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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: D T McGoff
D J P McGoff
C A McGoff





REGISTERED OFFICE: 1 St. Georges Court
Altrincham Business Park
Altrincham
United Kingdom
WA14 5UA





REGISTERED NUMBER: 13778439 (England and Wales)





ACCOUNTANTS: Freedman Frankl & Taylor
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:





D J P McGoff - Director


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.

D T McGoff
D J P McGoff
C A McGoff

Other changes in directors holding office are as follows:

D R Foran - resigned 2 May 2023

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:





D J P McGoff - Director


14 May 2025

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 1,464,687

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 2,007
Investments 8 1,717,189
Investment property 9 -
1,719,196

CURRENT ASSETS
Debtors 10 13,466,633
Cash at bank 80,310
13,546,943
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 414,591
Retained earnings 11,457
426,048

CREDITORS
Amounts falling due within one year 12 14,840,091
14,840,091
15,266,139

Company's profit for the financial year 11,457

The company is 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 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 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 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)

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 414,591 - 414,591
Total comprehensive income - 11,457 11,457
Balance at 31 March 2024 414,591 11,457 426,048

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 22 .

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 662 1,966 2,628
At 31 March 2024 662 1,966 2,628
DEPRECIATION
Charge for year 184 437 621
At 31 March 2024 184 437 621
NET BOOK VALUE
At 31 March 2024 478 1,529 2,007

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 1,717,189
At 31 March 2024 1,717,189
NET BOOK VALUE
At 31 March 2024 1,717,189

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

Subsidiaries

McGoff Ventures Limited
Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA
Nature of business: Holding company
%
Class of shares: holding
Ordinary 75.00

Downtown Salford Limited (indirect)
Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA
Nature of business: Buying & selling of own real estate
%
Class of shares: holding
Ordinary 52.50

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

Downtown Asset Management Limited (indirect)
Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA
Nature of business: Letting & operating of real estate
%
Class of shares: holding
Ordinary 69.58

Urmston Beverage & Leisure Company Limited (indirect)
Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA
Nature of business: Other personal service activities
%
Class of shares: holding
Ordinary 67.50

McGoff Support Services (Old Trafford) Limited (indirect)
Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA
Nature of business: Holding company
%
Class of shares: holding
Ordinary 73.13

McGoff Support Services (Lymm) Limited (indirect)
Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA
Nature of business: Development of building projects
%
Class of shares: holding
Ordinary 67.50

Villafont (Adel) Developments) Limited (indirect)
Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA
Nature of business: Development of building projects
%
Class of shares: holding
Ordinary 75.00

Downtown Salford Management Company Limited (indirect)
Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA
Nature of business: Management of real estate
%
Class of shares: holding
Ordinary 75.00

Villafont Birkdale Limited
Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA
Nature of business: Development of building projects
%
Class of shares: holding
Ordinary 100.00

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

McGoff Investco (Bowden) Limited
Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA
Nature of business: Buying & selling of own real estate
%
Class of shares: holding
Ordinary 78.20

McGoff Support Services (Bobsleigh) Limited
Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA
Nature of business: Development of building projects
%
Class of shares: holding
Ordinary 95.00

Bobsleigh Villafont Limited (indirect)
Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA
Nature of business: Development of building projects
%
Class of shares: holding
Ordinary 95.00

Herne Bay Holdco Limited
Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA
Nature of business: Buying & selling of own real estate
%
Class of shares: holding
Ordinary 100.00

Villafont (Herne Bay) Apartments Limited (indirect)
Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA
Nature of business: Letting & operating of real estate
%
Class of shares: holding
Ordinary 100.00

New Care Projects Holdco Limited (indirect)
Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA
Nature of business: Buying & selling of own real estate
%
Class of shares: holding
Ordinary 73.96

New Care (Herne Bay) Limited (indirect)
Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA
Nature of business: Buying & selling of own real estate
%
Class of shares: holding
Ordinary 73.96

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

New Care (Herne Bay) Opco Limited (indirect)
Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA
Nature of business: Letting & operating of real estate
%
Class of shares: holding
Ordinary 73.96

McGoff Support Services (Egerton) Ltd
Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA
Nature of business: Development of building projects
%
Class of shares: holding
Ordinary 90.00

Rochdale Road Investco Limited
Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA
Nature of business: Buying & selling of own real estate
%
Class of shares: holding
Ordinary 95.00

McGoff (Congleton) Projects Ltd
Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA
Nature of business: Letting & operating of real estate
%
Class of shares: holding
Ordinary 100.00

McGoff Support Services Altair Ltd
Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA
Nature of business: Construction of commercial property
%
Class of shares: holding
Ordinary 100.00

Joint ventures

Victor Old Trafford Limited
Registered office: 6 Oldfield Road, Salford, Manchester M5 4WB
Nature of business: Development of building projects
%
Class of shares: holding
Ordinary 50.00

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

Lymm (Villafont) Limited
Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA
Nature of business: Development of building projects
%
Class of shares: holding
Ordinary 50.00

Patrick Properties Hotels Limited
Registered office: Hamilton House, Church Street, Altrincham WA14 4DR
Nature of business: Non-trading
%
Class of shares: holding
Ordinary 50.00

Villafont (Herne Bay) Limited
Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA
Nature of business: Buying & selling of own real estate
%
Class of shares: holding
Ordinary 50.00

New Care (Egerton) Holdings Lifted
Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA
Nature of business: Holding company
%
Class of shares: holding
Ordinary 50.00

PM (Rochdale Road) Holdings Limited
Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA
Nature of business: Buying & selling of own real estate
%
Class of shares: holding
Ordinary 50.00

Associated company

Downtown Manchester JVCO
Registered office: 1 St. Georges Court, Altrincham Business Park, Altrincham WA14 5UA
Nature of business: Development of building projects
%
Class of shares: holding
Ordinary 42.00


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 31,969
Amounts recoverable on contract 2,043,924 2,043,924
Other debtors 10,624,949 11,389,560
Prepayments 20,901 1,180
12,721,403 13,466,633

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 3,045,314 642,268
Amounts owed to group undertakings - 7,225,573
Tax 3,644 -
Social security and other taxes 60,926 35,272
Other creditors 1,358,754 3,788,798
Directors' current accounts 3,895,969 2,979,909
Accrued expenses 193,593 168,271
8,568,131 14,840,091

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