Registered number
05136214
Mabway Limited
Report and Accounts
30 September 2024
Mabway Limited
Registered number: 05136214
Directors' Report
The directors present their report and accounts for the year ended 30 September 2024.
Principal activities
The company's principal activity during the year was training support and delivery, manpower services and logistics.
Dividends
The directors do not recommend a final dividend.
Directors
The following persons served as directors during the year:
Mrs A T O'Reilly (resigned 31 May 2024)
Mr M S M O'Reilly (resigned 9 May; reappointed 31 May 2024)
Mr C Money (resigned 9 May 2024)
Mr J H M Cushnir (resigned 9 May 2024)
Mr J M R O'Reilly (resigned 9 May 2024)
Mr R J Thomson (resigned 9 May 2024)
Mr K Ford (appointed 9 May 2024)
Directors' responsibilities
The directors are responsible for preparing the directors' report, strategic report and accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the accounts 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 accounts, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts;
prepare the accounts 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 accounts 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.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and
they have taken all the steps that they ought to have taken as a director in order to make themself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Employment of disabled persons
The company gives full and fair consideration to applications for employment made by disabled persons, having regard to their particular aptitudes and abilities. The Directors discuss with any employees who become disabled persons during their employment arrangements for continuing their employment and for arranging appropriate training. The training, career development and promotion of disabled persons employed by the company, generally, is carefully monitored and reviewed.
Employee involvement
The company engages with its employees on a regular basis and in a number of ways, to suit their different working patterns, including line manager briefings and email alerts. Details of the financial and economic factors affecting the performance of the company are shared with employees at the appropriate time using the methods listed above. Line managers act as a link to the Board for employees, in order to strengthen the ‘employee voice’. They provide feedback on values and behaviours, employee development and upskilling and ensure that feedback is listened to and acted upon where appropriate. This provides the Board with an employee perspective across a range of issues, which the Board considers to be very valuable.
Strategic Report
The company has chosen, in accordance with Companies Act 2006 s414C(11), to set out in the company's Strategic Report information otherwise required to be contained in the Directors' Report under the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 Sch 7.
This report was approved by the board on 29 April 2025 and signed on its behalf.
……………………………………
Mr M S M O'Reilly
Director
Mabway Limited
Strategic Report
Review of the business
Mabway Limited has continued to perform strongly delivering an increase in turnover of 31% over the previous year. This has been through the award of a further five years of a defence prime contract and the award of a significant training programme by a major UK defence company. Profit for the financial year has also increased, demonstrating the maturity of the business, its systems and services.
Key performance indicators
The Directors consider the key performance indicators to be gross profit and the control of variable overheads which is a function of gross profit. The company’s gross profit for the year ended 30 September 2024 was £9,750,005 (2023 - £6,491,701). The Directors consider gross profit to be the most informative financial KPI necessary for an understanding of the business. The company continues to demonstrate its experience of operating in the defence training sector and has maintained its control over variable costs whilst successfully delivering its services to customers. This reflects the business’s developed processes and controls.
Principal risks and uncertainties
The principal risks and uncertainties for the company remain those resulting from the variability of demand from customers due to the fluctuating nature of defence budgets. However, given the current geo-political instability across the globe, there is broad governmental support in the UK to increase defence spending in line with its commitments to Europe and NATO. The importance of training for the UK armed forces remains central to this commitment and, as a result, Mabway Limited is well positioned to capture market demand and deliver future revenue growth.
Wage inflation and changes in law within the UK economy both remain a risk, as does the supply of suitably qualified personnel as there is a competitive market for the skills that the company requires. The Directors monitor these risks and include contingencies in their pricing strategies against wage inflation. This is reflected in pay reviews and flexible working conditions offered to staff which reduces attrition.
Future developments
The company continues to maintain a strong contractual position and its target for the coming financial year is to further increase its share of defence and adjacent markets. With Calian Group Limited’s acquisition of control, Mabway Limited’s profile as a defence prime continues to grow and with it the opportunity to access a greater market share of the UK defence sector.
This report was approved by the board on 29 April 2025 and signed on its behalf.
Mr M S M O'Reilly
Director
Mabway Limited
Independent auditor's report
to the members of Mabway Limited
Opinion
We have audited the accounts of Mabway Limited (the 'company') for the year ended 30 September 2024 which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the accounts, including 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 the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the accounts:
give a true and fair view of the state of the company's affairs as at 30 September 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 auditors' responsibilities for the audit of the accounts section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the accounts 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 accounts, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the accounts 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 accounts 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 accounts and our auditors' report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the accounts 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 accounts 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 accounts 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 strategic report and the directors' report for the financial year for which the accounts are prepared is consistent with the accounts; 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 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, or returns adequate for our audit have not been received from branches not visited by us; or
the accounts 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 accounts 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 accounts that are free from material misstatement, whether due to fraud or error. In preparing the accounts, 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 accounts
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts. Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the accounts due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.
Our approach was as follows:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the accounts from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;
We considered the legal and regulatory frameworks directly applicable to the accounts reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;
We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the accounts were free from fraud or error.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the accounts, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the accounts, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/library/standards-codes-policy/audit-assurance-and-ethics/auditors-responsibilities-for-the-audit/. This description forms part of our auditor’s report.
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 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.
James Blake FCA (Senior Statutory Auditor)
for and on behalf of TC Group
Statutory Auditor 29 April 2025
Mabway Limited
Statement of Comprehensive Income
for the year ended 30 September 2024
Notes 2024 2023
£ £
Turnover 3 21,712,478 16,536,957
Cost of sales (11,962,473) (10,045,256)
Gross profit 9,750,005 6,491,701
Administrative expenses (2,890,233) (2,737,888)
Other operating income 13,674 2,538
Operating profit 4 6,873,446 3,756,351
Interest receivable 88,885 11,576
Interest payable 7 (2,264) (3,217)
Profit on ordinary activities before taxation 6,960,067 3,764,710
Tax on profit on ordinary activities 8 (1,806,842) (858,980)
Profit for the financial year 5,153,225 2,905,730
Other comprehensive income - -
Total comprehensive income for the year 5,153,225 2,905,730
The notes on pages 11 to 20 form part of these accounts.
Mabway Limited
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 9 437,844 622,903
Current assets
Debtors 10 2,647,499 3,069,496
Cash at bank and in hand 4,515,170 3,503,772
7,162,669 6,573,268
Creditors: amounts falling due within one year 11 (2,732,400) (2,340,158)
Net current assets 4,430,269 4,233,110
Total assets less current liabilities 4,868,113 4,856,013
Creditors: amounts falling due after more than one year 12 - (29,652)
Provisions for liabilities 14 (25,248) (57,838)
Net assets 4,842,865 4,768,523
Capital and reserves
Called up share capital 15 1,003 1,003
Share premium 16,864 16,864
Capital redemption reserve 1 1
Profit and loss account 4,824,997 4,750,655
Total equity 4,842,865 4,768,523
……………………………………
Mr M S M O'Reilly
Director
Approved by the board on 29 April 2025
The notes on pages 11 to 20 form part of these accounts.
Mabway Limited
Statement of Changes in Equity
for the year ended 30 September 2024
Share capital Share premium Capital redemption reserve Profit and loss account
Total
£ £ £ £ £
At 1 October 2022 1,002 9,615 1 6,548,151 6,558,769
Shares issued 1 7,249 - - 7,250
Profit for the financial year - - - 2,905,730 2,905,730
Dividends on ordinary shares declared and payable for the period - - - (4,703,226) (4,703,226)
At 30 September 2023 1,003 16,864 1 4,750,655 4,768,523
At 1 October 2023 1,003 16,864 1 4,750,655 4,768,523
Profit for the financial year - - - 5,153,225 5,153,225
Dividends on ordinary shares declared and payable for the period - - - (5,078,883) (5,078,883)
At 30 September 2024 1,003 16,864 1 4,824,997 4,842,865
The notes on pages 11 to 20 form part of these accounts.
Mabway Limited
Statement of Cash Flows
for the year ended 30 September 2024
2024 2023
£ £
Operating activities
Profit for the financial year 5,153,225 2,905,730
Adjustments for:
Interest receivable (88,885) (11,576)
Interest payable 2,264 3,217
Tax on profit on ordinary activities 1,806,842 858,980
Depreciation 323,992 312,360
Loss on disposal of tangible fixed assets 55,390 6,771
Decrease/(increase) in debtors 421,997 (737,583)
(Decrease)/increase in creditors (55,715) 955,794
7,619,110 4,293,693
Interest received 88,885 11,576
Interest paid - (1,647)
Interest element of finance lease payments (2,264) (1,570)
Corporation tax paid (1,383,003) (979,914)
Cash generated by operating activities 6,322,728 3,322,138
Investing activities
Payments to acquire tangible fixed assets (232,713) (766,833)
Proceeds from sale of tangible fixed assets 38,390 21,361
Cash used in investing activities (194,323) (745,472)
Financing activities
Equity dividends paid (5,078,883) (4,703,226)
Proceeds from the issue of shares - 7,250
Capital element of finance lease payments (38,124) (8,059)
Cash used in financing activities (5,117,007) (4,704,035)
Net cash generated/(used)
Cash generated by operating activities 6,322,728 3,322,138
Cash used in investing activities (194,323) (745,472)
Cash used in financing activities (5,117,007) (4,704,035)
Net cash generated/(used) 1,011,398 (2,127,369)
Cash and cash equivalents at 1 October 3,503,772 5,631,141
Cash and cash equivalents at 30 September 4,515,170 3,503,772
Cash and cash equivalents comprise:
Cash at bank and in hand 4,515,170 3,503,772
The notes on pages 11 to 20 form part of these accounts.
Mabway Limited
Notes to the Accounts
for the year ended 30 September 2024
1 Company information
Mabway Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is Ralls House, Parklands Business Park, Forest Road, Denmead, Waterlooville, Hants, PO7 6XP. The company's principal place of business is Denvilles House, 33 Emsworth Road, Havant, Hants, PO9 2SN.
The company's principal activity during the year was training support and delivery, manpower services and logistics.
2 Accounting policies
The principal accounting policies adopted in the preparation of the accounts are set out below; they have remained unchanged from the previous period and have been consistently applied:
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland. There have been no material departures from that standard.
Turnover
Turnover represents amounts recoverable from customers for services provided during the year. Turnover is measured at the fair value of the consideration received or receivable, net of VAT. The company often enters into customer contracts to supply specified services, which require the company to perform its services over a period of time. Turnover is recognised in the period in which the services are delivered to customers by reference to the stage of completion of the underlying contract deliverables, and is assessed on the basis of the actual services provided in the period as a proportion of the total services to be provided.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold buildings (with formal lease) over the lease term
Leasehold buildings (without formal lease) 20% straight line
Plant and machinery 20-33% straight line
Motor vehicles 25% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. In accordance with the company's turnover accounting policy, the company assesses the revenue to be recognised on customer contracts by reference to the stage of completion of the underlying contract deliverables, assessed with consideration of the costs incurred to date, as a proportion of the total costs expected to be incurred to completion. The excess or deficit of revenue to be recognised over the amounts which have been invoiced, is recognised in accrued or deferred income respectively. Such an assessment of revenue requires management to estimate the costs expected to be incurred in delivering each contract to completion, and is therefore exposed to a degree of estimation uncertainty from which variances may arise where actual contract costs differ from expected contract costs.
3 Analysis of turnover 2024 2023
£ £
By activity:
Training support and delivery 21,712,478 16,536,957
By geographical market:
UK 20,735,015 16,536,957
Asia 977,463 -
21,712,478 16,536,957
4 Operating profit 2024 2023
£ £
This is stated after charging:
Depreciation of owned fixed assets 323,992 291,770
Depreciation of assets held under finance leases and hire purchase contracts - 20,590
Loss on disposal of tangible fixed assets 55,390 6,771
Operating lease rentals - land buildings 47,261 43,755
Auditors' remuneration for audit services 10,000 16,000
Key management personnel compensation (including directors' emoluments) 379,866 92,130
Net back-taxes and interest per voluntary disclosure to HMRC (see note below) - 753,951
Having taken independent legal advice, it was determined that certain historical dividends paid to employees should have been treated as remuneration and been subject to PAYE and National Insurance. The company calculated £753,951 of taxes and interest payable, which was included within the previous year's financial statements within Accruals and Administrative expenses. During the year ended 30 September 2024 the company has made payments to HM Revenue & Customs of the PAYE and National Insurance accordingly.
5 Directors' emoluments 2024 2023
£ £
Emoluments 298,916 42,635
Company contributions to money purchase pension schemes 80,950 49,495
379,866 92,130
Number of directors in company pension schemes: 2024 2023
Number Number
Money purchase schemes 5 4
The Directors are considered to be the key management personnel.
6 Staff costs 2024 2023
£ £
Wages and salaries 8,505,721 8,209,696
Social security costs 766,907 733,980
Other pension costs 336,892 242,424
9,609,520 9,186,100
Average number of persons employed by the company 2024 2023
Number Number
Fulfilment 776 1,039
7 Interest payable 2024 2023
£ £
Other loans - 1,647
Finance charges payable under finance leases and hire purchase contracts 2,264 1,570
2,264 3,217
8 Taxation 2024 2023
£ £
Analysis of charge in period
Current tax:
UK Corporation Tax on profits of the period 1,839,432 783,530
Deferred tax:
Origination and reversal of timing differences (32,590) 75,450
Tax on profit on ordinary activities 1,806,842 858,980
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2024 2023
£ £
Profit on ordinary activities before tax 6,960,067 3,764,710
Standard rate of Corporation Tax in the UK 25.00% 22.01%
£ £
Profit on ordinary activities multiplied by the standard rate of Corporation Tax 1,740,017 828,613
Effects of:
Expenses not deductible for tax purposes 67,229 34,852
Fixed asset super-deduction - (14,826)
Unrecognised deferred tax assets (404) 1,373
Effect of change in tax rate - 8,968
Tax on profit on ordinary activities 1,806,842 858,980
9 Tangible fixed assets
Land and buildings Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 October 2023 876,537 866,310 735,458 2,478,305
Additions - 200,213 32,500 232,713
Disposals (856,253) (201,970) (156,900) (1,215,123)
At 30 September 2024 20,284 864,553 611,058 1,495,895
Depreciation
At 1 October 2023 876,537 484,915 493,950 1,855,402
Charge for the year - 245,266 78,726 323,992
On disposals (856,253) (188,043) (77,047) (1,121,343)
At 30 September 2024 20,284 542,138 495,629 1,058,051
Net book value
At 30 September 2024 - 322,415 115,429 437,844
At 30 September 2023 - 381,395 241,508 622,903
10 Debtors 2024 2023
£ £
Trade debtors 705,666 1,394,339
Other debtors 16,782 20,616
Prepayments and accrued income 1,925,051 1,654,541
2,647,499 3,069,496
11 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts - 8,472
Trade creditors 15,393 45,650
Amounts owed to group undertakings and undertakings 42,287 -
Corporation Tax 793,664 337,235
Other taxation and social security costs 827,844 857,650
Other creditors 35,961 42,779
Accruals and deferred income 1,017,251 1,048,372
2,732,400 2,340,158
12 Creditors: amounts falling due after more than one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts - 29,652
13 Obligations under finance leases and hire purchase contracts 2024 2023
£ £
Amounts payable:
Within one year - 8,472
Within two to five years - 29,652
- 38,124
Obligations under finance leases and hire purchase agreements are secured on the assets to which they relate.
14 Deferred taxation 2024 2023
£ £
Accelerated capital allowances 25,248 57,838
2024 2023
£ £
At 1 October 57,838 (17,612)
Deferred tax charge in profit and loss account (32,590) 75,450
At 30 September 25,248 57,838
15 Share capital Nominal 2024 2024 2023
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 849 849 849
'A' ordinary shares £1 each 65 65 65
'B' ordinary shares £1 each 65 65 65
'C' ordinary shares £1 each 15 15 15
'E' ordinary shares £1 each 1 1 1
'F' ordinary shares £1 each 1 1 1
'G' ordinary shares £1 each 1 1 1
'H' ordinary shares £1 each 1 1 1
'I' ordinary shares £1 each 1 1 1
'J' ordinary shares £1 each 1 1 1
'K' ordinary shares £1 each 1 1 1
'L' ordinary shares £1 each 1 1 1
'M' ordinary shares £1 each 1 1 1
1,003 1,003
All shares carry full voting rights (one vote per share), full rights to participate in any capital distribution on winding up and full rights to participate regarding dividends in respect of the class of share.
16 Other financial commitments
Total future minimum lease payments under non-cancellable operating leases:
Land and buildings Land and buildings Other Other
2024 2023 2024 2023
£ £ £ £
Falling due:
within one year 10,800 10,800 - -
within two to five years 62,534 89,334 - -
73,334 100,134 - -
17 Related party transactions 2024 2023
£ £
Dividends paid to directors and their close families 2,049,768 4,641,266
The dividends disclosed above were prior to Calian Group Limited acquiring control of the company on 9 May 2024. The company has applied the exemption available under Section 33.1A not to disclose transactions with fellow wholly-owned group undertakings of Calian Group Limited.
18 Controlling parties
The ultimate controlling parties were Mrs A T O'Reilly and Mr M S M O'Reilly until 9 May 2024, and Calian Group Limited thereafter.
On 9 May 2024, Calian International Limited, a wholly owned subsidiary of Calian Group Limited, acquired all of the shares in the company, thereby obtaining control of the company. Calian International Limited is the immediate parent company and is a company incorporated in Canada. Calian Group Limited is the ultimate parent undertaking, being a company incorporated in Canada with shares listed on the Toronto Stock Exchange. The financial statements of Calian Group Limited are the smallest and largest group of undertakings to consolidate these financial statements for the period ended 30 September 2024, whose financial statements can be obtained from https://investors.calian.com/financial-information/.
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