The directors present the strategic report for the year ended 31 August 2024.
The year to 31 August 2024 has seen another successful period for MTX Group (MTX) in terms of both financial and operational performance, including record levels of orders, turnover and profit. The Directors are pleased to report growth in turnover for the year to £129m (2023: £114m) and an increase in operating profit to £5.6m - 4.3% (2023: £4.7m - 4.1%). The period has seen an increase in contract completions and positive handover of modern and innovative facilities to both new and repeat clients. The business enters 2025 with a healthy order book of £125m (2023: £88m) and the Group continues to build upon its reputation as a leading contractor in design, construction and maintenance of buildings utilising modern methods of construction. After a positive start in the new financial year, a strong pipeline of tenders and with on-going demand in the healthcare sector, the Directors expect to see further growth in the year ahead.
MTX remain committed to investment in management, administration and professional services in support of our growth ambitions, underlined by not only growth in top line activity but an on-going commitment and focus on quality, safety and customer service. Priding ourselves on delivering innovative and cost effective solutions for clients, underlying contract profits have increased to £10.5m (2023: £8.9m) resulting in a consistent gross margin of 8.1% (2023: 7.8%).
Balance sheet reserves have increased to £9.2m (2023: £8.4m) and with cash balances remaining healthy at £24.0m (2023: £14.9m) the business remains well placed to deliver and support both its immediate and longer term growth plans.
The forward thinking approach of MTX extends to the environment, the construction of energy efficient buildings and the use of environmentally friendly techniques. By becoming more sustainable we play a major part in aligning economic interests with construction projects ensuring we compliment the environment. We are equally committed to ensuring our clients meet their long term sustainability challenges by providing support and advice from consulting and planning, design and construction, to post construction support services. We aim to minimise the negative impact our operations have on the environment and maximise the quality and sustainability of the environments we construct by;
- Adhering to our environmental policy
- Complying with our BS EN ISO 14001:2015 certified environmental management system
- Continuing to innovate
- Reducing carbon
- Reducing waste
- Sourcing responsibly
Contract risk - the construction sector is inherently at risk of changes in design, resource limitations and price fluctuations that may impact the quality and commercial outcomes of construction contracts at any time. MTX operates well established processes and effective quality controls to monitor and evaluate these risks from tender through to contract completion and employs experienced in-house professionals to oversee design, delivery and commercial risks throughout the contract period. The Group maintains appropriate levels of cash in hand and balance sheet reserves sufficient to support any contract issues as they arise without impacting the wider business.
Economic uncertainty - with recent economic changes and uncertainty, like many organisations we have seen some challenges with regard to supply of materials and labour but maintain positive relationship and dialogue with our supply chain such that the directors are confident we will continue to serve our clients seamlessly. We would like to take this opportunity for thanking our supply chain for their continued support and look forward to strengthening key relationships and sharing future success together.
Health & Safety - the Directors remain committed to ensuring safe working practices and compliance to mitigate all risks to colleagues, sub-contractors, customers and the public. The Group operates stringent safety policies and practices, including regular independent audits, reporting and learning from any incidents or near misses and promotes a culture of continual improvement.
Market changes - with ambitious growth plans, the Group is focussed on potential changes in demand. With NHS pressures expected to continue for the foreseeable future, the Directors believe the business remains in a strong position to capitalise on demand for new health facilities and ancillary products across the country. We continue to see commitment from central government and NHS Trusts whilst also maintaining a focus on other sectors where modern methods of construction and our expertise can be utilised and are working with partners to provide new funding solutions for clients, through our FLEX Full-Serviced Lease Extensions.
Regulatory Compliance - MTX is subject to regulatory compliance risk which could materialise from a failure to comply with relevant codes of practice, law or regulation. Failure to comply could result in fines, cessation of some business activities and/or public reprimand. This risk is mitigated through close monitoring of regulatory compliance and ongoing training. The directors recognises their “Duty of Care” towards the environment whilst conducting its business activities and place extreme importance on complying with both legal and moral obligations towards the environment.
We utilise a suite of KPIs across the business which are key to measuring our activities. These KPIs incorporate operational and financial activities in addition to stringent health and safety performance across all of our sites. We set key targets for the future to ensure continual improvement in all we do. Throughout another busy and challenging year we have maintained positive results across all of our KPIs, including our Accident Frequency Rate (AFR), Profit and Margins, Reserves, Work-In-Hand, Client Response Times and Satisfaction Scores.
The board of directors of MTX Holdings Limited consider that they have acted in good faith and in a manner likely to promote the success of the group for the benefit of all its members (having regard to the stakeholders and matters set out in s172(1)(a)-(f) of the Companies Act 2006) in the decisions taken during the year ended 31 August 2024. Our primary considerations and decisions are designed to have a long-term beneficial impact on the company and one that focuses on delivering high quality service across all departments of the business.
Fundamental to the ultimate success and delivery of this service is our team members. The health, safety and well-being of our team members is one of our primary considerations in the way we conduct business. We aim to be a responsible employer in our approach to the pay and benefits our team members receive. We believe part of the key to our success is the way in which we engage with suppliers and our customers. We meet and have regular dialogue with our manufacturing partners regularly throughout the year. We constantly review certain key areas to prevent involvement in modern slavery, corruption, bribery and breaches of competition law.
On a wider scale, we take into account the impact of the group's operations on the community and environment as our social responsibilities – in particular how we comply with environmental legislation. At every opportunity we pursue waste-savings and react promptly to local community concerns.
As the board of directors, we behave responsibly and ensure that management operate in an equally responsible manner. We operate within high standards of ethics, business conduct and sound governance expected for a business such as ours. In doing so we will contribute to the delivery of our plans to meet and exceed our expectations and nurture our excellent reputation.
As the board of directors, we intend to behave responsibly towards our shareholders, treating them both fairly and equally, so that they may benefit from the success of the business.
An ongoing priority of the business will be to consolidate our position in the local community by providing a total customer experience from the initial sales process through to customer service, support and satisfaction. We will continue our comprehensive training and coaching programs in order to further support our aims in providing a great customer experience for all our customers. By achieving this we hope to be one of our industry's leading companies to work for and with.
The Group recognises its “Duty of Care” towards the environment whilst conducting its business activities. We always place extreme importance on complying with both legal and moral obligations towards the environment.
The Group aims to encourage the reduction of energy and water consumption and have for some time now engaged the services of an energy management company to assist in this area of the business. We will continue to assess all significant environmental impacts from our operations and take whatever appropriate steps are necessary to reduce and manage these risks.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 August 2024.
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £4,030,000. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The group adopts modern methods of construction ("MMC") and invests in innovative products and solutions by bringing together expertise in the development, design, construction and funding of fast-track and cost effective healthcare facilities and similar technically challenging building projects throughout the UK. The group is passionate and committed to providing creative, bespoke, high-quality solutions that meet the modern demands, life cycles and budgets for new environmentally focussed buildings.
Cooper Parry Group Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
This section includes our mandatory reporting of energy and greenhouse gas emissions for the period 1 September 2023 to 31 August 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.
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.
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 2022 and 2023 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.
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per full-time employee, the recommended ratio for the sector.
During the reporting period, no new energy efficiency actions have been taken however, our energy management programme is ongoing, including monitoring and targeted reporting of energy consumption on a daily basis at all sites. Through the service provided by our energy consultants, the energy management programme we run enables us to identify and address any consumption issues as and when they arrive, allowing us to eliminate unnecessary energy waste.
We have audited the financial statements of MTX Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non- compliance with laws and regulations, we considered the following:
the nature of the industry and sector, control environment and business performance including the design of the company’s remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets;
results of our enquiries of management about their own identification and assessment of the risks of irregularities;
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
the matters discussed among the audit engagement team regarding how and where fraud might occur in the Financial Statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the Financial Statements. The key laws and regulations we considered in this context included the UK Companies Act, pensions legislation and tax legislation in all relevant jurisdictions where the group operates.
Audit procedures
We considered provisions of other laws and regulations that do not have a direct effect on the Financial Statements but compliance with which may be fundamental to the group's ability to operate or to avoid a material penalty.
In addition to the above, our procedures to respond to risks identified included the following:
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the Financial Statements;
enquiring of management concerning actual and potential litigation and claims;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £3,781,198 (2023 - £3,130,000 profit).
MTX Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Innovation House, Lower Meadow Road, Handforth, Wilmslow, Cheshire, SK9 3ND.
The group consists of MTX Holdings Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company MTX Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 August 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover, which is stated net of VAT, represents amounts receivable for contract work completed during the period.
Contract retentions are included in turnover unless the company has insufficient information regarding the recoverability at which point they are excluded from income.
Other turnover and amounts recoverable on contracts are valued at sales value after provision for contingencies and anticipated future losses on contracts and are included in debtors.
Cash received on account of contracts is deducted from work in progress and amounts recoverable on contracts. Such amounts which have been received and exceed amounts recoverable are included in creditors.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Recognised amounts of contract revenues and receivables reflect the director's best estimates of contract outcome and stage of completion. This includes the assessment of the profitability of contracts, The organisation draws on the expertise of qualified personnel to undertake such estimates and to apply appropriate levels of scrutiny to ensure the required level of accuracy and governance over this class of asset, in order to limit concern over the recoverability of these balances. Costs to complete and contract profitability are subject to significant estimation uncertainty.
All the group's turnover arose within the UK.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
As at 31 August 2024 the group has tax losses totalling £2,081,630 available for relief against qualifying taxable profits.
Details of the company's subsidiaries at 31 August 2024 are as follows:
Registered office addresses (all UK unless otherwise indicated):
Movements on provisions for doubtful debts resulted in a credit of £nil (2023: £2,058) to the statement of profit or loss.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
All shares rank equally with regards to voting rights and entitlement to assets on winding up. All shares are not redeemable.
On 26 July 2024, the company passed a resolution reclassifying 15,312 Ordinary E shares into 15,312 Ordinary G shares. The rights attached to these shares did not vary after the reclassification.
Retained earnings represents the net of accumulated distributable profits and losses net of dividends paid.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
During the year the group entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
Dividends totalling £1,923,750 (2023 - £1,021,250) were paid in the year in respect of shares held by the company's directors.
During the year, the company received the following advanced from directors: