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 |
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: |
Registered office: |
Registered number: |
Auditors: |
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: |
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. |
Other changes in directors holding office are as follows: |
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: |
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. |
for and on behalf of |
Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
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 |
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 |
Investments | 13 |
Current assets |
Debtors | 14 |
Cash at bank |
Creditors |
Amounts falling due within one year | 15 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 19 |
Retained earnings | 20 |
Shareholders' funds |
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 |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2024 |
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 |
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 |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
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 |
Net book value |
At 30 April 2024 |
At 30 April 2023 |
13. | Fixed asset investments |
Company |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 May 2023 |
and 30 April 2024 |
Net book value |
At 30 April 2024 |
At 30 April 2023 |
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 |
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 |
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 | - | - |
Amounts owed to participating interests | 725,200 | - | 500,000 | - |
Corporation tax | 341,852 | 473,331 |
Social security and other taxes | 77,917 | 79,913 |
VAT | - | - | 3,087 | 3,403 |
Other creditors | 1,030,348 | 3,233,828 |
Directors' current accounts | 17,186 | 21,688 | - | - |
Accruals and deferred income | 3,613,289 | 2,762,893 |
8,467,020 | 10,693,286 |
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: | £ | £ |
Ordinary A | £1 | 100 | 100 |
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 |
Profit for the year |
Dividends | ( |
) |
At 30 April 2024 |
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. |