| REGISTERED NUMBER: 13778439 (England and Wales) |
| Group Strategic Report, |
| Report of the Directors and |
| Unaudited Consolidated Financial Statements |
| for the Year Ended 31 March 2024 |
| for |
| McGoff Group Projects Limited |
| REGISTERED NUMBER: 13778439 (England and Wales) |
| Group Strategic Report, |
| Report of the Directors and |
| Unaudited Consolidated Financial Statements |
| for the Year Ended 31 March 2024 |
| for |
| McGoff Group Projects Limited |
| McGoff Group Projects Limited (Registered number: 13778439) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 31 March 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Consolidated Income Statement | 5 |
| Consolidated Balance Sheet | 6 |
| Company Balance Sheet | 8 |
| Consolidated Statement of Changes in Equity | 10 |
| Company Statement of Changes in Equity | 11 |
| Notes to the Consolidated Financial Statements | 12 |
| McGoff Group Projects Limited |
| Company Information |
| for the Year Ended 31 March 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Reedham House |
| 31 King Street West |
| Manchester |
| M3 2PJ |
| McGoff Group Projects Limited (Registered number: 13778439) |
| Group Strategic Report |
| for the Year Ended 31 March 2024 |
| The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
| PRINCIPAL ACTIVITIES |
| McGoff Group Projects Limited (MGP) acts primarily as a holding company for an Operational Real Estate Group specialising in the Living Sectors. The company provides strategic oversight and management support to its subsidiaries which are focused on the development and operation of high quality assets and businesses across the Living Sector. |
| REVIEW OF BUSINESS |
| The Group |
| McGoff Group Projects is a leading developer and operator of operational real estate assets, concentrating predominantly within the Living Sectors. Its portfolio primarily comprises elderly care homes, children's day nurseries (CDNs), build-to-rent (BtR) and build-to-sell (BtS) residential developments. Leveraging an established history and extensive industry expertise, the company has now consolidated its operational real estate projects under the MGP structure (from April 2023), enhancing operational efficiencies and strategic coherence. |
| The group's track record over the past decade highlights a consistent ability to create substantial shareholder value. A notable achievement includes the successful disposal of its New Care group of care homes in October 2024 to a private equity-backed operator. This transaction validates the quality and desirability of MGP's assets, having undergone rigorous, comprehensive due diligence during a 12-month disposal process. |
| Post Balance Sheet Events |
| Following the year-end, the strategic disposal of the New Care operating platform has significantly transformed the group's financial standing. Completed in October 2024, this disposal has materially improved the group's liquidity, enabling full repayment of the group's and subsidiaries' working capital bank facilities, and creating substantial investment capital to advance the pipeline of future projects.Consequently, this event, coupled with an £8.1m direct equity investment into MGP, has markedly strengthened the group's consolidated balance sheet and significantly enhanced capital availability for strategic growth and investment opportunities. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The group continues to face inherent industry risks predominantly associated with macroeconomic fluctuations and uncertainties. Key risks include the impacts of ongoing economic volatility within the UK, particularly relating to inflationary pressures, rising finance costs, and cautious lending and investment environments. The directors remain attentive to these risks, implementing robust risk management processes to ensure strategic resilience and continued operational success despite external economic challenges. |
| FINANCIAL PERFORMANCE |
| FY2024 |
| Overhead as % of turnover | 51.15% |
| Average number of employees | 22 |
| Staff costs as % of turnover | 39.14% |
| Net profit as % of turnover | 43.53% |
| McGoff Group Projects Limited (Registered number: 13778439) |
| Group Strategic Report |
| for the Year Ended 31 March 2024 |
| KEY PERFORMANCE INDICATORS |
| The group operates a number or subsidiary businesses, within its different target sectors, each of which require the monitoring of different KPIs for effective management.The key target sectors and their related KPIs are as follows: |
| - Development - KPIs include number of successful planning consents, number and value of projects successfully started and completed. |
| - Elderly Care Homes - KPIs include occupancy, AWF, staff cost ratios and profitability to EBITDARM. Non-financial KPIs include care quality, CQC ratings and number of homes successfully commissioned. |
| - CDNs - KPIs include occupancy, AWF, staff cost ratios and profitability to EBITDARM. Non-financial KPIs include care/educational quality, OFSTED ratings and number of settings successfully commissioned. |
| - Residential Developments - KPIs include lettings & sales rates and values, building management cost ratios and project profitability margins. |
| Since the consolidation of its pipeline projects in April 2023 the group has been in a development phase across most of its projects, as such at the year-end the group will provide more analysis of KPIs within its Strategic Report within its next set of Financial Accounts, when more of the pipeline of projects are operational or approaching operational status. |
| MGP remains strategically well-positioned, bolstered by strengthened financial capabilities and a robust operational foundation, to capitalise on future market opportunities within the Living Sectors, particularly in elderly care, childcare, and residential development markets. |
| ON BEHALF OF THE BOARD: |
| 14 May 2025 |
| McGoff Group Projects Limited (Registered number: 13778439) |
| Report of the Directors |
| for the Year Ended 31 March 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
| INCORPORATION |
| The group was incorporated on 2 December 2021 . |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
| Other changes in directors holding office are as follows: |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| McGoff Group Projects Limited (Registered number: 13778439) |
| Consolidated |
| Income Statement |
| for the Year Ended 31 March 2024 |
| Notes | £ | £ |
| TURNOVER | 3,372,915 |
| Cost of sales | 3,627,800 |
| GROSS LOSS | (254,885 | ) |
| Administrative expenses | 1,364,576 |
| (1,619,461 | ) |
| Other operating income | 836,653 |
| OPERATING LOSS | 4 | (782,808 | ) |
| Income from interest in associated undertakings | (97,938 | ) |
| Income from other participating interests | 2,709,156 |
| Interest receivable and similar income | 722 |
| 2,611,940 |
| 1,829,132 |
| Interest payable and similar expenses | 360,801 |
| PROFIT BEFORE TAXATION | 1,468,331 |
| Tax on profit | 3,644 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 1,009,190 |
| Non-controlling interests | 455,497 |
| 1,464,687 |
| McGoff Group Projects Limited (Registered number: 13778439) |
| Consolidated Balance Sheet |
| 31 March 2024 |
| Notes | £ | £ |
| ASSETS |
| FIXED ASSETS |
| Intangible assets | 6 | 333,569 |
| Tangible assets | 7 | 944,892 |
| Investments | 8 |
| Interest in joint venture |
| Share of gross assets | 14,645,202 |
| Share of gross liabilities | (12,418,034 | ) |
| 2,227,168 |
| Interest in associate | 1,596,645 |
| Other investments | 10,038,359 |
| Investment property | 9 | 778,059 |
| 15,918,692 |
| CURRENT ASSETS |
| Stocks | 6,051,963 |
| Debtors | 10 | 12,721,403 |
| Cash at bank and in hand | 476,311 |
| 19,249,677 |
| 35,168,369 |
| McGoff Group Projects Limited (Registered number: 13778439) |
| Consolidated Balance Sheet - continued |
| 31 March 2024 |
| Notes | £ | £ |
| CAPITAL, RESERVES AND LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 414,591 |
| Consolidation reserve | 7,291,659 |
| Retained earnings | 853,912 |
| 8,560,162 |
| NON-CONTROLLING INTERESTS | 11 | 4,459,464 |
| TOTAL EQUITY | 13,019,626 |
| CREDITORS |
| Amounts falling due within one year | 12 | 8,568,131 |
| Amounts falling due after more than one year | 13 | 13,580,612 |
| 22,148,743 |
| 35,168,369 |
| The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. |
| The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group. |
| 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 14 May 2025 and were signed on its behalf by: |
| D J P McGoff - Director |
| McGoff Group Projects Limited (Registered number: 13778439) |
| Company Balance Sheet |
| 31 March 2024 |
| Notes | £ | £ |
| ASSETS |
| FIXED ASSETS |
| Intangible assets | 6 |
| Tangible assets | 7 |
| Investments | 8 |
| Investment property | 9 |
| CURRENT ASSETS |
| Debtors | 10 |
| Cash at bank |
| 15,266,139 |
| McGoff Group Projects Limited (Registered number: 13778439) |
| Company Balance Sheet - continued |
| 31 March 2024 |
| Notes | £ | £ |
| CAPITAL, RESERVES AND LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| CREDITORS |
| Amounts falling due within one year | 12 |
| 14,840,091 |
| Company's profit for the financial year | 11,457 |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| McGoff Group Projects Limited (Registered number: 13778439) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 31 March 2024 |
| Called up |
| share | Retained | Consolidation |
| capital | earnings | reserve |
| £ | £ | £ |
| Changes in equity |
| Issue of share capital | 414,591 | - | - |
| Dividends | - | (155,278 | ) | - |
| Total comprehensive income | - | 1,009,190 | 7,403,736 |
| Non-controlling share on acquisition | - | - | (112,077 | ) |
| Balance at 31 March 2024 | 414,591 | 853,912 | 7,291,659 |
| Non-controlling | Total |
| Total | interests | equity |
| £ | £ | £ |
| Changes in equity |
| Issue of share capital | 414,591 | - | 414,591 |
| Dividends | (155,278 | ) | - | (155,278 | ) |
| Total comprehensive income | 8,412,926 | 455,497 | 8,868,423 |
| Non-controlling share on acquisition | (112,077 | ) | 4,003,967 | 3,891,890 |
| Balance at 31 March 2024 | 8,560,162 | 4,459,464 | 13,019,626 |
| McGoff Group Projects Limited (Registered number: 13778439) |
| Company Statement of Changes in Equity |
| for the Year Ended 31 March 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Changes in equity |
| Issue of share capital | - |
| Total comprehensive income | - |
| Balance at 31 March 2024 |
| McGoff Group Projects Limited (Registered number: 13778439) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 31 March 2024 |
| 1. | STATUTORY INFORMATION |
| McGoff Group Projects Limited is a |
| 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| The group financial statements include the financial statements of the company and all of its subsidiary undertakings, associated undertakings and qualifying partnership. For details regarding the base period of accounts used for subsidiary and associated undertakings see note 8. The results of the qualifying partnership are consolidated from the date of acquisition of the interest. |
| Goodwill arising on the acquisition of subsidiary undertakings which represents the excess of cost over fair value of group share of tangible assets acquired is capitalised as an intangible asset and amortised by equal instalments against profits over its expected life of 10 years. |
| Turnover |
| Turnover is measured at the fair value of the consideration received and receivable for services provided, net of trade discounts and value added tax. Turnover from contracting and service activities represents the value of work carried out during the year, including amounts not invoiced. |
| When the outcome of individual construction and service contracts can be foreseen with reasonable certainty and can be estimated reliably, margin is recognised by reference to the stage of completion, based on the lower of the percentage margin earned to date and that prudently forecast at completion. Full provision is made for all known or expected losses on individual contracts immediately once such losses are foreseen.Variation in work, claims and incentive payments are included to the extent that it is probable they will result in revenue. |
| Revenue from a contract to provide services is recognised in the period in which the services are provided. |
| Rental income from operating leases is recognised on a receivable basis. |
| Interest income is recognised on a received basis. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Freehold property | - 2% on cost |
| Fixtures & fittings | - 33% on cost |
| Computer equipment | - 33% on cost |
| Tangible fixed assets are recorded at cost less accumulated depreciation and accumulated impairment losses. |
| McGoff Group Projects Limited (Registered number: 13778439) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Investments in associates |
| Investments in associate undertakings are recognised at cost. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Stocks |
| Profit on contracting is taken on short-term contracts when completed, and for long-term contracts attributable profit is taken when the final outcome can be foreseen with reasonable certainty; provision is made for any anticipated losses. Amounts, by which turnover in respect of long-term contracts exceed payment on account, are held in debtors as amounts recoverable on contracts. Amounts received in respect of long-term contracts, in excess of amounts reflected in turnover, are held in creditors as payments on account. |
| Stocks of raw materials are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the 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 or finance leases are depreciated over their estimated useful lives. |
| The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of future payments is treated as a liability. |
| Operating leases are charged to the profit and loss account as they are incurred. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| McGoff Group Projects Limited (Registered number: 13778439) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Going concern |
| The group's financial statements for the period ended 31 March 2024 have been prepared on a going concern basis as, after making appropriate enquiries, the directors have reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| The average number of employees by undertakings that were proportionately consolidated during the year was 16 . |
| 4. | OPERATING LOSS |
| The operating loss is stated after charging/(crediting): |
| £ |
| Hire of plant and machinery | 50,800 |
| Depreciation - owned assets | 13,422 |
| Profit on disposal of fixed assets | (610,336 | ) |
| Goodwill amortisation | 37,063 |
| Other operating lease - land & buildings | 17,286 |
| 5. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 6. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| Additions | 370,632 |
| At 31 March 2024 | 370,632 |
| AMORTISATION |
| Amortisation for year | 37,063 |
| At 31 March 2024 | 37,063 |
| NET BOOK VALUE |
| At 31 March 2024 | 333,569 |
| McGoff Group Projects Limited (Registered number: 13778439) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2024 |
| 7. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| Freehold | Plant and | and | Computer |
| property | machinery | fittings | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| On acquisition of subsidiary | 911,174 | 340 | 46,583 | 4,375 | 962,472 |
| Additions | - | - | 1,998 | 5,473 | 7,471 |
| Disposals | - | (340 | ) | - | - | (340 | ) |
| At 31 March 2024 | 911,174 | - | 48,581 | 9,848 | 969,603 |
| DEPRECIATION |
| Charge for year | 6,181 | - | 4,770 | 2,471 | 13,422 |
| Eliminated on disposal | - | (340 | ) | - | - | (340 | ) |
| On acquisition of subsidiary | 6,182 | 340 | 2,488 | 2,619 | 11,629 |
| At 31 March 2024 | 12,363 | - | 7,258 | 5,090 | 24,711 |
| NET BOOK VALUE |
| At 31 March 2024 | 898,811 | - | 41,323 | 4,758 | 944,892 |
| Company |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| Additions |
| At 31 March 2024 |
| DEPRECIATION |
| Charge for year |
| At 31 March 2024 |
| NET BOOK VALUE |
| At 31 March 2024 |
| McGoff Group Projects Limited (Registered number: 13778439) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2024 |
| 8. | FIXED ASSET INVESTMENTS |
| Group |
| Interest | Interest |
| in joint | in | Other |
| venture | associate | investments | Totals |
| £ | £ | £ | £ |
| COST |
| On acquisition of subsidiary | - | - | 10,038,359 | 10,038,359 |
| Additions | 2,227,168 | 1,596,645 | - | 3,823,813 |
| At 31 March 2024 | 2,227,168 | 1,596,645 | 10,038,359 | 13,862,172 |
| NET BOOK VALUE |
| At 31 March 2024 | 2,227,168 | 1,596,645 | 10,038,359 | 13,862,172 |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| Additions |
| At 31 March 2024 |
| NET BOOK VALUE |
| At 31 March 2024 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA |
| Nature of business: |
| % |
| Class of shares: | holding |
| McGoff Group Projects Limited (Registered number: 13778439) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2024 |
| 8. | FIXED ASSET INVESTMENTS - continued |
| Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA |
| Nature of business: |
| % |
| Class of shares: | holding |
| McGoff Group Projects Limited (Registered number: 13778439) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2024 |
| 8. | FIXED ASSET INVESTMENTS - continued |
| Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA |
| Nature of business: |
| % |
| Class of shares: | holding |
| McGoff Group Projects Limited (Registered number: 13778439) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2024 |
| 8. | FIXED ASSET INVESTMENTS - continued |
| Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA |
| Nature of business: |
| % |
| Class of shares: | holding |
| Joint ventures |
| Registered office: 6 Oldfield Road, Salford, Manchester M5 4WB |
| Nature of business: |
| % |
| Class of shares: | holding |
| McGoff Group Projects Limited (Registered number: 13778439) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2024 |
| 8. | FIXED ASSET INVESTMENTS - continued |
| Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Hamilton House, Church Street, Altrincham WA14 4DR |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA |
| Nature of business: |
| % |
| Class of shares: | holding |
| Associated company |
| Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA |
| Nature of business: |
| % |
| Class of shares: | holding |
| McGoff Group Projects Limited (Registered number: 13778439) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2024 |
| 8. | FIXED ASSET INVESTMENTS - continued |
| On 12 April 2023, the group acquired the share capital of the following companies for a total consideration of £4,087,627. |
| Ordinary shares |
| McGoff Ventures Limited | 75% |
| Downtown Salford Limited (indirect) | 52.50% |
| Downtown Asset Management Limited (indirect) | 69.58% |
| Urmston Beverage & Leisure Company Limited (indirect) | 67.50% |
| McGoff Support Services (Old Trafford) Limited (indirect) | 73.13% |
| McGoff Support Services (Lymm) Limited (indirect) | 67.50% |
| Villafont (Adel) Developments) Limited (indirect) | 75% |
| Downtown Salford Management Company Limited (indirect) | 75% |
| Villafont Birkdale Limited | 100% |
| McGoff Support Services (Bobsleigh) Limited | 95% |
| Bobsleigh Villafont Limited (indirect) | 95% |
| McGoff Support Services (Egerton) Ltd | 90% |
| Rochdale Road Investco Limited | 95% |
| The following table summarises the consideration paid by the group, the fair value of assets acquired, liabilities assumed and non-controlling interest at the acquisition date. |
| Consideration at 12 April 2023 |
| £ |
| Cash | - |
| Value of equity instrument issued | 4,087,627 |
| Directly attributable costs | - |
| 4,087,627 |
| Recognised amounts of identifiable assets acquired and liabilities assumed, |
| Book value | Adjustments | Fair value |
| £ | £ | £ |
| Fixed assets |
| Tangible fixed assets | 12,699,479 | 12,699,479 |
| Investment properties | 17,812,999 | 17,812,999 |
| Other investments | 10,074,443 | 10,074,443 |
| Current assets |
| Stock & work in progress | 755,644 | 755,644 |
| Cash | 342,039 | 342,039 |
| Debtors | 5,166,970 | 5,166,970 |
| Total assets | 46,851,574 | 46,851,574 |
| Creditors | (39,841,503 | ) | (39,841,503 | ) |
| Net assets | 7,010,071 | 7,010,071 |
| McGoff Group Projects Limited (Registered number: 13778439) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2024 |
| 8. | FIXED ASSET INVESTMENTS - continued |
| Minority share | (2,922,444 | ) | (2,922,444 | ) |
| Share of net assets | 4,087,627 | 4,087,627 |
| Goodwill | - | - |
| Total purchase consideration | 4,087,627 | 4,087,627 |
| The revenue from the acquired companies included in the consolidated income statement for 2024 was £1,150,800. The acquired companies also contributed a profit of £131,585 over the same period. |
| 9. | INVESTMENT PROPERTY |
| Group |
| Total |
| £ |
| FAIR VALUE |
| On acquisition of subsidiary | 778,059 |
| At 31 March 2024 | 778,059 |
| NET BOOK VALUE |
| At 31 March 2024 | 778,059 |
| In the opinion of the directors the value of the investment property is not materially different as at the period end from the amount stated in the balance sheet. |
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| £ | £ |
| Trade debtors | 31,629 |
| Amounts recoverable on contract | 2,043,924 |
| Other debtors | 10,624,949 |
| Prepayments | 20,901 |
| 12,721,403 |
| McGoff Group Projects Limited (Registered number: 13778439) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2024 |
| 11. | NON-CONTROLLING INTERESTS |
| The minority interest represents the holding of the share capital in the following, |
| McGoff Ventures Limited | 25% |
| Downtown Salford Limited | 47.50% |
| Downtown Asset Management Limited | 30.42% |
| Urmston Beverage & Leisure Company Limited | 32.50% |
| McGoff Support Services (Old Trafford) Limited | 26.87% |
| McGoff Support Services (Lymm) Limited | 32.50% |
| Villafont (Adel) Developments Limited | 25% |
| Downtown Salford Management Company Limited | 25% |
| McGoff Investco (Bowden) Limited | 22.80% |
| McGoff Support Services (Bobsleigh) Limited & it's subsidiary | 5% |
| New Care Projects Holdco Limited & it's subsidiaries | 26.04% |
| McGoff Support Services (Egerton) Ltd | 10% |
| Rochdale Road Investco Limited | 5% |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| £ | £ |
| Bank loans and overdrafts | 9,931 |
| Trade creditors | 3,045,314 |
| Amounts owed to group undertakings | - |
| Tax | 3,644 |
| Social security and other taxes | 60,926 |
| Other creditors | 1,358,754 |
| Directors' current accounts | 3,895,969 |
| Accrued expenses | 193,593 |
| 8,568,131 |
| McGoff Group Projects Limited (Registered number: 13778439) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2024 |
| 13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| £ |
| Bank loans - 1-2 years | 9,931 |
| Bank loans - 2-5 years | 382,554 |
| Bank loans more 5 yr by instal | 194,295 |
| Other loans - 2-5 years | 2,305,096 |
| Other creditors | 7,567,008 |
| Directors' current accounts | 2,088,633 |
| Accruals and deferred income | 1,033,095 |
| 13,580,612 |
| Amounts falling due in more than five years: |
| Group |
| £ |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 194,295 |
| Other creditors due after more than one year includes £3,016,609 in respect of loans due to investors. |
| 14. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| £ |
| Bank loans | 596,711 |
| Other loans | 2,305,096 |
| 2,901,807 |
| 15. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| At 31 March 2024, balances amounting to £5,984,602 were due to the directors of the group in respect of their current accounts. There are no fixed repayment terms with £3,895,969 due after 1 year and is interest free. |
| McGoff Group Projects Limited (Registered number: 13778439) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2024 |
| 16. | RELATED PARTY DISCLOSURES |
| During the period, the group provided services to a value of £3,037,804 and was provided services to a value of £2,757,915 from entities in which the directors of the group have a material interest. At 31 March 2024, there was £1,434,165 owed to these entities. |
| At 31 March 2024, other creditors included a balance of £958,704 due to a director and shareholder of subsidiary undertakings. |
| At 31 March 2024, other creditors included balances amounting to £1,209,991 due to shareholders of subsidiary undertakings. Also, see note 13. |
| At 31 March 2024, a balance of £9,508 was owed by the parent of the directors of the group. |
| The balances outstanding are interest free and payable/repayable on demand. |
| 17. | ULTIMATE CONTROLLING PARTY |
| The group was controlled throughout the current period by it's directors. |
| 18. | SALE OF INVESTMENT IN SUBSIDIARY |
| During the period, the group sold it's investment in an subsidiary undertaking. |
| Addition | £4,003,600 |
| Sale proceeds | £4,613,936 |
| Profit on disposal | £610,336 |