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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: D Johnston
D T McGoff
D J P McGoff
C A McGoff





REGISTERED OFFICE: 1 St. Georges Court
Altrincham Business Park
Altrincham
WA14 5UA





REGISTERED NUMBER: 14691560 (England and Wales)





AUDITORS: Freedman Frankl & Taylor
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:





D T McGoff - Director


25 February 2025

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:

D Johnston - appointed 2 May 2023
D T McGoff - appointed 27 February 2023
D J P McGoff - appointed 27 February 2023
C A McGoff - appointed 27 February 2023

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:





D T McGoff - Director


25 February 2025

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.




Samuel Bacall BSc(Hons) BFP ACA (Senior Statutory Auditor)
for and on behalf of Freedman Frankl & Taylor
Statutory Auditors
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

28 February 2025

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 (1,646,678 )
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 1,086
Investment property 11 -
1,086

CURRENT ASSETS
Debtors 13 194,695
Cash at bank 260
194,955
CREDITORS
Amounts falling due within one year 14 225,413
NET CURRENT LIABILITIES (30,458 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(29,372

)

CAPITAL AND RESERVES
Called up share capital 20 3,201
Retained earnings (32,573 )
SHAREHOLDERS' FUNDS (29,372 )

Company's loss for the financial year (32,573 )

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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)

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 3,201 - 3,201
Total comprehensive income - (32,573 ) (32,573 )
Balance at 31 March 2024 3,201 (32,573 ) (29,372 )

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of nine years.

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.

Development costs are being amortised evenly over their estimated useful life of five years.

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
96

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 1,086
At 31 March 2024 1,086
NET BOOK VALUE
At 31 March 2024 1,086

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 32,757 143,420
Amounts recoverable on contract 8,238,786 -
Other debtors 4,176,100 51,275
Prepayments 349,072 -
21,439,737 194,695

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 25,299,737 194,695

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 1,400
Amounts owed to group undertakings 32,763 147,303
Tax 68,046 -
Social security and other taxes 909,207 16,867
Other creditors 7,495,420 6,700
Directors' current accounts 839,738 50,000
Accrued expenses 3,256,960 3,143
23,991,701 225,413

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: £   
320,115 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.