will exceed total contract revenue on a construction contract, the expected loss shall be recognised as an expense immediately, with a corresponding provision for an onerous contract.

Revenue in respect of variations to contracts and incentive payments is recognised when it is probable it will be agreed by the customer.

Where costs incurred plus recognised profits less recognised losses exceed progress billings, the balance is shown as due from customers on construction contracts within debtors. Where progress billings exceed costs incurred plus recognised profits less recognised losses, the balance is shown as due to customers on construction contracts within creditors.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over 10 year,

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% straight line

Depreciation on freehold property is not provided, as any uncharged depreciation for the year and the accumulated uncharged depreciation would be immaterial in aggregate, as a result of the company's policy to maintain its properties in good condition which substantially prolongs their useful life and the estimated high residual value of the properties.

The assets' residual values, useful lives and depreciation method are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the income statement..

MOLLOY INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 11353599)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 April 2024


3. Accounting policies - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable..

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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

Hire purchase and leasing commitments
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
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.

4. Turnover

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

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

2024 2023
£ £
Contract revenue 47,314,123 76,671,516
47,314,123 76,671,516

MOLLOY INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 11353599)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 April 2024


5. Employees and directors
2024 2023
£ £
Wages and salaries 1,603,078 1,482,405
Social security costs 202,257 197,933
Other pension costs 157,612 35,651
1,962,947 1,715,989

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

Administrative staff 15 15
Management staff 7 7
Site staff 7 10
29 32

The average number of employees by undertakings that were proportionately consolidated during the year was 29 (2023 - 32 ) .

2024 2023
£ £
Directors' remuneration 362,458 356,739

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

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
2024 2023
£ £
Emoluments etc 185,494 180,109

6. Operating profit

The operating profit is stated after charging:

2024 2023
£ £
Hire of plant and machinery 3,326,681 5,200,473
Other operating leases 6,248 3,696
Depreciation - owned assets 51,494 40,425
Goodwill amortisation 737,409 737,409
Auditors' remuneration 16,500 18,436
Taxation compliance services 375 -
Other non- audit services 9,025 -
Motor vehicle leases - 11,021

7. Interest payable and similar expenses
2024 2023
£ £
Hire purchase 11,845 7,303

MOLLOY INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 11353599)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 April 2024


8. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 1,266,585 2,463,235

Deferred tax (8,150 ) 26,900
Tax on profit 1,258,435 2,490,135

UK corporation tax has been charged at 25 % (2023 - 19.49 %).

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

2024 2023
£ £
Profit before tax 3,700,058 11,598,784
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19.493 %)

925,015

2,260,951

Effects of:
Expenses not deductible for tax purposes 372,445 230,049
Capital allowances in excess of depreciation (44,875 ) (27,765 )
Deferred tax 5,850 26,900
Total tax charge 1,258,435 2,490,135

9. Individual income statement

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. Dividends
2024 2023
£ £
Ordinary A shares of £1 each
Interim 1,037,563 2,993,661
Ordinary B shares of £1 each
Interim 168,000 1,722,739
1,205,563 4,716,400

MOLLOY INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 11353599)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 April 2024


11. Intangible fixed assets

Group
Goodwill
£
Cost
At 1 May 2023
and 30 April 2024 7,374,085
Amortisation
At 1 May 2023 3,687,045
Amortisation for year 737,409
At 30 April 2024 4,424,454
Net book value
At 30 April 2024 2,949,631
At 30 April 2023 3,687,040

12. Tangible fixed assets

Group
Fixtures
Freehold and Motor
property fittings vehicles Totals
£ £ £ £
Cost
At 1 May 2023 1,520,904 27,423 252,021 1,800,348
Additions - - 61,090 61,090
Disposals - - (65,549 ) (65,549 )
At 30 April 2024 1,520,904 27,423 247,562 1,795,889
Depreciation
At 1 May 2023 - 27,423 86,386 113,809
Charge for year - - 51,494 51,494
Eliminated on disposal - - (20,485 ) (20,485 )
At 30 April 2024 - 27,423 117,395 144,818
Net book value
At 30 April 2024 1,520,904 - 130,167 1,651,071
At 30 April 2023 1,520,904 - 165,635 1,686,539

The net book value of assets held under finance leases or hire purchase contracts are £130,166 (2023: £165,156).

MOLLOY INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 11353599)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 April 2024


12. Tangible fixed assets - continued

Company
Freehold
property
£
Cost
At 1 May 2023
and 30 April 2024 1,017,603
Net book value
At 30 April 2024 1,017,603
At 30 April 2023 1,017,603

13. Fixed asset investments

Company
Shares in
group
undertakings
£
Cost
At 1 May 2023
and 30 April 2024 2,995,835
Net book value
At 30 April 2024 2,995,835
At 30 April 2023 2,995,835

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Molloy Investment Limited
Registered office: Chandos House, Oak Green Business Park, Earl Road, Cheadle Hulme, SK8 6QL.
Nature of business: Holding Company
%
Class of shares: holding
Ordinary 100.00

Chandos Civil Engineering Limited (1)
Registered office: Chandos House, Oak Green Business Park, Earl Road, Cheadle Hulme, SK8 6QL.
Nature of business: Construction
%
Class of shares: holding
Ordinary 100.00

(1) Shares held by Molloy Investments Limited.

All subsidiaries are included in the consolidated financial statements.


MOLLOY INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 11353599)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 April 2024


14. Debtors: amounts falling due within one year

Group Company
2024 2023 2024 2023
£ £ £ £
Trade debtors 4,034,519 8,246,124 - -
Provision for bad debts (11,023 ) (11,023 ) - -
Retentions 453,039 638,991 - -
Other debtors 276,905 325,481 150 150
Directors' current accounts 17,949 144 - -
VAT 922,886 1,478,894 - -
Prepayments and accrued income 655,696 500,300 - -
6,349,971 11,178,911 150 150

Retentions are stated after provisions of £1,391,796 (2023: £938,757).

15. Creditors: amounts falling due within one year

Group Company
2024 2023 2024 2023
£ £ £ £
Hire purchase contracts (see note 17) 24,041 20,632 - -
Trade creditors 2,637,187 4,101,001 - -
Amounts owed to group undertakings - - 2,981,042 2,981,042
Amounts owed to participating interests 725,200 - 500,000 -
Corporation tax 341,852 473,331 18,778 3,317
Social security and other taxes 77,917 79,913 - -
VAT - - 3,087 3,403
Other creditors 1,030,348 3,233,828 1,016,896 1,016,896
Directors' current accounts 17,186 21,688 - -
Accruals and deferred income 3,613,289 2,762,893 - -
8,467,020 10,693,286 4,519,803 4,004,658

16. Creditors: amounts falling due after more than one year

Group
2024 2023
£ £
Hire purchase contracts (see note 17) 112,184 128,544

17. Leasing agreements

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year 24,041 20,632
Between one and five years 112,184 128,544
136,225 149,176

MOLLOY INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 11353599)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 April 2024


18. Provisions for liabilities

Group
2024 2023
£ £
Deferred tax 5,850 14,000

Group
Deferred tax
£
Balance at 1 May 2023 14,000
Transfer (8,150 )
Balance at 30 April 2024 5,850

19. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary A £1 100 100
50 Ordinary B £1 50 50
150 150

Each class of share carries the same rights.

20. Reserves

Group
Merger
Retained relief
earnings reserve Totals
£ £ £

At 1 May 2023 3,713,242 8,793,600 12,506,842
Profit for the year 2,441,623 - 2,441,623
Dividends (1,205,563 ) - (1,205,563 )
At 30 April 2024 4,949,302 8,793,600 13,742,902

Company
Retained
earnings
£

At 1 May 2023 13,700
Profit for the year 1,752,515
Dividends (1,205,563 )
At 30 April 2024 560,652

MOLLOY INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 11353599)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 April 2024


20. Reserves - continued

The merger relief reserve represents the difference arising on consolidation relating to the fair value of the element of the subsidiary acquisition consideration which has been satisfied by the issue of shares subject to merger relief.

The retained earnings account includes all current and prior period retained profits and losses, net of dividends.

21. Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amount to £157,612 (2023: £45,731). Contributions totalling £7,854 (2023: £7,853) were payable to the fund at the balance sheet date.

22. Directors' advances, credits and guarantees

During the year advances were made to directors totalling £27,159 (2023: £1,905,872) and £4,852 (2023: £1,932,872) was repaid during the year. At the year end amounts totalling £1,763 were payable by the group to the directors (2023: £20,544 due to the group). No interest is being charged on the loans which are repayable on demand.

23. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Other related parties
2024 2023
£ £
Sales 7,358 5,965
Purchases 257,829 4,020,517
Amount due from related party 268,900 268,900
Amount due to related party 224,790 3,457,644

The related parties are related through common control and common directorship.

24. Ultimate controlling party

The directors are considered to be the ultimate controlling parties by virtue of their equity shareholdings in the company.