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REGISTERED NUMBER: 13736171 (England and Wales)




























Group Strategic Report, Directors' Report and

Consolidated Financial Statements

for the Year Ended 30 June 2024

for

MWA Group Limited

MWA Group Limited (Registered number: 13736171)






Contents of the Consolidated Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Group Strategic Report 2

Directors' Report 3

Report of the Independent Auditors 5

Consolidated Statement of Income and Retained
Earnings

8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Cash Flow Statement 11

Notes to the Consolidated Cash Flow Statement 12

Notes to the Consolidated Financial Statements 13


MWA Group Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: M K Norton
A N Moss



REGISTERED OFFICE: Hazlemere
70 Chorley New Road
Bolton
Lancashire
BL1 4BY



BUSINESS ADDRESS: Unit 6, Eclipse Works
Bradford Street
Wigan
Lancashire
WN3 4HT



REGISTERED NUMBER: 13736171 (England and Wales)



AUDITORS: DonnellyBentley Limited
Chartered Accountants
Hazlemere
70 Chorley New Road
Bolton
Lancashire
BL1 4BY



BANKERS: Lloyds Bank

MWA Group Limited (Registered number: 13736171)

Group Strategic Report
for the Year Ended 30 June 2024

The directors present their strategic report of the company and the group for the year ended 30 June 2024.

REVIEW OF BUSINESS
We have traded well throughout the financial period, delivering a strong operating performance and a group profit before tax of over £1.9m.

We continue to invest in a financially disciplined way to underpin our future growth and deliver improvements across all aspects of the business.

The group remains in a healthy financial position with shareholders funds at 30 June 2024 in excess of £3.7m and a substantial year end net cash balance. Current trading is strong, we are confident on the outlook and we have a clear business strategy in place which means that we expect to make good progress in the financial year ahead.

PRINCIPAL RISKS AND UNCERTAINTIES
As with any business we face risks and uncertainties, both operationally and commercially, on a daily basis. It
is the effective management of these risks that places us in a better position to be able to achieve our
strategic objectives and embrace opportunities as they arise.

The principal risks to the business are the current economic environment, health and safety, liquidity and credit risk.

The group requires access to adequate financial resources in order to trade and manage its working
capital requirements and the directors will always ensure that profit is backed by cash availability.

KEY PERFORMANCE INDICATORS
The group uses various Key Performance Indicators (KPIs) of both a financial and non-financial nature to
measure its day-to-day operational activities and the longer-term health of the business.

Gross profit % was 27.11% (2023 - 30.83%) and the consolidated operating profit was £1.8m (2023 - £2.2m).

When considering future outlook and the goals to be achieved, our efforts are focussed on those areas of
greatest significance to the business and our employees.

ON BEHALF OF THE BOARD:





M K Norton - Director


28 March 2025

MWA Group Limited (Registered number: 13736171)

Directors' Report
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of builders and plumbers merchants and commercial plumbing services.

DIVIDENDS
No interim dividends were paid during the year ended 30 June 2024.

The directors recommend final dividends per share as follows:

Ordinary A Shares 50p shares 175000
Ordinary B Shares 50p shares 175000

The total distribution of dividends for the year ended 30 June 2024 will be £ 350,000 .

DIRECTORS
The directors during the year under review were:

M K Norton
A N Moss

The beneficial interests of the directors holding office on 30 June 2024 in the issued share capital of the company were as follows:
30.6.24 1.7.23
Ordinary A Shares 50p shares

M K Norton 50 50
A N Moss - -

Ordinary B Shares 50p shares

M K Norton - -
A N Moss 50 50

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Group Strategic Report, the 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 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;
- 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.

MWA Group Limited (Registered number: 13736171)

Directors' Report
for the Year Ended 30 June 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.

AUDITORS
The auditors, DonnellyBentley Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M K Norton - Director


28 March 2025

Report of the Independent Auditors to the Members of
MWA Group Limited

Opinion
We have audited the financial statements of MWA Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other matter
The corresponding figures for the year to 30 June 2023 have not been audited as the group was small and so took exemption from audit under S479 of the Companies Act 2006.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Directors' Report, 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.

Report of the Independent Auditors to the Members of
MWA Group Limited


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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group 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 Group Strategic Report or the Directors' Report.

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 Directors' Responsibilities Statement set out on page three, 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
MWA Group 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 obtained an understanding of the legal and regulatory framework applicable to the group and the
sector in which it operates and considered the risk of non - compliance with applicable laws or regulations.

We determined that the following laws and regulations were most significant: the Companies Act 2006, UK
corporate taxation laws, health and safety regulations, employment law and landlord regulations. We designed audit procedures to respond to the risk, recognizing that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, for example, forgery or intentional misrepresentations, or through collusion.

We obtained an understanding of how the group is complying with those legal and regulatory frameworks by making enquiries of the management.

Our tests also included agreeing the financial statements disclosures to underlying supporting documentation.

There are inherent limitations in the audit procedures described above and, the further removed
non-compliance with laws and regulations is from the events and transactions reflected in the financial
statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud.

We also addressed the risk of management override of internal controls, including testing journals and
evaluating whether there was evidence of bias by the directors that represented a risk of material
misstatement due to fraud.

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.




Catherine Cole FCA (Senior Statutory Auditor)
for and on behalf of DonnellyBentley Limited
Chartered Accountants
Hazlemere
70 Chorley New Road
Bolton
Lancashire
BL1 4BY

28 March 2025

MWA Group Limited (Registered number: 13736171)

Consolidated
Statement of Income and
Retained Earnings
for the Year Ended 30 June 2024

2024 2023
Notes £    £   

TURNOVER 13,416,085 12,542,635

Cost of sales (9,779,001 ) (8,675,757 )
GROSS PROFIT 3,637,084 3,866,878

Administrative expenses (1,834,242 ) (1,616,397 )
1,802,842 2,250,481

Other operating income 14,175 -
OPERATING PROFIT 4 1,817,017 2,250,481

Gain/loss on revaluation of investment
property

211,242

-
2,028,259 2,250,481

Interest payable and similar expenses 5 (65,913 ) (60,172 )
PROFIT BEFORE TAXATION 1,962,346 2,190,309

Tax on profit 6 (441,178 ) (453,460 )
PROFIT FOR THE FINANCIAL YEAR 1,521,168 1,736,849

Retained earnings at beginning of year 2,618,050 1,115,201

Dividends 8 (350,000 ) (234,000 )

RETAINED EARNINGS FOR THE
GROUP AT END OF YEAR

3,789,218

2,618,050

Profit attributable to:
Owners of the parent 1,521,168 1,736,849

MWA Group Limited (Registered number: 13736171)

Consolidated Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,883,554 1,805,480
Investments 10 100 -
Investment property 11 944,999 210,438
2,828,653 2,015,918

CURRENT ASSETS
Stocks 12 600,653 413,962
Debtors 13 2,145,323 1,352,636
Cash at bank and in hand 1,227,743 1,812,635
3,973,719 3,579,233
CREDITORS
Amounts falling due within one year 14 2,246,685 2,203,146
NET CURRENT ASSETS 1,727,034 1,376,087
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,555,687

3,392,005

CREDITORS
Amounts falling due after more than one
year

15

(595,430

)

(654,321

)

PROVISIONS FOR LIABILITIES 19 (170,939 ) (119,534 )
NET ASSETS 3,789,318 2,618,150

CAPITAL AND RESERVES
Called up share capital 20 100 100
Retained earnings 21 3,789,218 2,618,050
SHAREHOLDERS' FUNDS 3,789,318 2,618,150

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:





M K Norton - Director


MWA Group Limited (Registered number: 13736171)

Company Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,202,106 1,045,223
Investments 10 270 170
Investment property 11 944,999 210,438
2,147,375 1,255,831

CURRENT ASSETS
Debtors 13 116,375 100,100
Cash at bank 27,285 31,289
143,660 131,389
CREDITORS
Amounts falling due within one year 14 183,375 97,033
NET CURRENT (LIABILITIES)/ASSETS (39,715 ) 34,356
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,107,660

1,290,187

CREDITORS
Amounts falling due after more than one
year

15

(447,363

)

(466,948

)

PROVISIONS FOR LIABILITIES 19 (70,414 ) -
NET ASSETS 1,589,883 823,239

CAPITAL AND RESERVES
Called up share capital 20 100 100
Retained earnings 1,589,783 823,139
SHAREHOLDERS' FUNDS 1,589,883 823,239

Company's profit for the financial year 1,116,644 1,057,139

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 28 March 2025 and were signed on its behalf by:





M K Norton - Director


MWA Group Limited (Registered number: 13736171)

Consolidated Cash Flow Statement
for the Year Ended 30 June 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,026,152 2,468,463
Interest paid (49,262 ) (42,486 )
Interest element of hire purchase
payments paid

(16,651

)

(17,686

)
Tax paid (452,596 ) (53,967 )
Net cash from operating activities 507,643 2,354,324

Cash flows from investing activities
Purchase of tangible fixed assets (231,868 ) (1,802,681 )
Purchase of fixed asset investments (100 ) -
Purchase of investment property (452,905 ) (210,438 )
Sale of tangible fixed assets 12,500 1,000
Net cash from investing activities (672,373 ) (2,012,119 )

Cash flows from financing activities
Capital repayments in year (73,109 ) (108,779 )
Amount introduced by directors 350,000 434,000
Amount withdrawn by directors (347,053 ) (427,001 )
Bank loan advances - 550,638
Hire purchase advances - 161,996
Equity dividends paid (350,000 ) (234,000 )
Net cash from financing activities (420,162 ) 376,854

(Decrease)/increase in cash and cash equivalents (584,892 ) 719,059
Cash and cash equivalents at
beginning of year

2

1,812,635

1,093,576

Cash and cash equivalents at end of
year

2

1,227,743

1,812,635

MWA Group Limited (Registered number: 13736171)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 June 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 1,962,346 2,190,309
Depreciation charges 136,689 95,163
Loss on disposal of fixed assets 4,607 2,013
Gain on revaluation of fixed assets (211,242 ) -
Finance costs 65,913 60,172
1,958,313 2,347,657
Increase in stocks (186,691 ) (140,515 )
Increase in trade and other debtors (792,687 ) (464,820 )
Increase in trade and other creditors 47,217 726,141
Cash generated from operations 1,026,152 2,468,463

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 1,227,743 1,812,635
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 1,812,635 1,093,576


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 1,812,635 (584,892 ) 1,227,743
1,812,635 (584,892 ) 1,227,743
Debt
Finance leases (155,633 ) 13,260 (142,373 )
Debts falling due within 1 year (105,114 ) 20,262 (84,852 )
Debts falling due after 1 year (511,948 ) 39,585 (472,363 )
(772,695 ) 73,107 (699,588 )
Total 1,039,940 (511,785 ) 528,155

MWA Group Limited (Registered number: 13736171)

Notes to the Consolidated Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

MWA Group 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.

Basis of consolidation
The consolidated financial statements include the results of the Company and its subsidiary undertakings made up to the same accounting date and reflecting a uniform set of accounting policies.

These consolidated accounts include the results of MWA Eco Systems Limited and Riverside Plumbing Supplies Limited.

The consolidated accounts do not include the results of Bee Recruitment Limited as the group has taken advantage of Section 405 of the Companies Act 2006 to exclude the results of this company on the grounds that consolidation of its results is not material for the purpose of giving a true and fair view .

Significant judgements and estimates
The preparation of these financial statements requires certain judgements, estimates and assumptions
that affect the reported amounts of assets, liabilities, income and expenses. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

MWA Group Limited (Registered number: 13736171)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade
discounts. Turnover is recognised as follows:

Sales of goods and services

Turnover from the sale of goods and services is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the cost incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods or completion of the service.

Contracting activities and revenue recognition

When the outcome of a construction contract can be estimated reliably, contract costs and turnover
are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to a contract valuation.

Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the
period in which they are incurred and contract turnover is recognised to the extent of costs incurred
that it is probable will be recoverable.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is
recognised as an expense immediately, with a corresponding provision.

Rental income

Rental income is invoiced in the month in which it falls due.

Remedial costs
Costs associated with remedial work, to the extent not recoverable from customers by way of specific charge, are written off during the year in which they occur.

No provision is made for expenditure on future remedial work unless the company has an obligation at the year end, it is probable that the company will be required to transfer economic benefits in settlement and the cost can be estimated reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - 2% on cost
Plant and machinery - 25% on reducing balance and 20% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Where a group member rents investment property to another group entity, the property is recognised at cost and is included as freehold property within tangible fixed assets.

MWA Group Limited (Registered number: 13736171)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stock expensed in the year is included in cost of sales.

Debtors and creditors payable / receivable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

MWA Group Limited (Registered number: 13736171)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Change in accounting policy
During the year to 30 June 2024 there has been a change in accounting policy relating to investment property owned by a group member and rented to another group member. Previously such property was held at fair value and included within investment property. Such property has now been recognised at cost and is included as freehold property within tangible fixed assets.

The directors believe this change in accounting policy to be more appropriate.

As a result of this change in accounting policy, the value of investment property in the accounts for the year to 30 June 2023 has been reduced by £1,045,223 and the value of freehold property within tangible fixed assets has been increased by the same amount.

In the accounts for the year to 30 June 2024, as a result of this change in accounting policy, the value of investment property has been reduced by £1,202,105 and the value of freehold property within tangible fixed assets has been increased by the same amount.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,376,834 1,715,087
Social security costs 237,803 176,571
Other pension costs 163,003 407,297
2,777,640 2,298,955

The average number of employees during the year was as follows:
2024 2023

Directors 2 2
Plumbing staff 53 40
Sales and administration 11 11
66 53

2024 2023
£    £   
Directors' remuneration 331,943 162,635
Directors' pension contributions to money purchase schemes 120,000 350,218

Information regarding the highest paid director for the year ended 30 June 2024 is as follows:
2024
£   
Emoluments etc 169,574
Pension contributions to money purchase schemes 60,000

MWA Group Limited (Registered number: 13736171)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 179,459 105,594
Depreciation - owned assets 96,709 53,081
Depreciation - assets on hire purchase contracts 39,978 42,082
Loss on disposal of fixed assets 4,607 2,013
Auditors' remuneration 29,000 -
Auditors' remuneration for non audit work 12,825 -
Stock recognised as an expense 6,109,087 5,523,104
Stock provision - movement 100,524 75,663
Retentions provision - movement 71,061 171,377
Contributions to money purchase pension schemes 163,003 407,297

Auditors' remuneration comprises £5,000 for the audit of MWA Group Limited and £24,000 for the audit of the subsidiary companies.

The amount of key management personnel compensation is the same as directors' remuneration

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 47,299 41,461
HMRC interest 1,772 413
Mortgage interest 191 612
Hire purchase interest 16,651 17,686
65,913 60,172

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 460,187 372,112
Underprovision in prior year - (19,000 )
Total current tax 460,187 353,112

Deferred tax (19,009 ) 100,348
Tax on profit 441,178 453,460

MWA Group Limited (Registered number: 13736171)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,962,346 2,190,309
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 25 %)

490,587

547,577

Effects of:
Expenses not deductible for tax purposes 1,519 2,577
Depreciation in excess of capital allowances 1,883 4,080
Effect of change in rate of corporation tax - (81,774 )
Adjustment re prior year - (19,000 )
Surplus on revaluation of investment property less deferred tax provided thereon
(52,811

)

-
Total tax charge 441,178 453,460

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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.


8. DIVIDENDS
2024 2023
£    £   
Ordinary A Shares shares of 50p each
Final 175,000 117,000
Ordinary B Shares shares of 50p each
Final 175,000 117,000
350,000 234,000

MWA Group Limited (Registered number: 13736171)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

9. TANGIBLE FIXED ASSETS

Group
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
At 1 July 2023 1,045,223 289,480 28,884
Additions 156,883 - 2,689
Disposals - - -
At 30 June 2024 1,202,106 289,480 31,573
DEPRECIATION
At 1 July 2023 - 4,343 21,229
Charge for year - 5,789 2,933
Eliminated on disposal - - -
At 30 June 2024 - 10,132 24,162
NET BOOK VALUE
At 30 June 2024 1,202,106 279,348 7,411
At 30 June 2023 1,045,223 285,137 7,655

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2023 86,855 502,244 13,595 1,966,281
Additions 5,831 63,245 3,220 231,868
Disposals - (19,502 ) - (19,502 )
At 30 June 2024 92,686 545,987 16,815 2,178,647
DEPRECIATION
At 1 July 2023 20,610 104,637 9,982 160,801
Charge for year 17,497 108,962 1,506 136,687
Eliminated on disposal - (2,395 ) - (2,395 )
At 30 June 2024 38,107 211,204 11,488 295,093
NET BOOK VALUE
At 30 June 2024 54,579 334,783 5,327 1,883,554
At 30 June 2023 66,245 397,607 3,613 1,805,480

MWA Group Limited (Registered number: 13736171)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

9. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2023
and 30 June 2024 201,993
DEPRECIATION
At 1 July 2023 42,082
Charge for year 39,978
At 30 June 2024 82,060
NET BOOK VALUE
At 30 June 2024 119,933
At 30 June 2023 159,911

Company
Freehold
property
£   
COST
At 1 July 2023 1,045,223
Additions 156,883
At 30 June 2024 1,202,106
NET BOOK VALUE
At 30 June 2024 1,202,106
At 30 June 2023 1,045,223

10. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertakings
£   
COST
Additions 100
At 30 June 2024 100
NET BOOK VALUE
At 30 June 2024 100

MWA Group Limited (Registered number: 13736171)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

10. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group
undertakings
£   
COST
At 1 July 2023 170
Additions 100
At 30 June 2024 270
NET BOOK VALUE
At 30 June 2024 270
At 30 June 2023 170

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

MWA Eco Systems Limited
Registered office: 70 Chorley New Road, Bolton, BL1 4BY
Nature of business: Commercial plumbing services
%
Class of shares: holding
Ordinary shares of £1 each 100.00

Riverside Plumbing Supplies Limited
Registered office: Unit 6, Eclipse Works, Bradford Street, Wigan WN3 4HT
Nature of business: Builders and plumbers merchants
%
Class of shares: holding
Ordinary shares of £1 each 100.00

Bee Recruitment Limited
Registered office: Hazlemere, 70 Chorley New Road, Bolton, Lancashire BL1 4BY
Nature of business: Dormant company
%
Class of shares: holding
Ordinary shares of £1 each 100.00

Bee Recruitment Limited was incorporated on 4th February 2024 and has not traded since that date. The company has not yet prepared its accounts for the period from incorporation to 28th February 2025.


11. INVESTMENT PROPERTY

The investment properties were valued on an open market basis by Sapphire Homes (North) Limited.

MWA Group Limited (Registered number: 13736171)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

11. INVESTMENT PROPERTY - continued

Group

Fair value at 30 June 2024 is represented by:
£   
Valuation in 2024 281,656
Cost 663,343
944,999

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 663,343 210,438

Company
Total
£   
COST OR VALUATION
At 1 July 2023 210,438
Additions 452,905
Revaluations 281,656
At 30 June 2024 944,999
NET BOOK VALUE
At 30 June 2024 944,999
At 30 June 2023 210,438


12. STOCKS

Group
2024 2023
£    £   
Raw materials 600,653 413,962

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,941,793 1,167,031 483 -
Amounts owed by group undertakings - - 114,636 100,000
Other debtors 153,097 129,269 160 100
VAT 46,102 54,166 - -
Prepayments 4,331 2,170 1,096 -
2,145,323 1,352,636 116,375 100,100

MWA Group Limited (Registered number: 13736171)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 16) 84,800 84,800 64,800 64,800
Other loans (see note 16) 52 20,314 - -
Hire purchase contracts (see note 17) 19,306 13,260 - -
Trade creditors 686,144 655,132 57,200 49
Amounts owed to group undertakings - - 39,288 -
Tax 440,187 432,596 - 27,011
Social security and other taxes 103,827 80,844 - -
VAT - - 10,048 4,453
Other creditors 24,660 11,187 270 170
Directors' loan accounts 14,650 11,703 3,939 -
Accrued expenses 873,059 893,310 7,830 550
2,246,685 2,203,146 183,375 97,033

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 16) 472,363 511,948 447,363 466,948
Hire purchase contracts (see note 17) 123,067 142,373 - -
595,430 654,321 447,363 466,948

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 84,800 84,800 64,800 64,800
Other loans 52 20,314 - -
84,852 105,114 64,800 64,800
Amounts falling due between one and two years:
Bank loans - 1-2 years 89,800 84,800 64,800 64,800
Amounts falling due between two and five years:
Bank loans - 2-5 years 194,400 219,400 194,400 194,400
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 188,163 207,748 188,163 207,748

MWA Group Limited (Registered number: 13736171)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 19,306 13,260
Between one and five years 123,067 142,373
142,373 155,633

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 557,163 596,748
Hire purchase contracts 142,373 155,633
699,536 752,381

Lloyds Bank PLC holds fixed and floating charges covering all the property and undertakings of the group.

The hire purchase creditors are secured on the assets being financed.

19. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 170,939 119,534 70,414 -

Group
Deferred
tax
£   
Balance at 1 July 2023 119,534
Provided during year 51,405
Balance at 30 June 2024 170,939

MWA Group Limited (Registered number: 13736171)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

19. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Provided during year 70,414
Balance at 30 June 2024 70,414

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary A Shares 50p 50 50
100 Ordinary B Shares 50p 50 50
100 100

21. RESERVES

Group
Retained
earnings
£   

At 1 July 2023 2,618,050
Profit for the year 1,521,168
Dividends (350,000 )
At 30 June 2024 3,789,218


22. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 295,000 -