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Registration number: 09396901

Murrill Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 September 2024

 

Murrill Holdings Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 8

Consolidated Profit and Loss Account

9

Consolidated Balance Sheet

10

Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Statement of Cash Flows

15

Notes to the Financial Statements

16 to 31

 

Murrill Holdings Limited

Company Information

Chairman

Mr N O Mason

Directors

Mrs M Mason

Mr M O Mason

Mr A E Sargeant

Mrs R Sargeant

Registered office

21 Market Place
Blandford Forum
Dorset
DT11 7AF

Auditors

Harney & Co Limited
Registered Auditors and Chartered Certified Accountants
21 Market Place
Blandford Forum
Dorset
DT11 7AF

 

Murrill Holdings Limited

Strategic Report for the Year Ended 30 September 2024

The directors present their strategic report for the year ended 30 September 2024.

Principal activity

The principal activity of the company is that of a holding company. The principal activity of the company’s trading subsidiary, Murrill Construction Limited is that of a specialist construction company focused on the maintenance, renewal and improvement of highways, pavements, and footways. The subsidiary delivers high-quality infrastructure projects primarily for Local Authority Clients, ensuring the safety, durability, and efficiency of road networks and public spaces. The principal activity of the company’s trading subsidiary, Murrill Signs Limited is the manufacture and provision of road signs.

Fair review of the business

The group comprises a holding company being Murrill Holdings Limited and two 100% owned subsidiaries being Murrill Construction Limited and Murrill Signs Limited.

The main trading company within the group is Murrill Construction Limited which has continued to operate as a construction company undertaking the following principal activities predominantly for Local Authority Clients:-

• Highway Maintenance
• Highway Construction
• Public Realm & Street Scene Improvements
• Civil Engineering Works
• Associated works relating to the above, providing clients with a “one stop” solution for clients.

Throughout the reporting period, Murril Construction Limited has continued to navigate a challenging operating environment characterised by volatile material costs and rising energy prices, largely driven by global geopolitical instability. These external pressures have placed significant strain on the construction sector, necessitating agile business strategies to maintain operational efficiency and financial stability.

Despite these challenges, the directors remain confident in the subsidiary’s resilience and long-term growth prospects. Through careful cost management, strategic planning, and a strong focus on service quality the subsidiary has successfully mitigated industry challenges while improving its financial position.

Looking forward, the subsidiary has secured a strong order book for the forthcoming financial year, reinforcing expectations for continued recovery and expansion. The subsidiary remains focused on achieving sustainable growth, strengthening client relationships, and improving operational efficiencies to enhance profitability. However, the directors understand that ongoing economic uncertainty requires a careful approach to managing risks and adjusting strategies.

Murrill Signs Limited has achieved a turnover of £120,781 (2023: £111,962) comprising the manufacture and provision of road signs, mainly to its fellow subsidiary Murrill Construction Limited. As described above there is evidence of recovery through the group activities and in addition the directors envisage reactivating plans to expand sales to third parties within the industry by updating the subsidiary’s manufacturing facilities.

Key Performance Indicators

The group's key financial and other performance indicators during the year were as follows:

 

Unit

2024

2023

Gross profit margin

%

20.97

17.97

Net profit margin

%

1.46

(1.77)

Current ratio

n/a

1.12

1.16

 

Murrill Holdings Limited

Strategic Report for the Year Ended 30 September 2024 (continued)

The two main non-financial key performance indicators (KPI's) included in the subsidiary's business plan are as follows:

• existing client base retention
• expansion of services provided to our existing client base

Murrill Construction Limited continues to meet its key performance indicators (KPIs), showing a strong commitment to quality, innovation, and customer satisfaction. This success is evident in the company’s ability to maintain strong relationships with its existing clients. The company has also broadened its range of services for current clients, offering more comprehensive and tailored solutions to meet their changing needs. These achievements highlight Murrill Construction Limited's dedication to sustainable growth, operational excellence, and providing outstanding value to its clients.

Principal risks and uncertainties

The construction sector continues to face significant external risks, including:

• Material and Energy Cost Volatility: The ongoing fluctuations in raw material prices and energy costs remain a considerable challenge for the industry. However, Murrill Construction Limited’s diversified supply chain and proactive procurement strategies mitigate these risks.
• Inflationary Pressures: Rising inflation poses broader economic risks, impacting both operational costs and consumer confidence. Murrill Construction Limited continuously evaluates cost-saving measures and operational efficiencies to counteract these pressures.
• Labour Market Challenges: The construction industry continues to experience a shortage of skilled labour. In response, Murrill Construction Limited remains committed to workforce development, investing in apprenticeships and training programs to cultivate a skilled and sustainable workforce.
• Supply Chain Resilience: Murrill Construction Limited maintains a strategic focus on supplier diversification to prevent over-reliance on any single provider, ensuring continuity of service and operational flexibility.

Strategic outlook

As part of its forward-looking strategy, Murrill Construction Limited is prioritising innovation, operational efficiency, and financial sustainability. Key areas of focus include:

• Enhancing Service Delivery: Continuous investment in technology and process optimisation to improve efficiency and quality.
• Sustainable Growth Initiatives: Expansion of service offerings and strengthening of client relationships to drive long-term stability.
• Operational Excellence: Streamlining internal processes to enhance productivity and profitability.
• Resilience and Adaptability: Ensuring Murrill Construction Limited remains agile in response to evolving industry dynamics and economic conditions.

The directors remain steadfast in their commitment to delivering high-quality construction and maintenance services while fostering a culture of innovation and continuous improvement. By maintaining a strong financial foundation and strategic agility, Murrill Construction Limited is well-positioned for sustained success in the coming years.

Approved by the Board on 21 May 2025 and signed on its behalf by:

.........................................
Mr A E Sargeant
Director

   
     
 

Murrill Holdings Limited

Directors' Report for the Year Ended 30 September 2024

The directors present their report and the for the year ended 30 September 2024.

Directors of the group

The directors who held office during the year were as follows:

Mr N O Mason - Chairman

Mrs M Mason

Mr A J Williams (ceased 3 May 2024)

Mr M O Mason

Mr A E Sargeant

Mrs R Sargeant

Financial instruments and financial risk management

Objectives and policies

The principle financial risks for the group are those of the subsidiary, Murrill Construction Limited which is able to fund its working capital from trading income. On the 1 June 2021 the subsidiary took out a Bounce Back Loan from NatWest Bank amounting to £800,000, however, the financial risk associated with the bounce back loan is considered to be minimal as there are sufficient funds at bank to meet working capital commitments after repaying the loan.

The group has not entered into any complex financial instruments and has no plans to use hedging as a means to manage financial risk.

Price risk, credit risk, liquidity risk and cash flow risk

The principal risks for the group are those of Murrill Construction Limited, and the directors consider that this company is not exposed to significant price fluctuations as contracts are tendered for and prices agreed ahead of undertaking work. Contracts are paid regularly based on interim measures so that a healthy cash flow is maintained, and creditors paid within the terms of agreement.

Going concern

The financial statements have been prepared on a going concern basis.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the group's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved by the Board on 21 May 2025 and signed on its behalf by:

.........................................
Mr A E Sargeant
Director

   
     
 

Murrill Holdings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of both the group and the company and of the profit or loss of both the group and the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting 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 financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain both the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of both the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. They are also responsible for safeguarding the assets of both the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Murrill Holdings Limited

Independent Auditor's Report to the Members of Murrill Holdings Limited

Opinion

We have audited the financial statements of Murrill Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 2024 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

have been prepared in accordance with the requirements of the Companies Act 2006;

are based on the work undertaken in the course of the audit, the strategic report and director's report is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

Basis for opinion

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

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

 

Murrill Holdings Limited

Independent Auditor's Report to the Members of Murrill Holdings Limited (continued)

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements.

 

Murrill Holdings Limited

Independent Auditor's Report to the Members of Murrill Holdings Limited (continued)

 

We also considered potential financial or other pressures, opportunity, and motivations for fraud. As part of this discussion, we identified the internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.

 

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by the company that were contrary to these laws and regulations, including fraud.

 

We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, CDM Regulations, Health & Safety at Work Act, PUWER & LOLER, UK tax legislation and equivalent local laws and regulations.

 

We made enquiries of management with regards to compliance with the above laws and regulations and, where it was considered necessary, we corroborated any evidence to relevant information.

 

Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management.

 

We did not identify any key audit matters relating to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override of internal controls including testing journals and evaluation whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

 

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. 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.

................................................................................
Mr S J Harney (Senior Statutory Auditor)
For and on behalf of Harney & Co Limited

21 Market Place
Blandford Forum
Dorset
DT11 7AF

21 May 2025

 

Murrill Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 30 September 2024

Note

2024
£

2023
£

Turnover

3

15,770,816

15,018,090

Cost of sales

 

(12,463,498)

(12,318,844)

Gross profit

 

3,307,318

2,699,246

Administrative expenses

 

(3,053,665)

(3,003,658)

Other operating income

4

2,782

19,449

Operating profit/(loss)

5

256,435

(284,963)

Other interest receivable and similar income

6

19,799

14,871

Interest payable and similar expenses

7

(27,221)

(47,899)

   

(7,422)

(33,028)

Profit/(loss) before tax

 

249,013

(317,991)

Tax on profit/(loss)

11

(74,085)

52,661

Profit/(loss) for the financial year

 

174,928

(265,330)

Profit/(loss) attributable to:

 

Owners of the company

 

174,928

(265,330)

The above results were derived from continuing operations.

The group has no recognised gains or losses for the year other than the results above.

 

Murrill Holdings Limited

(Registration number: 09396901)
Consolidated Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

12

856,428

960,257

Current assets

 

Stocks

13

693,104

428,536

Debtors

15

12,625,224

12,063,687

Cash at bank and in hand

16

2,438,768

1,031,107

 

15,757,096

13,523,330

Creditors: Amounts falling due within one year

17

(14,011,393)

(11,644,660)

Net current assets

 

1,745,703

1,878,670

Total assets less current liabilities

 

2,602,131

2,838,927

Creditors: Amounts falling due after more than one year

17

(296,231)

(541,303)

Provisions for liabilities

20

(56,713)

(63,355)

Net assets

 

2,249,187

2,234,269

Capital and reserves

 

Called up share capital

21

9,904

10,000

Capital redemption reserve

96

-

Retained earnings

2,239,187

2,224,269

Equity attributable to owners of the company

 

2,249,187

2,234,269

Shareholders' funds

 

2,249,187

2,234,269

Approved and authorised by the Board on 21 May 2025 and signed on its behalf by:
 

.........................................
Mr N O Mason
Chairman

.........................................
Mr A E Sargeant
Director

 
     
 

Murrill Holdings Limited

(Registration number: 09396901)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

12

659,253

702,829

Investments

14

101

101

 

659,354

702,930

Current assets

 

Debtors

15

47,139

51,772

Cash at bank and in hand

 

39,094

23,946

 

86,233

75,718

Creditors: Amounts falling due within one year

17

(700,538)

(718,311)

Net current liabilities

 

(614,305)

(642,593)

Total assets less current liabilities

 

45,049

60,337

Provisions for liabilities

20

(9,860)

(2,659)

Net assets

 

35,189

57,678

Capital and reserves

 

Called up share capital

21

9,904

10,000

Capital redemption reserve

96

-

Retained earnings

25,189

47,678

Shareholders' funds

 

35,189

57,678

The directors have taken advantage of the exemption to present the parent company's profit and loss account. The parent company made a profit after tax for the financial year of £137,521 (2023: profit of £150,758).

Approved and authorised by the Board on 21 May 2025 and signed on its behalf by:
 

.........................................
Mr N O Mason
Chairman

.........................................
Mr A E Sargeant
Director

 
     
 

Murrill Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 September 2024
Equity attributable to the parent company

Share capital
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 October 2023

10,000

-

2,224,269

2,234,269

Profit for the year

-

-

174,928

174,928

Total comprehensive income

-

-

174,928

174,928

Dividends

-

-

(111,770)

(111,770)

Purchase of own share capital

-

-

(48,240)

(48,240)

Other share capital movements

(96)

-

-

(96)

Other capital redemption reserve movements

-

96

-

96

At 30 September 2024

9,904

96

2,239,187

2,249,187

Share capital
£

Retained earnings
£

Total
£

At 1 October 2022

10,000

2,609,599

2,619,599

Loss for the year

-

(265,330)

(265,330)

Dividends

-

(120,000)

(120,000)

At 30 September 2023

10,000

2,224,269

2,234,269

 

Murrill Holdings Limited

Statement of Changes in Equity for the Year Ended 30 September 2024
Equity attributable to the parent company

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 October 2023

10,000

-

47,678

57,678

Profit for the year

-

-

137,521

137,521

Dividends

-

-

(111,770)

(111,770)

Purchase of own share capital

-

-

(48,240)

(48,240)

Other share capital movements

(96)

-

-

(96)

Other capital redemption reserve movements

-

96

-

96

At 30 September 2024

9,904

96

25,189

35,189

Share capital
£

Retained earnings
£

Total
£

At 1 October 2022

10,000

16,920

26,920

Profit for the year

-

150,758

150,758

Dividends

-

(120,000)

(120,000)

At 30 September 2023

10,000

47,678

57,678

 

Murrill Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 30 September 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit/(loss) for the year

 

174,928

(265,330)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

108,003

135,783

Profit on disposal of tangible assets

(4,292)

(10,989)

Finance income

6

(19,799)

(14,871)

Finance costs

7

27,221

47,899

Income tax expense

11

74,085

(52,661)

 

360,146

(160,169)

Working capital adjustments

 

(Increase)/decrease in stocks

13

(264,568)

10,433

Increase in trade debtors

15

(597,833)

(1,833,793)

Increase in trade creditors

17

2,330,436

2,328,074

Cash generated from operations

 

1,828,181

344,545

Income taxes received/(paid)

11

11,000

(73,628)

Net cash flow from operating activities

 

1,839,181

270,917

Cash flows from investing activities

 

Interest received

19,799

14,871

Acquisitions of tangible assets

(5,881)

(43,611)

Proceeds from sale of tangible assets

 

5,999

17,632

Net cash flows from investing activities

 

19,917

(11,108)

Cash flows from financing activities

 

Interest paid

7

(27,221)

(47,899)

Payments for purchase of own shares

 

(48,240)

-

Proceeds from bank borrowing draw downs

 

(160,000)

(354,638)

Payments to finance lease creditors

 

(104,206)

(103,720)

Dividends paid

(111,770)

(120,000)

Net cash flows from financing activities

 

(451,437)

(626,257)

Net increase/(decrease) in cash and cash equivalents

 

1,407,661

(366,448)

Cash and cash equivalents at 1 October

 

1,031,107

1,397,555

Cash and cash equivalents at 30 September

 

2,438,768

1,031,107

 

Murrill Holdings Limited

Statement of Cash Flows for the Year Ended 30 September 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

137,521

150,758

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

41,869

40,238

Profit on disposal of tangible assets

(4,292)

(10,989)

Finance income

(160,004)

(120,000)

Finance costs

2

11,076

Income tax expense

11

13,595

(10,215)

 

28,691

60,868

Working capital adjustments

 

Decrease in trade debtors

15

4,633

18,519

(Decrease)/increase in trade creditors

17

(24,167)

200,717

Cash generated from operations

 

9,157

280,104

Income taxes paid

11

-

(6,934)

Net cash flow from operating activities

 

9,157

273,170

Cash flows from investing activities

 

Interest received

160,004

120,000

Acquisitions of tangible assets

-

(65,037)

Proceeds from sale of tangible assets

 

5,999

17,632

Net cash flows from investing activities

 

166,003

72,595

Cash flows from financing activities

 

Interest paid

(2)

(11,076)

Payments for purchase of own shares

 

(48,240)

-

Proceeds from bank borrowing draw downs

 

-

(194,638)

Dividends paid

(111,770)

(120,000)

Net cash flows from financing activities

 

(160,012)

(325,714)

Net increase in cash and cash equivalents

 

15,148

20,051

Cash and cash equivalents at 1 October

 

23,946

3,895

Cash and cash equivalents at 30 September

 

39,094

23,946

 

Murrill Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
21 Market Place
Blandford Forum
Dorset
DT11 7AF

The principal place of business is:
Greenford Depot
Greenford Road
Greenford
Middlesex
UB6 9AP

These financial statements were authorised for issue by the Board on 21 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £1.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 September 2024.

No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £137,521 (2023 - profit of £150,758).

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Accounting policies of subsidiaries are consistent with the policies adopted by the group.

 

Murrill Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of discounts and Value Added Tax.

The group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the group's activities.

Contract revenue recognition

The group’s principal activity is the construction and maintenance of roads and footways. When the outcome of a construction contract can be estimated reliably in terms of its stage of completion, future costs to complete and recoverability of debts, the group recognises revenue and expenses on the construction contract by reference to the stage of completion of the contract activity at the end of the reporting period. The stage of completion is determined on the basis of the proportion of the contract costs incurred to date over the estimated total costs.

When the outcome of a contract cannot be estimated reliably the group only recognises revenue to the extent of the recoverable contract costs incurred.

Government grants

Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Tax

Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except where an item of income or expense is recognised as other comprehensive income, in which case the associated taxation is also recognised directly in other comprehensive income.

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date.

A deferred tax asset or liability is recognised for tax recoverable or payable in future periods in respect of transactions and events recognised in the financial statements of current and previous periods.

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 differences.

 

Murrill Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

The Freehold Land and Buildings is a working commercial yard, with maintenance costs being recognised as an expense in the year it is incurred. The directors maintain the yard such that there is no appreciable diminishment in value of the yard, and therefore a depreciation rate of 0% is applied.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than freehold land and properties over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

0% depreciation

Short leasehold

over the 7 year life of the lease

Plant and machinery

50% reducing balance on short life assets, 25% reducing balance on long life assets

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Investments

Investments in equity shares are not publicly traded and are measured at cost less impairment. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for work undertaken or services provided in the ordinary course of business.

Trade debtors are recognised at the transaction price. They are subsequently reviewed for recoverability. A provision for irrecoverable debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stock

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

 

Murrill Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated in line with the depreciation accounting policy for the relevant class of asset. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Classification
The company has basic financial instruments which are classified, measured and accounted for according to the substance of the contractual arrangement, as financial assets or financial liabilities. The company has not entered into any complex financial instruments.

 

Murrill Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

3

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

15,770,816

15,018,090

The amount of contract revenue recognised as revenue in the year was £15,770,815 (2023 - £15,018,090).

The gross amount due from customers for contract work amounting to £10,956,955 (2023: £9,931,712) is disclosed in note 15 to the accounts as accrued income, and the gross amount due to customers for contract work amounting to £10,863,997 (2023: £8,448,783) is disclosed in note 17 to the accounts.

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Government grants

-

1,840

Miscellaneous other operating income

2,782

17,609

2,782

19,449

Grants received during the previous year were from a Construction Skills Training Grant.

5

Operating profit/(loss)

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

108,003

135,783

Operating lease expense - plant and machinery

530,499

617,068

Profit on disposal of property, plant and equipment

(4,292)

(10,989)

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

19,792

14,749

Other finance income

7

122

19,799

14,871

 

Murrill Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

20,526

37,736

Interest on obligations under finance leases and hire purchase contracts

6,015

10,133

Interest expense on other finance liabilities

680

30

27,221

47,899

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

2,034,840

2,075,641

Social security costs

220,615

237,896

Other short-term employee benefits

46,027

39,407

Other post-employment benefit costs

37,092

39,167

Other employee expense

18,026

28,045

2,356,600

2,420,156

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

19

21

Administration and support

17

18

Other departments

7

7

43

46

 

Murrill Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

479,804

397,321

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

5

5

In respect of the highest paid director:

2024
£

2023
£

Remuneration

156,153

108,962

Company contributions to money purchase pension schemes

1,101

1,321

10

Auditors' remuneration

2024
£

2023
£

Audit of the groups financial statements

20,000

18,000


 

 

Murrill Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

11

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

80,727

(36,179)

Deferred taxation

Arising from origination and reversal of timing differences

(6,642)

(16,482)

Tax expense/(receipt) in the income statement

74,085

(52,661)

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit/(loss) before tax

249,013

(317,991)

Corporation tax at standard rate

62,253

(60,418)

Tax increase/(decrease) from effect of capital allowances and depreciation

5,067

(6,602)

Effect of expense not deductible in determining taxable profit (tax loss)

4,726

7,046

Effect of tax losses

(7,750)

4,391

Deferred tax expense from unrecognised temporary difference from a prior period

10,750

455

Deferred tax expense relating to changes in tax rates or laws

-

16,919

Further item of tax decrease

(961)

(14,452)

Total tax charge/(credit)

74,085

(52,661)

 

Murrill Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

11

Taxation (continued)

Deferred tax

Group

Deferred tax include ... / is calculated ...

Deferred tax assets and liabilities

2024

Liability
£

Accelerated capital allowances

56,714

56,714

2023

Liability
£

Accelerated capital allowances

63,355

63,355

Company

Deferred tax include ... / is calculated ...

Deferred tax assets and liabilities

2024

Liability
£

Arising on the origination of timing differences

9,860

9,860

2023

Liability
£

Arising on the origination of timing differences

2,659

2,659

 

Murrill Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

12

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Plant and machinery (short life)
£

Total
£

Cost or valuation

At 1 October 2023

582,214

14,471

798,492

143,268

410

1,538,855

Additions

-

-

-

5,881

-

5,881

Disposals

-

-

(11,812)

-

-

(11,812)

At 30 September 2024

582,214

14,471

786,680

149,149

410

1,532,924

Depreciation

At 1 October 2023

32,735

12,069

422,945

110,446

403

578,598

Charge for the year

4,880

601

93,756

8,763

3

108,003

Eliminated on disposal

-

-

(10,105)

-

-

(10,105)

At 30 September 2024

37,615

12,670

506,596

119,209

406

676,496

Carrying amount

At 30 September 2024

544,599

1,801

280,084

29,940

4

856,428

At 30 September 2023

549,479

2,402

375,547

32,822

7

960,257

 

Murrill Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

12

Tangible assets (continued)

The net carrying amount of tangible assets includes £174,050 (2023: £232,067) in respect of assets held under finance leases and hire purchase contracts.

Included within the net book value of land and buildings above is £534,838 (2023: £534,838) in respect of freehold land and buildings and £9,761 (2023: £14,641) in respect of short leasehold land and buildings.

Company

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Plant and machinery (short life)
£

Total
£

Cost or valuation

At 1 October 2023

534,838

14,471

245,947

117,933

410

913,599

Disposals

-

-

(11,812)

-

-

(11,812)

At 30 September 2024

534,838

14,471

234,135

117,933

410

901,787

Depreciation

At 1 October 2023

-

12,069

102,467

95,831

403

210,770

Charge for the year

-

601

35,739

5,526

3

41,869

Eliminated on disposal

-

-

(10,105)

-

-

(10,105)

At 30 September 2024

-

12,670

128,101

101,357

406

242,534

Carrying amount

At 30 September 2024

534,838

1,801

106,034

16,576

4

659,253

At 30 September 2023

534,838

2,402

143,480

22,102

7

702,829

 

Murrill Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

13

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Other inventories

693,104

428,536

-

-

14

Investments

Company

2024
£

2023
£

Investments in subsidiaries

101

101

Details of undertakings

Details of the investments in which the group and the company hold 20% or more of the nominal value of any class of share capital are as follows:
 

Subsidiary undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Murrill Construction Limited

21 Market Place
Blandford Forum
Dorset
DT11 7AF

Ordinary

100%

100%

       

Murrill Signs Limited

as above

Ordinary

100%

100%

         

The principal activity of Murrill Construction Limited is the construction and maintenance of roads, pavements and footways.

The principal activity of Murrill Signs Limited is manufacture and sale of signs.

For the year ending 30 September 2024 the subsidiary, Murrill Signs Limited was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

 

Murrill Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

15

Debtors

   

Group

Company

Current

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

1,615,807

1,741,111

-

-

Amounts owed by related parties

22

-

-

44,999

44,999

Other debtors

 

17,800

161,250

2,140

6,773

Prepayments

 

34,177

193,318

-

-

Accrued income

 

10,957,440

9,931,712

-

-

Income tax asset

11

-

36,296

-

-

   

12,625,224

12,063,687

47,139

51,772

16

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash at bank

924,138

334,192

39,094

23,946

Short-term deposits

1,514,630

696,915

-

-

2,438,768

1,031,107

39,094

23,946

17

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

18

245,072

264,206

-

-

Trade creditors

 

1,125,919

1,205,691

-

-

Amounts due to related parties

22

-

-

622,856

689,539

Social security and other taxes

 

997,673

780,610

-

-

Other payables

 

172,273

162,634

-

-

Accruals

 

551,028

782,736

65,201

22,685

Income tax liability

11

55,431

-

6,394

-

Gross amount due to customers for contract work

 

10,863,997

8,448,783

6,087

6,087

 

14,011,393

11,644,660

700,538

718,311

 

Murrill Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

17

Creditors (continued)

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due after one year

 

Loans and borrowings

18

296,231

541,303

-

-

18

Loans and borrowings

 

Group

Company

Current loans and borrowings

2024
£

2023
£

2024
£

2023
£

Bank borrowings

160,000

160,000

-

-

Hire purchase contracts

85,072

104,206

-

-

245,072

264,206

-

-

 

Group

Company

Non-current loans and borrowings

2024
£

2023
£

2024
£

2023
£

Bank borrowings

280,000

440,000

-

-

Hire purchase contracts

16,231

101,303

-

-

296,231

541,303

-

-

Due by instalments

The bounce back loan of the subsidiary amounting to £440,000 (2023: £600,000) is repayable in 33 equal monthly payments, with an effective interest rate of 3.34%.

19

Financial guarantee contracts

Group

In respect of Murrill Construction Limited Natwest Bank Plc holds 2 charges over all of the company's assets as follows: a charge over a Cash Deposit of £200,000 held for onward investment via Corporate Bonds as stipulated in a major customer contract; and a debenture provided by the company dated 19/05/1997 over all assets of the company without limit.

In addition there are 3 cross guarantees between Murrill Construction Limited and Murrill Holdings Limited, one dated 24/10/2015 limited to £318,000 providing guarantee over a mortgage in the name of Murrill Holdings Limited, a second dated 17/06/2020 limited to £390,000 providing NatWest bank access to the assets of Murrill Holdings Limited to support the trading business of the Murrill Construction Limited, and a third cross guarantee, dated 01/06/2021 limited to secure a fixed rate loan amounting to £800,000 granted to Murrill Construction Limited under the Coronavirus Business Interruption Loan Scheme, with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy.

Debts due on the hire purchase agreements are secured against the assets to which they relate.

 

Murrill Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

20

Deferred tax and other provisions

Group

Deferred tax
£

Total
£

At 1 October 2023

63,355

63,355

Increase (decrease) in existing provisions

(6,642)

(6,642)

At 30 September 2024

56,713

56,713

Company

Deferred tax
£

Total
£

At 1 October 2023

2,659

2,659

Increase (decrease) in existing provisions

7,201

7,201

At 30 September 2024

9,860

9,860

21

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

9,904

9,904

10,000

10,000

       

During the year the company bought back and cancelled 96 Ordinary £1 shares for £500 per share, amounting to £48,000. In addition stamp duty of £240 was payable on the transaction.

22

Related party transactions - company

Summary of transactions with subsidiaries

During the year a management charge of £45,000 (2023: £45,000) was paid to Murrill Construction Limited from Murrill Holdings Limited to compensate for time and costs spent in the management of the company. The assets owned by the company are hired to Murrill Construction Limited for a charge amounting to £93,911 (2023: £84,505) for the year. In addition, the company rents its commercial yard to this subsidiary, for a consideration of £40,000 (2023: £40,000). In the opinion of the directors the amounts charged are at a market value. The company received dividends during the year of £160,000 (2023: £120,000) from Murrill Construction Limited.

As at the year end the amount owed to Murrill Construction Limited was £622,856 (2023: £689,539).

 

 

Murrill Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

22

Related party transactions - company (continued)

During the year ended 30 September 2018, the company advanced funds amounting to £45,000 to it's 100% owned subsidiary, Murrill Signs Limited. As at the year end the amount due from Murrill Signs Limited was £44,999 (2023: £44,999).

During the year a management charge of £nil (2023 £124,394) was paid from Murrill Signs Limited to Murrill Construction Limited to compensate for time and costs spent in the management of the company. As at the year end the amount due from Murrill Signs Limited to/(from) Murrill Construction Limited was £7,880 (2023: £77,138).

23

Parent and ultimate parent undertaking

The ultimate controlling party is A and Mrs R Sargeant, directors of the company, who own 75% of the issued share capital.