Company registration number 02002335 (England and Wales)
M.P.B. STRUCTURES LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
M.P.B. STRUCTURES LTD
COMPANY INFORMATION
Directors
M J Boyle
E Boyle
P J J Boyle
S G Boyle
A Jarman
M Cragg
D Ascott
Secretary
M J Boyle
Company number
02002335
Registered office
14 Crucible Road
Corby
Northamptonshire
United Kingdom
NN17 5TS
Auditor
Azets Audit Services
Thorpe House
93 Headlands
Kettering
Northamptonshire
United Kingdom
NN15 6BL
M.P.B. STRUCTURES LTD
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 27
M.P.B. STRUCTURES LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

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

Review of the business

The company’s business model is one which aims for sustainable profit in a competitive market. The main objectives of the company on an ongoing basis are to continue to increase turnover and profitability, whilst maintaining the standards it has achieved over recent years for safety, quality and productivity of work completed.

This financial period has seen the company turnover grow by 3.4%, and resiliently with a Gross Margin of 10.83% (11.0% 2023), and profitability at 3.7% (4.2% 2023), for which we are grateful to our people, clients and suppliers for their significant contributions.

 

Our strategy for achieving our objectives continues to be based around the retention of key personnel, careful selection of the company’s client base, and regular monitoring of contract performance. The company generates and preserves value by ensuring that these objectives are met throughout the financial period under review. Regular monitoring and reviews of performance take place to ensure that the company is meeting the targets of the business model.

Principal risks and uncertainties

The company operates mainly in the markets of concrete frame construction for commercial, student and residential developments, and civil infrastructure. It operates as a Tier 1 Concrete Frame Contractor to National Developers, Housebuilders and Tier One Infrastructure Main Contractors. The company is listed in the top ten companies in this sector in the UK. The breadth of work undertaken, the client base and the directors’ assessment of business risk have seen the company’s turnover improve on 2023 as the market recovers from the impacts of Covid, Brexit and the Ukraine War. The increase in turnover for 2024 when compared to 2023 is a consequence of increased contract starts. The directors believe the outcome for the year is satisfactory.

 

The directors believe that the principal risks facing the company in the future are project deferrals due to economic uncertainty, inflation, and a highly competitive market due to the reduced number of projects starts. As such, the company is, and continues to have, a significant operational base in London, Birmingham, Manchester and Leeds, in a broad spread of commercial, residential, educational and infrastructure projects. This broad geographical spread and sector diversity means that the business’ susceptibility to sudden and significant risks are reduced. As a result, the company maintains its objectives of sustainable profitability. The company has a long-standing policy of only working for clients whom we can obtain insurance on. This has protected us from the high-profile failures found in our industry.

Development and performance

The directors are pleased to report a gross margin for this period of 10.83%, despite the impact of the Ukrainian War commencement in February 2022. The impact of the war resulted in very significant inflation in raw materials and particularly Steel Reinforcement. We were able to manage these fluctuations with the support of our clients and our supply chain. In the year, our net margins remained consistent at 3.7%. The company did not defer any tax payments throughout the year.

 

The company’s overall performance at the year-end is in line with the company’s overall business objectives. The company has absorbed significant increases in construction insurance rates due to cladding-related claims in other sectors. The company has, however, continued to increase its net asset position over the period with a Balance Sheet value of approximately £31 million. The company moves forward into the 2024/2025 and 2025/2026 financial years with over £165 million of secured contracts with existing and new clients. The company has increased significantly its involvement in Government Spend Contracts and our forward order book contains 55% of this sector ranging from Hospitals, HS2 etc. This is a reflection of the company continuing to be highly respected in the market, which is a function of over 38 years of trading.

M.P.B. STRUCTURES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Key performance indicators

The company has made significant investment in a software-based management tool bespoke for our business called Snag R.

 

A whole-company management system that enables a paperless Traffic Light system for the delivery of our construction works to the agreed specification and enables all required information to be accessed at the point of work via a tablet. Our investment is supporting the company requirements of “Right First Time”, thus enabling project closures to be faster and ensuring key data is retained in an accessible virtual platform for any future references.

Safety

“The company accident statistics for 2024 have produced an accident frequency rate (AFR) of 0.05. The AFR is calculated by multiplying the number of RIDDOR-reportable accidents by 100,000 and dividing this figure by total number of people hours worked. This AFR statistic is testament to continual improvements within the business and is better than industry standard.

 

Sites are still audited on a monthly basis by an auditor independent from that site, as in previous years. The audits involve closely examining all elements of safety, quality and environmental management (both in the physical works and supporting documentation) to ensure legal compliance and implementation of best practice. To ensure that all sites are treated fairly, the portfolio of current projects is split into three leagues, based upon hours worked during the month. Each league consists of between 5 and 7 sites. Site Management, site supervision and the site’s safety manager compete against other sites in their league to achieve the best overall compliance score. The scoring system is designed so that it is objective and non-discretionary. The winning site of each league is presented with a prize of £750. This monthly audit process has demonstrated that all sites want to achieve the best compliance scores and continues to raise site standards across all of our projects. These audits continue to be successful in fostering an environment where top performance and delivering high quality work is rewarded and becomes the norm, and is generating a cultural change within the business.

 

Additionally, this year we have introduced an online observation reporting system using the latest QR code technology, allowing issues found on site to be raised, addressed and closed. This automated reporting system has seen a 3-fold increase in reports submitted compared to the previous financial year and supports our improving safety culture.

 

Our business moving forward in 2024/2025 will have additional focus on Mental Health Awareness and will develop plans and support for our staff and workforce .Our business recognises this as a leading issue in the wellbeing of our most important asset, our people.

 

Carbon Reduction

Further building on our previous carbon reduction success, MPB again reduced our absolute carbon emissions by 716.27 tonnes CO2(e) to 2142.37 in the 2023-2024 financial year. As our organisation has become more equipped to capture carbon data, we also rebase-lined our 2019 results to provide a more accurate reflection of our performance and have expanded our data capture even further to include additional scope 3 data previously un-reported upon.

 

In terms of applying a normalising metric, the tonnes CO2(e) / turnover has been applied since completion of the baseline analysis. During the 2023-24 financial year, MPB reduced Co2(e)/100k Turn Over by 0.77 to the end of September 2024.

 

In total, MPB has secured a 21% increase in turnover since our first baseline in 2019 whilst still reducing our absolute carbon emissions by 1,142 tonnes over the same period, which sees us on track to realising our Net Zero aspirations.

M.P.B. STRUCTURES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Human resources and development

Our people are the key to our success, and we operate continual professional development programmes in our business to ensure our people are allowed to enrich their professional and personal ambitions. We are sponsoring our younger personnel through Quantity Surveying degrees with Day Release courses at Nottingham Trent University and Birmingham City University. We continue to enjoy the excellent input into our business from candidates that completed our sponsored degree programmes many years ago.

 

In terms of apprenticeships, we are fully active with young apprentices in each of our key regional hubs. The business has a culture of internal sourcing and promotion from within and encourages staff to advise of any candidates that are capable and excited to join a tier one national company.

 

We have also invested significantly in our health and safety team, enrolling the whole team on an NVQ Level 6 in health and safety management, to continue their professional development and ensure the team meets the needs of the business.

 

Sustainability

The company has engaged a Sustainability Professional who is currently carrying out a Sustainability Maturity assessment on the business. Using the findings from this assessment, a roadmap will be developed in tandem with a new company sustainability policy to improve the company’s sustainability credentials and ensure it is a

sustainable business for the future.

Statutory duties under s172(1) Companies Act 2006

The Board of Directors believe that they have acted in the way they consider to be both in good faith and most likely to promote the success of the Company, for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Act) in the decisions taken during the period ended 30 September 2024; and in so having regard, amongst other matters to;

 

(a) the likely consequences of any decision in the long term,

(b) the interests of the Company’s employees

(c) the need to foster the Company's business relationships with suppliers, customers and others,

(d) the impact of the Company's operations on the community and the environment,

(e) the desirability of the Company maintaining a reputation for high standards of business conduct, and

(f) the need to act fairly as between members of the Company.

The Board has a business plan which is based around achieving our long-term goal of being regarded as a market leader in the construction industry.

 

The Board understands the importance of engaging with all its stakeholders and regularly discusses issues concerning employees, clients, suppliers, community and environment, regulators and shareholders which inform its decision making processes.

 

Inherently, there is an inter-dependency on the success of the company and the success of its stakeholders.

M.P.B. STRUCTURES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -

Employees

Our employees remain fundamental to the achievement of our business plan. In addition to aiming to be a responsible employer in our approach to pay and benefits, we continue to engage with our team to ascertain which training and development opportunities should be made available to improve our team’s productivity and our individual employees’ potential within the business. Our business is a Mature business and we enjoy the multi-generational input that we have within our staff and workforce.

 

Clients

We continue to engage closely with our clients, who are mainly large UK Construction companies. Our aim is to ensure that our customers’ needs are met and, in particular, our work is completed on time and meets their specifications.

 

Suppliers

We value the supplier base as partners, and our aim is to develop and enter into strong stable working relationships with them. We seek to be fair and transparent in our dealings with suppliers, and we ensure that we honour our arrangements with them.

 

Environment and community

The Board takes sustainability and environmental responsibility very seriously. The Company encourages diversity and inclusion of employees of all backgrounds.

 

Governance and regulation

The Board’s intention is to behave responsibly and to ensure that the management team operates the business in a responsible manner, acting with the high standards of business conduct and good governance expected of a business of our nature and size, and in full alignment with the rules and regulations. In doing so, we believe we will achieve our long-term business strategy and also further develop our reputation in our sector.

Members

The Board has a close working relationship with the shareholders and seeks to treat them fairly and equally, in order that they too benefit from the Company achieving its long term business strategy.

 

The Board seeks to provide information relevant to the shareholders, including monthly management accounts including key metrics set by the Board. 

On behalf of the board

P J J Boyle
Director
21 May 2025
M.P.B. STRUCTURES LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -

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

Principal activities

The principal activity of the company continued to be that of construction and civil engineering.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £327,600. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

M J Boyle
E Boyle
P J J Boyle
S G Boyle
A Jarman
M Cragg
D Ascott
Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.

Energy and carbon report

Further building on our previous carbon reduction success, MPB again reduced our absolute carbon emissions by 716.27 tonnes CO2(e) to 2142.37 in the 2023-2024 financial year. As our organisation has become more equipped to capture carbon data, we also rebase-lined our 2019 results to provide a more accurate reflection of our performance and have expanded our data capture even further to include additional scope 3 data previously un-reported upon.

 

In terms of applying a normalising metric, the tonnes CO2(e) / turnover has been applied since completion of the baseline analysis. During the 2023-24 financial year, MPB reduced Co2(e)/100k Turn Over by 0.77 to the end of September 2024.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
P J J Boyle
Director
21 May 2025
M.P.B. STRUCTURES LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -

The directors are responsible 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 the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

M.P.B. STRUCTURES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF M.P.B. STRUCTURES LTD
- 7 -
Opinion

We have audited the financial statements of M.P.B. Structures Ltd (the 'company') for the year ended 30 September 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

Basis for opinion

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

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

M.P.B. STRUCTURES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF M.P.B. STRUCTURES LTD
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

M.P.B. STRUCTURES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF M.P.B. STRUCTURES LTD
- 9 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Richard Monkhouse
Senior Statutory Auditor
For and on behalf of Azets Audit Services
22 May 2025
Chartered Accountants
Statutory Auditor
Thorpe House
93 Headlands
Kettering
Northamptonshire
United Kingdom
NN15 6BL
M.P.B. STRUCTURES LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
115,834,631
112,005,851
Cost of sales
(103,286,549)
(99,586,978)
Gross profit
12,548,082
12,418,873
Administrative expenses
(7,482,507)
(7,087,521)
Operating profit
4
5,065,575
5,331,352
Interest receivable and similar income
8
3,121
817
Interest payable and similar expenses
9
(737,781)
(591,225)
Profit before taxation
4,330,915
4,740,944
Tax on profit
10
(1,085,142)
(1,275,222)
Profit for the financial year
3,245,773
3,465,722

The profit and loss account has been prepared on the basis that all operations are continuing operations.

M.P.B. STRUCTURES LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
2024
2023
£
£
Profit for the year
3,245,773
3,465,722
Other comprehensive income
-
-
Total comprehensive income for the year
3,245,773
3,465,722
M.P.B. STRUCTURES LTD
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
16,846,175
16,403,789
Current assets
Stocks
13
3,736,134
3,262,307
Debtors
15
25,937,145
27,357,456
Cash at bank and in hand
6,107,397
3,054,667
35,780,676
33,674,430
Creditors: amounts falling due within one year
16
(13,853,642)
(14,300,545)
Net current assets
21,927,034
19,373,885
Total assets less current liabilities
38,773,209
35,777,674
Creditors: amounts falling due after more than one year
17
(4,132,640)
(4,944,300)
Provisions for liabilities
Deferred tax liability
20
3,699,574
2,810,552
(3,699,574)
(2,810,552)
Net assets
30,940,995
28,022,822
Capital and reserves
Called up share capital
22
5,000
5,000
Profit and loss reserves
30,935,995
28,017,822
Total equity
30,940,995
28,022,822
The financial statements were approved by the board of directors and authorised for issue on 21 May 2025 and are signed on its behalf by:
P J J Boyle
Director
Company Registration No. 02002335
M.P.B. STRUCTURES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
5,000
24,893,294
24,898,294
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
3,465,722
3,465,722
Dividends
11
-
(341,194)
(341,194)
Balance at 30 September 2023
5,000
28,017,822
28,022,822
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
3,245,773
3,245,773
Dividends
11
-
(327,600)
(327,600)
Balance at 30 September 2024
5,000
30,935,995
30,940,995
M.P.B. STRUCTURES LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
11,496,398
3,802,330
Interest paid
(737,781)
(591,225)
Net cash inflow from operating activities
10,758,617
3,211,105
Investing activities
Purchase of tangible fixed assets
(3,284,950)
(1,062,054)
Proceeds from disposal of tangible fixed assets
272,905
115,000
Interest received
3,121
817
Net cash used in investing activities
(3,008,924)
(946,237)
Financing activities
Payment of finance leases obligations
(937,941)
(2,656,011)
Dividends paid
(327,600)
(341,194)
Net cash used in financing activities
(1,265,541)
(2,997,205)
Net increase/(decrease) in cash and cash equivalents
6,484,152
(732,337)
Cash and cash equivalents at beginning of year
(376,755)
355,582
Cash and cash equivalents at end of year
6,107,397
(376,755)
Relating to:
Cash at bank and in hand
6,107,397
3,054,667
Bank overdrafts included in creditors payable within one year
-
0
(3,431,422)
M.P.B. STRUCTURES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
1
Accounting policies
Company information

M.P.B. Structures Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 14 Crucible Road, Corby, Northamptonshire, United Kingdom, NN17 5TS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% straight line & between 12.5% & 15% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

M.P.B. STRUCTURES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

M.P.B. STRUCTURES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

M.P.B. STRUCTURES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

M.P.B. STRUCTURES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

M.P.B. STRUCTURES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Long term contracts

The main judgements included within the financial statements relate to construction contracts and those in progress at the year end. The balances held at the year end are reviewed for recoverability and where amounts are deemed irrecoverable they are written off in the year. The level of future profit profitability is at times judged by the directors where not clear.

 

Costs released to the profit and loss in relation to construction contracts are released based on projected margins for sites during the year. Margins are estimated by the directors based on the expected total costs for each site made up of costs incurred to date and further costs expected to be incurred in relation to the completion of each site.

3
Turnover

An analysis of the company's turnover is not required as it all relates to one geographical market and class.

 

4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
874,100
647,877
Depreciation of tangible fixed assets held under finance leases
1,652,678
1,051,245
Loss/(profit) on disposal of tangible fixed assets
42,881
(19,003)
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
25,000
25,000
M.P.B. STRUCTURES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Administration, Site & other
66
54
Management
7
8
Total
73
62

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
6,749,601
6,595,203
Social security costs
530,675
483,285
Pension costs
172,800
230,677
7,453,076
7,309,165
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
912,007
886,662
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
221,965
221,965
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
3,121
817
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
3,121
817
M.P.B. STRUCTURES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
303,778
291,534
Other finance costs:
Interest on finance leases and hire purchase contracts
434,003
299,691
737,781
591,225
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
196,120
-
0
Deferred tax
Origination and reversal of timing differences
889,022
1,275,222
Total tax charge
1,085,142
1,275,222

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
4,330,915
4,740,944
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
1,082,729
1,185,236
Tax effect of expenses that are not deductible in determining taxable profit
2,413
125
Effect of change in corporation tax rate
-
0
89,861
Taxation charge for the year
1,085,142
1,275,222
11
Dividends
2024
2023
£
£
Interim paid
327,600
341,194
M.P.B. STRUCTURES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
12
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 October 2023
24,375,958
1,052,478
25,428,436
Additions
1,937,327
1,347,623
3,284,950
Disposals
-
0
(557,773)
(557,773)
At 30 September 2024
26,313,285
1,842,328
28,155,613
Depreciation and impairment
At 1 October 2023
8,493,449
531,198
9,024,647
Depreciation charged in the year
2,308,573
218,205
2,526,778
Eliminated in respect of disposals
-
0
(241,987)
(241,987)
At 30 September 2024
10,802,022
507,416
11,309,438
Carrying amount
At 30 September 2024
15,511,263
1,334,912
16,846,175
At 30 September 2023
15,882,509
521,280
16,403,789

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and equipment
9,532,090
10,088,559
Motor vehicles
1,319,899
490,760
10,851,989
10,579,319
13
Stocks
2024
2023
£
£
Raw materials and consumables
485,000
485,000
Work in progress
3,251,134
2,777,307
3,736,134
3,262,307
14
Construction contracts
2024
2023
£
£
Contracts in progress at the reporting date
Gross amounts owed by contract customers included in debtors
16,667,258
19,849,286
M.P.B. STRUCTURES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
194,387
887,057
Gross amounts owed by contract customers
16,667,258
19,849,286
Other debtors
7,625,013
6,574,113
Prepayments and accrued income
1,450,487
47,000
25,937,145
27,357,456
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
-
0
3,431,422
Obligations under finance leases
19
2,373,226
2,499,507
Trade creditors
10,062,526
7,131,967
Corporation tax
196,120
-
0
Other taxation and social security
137,688
170,054
Other creditors
912,813
864,300
Accruals and deferred income
171,269
203,295
13,853,642
14,300,545

The bank overdraft is secured by way of a fixed and floating charge over the company's assets, covering all the property or undertaking of the company.

 

Unlimited Multilateral Guarantee dated 18 January 2024 given by M.P.B. Structures Ltd, Glenrowan Hiomes Limited, M.P.B. Contractors Limited and Total Plant Limited.

 

Finance lease liabilities are secured against the assets to which they relate.

17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
19
4,132,640
4,944,300
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
430,630
M.P.B. STRUCTURES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
18
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
-
0
3,431,422
Payable within one year
-
0
3,431,422
19
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
2,394,682
2,499,507
In two to five years
3,727,897
4,513,670
In over five years
383,287
430,630
6,505,866
7,443,807

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
3,699,574
3,427,938
Tax losses
-
(617,386)
3,699,574
2,810,552
2024
Movements in the year:
£
Liability at 1 October 2023
2,810,552
Charge to profit or loss
889,022
Liability at 30 September 2024
3,699,574

The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances that are expected to mature within the same period.

M.P.B. STRUCTURES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
172,800
230,677

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
4,500
4,500
4,500
4,500
Ordinary B shares of £1 each
250
250
250
250
Ordinary C shares of £1 each
250
250
250
250
5,000
5,000
5,000
5,000
23
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
85,791
14,246
Between two and five years
86,026
-
0
171,817
14,246
24
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Entities with control, joint control or significant influence over the company
1,239,395
5,561,444
7,536,622
3,228,209
M.P.B. STRUCTURES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
24
Related party transactions
(Continued)
- 27 -

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
6,432,781
11,095,433
25
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
3,245,773
3,465,722
Adjustments for:
Taxation charged
1,085,142
1,275,222
Finance costs
737,781
591,225
Investment income
(3,121)
(817)
Loss/(gain) on disposal of tangible fixed assets
42,881
(19,003)
Depreciation and impairment of tangible fixed assets
2,526,778
1,699,122
Movements in working capital:
(Increase)/decrease in stocks
(473,827)
1,292,228
Decrease in debtors
1,420,311
5,502,627
Increase/(decrease) in creditors
2,914,680
(10,003,996)
Cash generated from operations
11,496,398
3,802,330
26
Analysis of changes in net debt
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
3,054,667
3,052,730
6,107,397
Bank overdrafts
(3,431,422)
3,431,422
-
0
(376,755)
6,484,152
6,107,397
Obligations under finance leases
(7,443,807)
937,941
(6,505,866)
(7,820,562)
7,422,093
(398,469)
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