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Registered number: 00734543










GEORGE MARTIN LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
GEORGE MARTIN LIMITED
 
 
COMPANY INFORMATION


Directors
J P Brook 
O Bush 
S J Decelis 
N D Rickwood 




Company secretary
N D Rickwood



Registered number
00734543



Registered office
Service House
West Mayne

Basildon

Essex

SS15 6RW




Independent auditor
MHA

910 The Crescent

Colchester Business Park

Colchester

Essex

CO4 9YQ





 
GEORGE MARTIN LIMITED
 

CONTENTS



Page
Directors' Report
1 - 3
Independent Auditor's Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 21


 
GEORGE MARTIN LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors present their report and the financial statements for the year ended 31 December 2024.

Principal activity

The principal activity of the Company during the year continued to be that of builders and contractors. The directors do not anticipate any significant change in the principal activity of the Company.

Business review

George Martin continued to implement the five year property strategy developed during 2022. 
In 2024 George Martin project managed the sale of apartments at the Dunton Court development and commenced the New Century Road development of four houses, which will be completed and sold in 2025.
George Martin remains heavily involved in investigating potential opportunities to develop and improve wider MJT Securities Group property portfolio, together with external property specialists.
Also in the year George Martin undertook a number of projects for Toomey Motor Group Limited, completing the refurbishment of the Hyundai and Nissan dealerships in Basildon and converting our old bodyshop into a multi-brand trade parts hub.

Directors

The Directors who served during the year were:

J P Brook 
O Bush 
S J Decelis 
N D Rickwood 

Principal risks and uncertainties

The principal risks and uncertainties facing the Company are broadly grouped as competitive, legislative and financial instrument risk. From the perspective of the Company, these risks are integrated with those of the group and are not managed separately. Accordingly, for a comprehensive review of the risks and uncertainties facing the Company, please refer to the financial statements of MJT Securities Limited, the ultimate parent undertaking, which can be found on Companies House website.

Future developments

The Directors are confident that the Company can continue as a going concern. The Board feels that the group structure, within which the Company operates, ensures a sound financial position to maximise any opportunities throughout the year, as it actively seeks to expand through organic growth.

Qualifying third party indemnity provisions

During the year and up to the date of this report, the Company maintained liability insurance and third party indemnification provisions for its Directors, under which the Company has agreed to indemnify the Directors to the extent permitted by law in respect of all liabilities to third parties arising out of, or in connection with, the execution of their powers, duties and responsibilities as directors of the Company.

Page 1

 
GEORGE MARTIN LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Directors' responsibilities statement

The Directors are responsible for preparing 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, MHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Page 2

 
GEORGE MARTIN LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

This report was approved by the board and signed on its behalf.
 





................................................
S J Decelis
Director

Date: 31 March 2025

Page 3

 
GEORGE MARTIN LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GEORGE MARTIN LIMITED
 

Opinion


We have audited the financial statements of George Martin Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 December 2024 and of its 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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.


Page 4

 
GEORGE MARTIN LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GEORGE MARTIN LIMITED (CONTINUED)


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 contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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; or
the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Page 5

 
GEORGE MARTIN LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GEORGE MARTIN LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 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 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:
- Enquiry of management, those charged with governance around actual and potential litigation and claims;
- Enquiry of staff to identify any instances of non-compliance with laws and regulations;
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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.


Page 6

 
GEORGE MARTIN LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GEORGE MARTIN LIMITED (CONTINUED)


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Cara Miller ACCA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
Colchester

31 March 2025
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
Page 7

 
GEORGE MARTIN LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
7,523,566
2,492,612

Cost of sales
  
(6,378,435)
(2,112,204)

Gross profit
  
1,145,131
380,408

Administrative expenses
  
(446,141)
(382,369)

Operating profit/(loss)
  
698,990
(1,961)

Interest payable and similar expenses
 7 
(29)
(2,874)

Profit/(loss) before tax
  
698,961
(4,835)

Tax on profit/(loss)
 8 
(175,011)
1,348

Profit/(loss) for the financial year
  
523,950
(3,487)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 11 to 21 form part of these financial statements.

Page 8

 
GEORGE MARTIN LIMITED
REGISTERED NUMBER: 00734543

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
 10 
3,217,478
6,095,193

Debtors: amounts falling due within one year
 11 
4,464,021
2,172,117

Cash at bank and in hand
 12 
182
182

  
7,681,681
8,267,492

Creditors: amounts falling due within one year
 13 
(8,594,172)
(9,703,674)

Net current liabilities
  
 
 
(912,491)
 
 
(1,436,182)

Total assets less current liabilities
  
(912,491)
(1,436,182)

Provisions for liabilities
  

Deferred tax
 14 
-
(259)

  
 
 
-
 
 
(259)

Net liabilities
  
(912,491)
(1,436,441)


Capital and reserves
  

Called up share capital 
 15 
100
100

Profit and loss account
 16 
(912,591)
(1,436,541)

  
(912,491)
(1,436,441)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
O Bush
Director

Date: 31 March 2025

The notes on pages 11 to 21 form part of these financial statements.

Page 9

 
GEORGE MARTIN LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
100
(1,433,054)
(1,432,954)


Comprehensive income for the year

Loss for the year
-
(3,487)
(3,487)



At 1 January 2024
100
(1,436,541)
(1,436,441)


Comprehensive income for the year

Profit for the year
-
523,950
523,950


At 31 December 2024
100
(912,591)
(912,491)


The notes on pages 11 to 21 form part of these financial statements.

Page 10

 
GEORGE MARTIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

George Martin Limited is a private Company, incorporated in England, limited by shares and registered in England and Wales. The Company's registered number and registered office can be found on the Company Information page.
The presentation currency of the financial statements is the Pound Sterling (£).
The principal activity of the Company during the year continued to be that of builders and contractors.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared under the going concern concept because the parent undertaking has agreed to provide adequate funds for the Company to meet its liabilities as they fall due.

 
2.3

Revenue

Revenue is recognised at the fair value of the consideration received or receivable, excluding any discounts, rebates and value added tax.
Repairs and maintenance income
Revenue is recognised from the income from the sale of repairs and maintenance when all the following conditions are satisfied:
(a) the significant risks and rewards of ownership have been transferred to the buyer;
(b) the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
(c) the amount of revenue can be measured reliably;
(d) it is probable that the economic benefits associated with the transaction will flow to the company; and
(e) the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Construction contracts
Contract revenue and associated costs are recognised on architects certification of the stage of completion of the contract.

Page 11

 
GEORGE MARTIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 12

 
GEORGE MARTIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
over the term of the lease

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 13

 
GEORGE MARTIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

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. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates. The Directors consider the valuation of stock and work in progress to be a critical estimate and judgement applicable to the financial statements.
Valuation of stock and work in progress is reviewed by the Directors for impairment and provisions made where appropriate. Contract work in progress is valued by professionally qualified internal and external parties, where appropriate.

Page 14

 
GEORGE MARTIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

The whole of the turnover is attributable to completed contract work and is exclusive of VAT.

All turnover arose within the United Kingdom.


5.


Employees

2024
2023
£
£

Wages and salaries
200,695
158,791

Social security costs
27,213
22,717

Cost of defined contribution scheme
2,880
3,659

230,788
185,167


Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,880 (2023 - £3,659). Contributions totaling £257 (2023 - £471) were payable to the fund at the reporting date.

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).


6.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
90,000
90,000

Company contributions to defined contribution pension schemes
1,321
1,321

91,321
91,321


During the year retirement benefits were accruing to 2 Directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £90,000 (2023 - £90,000).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £1,321 (2023 - £1,321).

Page 15

 
GEORGE MARTIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
29
2,874

29
2,874


8.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
174,717
-

Adjustments in respect of previous periods
580
-


175,297
-


Total current tax
175,297
-

Deferred tax


Origination and reversal of timing differences
(27)
(1,348)

Adjustments in respect of previous periods
(259)
-

Total deferred tax
(286)
(1,348)


Tax on profit/(loss)
175,011
(1,348)
Page 16

 
GEORGE MARTIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
8.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
698,961
(4,835)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
174,740
(2,098)

Effects of:


Expenses not deductible for tax purposes
-
403

Adjustments to tax charge in respect of prior periods
580
-

Adjustments to tax charge in respect of prior periods - deferred tax
(259)
-

Remeasurement of deferred tax for changes in tax rates
(12)
-

Group relief
-
243

Deferred tax not recognised
(38)
104

Total tax charge for the year
175,011
(1,348)

Page 17

 
GEORGE MARTIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
8.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


9.


Tangible fixed assets





Motor vehicles

£





At 1 January 2024
95,480


Disposals
(95,480)



At 31 December 2024

-





At 1 January 2024
95,480


Disposals
(95,480)



At 31 December 2024

-



Net book value



At 31 December 2024
-



At 31 December 2023
-


10.


Stocks

2024
2023
£
£

Land
809,031
809,031

Work in progress
2,408,447
5,286,162

3,217,478
6,095,193


Stock recognised as an expense in cost of sales during the year was £6,378,435 (2023 - £2,112,204).
Stock impairment losses of £Nil (2023 - £Nil) were recognised in cost of sales during the year.
The difference between the purchase price of stock and the replacement cost is not material.

Page 18

 
GEORGE MARTIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Debtors

2024
2023
£
£


Trade debtors
3,271
4,055

Amounts owed by group undertakings
4,460,723
2,103,913

Other debtors
-
64,149

Deferred taxation
27
-

4,464,021
2,172,117



12.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
182
182

Less: bank overdrafts
(5,425,429)
(6,695,507)

(5,425,247)
(6,695,325)



13.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
5,425,429
6,695,507

Trade creditors
293,487
784,975

Amounts owed to group undertakings
2,220,796
2,215,878

Corporation tax
174,717
-

Other taxation and social security
427,431
7,314

Accruals and deferred income
52,312
-

8,594,172
9,703,674


The bank overdraft is due within one year or on demand, and is part of a group facility secured on certain freehold properties of the parent undertaking.

Page 19

 
GEORGE MARTIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Deferred taxation




2024


£






At beginning of year
259


Charged to profit or loss
286



At end of year
(27)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Short term timing differences
(27)
-

Losses and other deductions
-
259

(27)
259


15.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100

Share capital represents the nominal value of shares issued. Shares carry voting rights and an entitlement to dividends.



16.


Reserves

Profit and loss account

Retained earnings include all current and prior period retained profits and losses.


17.


Contingent liabilities

The Company has guaranteed bank overdrafts of other group undertakings amounting to £3,425,882 (2023 - £3,820,827).

Page 20

 
GEORGE MARTIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Related party transactions

The directors have taken advantage of the exemptions conferred by section 33.1A Financial Reporting Standard 102 and accordingly no disclosure has been made of transactions between wholly owned group companies.
Amounts owed by/to group undertakings are classified between; trade accounts which are subject to monthly repayment terms, and other accounts, which reflect short-term inter-group funding requirements and are usually payable/repayable on demand. They are unsecured and interest free.
During the previous year, the Company performed work for a customer at an arms-length basis. The work was paid for via one of the Directors, who transferred the money to the Company. The value of the amount received totalled £232,913, and there were no balances relating to this transaction outstanding as at the balance sheet date.


19.


Controlling party

The directors consider that there is no single ultimate controlling party of the group.
Whilst the ordinary share capital in MJT is held by the Joseph Toomey Charitable Foundation, the charity does not have the power to govern and direct the financial or operational activities of MJT Securities Limited under any statue or agreement. The operational policies of MJT Securities Limited are determined and directed by the Directors of MJT Securities Limited.
The immediate parent undertaking of George Martin Limited is Laindon Holdings Limited. The ultimate parent undertaking of George Martin Limited is MJT Securities Limited. MJT Securities Limited is the parent undertaking of the smallest and largest group of which the Company is a member and for which group financial statements are prepared. Copies of the parent's consolidated financial statements, which include the Company, are available from its registered office: Service House, West Mayne, Basildon, Essex, SS15 6RW.

Page 21