REGISTERED NUMBER: 14691560 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Period 27 February 2023 to 31 March 2024 |
for |
McGoff Construction Services Limited |
REGISTERED NUMBER: 14691560 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Period 27 February 2023 to 31 March 2024 |
for |
McGoff Construction Services Limited |
McGoff Construction Services Limited (Registered number: 14691560) |
Contents of the Consolidated Financial Statements |
for the Period 27 February 2023 to 31 March 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 7 |
Energy and Carbon Report forming part of the Report of the Directors |
9 |
Report of the Independent Auditors | 10 |
Consolidated Income Statement | 14 |
Consolidated Other Comprehensive Income | 15 |
Consolidated Balance Sheet | 16 |
Company Balance Sheet | 17 |
Consolidated Statement of Changes in Equity | 18 |
Company Statement of Changes in Equity | 19 |
Consolidated Cash Flow Statement | 20 |
Notes to the Consolidated Cash Flow Statement | 21 |
Notes to the Consolidated Financial Statements | 22 |
McGoff Construction Services Limited |
Company Information |
for the Period 27 February 2023 to 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
Reedham House |
31 King Street West |
Manchester |
M3 2PJ |
McGoff Construction Services Limited (Registered number: 14691560) |
Group Strategic Report |
for the Period 27 February 2023 to 31 March 2024 |
The directors present their strategic report of the company and the group for the period 27 February 2023 to 31 March 2024. |
The activity of the Group is that of property developers and a principal building contractor serving both external |
customers and wider group development projects. |
The activity of the company is that of a holding company, supporting its construction focused subsidiaries. |
REVIEW OF BUSINESS |
The Group |
The year to 31 March 2024 was a year of consolidation and investment, after the company was established to consolidate complimentary construction related entities to bring forward a number of key group development projects in difficult economic circumstances. External macro-economic factors such as rising inflation, finance costs and uncertainties around the banking sector have elongated the timescales normally associated with bringing development projects to site, which has in turn reduced revenues for the financial year whilst increasing the value of medium-term revenue pipeline and work in progress. Despite the reduction in revenues, the Board made the strategic decision to maintain core infrastructure and associated costs at a normalised level, avoiding any material cost-cutting exercises given that the medium-term pipeline of the business remains strong, and as such revenues are forecast to rise again over the coming years - forecasts indicate that revenues will increase to £50m+ for FY25 and £90m+ for FY26 (based on live and known pipeline which includes the dedicated housing division that has generated a strong pipeline of projects and is set to deliver 360 units over the next 24 months). |
As such whilst the group has traded at loss for the financial year it has at the same time managed to maintain its investments in its core staff team and continue to invest into new project development activities, which the board believe will lead to a return to profitability in the near term and also will ensure the medium to long term sustainability of the MCS group. |
The McGoff Group |
McGoff Construction Services Limited ('MCS') is part of the McGoff Group of companies, which is made up of a number of like-minded groups and businesses under the common control of the McGoff family. Whilst the McGoff Construction Services group has traded at a loss for the year ended 31st March 2024, the wider group has performed well despite the prevailing economic conditions. The financial performance of the wider McGoff Group of companies is summarised below: |
FY24 | MGP | MCS | BTTG | Total |
Turnover | £13,279,035 | £41,975,107 | £1,280,259 | £56,534,401 |
Gross profit | £3,717,280 | £2,726,424 | £507,294 | £6,950,998 |
EBITBA | £3,312,806 | (£1,065,829 | ) | £84,503 | £2,331,480 |
The consolidated results summarised above represent the combined performance of the wider group of companies, on a pro-forma basis (not a statutory consolidation, unaudited at the date of this report). |
Post Balance Sheet Events |
The proforma consolidated results summarised above exclude the Group's 15-setting care home operating platform, New Care, which was sold to a Private Equity backed competitor in October 2024. The disposal marked a significant post-balance-sheet event for the group, providing for a substantial liquidity event which has released capital to fully re-pay group bank facilities (including those of the Company's subsidiaries) and at the same time secure a substantial fighting fund of capital for investment into the Group's pipeline of projects. The disposal has significantly strengthened the Group's combined balance sheets and access to capital. |
McGoff Construction Services Limited (Registered number: 14691560) |
Group Strategic Report |
for the Period 27 February 2023 to 31 March 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
As a development and construction group, the company's key inherent risks relate to the macro-economic environment, and how changes to this environment (political and economic) may affect future business. As we moved into this financial year, there was still significant economic uncertainty across the UK, mainly rising inflation, finance costs and generally hesitant banking and investment sectors. |
Strategic decisions and investments made during preceding years have helped the Board to successfully navigate the effects of the economic downturn without suffering any debilitating damage to the underlying business. For several years now the directors have taken steps to develop a strategy which would insulate the company from such macro-economic risks by continued re-investment of profits across the wider McGoff Group into self-generated development projects, which now form a substantial part of the company's revenues. These projects require significant levels of up-front investment (in the form of work-in-progress), with the key benefit of this investment being a secure and controlled pipeline of work. The directors have also focused their efforts and strategy on supporting our related development entities and associated Joint Venture Partners with Pre-construction and Construction services in sectors with sustainable long term growth expectations driven by compelling socio-economic drivers, with healthcare, education, social housing and the evolving Build-to-Rent sector representing important areas of focus. |
The group continues to innovate and is actively adopting Modern Methods of Construction (MMC) and working closely with valued supply chain partners to streamline project delivery. Furthermore, the business is focusing on self-delivery of key specialist trades through its trusted related businesses to galvanise a wholly controlled and collaborative approach to construction that drives standards and improves the pace of delivery. |
McGoff Construction Services Limited (Registered number: 14691560) |
Group Strategic Report |
for the Period 27 February 2023 to 31 March 2024 |
SECTION 172(1) STATEMENT |
As the Board at McGoff Construction Services we have a legal responsibility, as set out in section 172(1)(a) to (f) Companies Act 2006, to act in good faith in exercising their duty to promote the success of the Company for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the company and its stakeholders. This statement addresses the ways in which we as a Board outwork this responsibility. |
Having regard to the likely consequences of any decision in the long term |
McGoff Construction Services has consolidated various construction related entities including a family run business that was established over 50 years ago and continues to be controlled and run by the family. We are proud of the ways in which, over half a century, the group has provided employment, training and financial reward for its owners and employees. |
We make strategic decisions based on long-term objectives. In particular, this has meant significant investments in human resources and infrastructure to ensure that we can maintain high quality and evolve together with our customers. |
Having regard to the interests of the Company's employees |
Valuing our people is at the centre of our culture, from investing with supreme industry related training, to advancing them academically with funded university degrees and recognised qualifications implemented by our senior management team. We are passionate about developing our talent, providing training to nurture wellbeing, with mental health and stress & resilience training available and pioneered by our managers. |
We also have Change The World Day, where employees are able to take one day per year in addition to their standard holiday allowance to volunteer at an organisation or in a community of their choice. This boosts employee engagement and brings a feel-good factor, also allowing employees to refocus their efforts to achieve something beyond their normal roles. |
Having regard to the need to foster the Company's business relationships with suppliers, customers, and others |
Suppliers |
We are proud to operate a long established, fully integrated national supply chain, many of whom have worked with us for over 15 years. At each of our schemes we endeavour to use local subcontractors and suppliers and achieve this by implementing a site by site procurement strategy. This will involve engagement with our existing supply chain and, where appropriate, the hosting of local Supply Chain Engagement Events. |
We know that the success of our delivery will largely depend on our supply chain's quality and performance. This is why we operate a professional and robust supply chain management strategy. Our proven model is founded on building long-term relationships with organisations whose values and philosophies align with ours and those of our customers. We do this by actively supporting their performance and develop their capabilities, whilst welcoming innovative new partners to boost our capacity. We will closely monitor performance to meet programme, budget and quality requirements. |
Customers |
McGoff Construction Services works with repeat business clients within the Healthcare, Food Retail, Education, and Residential sectors. Our holistic service offering includes architectural design, construction and interior design tailored to the specific requirements of our clients. |
Following the 2007 recession, we moved away from competitive tendering, into construction partner arrangements and negotiation with aligned Clients. The company growth strategy is centred on a sustainable blend of self-generated development workload and repeat business work with our valued customer base. |
Working at McGoff Construction Services means so much more than working for a typical Principal Contractor and Integrated Services Group. The business is built on a passion for excellence, a flexible approach by collaborating with the rest of our operating businesses to put our clients first. |
McGoff Construction Services Limited (Registered number: 14691560) |
Group Strategic Report |
for the Period 27 February 2023 to 31 March 2024 |
Having regard to the impact of the Company's operations on the community and the environment |
Community |
McGoff Construction Services are committed to leaving lasting legacies within the communities where we operate. In order to do so we carry out several activities including the following: |
" Register sites with the Considerate Constructors Scheme. |
" Staff members carry out school careers talks to raise awareness of the diverse range of careers opportunities within construction. |
" Commitment to local labour initiatives and engage with social enterprises. |
Environment |
McGoff Construction Services recognises its social and corporate responsibility to protect the local environment whilst carrying out our full range of activities. Our policy statement demonstrates the desire of our directors and employees to prevent pollution and continuously improve the environmental management of our day-to-day activities. |
Community Clean-ups happen regularly around Head Office and our construction sites with employees volunteering to take part. We joined the Great British Beach Clean in Formby with our employee. This improved the respective communities and encouraged Our People to consider the implications of dropping litter. We aim to continue this initiative bi-annually. |
Our objectives include the following: |
" Identify and minimise the risks to the environment from the group's activities. |
" Comply with current environmental legislation and, where appropriate, act in anticipation of future requirements. |
" Set targets to deliver continuous improvement in the management of environmental issues across our business. |
Having regard to the desirability of the Company maintaining a reputation for high standards of business conduct |
Our policies of directly employing staff, delivering focused training, deployment of our own plant and machinery, together with the effective management of a highly competent supply chain, ensures we maintain our unrivalled record of delivering quality projects on time and within budget. |
We ensure that our quality policy statement and the associated procedures apply to all activities and work undertaken within the group. |
McGoff Construction Services Corporate Social Responsibility (CSR) Policy aims to consider social, environmental and economic issues pre, during & post construction. Our dedication to these three pillars of sustainability are demonstrated by our; |
" ISO 9001 Quality accreditation |
" ISO 14001 Environmental accreditation |
" ISO 45001 Health & Safety accreditation |
" Investors in People Gold accolade |
" Contructionline Gold accreditation |
" Best Companies 3-star status |
" Considerate Constructors Pledge |
" Local supply chain strategies |
" Community Engagement & Charity initiatives. |
Having regard to the need to act fairly as between members of the Company |
The Company is 100% owned and controlled by the McGoff family, and decisions are taken at Board level in the interests of the ultimate shareholders as a group, and the wider stakeholders of the business. |
McGoff Construction Services Limited (Registered number: 14691560) |
Group Strategic Report |
for the Period 27 February 2023 to 31 March 2024 |
FINANCIAL PERFORMANCE |
Adverse macro-economic factors have naturally impacted the group's revenues, as the development of projects through to successful site starts has continued to take longer than during pre-pandemic times. Despite this, the quality of the projects has remained unaffected, and the group has managed to maintain investment into new development projects which has created a very strong pipeline of work for the coming years. |
Management have continued to focus on robust markets, strong client retention rates and the formation of new long-term client relationships. As such, despite adverse macro-economic factors total revenues for the year to 31 March 2024 were maintained above £40m (2024: £41.1m), which represents a minimum target threshold for the management team. |
The Board completed the restructure and consolidation of the wider McGoff Group of companies in April 2023 and a number of employees transferred to McGoff Construction Services in order to centralise the construction businesses' core management team. As such overhead costs as a percentage of revenue in the year for the group is 9.61% which is in line with last year's subsidiary level entities' percentages. The strategic decision to maintain core construction infrastructure and overhead at a level that would support £70m-£80m of annualised revenues has directly contributed to the operating loss reported for the year but ensures that the company is well positioned to deliver its pipeline of work in the coming years without any compromise as to quality. |
As a result of these activities, the group has reported an operating loss of £1.62m for the year. |
The Board are extremely proud of the significant efforts of all management and staff during this period and throughout 2024. |
KEY PERFORMANCE INDICATORS |
FY 2024 |
Revenue (reduction)/growth |
Gross margin | 6.50% |
Overheads as % of revenue | 9.61% |
Average number of employees | 96 |
Administrative staff costs as a % of revenue | 4.45% |
The year to 31 March 2025 is expected to see a strong increase in revenues, with forecasts also indicating an aggregate £150m+ of revenue across FY2026 and FY2027. The Directors believe this to be a direct consequence of their ongoing commitment to invest in the group's future. |
ON BEHALF OF THE BOARD: |
McGoff Construction Services Limited (Registered number: 14691560) |
Report of the Directors |
for the Period 27 February 2023 to 31 March 2024 |
The directors present their report with the financial statements of the company and the group for the period 27 February 2023 to 31 March 2024. |
INCORPORATION |
The group was incorporated on 27 February 2023 . |
DIVIDENDS |
No dividends will be distributed for the period ended 31 March 2024. |
EVENTS SINCE THE END OF THE PERIOD |
Information relating to events since the end of the period is given in the notes to the financial statements. |
DIRECTORS |
The directors who have held office during the period from 27 February 2023 to the date of this report are as follows: |
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. |
McGoff Construction Services Limited (Registered number: 14691560) |
Report of the Directors |
for the Period 27 February 2023 to 31 March 2024 |
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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
McGoff Construction Services Limited (Registered number: 14691560) |
Energy and Carbon Report |
forming part of the Report of the Directors |
for the Period 27 February 2023 to 31 March 2024 |
The Companies Act 2006 (Directors' report) Regulation 2018 requires McGoff Construction Services Limited to disclose annual energy consumption and greenhouse gas emissions (GHG). |
The Government Environmental Guidelines have been followed in conjunction with the GHG protocol Corporate Accounting and Reporting Standard, using the 2024 Government conversion factors. |
The table below details the SECR-regulated energy and GHG emissions: |
2024 |
Energy (kwh) |
Natural gas | 73,897 |
Electricity | 414,804 |
Fuel cars | 336,554 |
Fuel MPV | 203,584 |
Total energy | 1,028,839 |
Emissions (tCO2e) |
Scope 1 | Natural gas | 14 |
Scope 1 | Company vehicles | 137 |
Scope 2 | Electricity | 86 |
Total SECR emissions | 237 |
Emissions intensity ratio |
Emissions intensity per (100) employees | 2.37 |
Associated Greenhouse gases have been calculated using GHG Reporting Protocol |
As part of our ongoing efforts to contribute to a more sustainable and environmentally conscious future, we have officially formed a dedicated Sustainability Committee, headed by Chairman Declan McGoff. This committee is comprised of passionate individuals from various departments within our organisation, all united by a shared commitment to integrating sustainable practices into our daily operations. |
Key Focus Areas: |
Sustainability is a cornerstone of our suite of policies and procedures, underpinning our approach to delivering projects responsibly and efficiently. It is a key topic in our critical meetings, including board discussions, where environmental performance and sustainability metrics are reviewed at the highest levels of the business. These reviews enable us to implement robust plans to reduce and minimise our environmental impact while driving continuous improvement. |
In 2024, we made significant progress in measuring and managing utilities and waste, ensuring precise data tracking for energy, water, and waste management across our operations. This rigorous approach supports informed decision-making and enables us to set meaningful targets. A highlight of our efforts is our ongoing success in waste management, with 99% of our waste diverted from landfill—demonstrating our commitment to reducing waste generation and promoting circular economy practices. |
Recognising the importance of leadership in sustainability, 2025 will see the introduction of a dedicated Quality Lead within the business. This role will support not only safety but also a firm focus on quality and environmental performance, ensuring that sustainability remains embedded in our operations and decision-making processes. |
Additionally, we extend our commitment to sustainability beyond our internal operations by measuring and managing our supply chains. Responsible sourcing of materials is a priority, and we conduct regular duty of care audits to ensure compliance and alignment with our environmental objectives. |
Our efforts are supported by our robust Environmental Management System (EMS), as confirmed during our 2024 ISO 14001 audit. This internationally recognised certification reflects our dedication to sustainability, compliance, and continuous improvement. |
By fostering a culture of environmental awareness and embedding sustainability into every facet of our operations, we remain steadfast in our goal of creating a lasting positive impact on the environment. |
Report of the Independent Auditors to the Members of |
forming part of the Report of the Directors |
McGoff Construction Services Limited |
Opinion |
We have audited the financial statements of McGoff Construction Services Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 March 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 31 March 2024 and of the group's loss for the period 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the 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 |
forming part of the Report of the Directors |
McGoff Construction Services 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 seven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the 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 |
forming part of the Report of the Directors |
McGoff Construction Services 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
Identifying and assessing potential risks to irregularities |
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: |
Audit response to risks identified |
- the nature of the industry and sector, control environment and business performance; |
- results of enquiries of management about their own identification and assessment of the risks of irregularities; |
- any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to: |
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; |
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
- the matters discussed among the audit engagement team and involving other internal specialists including tax 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. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risks of management override. |
We also obtained an understanding of the legal and regulatory frameworks that the Company 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 and local tax legislation. |
As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud. |
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; |
- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
- in addressing the risks 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 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 noncompliance with laws and regulations throughout the audit. |
Report of the Independent Auditors to the Members of |
forming part of the Report of the Directors |
McGoff Construction Services Limited |
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 |
Statutory Auditors |
Chartered Accountants |
Reedham House |
31 King Street West |
Manchester |
M3 2PJ |
McGoff Construction Services Limited (Registered number: 14691560) |
Consolidated |
Income Statement |
for the Period 27 February 2023 to 31 March 2024 |
Notes | £ |
TURNOVER | 41,975,107 |
Cost of sales | 39,248,683 |
GROSS PROFIT | 2,726,424 |
Administrative expenses | 4,034,542 |
(1,308,118 | ) |
Other operating income | 51,101 |
OPERATING LOSS | 4 | (1,257,017 | ) |
Interest receivable and similar income | 686 |
(1,256,331 | ) |
Interest payable and similar expenses | 5 | 364,829 |
LOSS BEFORE TAXATION | (1,621,160 | ) |
Tax on loss | 6 | 25,518 |
LOSS FOR THE FINANCIAL PERIOD | ( |
) |
Loss attributable to: |
Owners of the parent | (1,440,137 | ) |
Non-controlling interests | (206,541 | ) |
(1,646,678 | ) |
McGoff Construction Services Limited (Registered number: 14691560) |
Consolidated |
Other Comprehensive Income |
for the Period 27 February 2023 to 31 March 2024 |
Notes | £ |
LOSS FOR THE PERIOD | (1,646,678 | ) |
OTHER COMPREHENSIVE INCOME |
Consolidation reserve | 3,122,632 |
Income tax relating to other comprehensive income |
- |
OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX |
3,122,632 |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
1,475,954 |
Total comprehensive income attributable to: |
Owners of the parent | 1,682,495 |
Non-controlling interests | (206,541 | ) |
1,475,954 |
McGoff Construction Services Limited (Registered number: 14691560) |
Consolidated Balance Sheet |
31 March 2024 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 8 | 1,022,197 |
Tangible assets | 9 | 135,473 |
Investments | 10 | - |
Investment property | 11 | 100,000 |
1,257,670 |
CURRENT ASSETS |
Stocks | 12 | 11,660 |
Debtors | 13 | 25,299,737 |
Cash at bank and in hand | 984,983 |
26,296,380 |
CREDITORS |
Amounts falling due within one year | 14 | 23,991,701 |
NET CURRENT ASSETS | 2,304,679 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
3,562,349 |
CREDITORS |
Amounts falling due after more than one year | 15 | (1,392,656 | ) |
PROVISIONS FOR LIABILITIES | 19 | (23,721 | ) |
NET ASSETS | 2,145,972 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 3,201 |
Consolidation Reserve | 21 | 3,122,632 |
Retained earnings | 21 | (1,440,137 | ) |
SHAREHOLDERS' FUNDS | 1,685,696 |
NON-CONTROLLING INTERESTS | 22 | 460,276 |
TOTAL EQUITY | 2,145,972 |
The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2025 and were signed on its behalf by: |
D T McGoff - Director |
McGoff Construction Services Limited (Registered number: 14691560) |
Company Balance Sheet |
31 March 2024 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
Investment property | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
Company's loss for the financial year | (32,573 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
McGoff Construction Services Limited (Registered number: 14691560) |
Consolidated Statement of Changes in Equity |
for the Period 27 February 2023 to 31 March 2024 |
Called up |
share | Retained | Consolidation |
capital | earnings | Reserve |
£ | £ | £ |
Changes in equity |
Issue of share capital | 3,201 | - | - |
Total comprehensive income | - | (1,440,137 | ) | 3,122,632 |
Balance at 31 March 2024 | 3,201 | (1,440,137 | ) | 3,122,632 |
Non-controlling | Total |
Total | interests | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | 3,201 | - | 3,201 |
Total comprehensive income | 1,682,495 | (206,541 | ) | 1,475,954 |
Non-controlling share on |
acquisition | - | 666,817 | 666,817 |
Balance at 31 March 2024 | 1,685,696 | 460,276 | 2,145,972 |
McGoff Construction Services Limited (Registered number: 14691560) |
Company Statement of Changes in Equity |
for the Period 27 February 2023 to 31 March 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 March 2024 | ( |
) | ( |
) |
McGoff Construction Services Limited (Registered number: 14691560) |
Consolidated Cash Flow Statement |
for the Period 27 February 2023 to 31 March 2024 |
Notes | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 274,302 |
Interest paid | (364,829 | ) |
Tax paid | (67,677 | ) |
Net cash from operating activities | (158,204 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (12,356 | ) |
Sale of tangible fixed assets | 10,856 |
Sale of investment property | 300,000 |
Interest received | 686 |
Net cash from investing activities | 299,186 |
Cash flows from financing activities |
Loan repayments in year | (521,043 | ) |
Capital repayments in year | (51,393 | ) |
Amount withdrawn by directors | (167,801 | ) |
Share issue | 3,201 |
Cash acquired with subsidiaries | 1,581,037 |
Net cash from financing activities | 844,001 |
Increase in cash and cash equivalents | 984,983 |
Cash and cash equivalents at beginning of period |
2 |
- |
Cash and cash equivalents at end of period | 2 | 984,983 |
McGoff Construction Services Limited (Registered number: 14691560) |
Notes to the Consolidated Cash Flow Statement |
for the Period 27 February 2023 to 31 March 2024 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
£ |
Loss before taxation | (1,621,160 | ) |
Depreciation charges | 213,999 |
Profit on disposal of fixed assets | (30,381 | ) |
Finance costs | 364,829 |
Finance income | (686 | ) |
(1,073,399 | ) |
Decrease in stocks | 94,189 |
Decrease in trade and other debtors | 6,136,951 |
Decrease in trade and other creditors | (4,883,439 | ) |
Cash generated from operations | 274,302 |
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: |
Period ended 31 March 2024 |
31.3.24 | 27.2.23 |
£ | £ |
Cash and cash equivalents | 984,983 | - |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 27.2.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | - | 984,983 | 984,983 |
- | 984,983 | 984,983 |
Debt |
Hire purchase and finance leases | - | (22,745 | ) | (22,745 | ) |
Debts falling due within 1 year | - | (3,682,106 | ) | (3,682,106 | ) |
Debts falling due after 1 year | - | (28,395 | ) | (28,395 | ) |
- | (3,733,246 | ) | (3,733,246 | ) |
Total | - | (2,748,263 | ) | (2,748,263 | ) |
McGoff Construction Services Limited (Registered number: 14691560) |
Notes to the Consolidated Financial Statements |
for the Period 27 February 2023 to 31 March 2024 |
1. | STATUTORY INFORMATION |
McGoff Construction Services Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The group financial statements include the financial statements of the company and all of its subsidiary undertakings, associated undertakings and qualifying partnership. For details regarding the base period of accounts used for subsidiary and associated undertakings see note 10. The results of the qualifying partnership are consolidated from the date of acquisition of the interest. |
Significant judgements and estimates |
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
Key sources of estimation uncertainty |
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below. |
The turnover policy, as described below, requires forecasts to be made of the outcomes of long-term construction contracts. These require assessments and judgements to be made on the recovery of pre-contract costs, changes in the scope of work and changes in costs. The range of potential outcomes could result in a positive or negative change to underlying profitability and cash flow. |
Provisions are made for expected future losses on incomplete contracts. These provisions require management's best estimate of the costs that will be required to complete contracts based on contractual requirements. |
Assessing indicators of impairment |
In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year. |
Tangible fixed assets |
Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
McGoff Construction Services Limited (Registered number: 14691560) |
Notes to the Consolidated Financial Statements - continued |
for the Period 27 February 2023 to 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received and receivable for services provided, net of trade discounts and value added tax. Turnover from contracting and service activities represents the value of work carried out during the year, including amounts not invoiced. |
When the outcome of individual construction and service contracts can be foreseen with reasonable certainty and can be estimated reliably, margin is recognised by reference to the stage of completion, based on the lower of the percentage margin earned to date and that prudently forecast at completion. Full provision is made for all known or expected losses on individual contracts immediately once such losses are foreseen.Variation in work, claims and incentive payments are included to the extent that it is probable they will result in revenue. |
Rental income from operating leases is recognised on a receivable basis. |
Interest income is recognised on a received basis |
Goodwill |
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 rates in order to write off each asset over its estimated useful life. |
Improvements to property | - The period of the lease. |
Plant & machinery | - The period of the lease and 33.33% on cost |
Office equipment | - 33.33% on cost. |
Motor vehicles | - 20% on cost. |
Computer equipment | - 33.33% on cost. |
Tangible fixed assets are recorded at cost less accumulated depreciation and accumulated impairment losses. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stock and work in progress |
Profit on contracting is taken on short-term contracts when completed, and for long-term contracts attributable profit is taken when the final outcome can be foreseen with reasonable certainty; provision is made for any anticipated losses. Amounts, by which turnover in respect of long-term contracts exceed payment on account, are held in debtors as amounts recoverable on contracts. Amounts received in respect of long-term contracts, in excess of amounts reflected in turnover, are held in creditors as payments on account. |
Stocks of raw materials are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
McGoff Construction Services Limited (Registered number: 14691560) |
Notes to the Consolidated Financial Statements - continued |
for the Period 27 February 2023 to 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period 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 period 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 |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts or finance leases are depreciated over their estimated useful lives. |
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of future payments is treated as a liability. |
Operating leases are charged to the profit and loss account as they are incurred. |
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. |
Going concern |
The group's financial statements for the year ended 31 March 2024 have been prepared on a going concern basis as, after making appropriate enquiries, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. |
Group solvency following the disposal of the related party controlled New Care Group in October 2024 is very strong, with funding of the business primarily now from related party businesses. £3,600,000 of loans balances (Note 14) that were outstanding at 31 March 2024 have since been fully repaid, demonstrating this. |
3. | EMPLOYEES AND DIRECTORS |
£ |
Wages and salaries | 5,019,618 |
Social security costs | 641,559 |
Other pension costs | 263,221 |
5,924,398 |
McGoff Construction Services Limited (Registered number: 14691560) |
Notes to the Consolidated Financial Statements - continued |
for the Period 27 February 2023 to 31 March 2024 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the period was as follows: |
Administration | 34 |
Direct labour | 62 |
The average number of employees by undertakings that were proportionately consolidated during the period was 94 . |
£ |
Directors' remuneration | 376,875 |
Directors' pension contributions to money purchase schemes | 60,000 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 1 |
Information regarding the highest paid director is as follows: |
£ |
Emoluments etc | 167,710 |
4. | OPERATING LOSS |
The operating loss is stated after charging/(crediting): |
£ |
Hire of plant and machinery | 1,325,319 |
Depreciation - owned assets | 24,823 |
Depreciation - assets on hire purchase contracts and finance leases | 22,661 |
Profit on disposal of fixed assets | (30,381 | ) |
Goodwill amortisation | 111,111 |
Development costs amortisation | 55,402 |
Auditors' remuneration | 69,079 |
Auditors' remuneration for non audit work | 12,556 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
£ |
Bank loan interest | 348,942 |
Other interest | 8,386 |
Hire purchase | 7,501 |
364,829 |
McGoff Construction Services Limited (Registered number: 14691560) |
Notes to the Consolidated Financial Statements - continued |
for the Period 27 February 2023 to 31 March 2024 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the loss for the period was as follows: |
£ |
Current tax: |
UK corporation tax | 60,677 |
Deferred tax | (35,159 | ) |
Tax on loss | 25,518 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
£ |
Loss before tax | (1,621,160 | ) |
Loss multiplied by the standard rate of corporation tax in the UK of 25 % | (405,290 | ) |
Effects of: |
Expenses not deductible for tax purposes | 53,669 |
Capital allowances in excess of depreciation | (3,731 | ) |
Utilisation of tax losses | 14,048 |
Losses carried forward | 374,324 |
Research & development credit | (7,502 | ) |
Total tax charge | 25,518 |
Tax effects relating to effects of other comprehensive income |
Gross | Tax | Net |
£ | £ | £ |
Consolidation reserve | 3,122,632 | - | 3,122,632 |
7. | 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. |
McGoff Construction Services Limited (Registered number: 14691560) |
Notes to the Consolidated Financial Statements - continued |
for the Period 27 February 2023 to 31 March 2024 |
8. | INTANGIBLE FIXED ASSETS |
Group |
Development |
Goodwill | costs | Totals |
£ | £ | £ |
COST |
On acquisition of subsidiary | - | 286,430 | 286,430 |
Additions | 1,000,000 | - | 1,000,000 |
At 31 March 2024 | 1,000,000 | 286,430 | 1,286,430 |
AMORTISATION |
Amortisation for period | 111,111 | 55,402 | 166,513 |
On acquisition of subsidiary | - | 97,720 | 97,720 |
At 31 March 2024 | 111,111 | 153,122 | 264,233 |
NET BOOK VALUE |
At 31 March 2024 | 888,889 | 133,308 | 1,022,197 |
9. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
On acquisition of subsidiary | 214,402 | 224,531 | 28,538 |
Additions | 805 | - | 2,391 |
Disposal | - | - | (24,667 | ) |
At 31 March 2024 | 215,207 | 224,531 | 6,262 |
DEPRECIATION |
Charge for period | 9,531 | 12,232 | 2,509 |
Eliminated on disposal | - | - | - |
On acquisition of subsidiary | 156,806 | 153,912 | 24,515 |
At 31 March 2024 | 166,337 | 166,144 | 27,024 |
NET BOOK VALUE |
At 31 March 2024 | 48,870 | 58,387 | (20,762 | ) |
McGoff Construction Services Limited (Registered number: 14691560) |
Notes to the Consolidated Financial Statements - continued |
for the Period 27 February 2023 to 31 March 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
On acquisition of subsidiary | 111,447 | 50,026 | 628,944 |
Additions | - | 9,160 | 12,356 |
Disposal | (57,530 | ) | (657 | ) | (82,854 | ) |
At 31 March 2024 | 53,917 | 58,529 | 558,446 |
DEPRECIATION |
Charge for period | 10,429 | 12,783 | 47,484 |
Eliminated on disposal | (57,529 | ) | (183 | ) | (57,712 | ) |
On acquisition of subsidiary | 97,968 | - | 433,201 |
At 31 March 2024 | 50,868 | 12,600 | 422,973 |
NET BOOK VALUE |
At 31 March 2024 | 3,049 | 45,929 | 135,473 |
Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
On acquisition of subsidiary | 218,081 | 53,917 | 271,998 |
At 31 March 2024 | 218,081 | 53,917 | 271,998 |
DEPRECIATION |
Charge for period | 12,232 | 10,429 | 22,661 |
On acquisition of subsidiary | 147,462 | - | 147,462 |
At 31 March 2024 | 159,694 | 10,429 | 170,123 |
NET BOOK VALUE |
At 31 March 2024 | 58,387 | 43,488 | 101,875 |
McGoff Construction Services Limited (Registered number: 14691560) |
Notes to the Consolidated Financial Statements - continued |
for the Period 27 February 2023 to 31 March 2024 |
10. | FIXED ASSET INVESTMENTS |
Company |
Other |
investments |
£ |
COST |
Additions |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
McGoff Construction Holdings Limited |
Registered office: 1 St George's Court, Altrincham Business Park, Altrincham, WA14 5UA |
Nature of business: Holding company |
% |
Class of shares: | holding |
Ordinary | 85.00 |
Panacea Building Systems Limited |
Registered office: 1 St George's Court, Altrincham Business Park, Altrincham, WA14 5UA |
Nature of business: Manufacture metal structures & partitions |
% |
Class of shares: | holding |
Ordinary | 56.87 |
McGoff Group Facilities Services Limited |
Registered office: 1 St George's Court, Altrincham Business Park, Altrincham, WA14 5UA |
Nature of business: Property maintenance |
% |
Class of shares: | holding |
Ordinary | 71.00 |
Edencroft Building Services Limited |
Registered office: 1 St George's Court, Altrincham Business Park, Altrincham, WA14 5UA |
Nature of business: Electrical installation |
% |
Class of shares: | holding |
Ordinary | 100.00 |
McGoff Construction Limited (indirect) |
Registered office: 1 St George's Court, Altrincham Business Park, Altrincham, WA14 5UA |
Nature of business: Building contractors and property developers |
% |
Class of shares: | holding |
Ordinary | 85.00 |
McGoff Construction Services Limited (Registered number: 14691560) |
Notes to the Consolidated Financial Statements - continued |
for the Period 27 February 2023 to 31 March 2024 |
10. | FIXED ASSET INVESTMENTS - continued |
Villafont Limited (indirect) |
Registered office: 1 St George's Court, Altrincham Business Park, Altrincham, WA14 5UA |
Nature of business: Property developers |
% |
Class of shares: | holding |
Ordinary | 85.00 |
Villafont Urmston Limited (indirect) |
Registered office: 1 St George's Court, Altrincham Business Park, Altrincham, WA14 5UA |
Nature of business: Property developers |
% |
Class of shares: | holding |
Ordinary | 85.00 |
Panacea Ceilings & Partitions Limited (indirect) |
Registered office: 1 St George's Court, Altrincham Business Park, Altrincham, WA14 5UA |
Nature of business: Ceiling installation |
% |
Class of shares: | holding |
Ordinary | 56.87 |
Villafont Homes (Sale) Limited (indirect) |
Registered office: 1 St George's Court, Altrincham Business Park, Altrincham, WA14 5UA |
Nature of business: Non-trading |
% |
Class of shares: | holding |
Ordinary | 85.00 |
Adel Gardens Management Company Ltd (indirect) |
Registered office: 1 St George's Court, Altrincham Business Park, Altrincham, WA14 5UA |
Nature of business: Buying & selling of real estate |
% |
Class of shares: | holding |
Ordinary | 85.00 |
Minerva PLace Management Company Ltd (indirect) |
Registered office: 1 St George's Court, Altrincham Business Park, Altrincham, WA14 5UA |
Nature of business: Buying & selling of real estate |
% |
Class of shares: | holding |
Ordinary | 85.00 |
Mayfield Court Management Company Limited (indirect) |
Registered office: 1 St George's Court, Altrincham Business Park, Altrincham, WA14 5UA |
Nature of business: Management of real estate |
% |
Class of shares: | holding |
Ordinary | 71.00 |
McGoff Construction Services Limited (Registered number: 14691560) |
Notes to the Consolidated Financial Statements - continued |
for the Period 27 February 2023 to 31 March 2024 |
11. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
On acquisition of subsidiary | 380,000 |
Disposals | (280,000 | ) |
At 31 March 2024 | 100,000 |
NET BOOK VALUE |
At 31 March 2024 | 100,000 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2008 | 34,000 |
Valuation in 2017 | 77,144 |
Valuation in 2023 | (15,000 | ) |
Cost | 3,856 |
100,000 |
The investment property was re-valued by the directors at 31 March 2024. |
12. | STOCKS |
Group |
£ |
Stocks | 11,660 |
13. | DEBTORS |
Group | Company |
£ | £ |
Amounts falling due within one year: |
Trade debtors | 8,643,022 |
Amounts owed by group undertakings | 32,757 |
Amounts recoverable on contract | 8,238,786 |
Other debtors | 4,176,100 |
Prepayments | 349,072 |
21,439,737 |
McGoff Construction Services Limited (Registered number: 14691560) |
Notes to the Consolidated Financial Statements - continued |
for the Period 27 February 2023 to 31 March 2024 |
13. | DEBTORS - continued |
Group | Company |
£ | £ |
Amounts falling due after more than one year: |
Amounts recoverable on contract | 3,860,000 |
Aggregate amounts | 25,299,737 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
£ | £ |
Bank loans and overdrafts (see note 16) | 3,682,106 |
Hire purchase contracts and finance leases (see note 17) | 14,411 |
Trade creditors | 7,693,050 |
Amounts owed to group undertakings | 32,763 |
Tax | 68,046 |
Social security and other taxes | 909,207 |
Other creditors | 7,495,420 |
Directors' current accounts | 839,738 |
Accrued expenses | 3,256,960 |
23,991,701 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
£ |
Bank loans (see note 16) | 28,395 |
Hire purchase contracts and finance leases (see note 17) | 8,334 |
Trade creditors | 708,945 |
Other creditors | 646,982 |
1,392,656 |
McGoff Construction Services Limited (Registered number: 14691560) |
Notes to the Consolidated Financial Statements - continued |
for the Period 27 February 2023 to 31 March 2024 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
£ |
Amounts falling due within one year or on | demand: |
Bank loans | 3,682,106 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years | 26,497 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 1,898 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire | Finance |
purchase | leases |
contracts |
£ | £ |
Gross obligations repayable: |
Within one year | 8,289 | 8,700 |
Between one and five years | 9,672 | - |
17,961 | 8,700 |
Finance charges repayable: |
Within one year | 1,147 | 1,431 |
Between one and five years | 1,338 | - |
2,485 | 1,431 |
Net obligations repayable: |
Within one year | 7,142 | 7,269 |
Between one and five years | 8,334 | - |
15,476 | 7,269 |
McGoff Construction Services Limited (Registered number: 14691560) |
Notes to the Consolidated Financial Statements - continued |
for the Period 27 February 2023 to 31 March 2024 |
17. | LEASING AGREEMENTS - continued |
Group |
Non- cancellable | operating leases |
£ |
Within one year | 67,228 |
Between one and five years | 932,258 |
999,486 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
£ |
Bank loans | 3,710,501 |
Hire purchase contracts and finance leases | 22,745 |
3,733,246 |
19. | PROVISIONS FOR LIABILITIES |
Group |
£ |
Deferred tax | 23,721 |
Group |
Deferred |
tax |
£ |
Credit to Income Statement during period | (35,159 | ) |
Acquisition via business |
combinations | 58,880 |
Balance at 31 March 2024 | 23,721 |
Analysis of deferred tax balance |
2024 |
£ |
Accelerated capital allowances | - |
Deferred tax on revaluation of tangible fixed asset | 23,721 |
McGoff Construction Services Limited (Registered number: 14691560) |
Notes to the Consolidated Financial Statements - continued |
for the Period 27 February 2023 to 31 March 2024 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | .01 | 3,201 |
21. | RESERVES |
Group |
Retained | Consolidation |
earnings | Reserve | Totals |
£ | £ | £ |
Deficit for the period | (1,440,137 | ) | (1,440,137 | ) |
Acquisition of subsidiary | - | 3,122,632 | 3,122,632 |
At 31 March 2024 | (1,440,137 | ) | 3,122,632 | 1,682,495 |
22. | NON-CONTROLLING INTERESTS |
The minority interest represents the following, |
15% of the share capital of McGoff Construction Holdings Limited and it's subsidiaries. |
43.13% of the share capital of Panacea Building Systems Limited and it's subsidiary. |
29% of the share capital of McGoff Group Facilities Services Limited and it's subsidiary. |
23. | CONTINGENT LIABILITIES |
The group has guaranteed the bank facilities of an entity in which some of the directors of the group have a material interest. At 31 March 2024, this entity had bank borrowings of £325,913. |
24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the period, the group provided services to the directors amounting to £51,031. At 31 March 2024, there was £211,249 owed to the group. |
At 31 March 2024, balances amounting to £839,738 were due to the directors in respect of their current accounts. There are no fixed repayment terms and no interest is chargeable to company in respect of these balances. |
The group's bank facility is also secured by joint and several guarantee for £500,000 given by the directors of the group. |
McGoff Construction Services Limited (Registered number: 14691560) |
Notes to the Consolidated Financial Statements - continued |
for the Period 27 February 2023 to 31 March 2024 |
25. | RELATED PARTY DISCLOSURES |
During the period, the group provided services to a value of £29,059,758 to entities in which some of the directors of the group have a material interest. |
At 31 March 2024, there was £8,360,012 owed from these entities. |
The balances outstanding are interest free and repayable on demand. |
During the period, the group sold it's investment property for £300,000 to a pension scheme in which some of the directors of the group, are trustees and beneficiaries. |
At 31 March 2024, a balance of £155,803 was owed to the parent of some of the directors of the group. |
The balance outstanding is interest free and payable on demand. |
At 31 March 2024, a balance of £1,111,303 was owed to a director of a subsidiary, £746,978 is payable by installments and the balance on demand. No interest has been charged to the group in respect of this balance. |
26. | POST BALANCE SHEET EVENTS |
Bank borrowings of £3,600,000 have been fully repaid since the year end. |