Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31No description of principal activity10truetrue2024-01-01false11falsefalsefalse 02101063 2024-01-01 2024-12-31 02101063 2023-01-01 2023-12-31 02101063 2024-12-31 02101063 2023-12-31 02101063 2023-01-01 02101063 1 2024-01-01 2024-12-31 02101063 2 2024-01-01 2024-12-31 02101063 1 2024-01-01 2024-12-31 02101063 e:Director1 2024-01-01 2024-12-31 02101063 e:RegisteredOffice 2024-01-01 2024-12-31 02101063 d:Buildings 2024-01-01 2024-12-31 02101063 d:Buildings 2024-12-31 02101063 d:Buildings 2023-12-31 02101063 d:Buildings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02101063 d:PlantMachinery 2024-01-01 2024-12-31 02101063 d:PlantMachinery 2024-12-31 02101063 d:PlantMachinery 2023-12-31 02101063 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02101063 d:MotorVehicles 2024-01-01 2024-12-31 02101063 d:MotorVehicles 2024-12-31 02101063 d:MotorVehicles 2023-12-31 02101063 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02101063 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02101063 d:CurrentFinancialInstruments 2024-12-31 02101063 d:CurrentFinancialInstruments 2023-12-31 02101063 d:Non-currentFinancialInstruments 2024-12-31 02101063 d:Non-currentFinancialInstruments 2023-12-31 02101063 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 02101063 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02101063 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 02101063 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 02101063 d:ReportableOperatingSegment1 2024-01-01 2024-12-31 02101063 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 02101063 d:UKTax 2024-01-01 2024-12-31 02101063 d:UKTax 2023-01-01 2023-12-31 02101063 d:ShareCapital 2024-12-31 02101063 d:ShareCapital 2023-12-31 02101063 d:ShareCapital 2023-01-01 02101063 d:RevaluationReserve 2024-01-01 2024-12-31 02101063 d:RevaluationReserve 2024-12-31 02101063 d:RevaluationReserve 1 2024-01-01 2024-12-31 02101063 d:RevaluationReserve 2 2024-01-01 2024-12-31 02101063 d:RevaluationReserve 2023-12-31 02101063 d:RevaluationReserve 2023-01-01 02101063 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 02101063 d:RetainedEarningsAccumulatedLosses 2024-12-31 02101063 d:RetainedEarningsAccumulatedLosses 1 2024-01-01 2024-12-31 02101063 d:RetainedEarningsAccumulatedLosses 2 2024-01-01 2024-12-31 02101063 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02101063 d:RetainedEarningsAccumulatedLosses 2023-12-31 02101063 d:RetainedEarningsAccumulatedLosses 2023-01-01 02101063 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-12-31 02101063 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 02101063 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2024-12-31 02101063 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2023-12-31 02101063 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 02101063 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02101063 e:OrdinaryShareClass1 2024-01-01 2024-12-31 02101063 e:OrdinaryShareClass1 2024-12-31 02101063 e:OrdinaryShareClass1 2023-12-31 02101063 e:FRS102 2024-01-01 2024-12-31 02101063 e:Audited 2024-01-01 2024-12-31 02101063 e:FullAccounts 2024-01-01 2024-12-31 02101063 e:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02101063 d:Subsidiary1 2024-01-01 2024-12-31 02101063 d:Subsidiary1 1 2024-01-01 2024-12-31 02101063 d:WithinOneYear 2024-12-31 02101063 d:WithinOneYear 2023-12-31 02101063 d:BetweenOneFiveYears 2024-12-31 02101063 d:BetweenOneFiveYears 2023-12-31 02101063 d:HirePurchaseContracts d:WithinOneYear 2024-12-31 02101063 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 02101063 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-12-31 02101063 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 02101063 2 2024-01-01 2024-12-31 02101063 5 2024-01-01 2024-12-31 02101063 6 2024-01-01 2024-12-31 02101063 d:ShareCapital 1 2024-01-01 2024-12-31 02101063 d:ShareCapital 2 2024-01-01 2024-12-31 02101063 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-12-31 02101063 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-12-31 02101063 f:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02101063









MOUNTFIELD BUILDING GROUP LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
COMPANY INFORMATION


Director
G Read 




Registered number
02101063



Registered office
Leytonstone House
3 Hanbury Drive

Leytonstone

London

E11 1GA




Independent auditors
Barnes Roffe LLP
Chartered Accountants

Leytonstone House

3 Hanbury Drive

Leytonstone

London

E11 1GA





 
MOUNTFIELD BUILDING GROUP LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Director's report
 
3 - 4
Independent auditors' report
 
5 - 9
Statement of income and retained earnings
 
10
Balance sheet
 
11
Statement of changes in equity
 
12
Notes to the financial statements
 
13 - 26


 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The director presents the strategic report of Mountfield Building Group Limited ("the Company") for the year ended 31 December 2024.
The principal activities of the Company are specialist construction services including those related to property fabric repair and refurbishment.

Business review
 
The Company's turnover in 2024 was £14.7m (2023 - £14.6m) and its profit before tax was £1.6m (2023 - £0.5m).
As at 31 December 2024, net assets amounted to £1.9m (
2023 - £1.2m). 
Financial year ended 2024 amounts to another strong year for the Company as they focus on their core competencies of specialist construction services.

Principal risks and uncertainties
 
The principal risks and uncertainties facing the Company relate to:
Attraction and retention of key employees
The Company’s future success is substantially dependent on the continued services and performance of its directors, senior management and other key personnel and its ability to continue to attract and retain highly skilled and qualified personnel.
Economic downturn and other macroeconomic factors
The Company's success is substantially dependent on the general level of economic activity and economic conditions in the United Kingdom.
Many of the Company's contracts, including renewals or extensions of previous contracts, are awarded through competitive bidding processes. Any downturn in the economy, or any other macroeconomic factors, either in the UK or globally, may reduce the number of contracts coming up for bidding.
The competitive bidding processes present a number of additional risks, including incurring substantial costs and managerial time to prepare bids and proposals for contracts that the Company may not ultimately win. The Company may face additional competition in the bidding process either from existing competitors or new market entrants.
The Company seeks to mitigate the investment risk in the bidding process by selecting only those tenders for contracts where it believes it has a competitive advantage and where it believes there is significant potential for profitability.

Page 1

 
MOUNTFIELD BUILDING GROUP LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties (continued)

Reliance on key customers and clients
The business of the Company is dependent upon the continuing contracts that it has, and relationships that it has developed, with certain customers.
Whilst signed contracts are in place with key customers, the successful completion and timing of contracted projects are not guaranteed and are susceptible to external factors outside of the control of the Company. Similarly, contracted projects may in some circumstances be susceptible to delays or variation by customers or be affected by unforeseen changes in circumstances relating to the market, technology, legislation, economic or other business factors. This may affect the cashflow and subsequent performance of the Company.
Reliance on subcontractors
The Company utilises subcontractors on a project-by-project basis to meet contractual obligations. Such projects will rely on the subcontractors performing their duties and obligations, not only in terms of timely delivery but also in terms of their performance obligations. Any non-performance may result in time and cost over-runs on the Company's projects and reduce the value of its returns.
Subcontractors are vetted by senior management and normally engaged to work on closely defined and managed aspects of contracts. Most subcontractors have a long standing trading history with the Company.
Health and safety
The Company undertakes Construction activities, often working within difficult conditions and with heavy machinery which if improperly used could result in personal injury or in extreme cases, fatalities.
The Company takes the health and safety of its employees and clients very seriously and employs Health and Safety advisors on all significant contracts. It also has a firm of Health and Safety Advisors with whom it consults on a regular basis.
Financial risk management, including price, credit, liquidity and cashflows
The Company carefully manages it's cash and liquidity position through forecasting of upcoming payments and receipts thus managing risks of liquidity and cashflows. 
Other risk management strategies are discussed above.

Financial and other key performance indicators
 
The director uses a number of performance indicators which are used to manage the business but, as with most businesses, the focus in the Statement of Comprehensive Income at the top level is on sales, margins, staff numbers and overheads compared to budget and the prior year. In the Statement of Financial Position the focus is on managing working capital.


This report was approved by the board on 3 June 2025 and signed on its behalf.



G Read
Director

Page 2

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

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

The director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,162,006 (2023 - £433,498).

The Director does not propose to recommend a final dividend for the year (2023 - £Nil).

Director

The director who served during the year was:

G Read 

Future developments

The Company continues to pursue its core strategy of specialist construction contracts, and developing and nurturing relationships with their key stakeholders.

Page 3

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

This report was approved by the board on 3 June 2025 and signed on its behalf.
 





G Read
Director

Page 4

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOUNTFIELD BUILDING GROUP LIMITED
 

Opinion


We have audited the financial statements of Mountfield Building Group Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the 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 United Kingdom, including the Financial Reporting Council'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 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 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 director with respect to going concern are described in the relevant sections of this report.


Page 5

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOUNTFIELD BUILDING GROUP LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Director's report.


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOUNTFIELD BUILDING GROUP LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 3, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Page 7

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOUNTFIELD BUILDING GROUP LIMITED (CONTINUED)


Auditors' 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 Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was a follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and
other management, and from our commercial knowledge and experience of the relevant sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the
financial statements or the operations of the company, including the Companies Act 2006 and ISO
standards;
we assessed the extent of compliance with the laws and regulations identified above through making
enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained
alert to instances of non-compliance throughout the audit

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusal transactions.

The areas that we identified as being susceptible to misstatement through fraud were:

Management bias in the estimates and judgements made; and
Management override of controls.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
Page 8

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOUNTFIELD BUILDING GROUP LIMITED (CONTINUED)


intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Other Matter
In the previous accounting period the directors of the Company took advantage of audit exemption under s477 of the Companies Act 2006. Therefore, the prior period financial statements were not subject to audit and we, therefore, do not express an opinion on them. 


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 2006Our 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 Auditors' 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.





Andrew May (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Leytonstone House
3 Hanbury Drive
Leytonstone
London
E11 1GA

 
Date: 
4 June 2025
Page 9

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
Unaudited 2023
Note
£
£

  

Turnover
 4 
14,721,127
14,579,452

Cost of sales
  
(11,689,208)
(12,455,813)

Gross profit
  
3,031,919
2,123,639

Administrative expenses
  
(1,561,736)
(1,939,440)

Operating profit
  
1,470,183
184,199

Income from fixed assets investments
  
-
300,000

Interest receivable and similar income
  
98,551
3,663

Interest payable and similar charges
  
(3,808)
(3,808)

Profit before tax
  
1,564,926
484,054

Tax on profit
 7 
(402,920)
(50,556)

Profit after tax
  
1,162,006
433,498

Retained earnings at the beginning of the year
  
1,076,240
710,136

Profit for the year
  
1,162,006
433,498

Dividends declared and paid
  
(487,805)
(67,394)

Retained earnings at the end of the year
  
1,750,441
1,076,240
The notes on pages 13 to 26 form part of these financial statements.

Page 10

 
MOUNTFIELD BUILDING GROUP LIMITED
REGISTERED NUMBER: 02101063

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
Unaudited 2023
Note
£
£

Fixed assets
  

Tangible assets
 9 
304,347
282,311

Investments
 10 
1
1

  
304,348
282,312

Current assets
  

Debtors: amounts falling due within one year
 11 
3,249,557
3,906,382

Cash at bank and in hand
 12 
3,304,603
2,964,582

  
6,554,160
6,870,964

Creditors: amounts falling due within one year
 13 
(4,869,548)
(5,860,159)

Net current assets
  
 
 
1,684,612
 
 
1,010,805

Creditors: amounts falling due after more than one year
 14 
(35,219)
(48,577)

Provisions for liabilities
  

Deferred tax
  
(25,411)
-

Net assets
  
1,928,330
1,244,540


Capital and reserves
  

Called up share capital 
 18 
100
100

Revaluation reserve
 19 
177,789
168,200

Profit and loss account
 19 
1,750,441
1,076,240

  
1,928,330
1,244,540


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 June 2025.




G Read
Director

The notes on pages 13 to 26 form part of these financial statements.

Page 11

 
MOUNTFIELD BUILDING GROUP LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
100
168,200
710,136
878,436



Profit for the year
-
-
433,498
433,498

Dividends: Equity capital
-
-
(67,394)
(67,394)



At 1 January 2024
100
168,200
1,076,240
1,244,540



Profit for the year
-
-
1,162,006
1,162,006

Recognition of deferred tax on revaluation of property
-
(25,411)
-
(25,411)

Uplift on revaluation of property
-
35,000
-
35,000

Dividends: Equity capital
-
-
(487,805)
(487,805)


At 31 December 2024
100
177,789
1,750,441
1,928,330


The notes on pages 13 to 26 form part of these financial statements.

Page 12

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Mountfield Building Group Limited (the 'Company') is a private company limited by shares and incorporated in England and Wales. The Company's principal business is that of specialist construction services. The Company's registered office is located at Leytonstone House, 3 Hanbury Drive, Leytonstone, London, E11 1GA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Mountfield Holdings Limited as at 31 December 2024 and these financial statements may be obtained from Companies House..

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

Going concern

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

Page 13

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Revenue

Turnover is measured by reference to the stage of completion of the construction contract activity.
The Company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entities and when specific criteria have been met as described below.
Revenue is stated exclusive of VAT.
Construction contracts
Turnover is recognised relative to the stage of completion of the contract. The stage of completion is determined by the works completed and certfied to date. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. 
Profit on construction contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. 
Turnover is recognised relative to the stage of completion of the contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. 
Full provision is made for loss making contracts in the year in which they are first foreseen.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Plant and equipment
-
10%
reducing balance
Motor vehicles
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 15

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Revaluation of tangible fixed assets

Individual freehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
 
Page 16

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in accordance with FRS102 requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, incomeand expenses. The estimates and associated assumptions are based on historical experience and factors that arebelieved to be reasonable under the circumstances, the results of which form the basis of making judgements aboutcarrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from those estimates. Estimates and assumptions are reviewed on an ongoing basis and any revision to estimates or assumptions are recognised in the period in which they are revised and in future periods affected.
Accounting for construction contracts
In accordance with FRS102:17 Revenue on Construction Contracts, management is required to estimate total expected contract revenue and costs and the percentage of contract completion in determining the appropriate profit to recognise in the period. The Company uses the work of surveyors to determine accurately the level of work that has been completed by the year-end. The Company also has appropriate control procedures to ensure that all estimates are determined on a consistent basis and are subject to appropriate review and authorisation.
Revaluation of tangible fixed assets
In accordance with FRS102:23, the company accounts for freehold property under the revaluation model. Revaluations shall be made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period. Judgements and estimates are required to determine this fair value.

Page 17

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
Unaudited 2023
£
£

Revenue from construction contracts
14,721,127
14,579,452


All turnover arose within the United Kingdom.


5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
Unaudited 2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
18,000
-

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 18

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Employees

Staff costs, including director's remuneration, were as follows:


2024
Unaudited 2023
£
£

Wages and salaries
1,524,047
1,895,170

Social security costs
196,285
245,148

Cost of defined contribution scheme
22,771
22,367

1,743,103
2,162,685


The average monthly number of employees, including the director, during the year was as follows:


        2024
   Unaudited 2023
            No.
            No.







Employees
10
9



Directors
1
1

11
10


7.


Taxation


2024
Unaudited 2023
£
£

Corporation tax


Current tax on profits for the year
403,528
50,556

Adjustments in respect of previous periods
(608)
-


402,920
50,556


Total current tax
402,920
50,556


Tax on profit
402,920
50,556
Page 19

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
7.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5% being a hybrid rate reflecting the mid year rate change). The differences are explained below:

2024
Unaudited 2023
£
£


Profit on ordinary activities before tax
1,564,926
484,054


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
391,232
113,753

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
11,688
7,303

Dividends from UK companies not taxable
-
(70,500)

Total tax charge for the year
402,920
50,556


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


8.


Dividends

2024
Unaudited 2023
£
£


Dividends paid on equity share capital
487,805
67,394

Page 20

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Tangible fixed assets





Freehold land and property
Plant and equipment
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 January 2024
215,000
61,589
106,086
382,675


Additions
-
1,255
-
1,255


Revaluations
35,000
-
-
35,000



At 31 December 2024

250,000
62,844
106,086
418,930



Depreciation


At 1 January 2024
-
43,955
56,409
100,364


Charge for the year on owned assets
-
1,800
12,419
14,219



At 31 December 2024

-
45,755
68,828
114,583



Net book value



At 31 December 2024
250,000
17,089
37,258
304,347



At 31 December 2023
215,000
17,634
49,677
282,311

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
Unaudited 2023
£
£



Motor vehicles
36,850
49,133

Cost or valuation at 31 December 2024 is as follows:

Land and buildings
£


At cost
63,375
At valuation:

Fair value as at 31 December 2024
186,625



250,000

Page 21

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           9.Tangible fixed assets (continued)

The property has been revalued by the directors as at 31 December 2024 on an open market fair value basis. 
If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
Unaudited 2023
£
£



Cost
63,375
63,375

Accumulated depreciation
(18,615)
(17,955)

Net book value
44,760
45,420


10.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
1



At 31 December 2024
1





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

MBG Construction Limited
Leytonstone House, London, E11 1GA
Ordinary
100%



Name
Aggregate of share capital and reserves
Profit/(Loss)

MBG Construction Limited
1,022,772
303,450


11.


Debtors

Page 22

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
Unaudited 2023
£
£


Trade debtors
1,486,776
2,072,789

Amounts owed by group undertakings
1,647,348
1,647,348

Other debtors
56,812
36,199

Prepayments and accrued income
56,313
55,822

Amounts recoverable on long-term contracts
2,308
94,224

3,249,557
3,906,382



12.


Cash and cash equivalents

2024
Unaudited 2023
£
£

Cash at bank and in hand
3,304,603
2,964,582



13.


Creditors: Amounts falling due within one year

2024
Unaudited 2023
£
£

Trade creditors
901,977
1,752,408

Amounts owed to group undertakings
73,943
386,800

Corporation tax
403,453
50,689

Other taxation and social security
512,459
1,031,871

Obligations under finance lease and hire purchase contracts
13,359
13,360

Other creditors
158,837
121,295

Accruals and deferred income
2,805,520
2,503,736

4,869,548
5,860,159



14.


Creditors: Amounts falling due after more than one year

2024
Unaudited 2023
£
£

Net obligations under finance leases and hire purchase contracts
35,219
48,577


Page 23

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
Unaudited 2023
£
£


Within one year
13,359
13,360

Between 1-5 years
35,219
48,577

48,578
61,937

The hire purchase creditors are secured against the underlying assets to which they relate.


16.


Financial instruments

2024
Unaudited 2023
£
£

Financial assets


Financial assets measured at amortised cost
6,497,847
6,815,142


Financial liabilities


Financial liabilities measured at amortised cost
3,660,202
4,826,176


Financial assets measured at amortised cost includes trade debtors, other debtors, amounts owed from group companies, accrued income and amounts recoverable on long term construction contracts, and cash.


Financial liabilities measured at amortised cost includes trade creditors, accruals, other creditors, hire purchase liabilities and amounts due to group companies.


17.


Deferred taxation




2024


£






Charged to other comprehensive income
(25,411)



At end of year
(25,411)

Page 24

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
17.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2024
Unaudited 2023
£
£


On revaluation of property
(25,411)
-


18.


Share capital

2024
Unaudited 2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends or voting rights.



19.


Reserves

Revaluation reserve

The revaluation reserve includes the accumulated uplift on the revaluation of assets held under the revaluation model, namely freehold property, net of any deferred tax concequences.

Profit and loss account

The profit and loss account includes the accumlated earnings of the company, net of any equity dividends paid.


20.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £22,771 (2023 - £22,367). Contributions totalling £2,120 (2023 - £4,753) were payable to the fund at the balance sheet date.

Page 25

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
Unaudited 2023
£
£


Not later than 1 year
1,132
1,132

Later than 1 year and not later than 5 years
453
1,585

1,585
2,717


22.


Related party transactions

Included within Other Debtors is a balance of £50,086 owed by (2023 - £29,472) the director and key management personel. Advances were made during the year of £39,503. 
The Company has not disclosed transactions and balances with other companies wholly owned within the group, as entitled under 33.1A of FRS102.


23.


Post balance sheet events

There have been no post balance sheet events.


24.


Controlling party

The ultimate parent company is Mountfield Holdings Group Limited. This company was incorporated in October 2024 and is not preparing consolidated financial statements as at 31 December 2024. 
The immediate parent company is Mountfield Holdings Limited, into which the Company will be included in the consolidated financial statements as at 31 December 2024. The consolidated financial statements may be obtained from Companies House. 
The registered office of these companies is Leytonstone House, London, E11 1GA, and they are incorporated in England and Wales.
The ultimate controlling party is G J Read.

 
Page 26