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COMPANY REGISTRATION NUMBER: 04590955
John Martin-Hoyes (Holdings) Limited
Financial Statements
For the year ended
30 April 2024
John Martin-Hoyes (Holdings) Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
3
Independent auditor's report to the member
5
Consolidated statement of income and retained earnings
9
Company statement of income and retained earnings
10
Consolidated statement of financial position
11
Company statement of financial position
12
Consolidated statement of cash flows
13
Notes to the financial statements
14
John Martin-Hoyes (Holdings) Limited
Officers and Professional Advisers
The board of directors
J Martin-Hoyes
T Bourne
Company secretary
T Bourne
Registered office
Martin House
Exchange Road
Doddington Road
Lincoln
LN6 3JZ
Auditor
Streets Audit LLP
Chartered Accountants & statutory auditor
Tower House
Lucy Tower Street
Lincoln
LN1 1XW
Bankers
Lloyds Bank plc
70 High Street
Lincoln
LN5 8AD
John Martin-Hoyes (Holdings) Limited
Strategic Report
Year ended 30 April 2024
The company is the parent of 3 subsidiary trading companies: John Martin-Hoyes Limited - the principal activity was building and civil engineering Abba Plant Hire Limited - the principal activity was plant, crane and access hire JMH Directional Drilling Limited -the principal activity was directional drilling The directors believe that turnover and gross profit margins are the key performance indicators of the business. Turnover for the group decreased to £7,098,759 (2023: £10,234,641) reflecting a difficult year in the construction industry. The gross profit for the group was £655,048 (2023: £2,162,908) and the gross margin was 9.2% for the year which was a significant decrease from 21.1% in the prior year. The group faced many challenges typically facing the construction industry in the current year. The directors are confident that these are being successfully managed and overcome by the directors and company moving forward. There were a number of significant contracts in the prior year particularly undertaken by JMH Directional Drilling Limited which have now ended leading to lower turnover in the year. The group operates in a highly competitive market with continuing pressure on margins. The directors continue to monitor our costs and seek operating efficiencies in order to mitigate this risk. Credit risk The company seeks to manage its credit risk by dealing with established customers or otherwise checking the credit-worthiness of new customers, establishing clear contractual relationships with those customers and by identifying and addressing any credit issues arising in a timely manner. Liquidity risk The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short-term flexibility is achieved by overdraft facilities.
This report was approved by the board of directors on 4 February 2025 and signed on behalf of the board by:
J Martin-Hoyes
Director
Registered office:
Martin House
Exchange Road
Doddington Road
Lincoln
LN6 3JZ
John Martin-Hoyes (Holdings) Limited
Directors' Report
Year ended 30 April 2024
The directors present their report and the financial statements of the group for the year ended 30 April 2024 .
Directors
The directors who served the company during the year were as follows:
J Martin-Hoyes
T Bourne
Dividends
The directors do not recommend the payment of a dividend.
Employment of disabled persons
(a) for giving full and fair consideration to applications for employment by the company made by disabled persons, having regard to their particular aptitudes and abilities, (b) for continuing the employment of, and for arranging appropriate training for, employees of the company who have become disabled persons during the period when they were employed by the company, and (c) otherwise for the training, career development and promotion of disabled persons employed by the company.
Employee involvement
(a) providing employees systematically with information on matters of concern to them as employees, (b) consulting employees or their representatives on a regular basis so that the views of employees can be taken into account in making decisions which are likely to affect their interests, (c) encouraging the involvement of employees in the company’s performance through an employees’ share scheme or by some other means, (d) achieving a common awareness on the part of all employees of the financial and economic factors affecting the performance of the company.
Disclosure of information in the strategic report
The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report 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 group and the company and 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 judgments and accounting estimates that are reasonable and prudent; - 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 4 February 2025 and signed on behalf of the board by:
J Martin-Hoyes
Director
Registered office:
Martin House
Exchange Road
Doddington Road
Lincoln
LN6 3JZ
John Martin-Hoyes (Holdings) Limited
Independent Auditor's Report to the Member of John Martin-Hoyes (Holdings) Limited
Year ended 30 April 2024
Opinion
We have audited the financial statements of John Martin-Hoyes (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, 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 FRS 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's affairs as at 30 April 2024 and of the group's loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's 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 or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which 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 directors' responsibilities statement, 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 is 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.
Auditor's 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 an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and sector in which it operates; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - obtaining third party confirmation of material creditor balances in the financial statements. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to inquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 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 auditor’s report. Use of our report
This report is made solely to the company's member, 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 member those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member as a body, for our audit work, for this report, or for the opinions we have formed.
LINDA LORD
(Senior Statutory Auditor)
For and on behalf of
Streets Audit LLP
Chartered Accountants & statutory auditor
Tower House
Lucy Tower Street
Lincoln
LN1 1XW
28 March 2025
John Martin-Hoyes (Holdings) Limited
Consolidated Statement of Income and Retained Earnings
Year ended 30 April 2024
2024
2023
Note
£
£
Turnover
4
7,098,759
10,234,641
Cost of sales
6,443,711
8,071,733
-------------
--------------
Gross profit
655,048
2,162,908
Administrative expenses
819,260
728,177
Other operating income
5
12,934
13,225
----------
-------------
Operating (loss)/profit
6
( 151,278)
1,447,956
Interest payable and similar expenses
10
150,764
140,608
----------
-------------
(Loss)/profit before taxation
( 302,042)
1,307,348
Tax on (loss)/profit
11
( 86,316)
348,940
----------
-------------
(Loss)/profit for the financial year and total comprehensive income
( 215,726)
958,408
----------
-------------
Retained earnings at the start of the year
9,143,952
8,185,544
-------------
-------------
Retained earnings at the end of the year
8,928,226
9,143,952
-------------
-------------
All the activities of the group are from continuing operations.
John Martin-Hoyes (Holdings) Limited
Company Statement of Income and Retained Earnings
Year ended 30 April 2024
2024
2023
Note
£
£
(Loss)/profit for the financial year and total comprehensive income
( 8,865)
( 8,867)
Retained earnings at the start of the year
158,284
167,151
----------
----------
Retained earnings at the end of the year
149,419
158,284
----------
----------
John Martin-Hoyes (Holdings) Limited
Consolidated Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
13
13,826,322
14,442,460
Current assets
Debtors
15
1,195,425
2,080,619
Cash at bank and in hand
850
180,428
-------------
-------------
1,196,275
2,261,047
Creditors: amounts falling due within one year
17
3,496,444
3,817,784
-------------
-------------
Net current liabilities
2,300,169
1,556,737
--------------
--------------
Total assets less current liabilities
11,526,153
12,885,723
Creditors: amounts falling due after more than one year
18
967,223
2,024,751
Provisions
Taxation including deferred tax
20
1,285,601
1,371,917
--------------
--------------
Net assets
9,273,329
9,489,055
--------------
--------------
Capital and reserves
Called up share capital
25
178
178
Share premium account
26
344,925
344,925
Profit and loss account
26
8,928,226
9,143,952
-------------
-------------
Shareholder funds
9,273,329
9,489,055
-------------
-------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 4 February 2025 , and are signed on behalf of the board by:
J Martin-Hoyes
Director
Company registration number: 04590955
John Martin-Hoyes (Holdings) Limited
Company Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Investments
14
460,102
460,102
Current assets
Debtors
15
492,410
492,528
Cash at bank and in hand
86
208
----------
----------
492,496
492,736
Creditors: amounts falling due within one year
17
458,076
449,451
----------
----------
Net current assets
34,420
43,285
----------
----------
Total assets less current liabilities
494,522
503,387
----------
----------
Net assets
494,522
503,387
----------
----------
Capital and reserves
Called up share capital
25
178
178
Share premium account
26
344,925
344,925
Profit and loss account
26
149,419
158,284
----------
----------
Shareholder funds
494,522
503,387
----------
----------
The loss for the financial year of the parent company was £ 8,865 (2023: £ 8,867 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 4 February 2025 , and are signed on behalf of the board by:
J Martin-Hoyes
Director
Company registration number: 04590955
John Martin-Hoyes (Holdings) Limited
Consolidated Statement of Cash Flows
Year ended 30 April 2024
2024
2023
Note
£
£
Cash flows from operating activities
(Loss)/profit for the financial year
( 215,726)
958,408
Adjustments for:
Depreciation of tangible assets
1,031,052
1,096,800
Government grant income
( 876)
Interest payable and similar expenses
150,764
140,608
Gains on disposal of tangible assets
( 14)
( 189,717)
Tax on loss
( 86,316)
348,940
Accrued expenses/(income)
74,201
( 75,391)
Changes in:
Trade and other debtors
885,194
( 554,756)
Trade and other creditors
( 437,182)
132,593
-------------
-------------
Cash generated from operations
1,401,973
1,856,609
Interest paid
( 150,764)
( 140,608)
-------------
-------------
Net cash from operating activities
1,251,209
1,716,001
-------------
-------------
Cash flows from investing activities
Purchase of tangible assets
( 62,697)
( 171,516)
Proceeds from sale of tangible assets
184,348
423,159
-------------
-------------
Net cash from investing activities
121,651
251,643
-------------
-------------
Cash flows from financing activities
Proceeds from borrowings
205,537
Repayments of borrowings
( 27,569)
Government grant income
876
Payments of finance lease liabilities
( 1,587,271)
( 1,827,828)
-------------
-------------
Net cash used in financing activities
( 1,614,840)
( 1,621,415)
-------------
-------------
Net (decrease)/increase in cash and cash equivalents
( 241,980)
346,229
Cash and cash equivalents at beginning of year
180,428
(165,801)
----------
----------
Cash and cash equivalents at end of year
16
( 61,552)
180,428
----------
----------
John Martin-Hoyes (Holdings) Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Martin House, Exchange Road, Doddington Road, Lincoln, LN6 3JZ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The group has net current liabilities, which necessitates the directors to consider whether the financial statements should be prepared on a going concern basis. The nature of the group is such that a significant amount of the group assets are items of plant and machinery. These could be realised quickly should the need arise without significantly impacting operations. The directors are committed to the ongoing support of the group and do not consider there to be any material uncertainty regarding the company's ability to continue as a going concern. Accordingly, the directors have adopted the going concern basis for the preparation of these financial statements.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The consolidated financial statements incorporate the financial statements of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.
Judgements and key sources of estimation uncertainty
The directors make estimates and assumptions about the future. These estimates and assumptions impact recognised assets and liabilities, as well as revenue and expenses and other disclosures. These estimates are based on historical experience and on various assumptions considered reasonable under the prevailing conditions. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. The estimates and assumptions that may have a significant effect on the carrying amounts of assets and liabilities within financial year include: Tangible fixed assets are recognised at cost, less accumulated depreciation and any impairments. Depreciation takes place over the estimated useful life, down to the assessed residual value. The carrying amount of the company's fixed assets is tested as soon as changed conditions show that a need for impairment has arisen. The recoverability of trade debtors and associated provisioning is considered on a regular basis. When calculating the debtor provision, the directors consider the age of the debts and the financial position of its customers.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Land & Buildings
-
5% straight line
Plant & Machinery
-
7.5%-25% reducing balance
Fixtures & Equipment
-
20%-33% reducing balance
Motor Vehicles
-
25% reducing balance
Computer Equipment
-
33% reducing balance
Freehold Land is not depreciated.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified, according to the substance of the contractual arrangements entered into, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Construction contracts
7,098,759
10,234,641
-------------
--------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Rental income
11,918
12,349
Government grant income
876
Other operating income
1,016
---------
---------
12,934
13,225
---------
---------
6. Operating loss
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
1,031,052
1,096,800
Gains on disposal of tangible assets
( 14)
( 189,717)
Impairment of trade debtors
9,188
10,591
-------------
-------------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
24,750
21,750
---------
---------
Fees payable to the company's auditor and its associates for other services:
Taxation advisory services
2,500
2,500
Other non-audit services
10,250
7,250
---------
---------
12,750
9,750
---------
---------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Management staff
5
5
Number of contracting staff
47
63
Number of office and administrative staff
4
6
----
----
56
74
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
2,152,292
2,291,151
Social security costs
184,759
193,678
Other pension costs
36,467
37,506
-------------
-------------
2,373,518
2,522,335
-------------
-------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
73,854
99,698
Company contributions to defined contribution pension plans
1,321
1,321
---------
----------
75,175
101,019
---------
----------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
1
1
----
----
10. Interest payable and similar expenses
2024
2023
£
£
Interest on debenture loans
8,625
8,625
Interest on obligations under finance leases and hire purchase contracts
126,728
119,953
Other interest payable and similar charges
15,411
12,030
----------
----------
150,764
140,608
----------
----------
11. Tax on loss
Major components of tax (income)/expense
2024
2023
£
£
Deferred tax:
Origination and reversal of timing differences
( 86,316)
348,940
---------
----------
Tax on loss
( 86,316)
348,940
---------
----------
Reconciliation of tax (income)/expense
The tax assessed on the (loss)/profit on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19.50 %).
2024
2023
£
£
(Loss)/profit on ordinary activities before taxation
( 302,042)
1,307,348
----------
-------------
(Loss)/profit on ordinary activities by rate of tax
( 75,511)
254,933
Effect of expenses not deductible for tax purposes
2,945
( 179)
Effect of capital allowances and depreciation
25,903
( 22,318)
Utilisation of tax losses
46,663
( 232,436)
Deferred tax
( 86,316)
348,940
----------
-------------
Tax on loss
( 86,316)
348,940
----------
-------------
12. Intangible assets
Group
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
72,838
---------
Amortisation
At 1 May 2023 and 30 April 2024
72,838
---------
Carrying amount
At 1 May 2023 and 30 April 2024
---------
At 30 April 2023
---------
The company has no intangible assets.
Goodwill relates to the acquisition of the subsidiary company JMH Directional Drilling Limited on 5 January 2004. The directors agreed that the value of goodwill should be amortised to £nil in the year ended 30 April 2019.
13. Tangible assets
Group
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 May 2023
1,864,424
30,302,649
18,530
328,258
24,166
32,538,027
Additions
583,479
5,256
10,513
599,248
Disposals
( 719,310)
( 19,429)
( 738,739)
-------------
--------------
---------
----------
---------
--------------
At 30 Apr 2024
1,864,424
30,166,818
23,786
308,829
34,679
32,398,536
-------------
--------------
---------
----------
---------
--------------
Depreciation
At 1 May 2023
587,661
17,268,810
17,090
199,288
22,718
18,095,567
Charge for the year
34,965
966,673
1,163
25,141
3,110
1,031,052
Disposals
( 538,236)
( 16,169)
( 554,405)
-------------
--------------
---------
----------
---------
--------------
At 30 Apr 2024
622,626
17,697,247
18,253
208,260
25,828
18,572,214
-------------
--------------
---------
----------
---------
--------------
Carrying amount
At 30 Apr 2024
1,241,798
12,469,571
5,533
100,569
8,851
13,826,322
-------------
--------------
---------
----------
---------
--------------
At 30 Apr 2023
1,276,763
13,033,839
1,440
128,970
1,448
14,442,460
-------------
--------------
---------
----------
---------
--------------
The company has no tangible assets.
The net carrying amount of assets held under finance leases included in the net book value above is £6,217,743 (2023 - £5,960,775). The depreciation charge for the year on those assets was £451,952 (2023 - £516,192). Freehold land and buildings includes non - depreciable land totalling £1,151,016 (2023 - £1,151,016).
14. Investments
The group has no investments.
Company
Other investments other than loans
£
Cost
At 1 May 2023 and 30 April 2024
460,102
----------
Impairment
At 1 May 2023 and 30 April 2024
----------
Carrying amount
At 1 May 2023 and 30 April 2024
460,102
----------
At 30 April 2023
460,102
----------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
JMH Directional Drilling Limited
Ordinary
100
John Martin-Hoyes Limited
Ordinary
100
Abba Plant Hire Limited
Ordinary
100
15. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
1,095,058
1,918,957
Amounts owed by group undertakings
492,410
492,528
Prepayments and accrued income
91,954
88,045
Other debtors
8,413
73,617
-------------
-------------
----------
----------
1,195,425
2,080,619
492,410
492,528
-------------
-------------
----------
----------
16. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2024
2023
£
£
Cash at bank and in hand
850
180,428
Bank overdrafts
( 62,402)
---------
----------
( 61,552)
180,428
---------
----------
17. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Debenture loans
115,000
115,000
115,000
115,000
Bank loans and overdrafts
62,402
Trade creditors
918,688
1,422,447
Amounts owed to group undertakings
167,835
167,835
Accruals and deferred income
378,402
304,201
175,241
166,616
Social security and other taxes
99,183
82,735
Obligations under finance leases and hire purchase contracts
1,626,326
1,619,518
Director loan accounts
246,314
273,883
Other creditors
50,129
-------------
-------------
----------
----------
3,496,444
3,817,784
458,076
449,451
-------------
-------------
----------
----------
Bank loans and overdrafts falling due within one year are secured by way of a fixed and floating charge over all current and future assets of the group.
Hire purchase liabilities falling due within one year are secured on the assets to which they relate.
At the balance sheet date, a debenture loan of £115,000 (2023 - £115,000) was owed to the director T Bourne . The loan note is unsecured and redeemable within one days notice at face value.
18. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Obligations under finance leases and hire purchase contracts
967,223
2,024,751
----------
-------------
----
----
Bank loans and overdrafts falling due within one year are secured by way of a fixed and floating charge over all current and future assets of the group.
Hire purchase liabilities falling due after more than one year are secured on the assets to which they relate.
19. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
1,626,326
1,619,518
Later than 1 year and not later than 5 years
967,223
2,024,751
-------------
-------------
----
----
2,593,549
3,644,269
-------------
-------------
----
----
20. Provisions
Group
Deferred tax (note 21)
£
At 1 May 2023
1,371,917
Additions
( 86,316)
-------------
At 30 April 2024
1,285,601
-------------
The company does not have any provisions.
21. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 20)
1,285,601
1,371,917
-------------
-------------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
2,544,881
2,598,677
2,544,881
Unused tax losses
( 1,259,280)
( 1,226,760)
( 1,259,280)
-------------
-------------
-------------
----
1,285,601
1,371,917
1,285,601
-------------
-------------
-------------
----
22. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 35,146 (2023: £ 36,185 ).
23. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Recognised in other operating income:
Government grants recognised directly in income
876
----
----
----
----
24. Financial instruments
The carrying amount for each category of financial instrument is as follows:
Financial assets that are debt instruments measured at amortised cost
Group
2024
2023
£
£
Financial assets that are debt instruments measured at amortised cost
1,174,518
1,970,853
-------------
-------------
Financial liabilities measured at amortised cost
Group
2024
2023
£
£
Financial liabilities measured at amortised cost
4,005,639
5,485,917
-------------
-------------
25. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
178
178
178
178
----
----
----
----
26. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.
27. Analysis of changes in net debt
At 1 May 2023
Cash flows
At 30 Apr 2024
£
£
£
Cash at bank and in hand
180,428
(179,578)
850
Bank overdrafts
(62,402)
(62,402)
Debt due within one year
(2,008,401)
20,761
(1,987,640)
Debt due after one year
(2,024,751)
1,057,528
(967,223)
-------------
-------------
-------------
( 3,852,724)
836,309
( 3,016,415)
-------------
-------------
-------------
28. Related party transactions
Group
At the year end, the company had accrued debenture loan interest owing to the director, T Bourne , of £175,241 (2023: £166,616). The directors are considered to be the only key management staff. No further transactions with related parties arose, such as are required to be disclosed under Financial Reporting Standard 102.
29. Controlling party
The company and group was under the control of J Martin-Hoyes throughout the current and previous year.