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Registration number: 04956739

Motherwell Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2024

 

Motherwell Holdings Limited

Contents

Company Information

1

Chairman's Statement

2

Strategic Report

3 to 4

Directors' Report

5

Independent Auditor's Report

6 to 9

Consolidated Profit and Loss Account and Statement of Retained Earnings

10

Consolidated Balance Sheet

11

Balance Sheet

12

Consolidated Statement of Cash Flows

13

Notes to the Financial Statements

14 to 29

 

Motherwell Holdings Limited

Company Information

Directors

A D Hill

J D Hill

Company secretary

J D Hill

Registered office

Solus 31
Motherwell Way
West Thurrock
Essex
RM20 3LB

Auditors

Xeinadin Audit Limited
Chartered Accountants
Statutory AuditorsLeavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

 

Motherwell Holdings Limited

Chairman's Statement for the Year Ended 31 December 2024

As Chairman of Motherwell Holdings Ltd, I am proud to present this statement reflecting on our achievements, challenges, and strategic direction.

Over the past year, The Hill Company has continued to deliver secure, compliant, and customer-focused document management services. Our core offerings-document storage, scanning, and shredding-remain essential to organisations navigating increasingly complex information governance requirements.

We are equally proud of the progress made by our wholly owned web based businesses, Pluscrates.com and CrateHireCompany.co.uk. These business divisions have not only strengthened their market leadership in commercial crate rental and relocation logistics, but have also set a new benchmark for environmental responsibility. Together, they form the UK’s only carbon-neutral crate hire businesses, using 100% recycled crates and operating with a clear commitment to sustainability.

As part of our broader environmental strategy, we are in the process of setting our Science-Based Targets (SBTs) to align our emissions reductions with climate science. We are also proud to support biodiversity at a local level, including the introduction of bee hives at our Livingston site in Scotland, which contribute to pollinator health and environmental stewardship.

Despite broader economic uncertainty, we have maintained strong performance across the group. Our investments in digital transformation, logistics infrastructure, and customer service have positioned us well for continued growth and resilience.

I would like to thank our dedicated teams across The Hill Company, Pluscrates.com, and CrateHireCompany.co.uk. Their professionalism, adaptability, and shared commitment to excellence are the foundation of our success.

Looking ahead, we remain focused on sustainable expansion-leveraging the synergies across our group, enhancing our digital and environmental capabilities, and continuing to deliver long-term value to our clients and stakeholders.

 

Motherwell Holdings Limited

Strategic Report for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the group is that of a parent company to a group of companies, including The Hill Company Limited, the main trading company providing management and provision of storage facilities, document scanning, document shredding, and crate rental.

Business Overview
The Hill Company Ltd is a leading provider of secure document management solutions, including off-site storage, document scanning, and confidential shredding. Our mission is to deliver reliable, compliant, and cost-effective services that help organisations manage their information lifecycle securely and efficiently.
In addition, we work closely with Pluscrates.com, a specialist in crate rental and moving equipment solutions. Together, we offer a comprehensive suite of services that support business continuity, relocation, and information governance.

Business Model
Our business model is built on long-term client relationships, operational excellence, and a commitment to security and compliance. Revenue is generated through recurring service contracts and project-based engagements. Our core services include:
Document Storage: Secure off-site storage with retrieval and delivery services.
Document Scanning: High-volume digitisation and indexing for digital transformation.
Secure Shredding: Certified destruction of confidential materials.
Crate Rental & Logistics (via Pluscrates.com): Supply of reusable crates and moving equipment for commercial relocations and facilities management.

Strategy and Objectives
Our strategic priorities are focused on:
Customer Experience: Enhancing service delivery and responsiveness across both The Hill Company and Pluscrates.
Digital Transformation: Expanding scanning and digital archiving capabilities.
Operational Efficiency: Investing in automation, logistics, and process improvements.
Sustainability: Promoting reusable crate solutions and reducing our environmental footprint.
Growth: Leveraging cross-selling opportunities between The Hill Company and Pluscrates to expand market share.

Business Performance
Despite a challenging economic environment, the group has maintained stable revenues and high customer retention. Key performance highlights include:
• Growth in demand for digital services and crate rental solutions.
• High customer satisfaction, reflected in a 4.8/5 Trustpilot rating.
• Operational improvements across both businesses, leading to faster turnaround times and improved logistics.

Principal Risks and Uncertainties
The group faces several risks, including:
Operational Risks: Equipment failure, service disruption, or supply chain issues.
Regulatory Risks: Changes in data protection or environmental regulations.
Market Risks: Economic downturns affecting client budgets.
Reputational Risks: Service failures or data breaches.
Mitigation strategies include robust disaster recovery plans, staff training, and regular compliance audits across both entities.
 

 

Motherwell Holdings Limited

Strategic Report for the Year Ended 31 December 2024

The group uses various financial instruments including inter company loans, cash and equity investments as well as other items, such as trade debtors and trade creditors that arise directly from its operation to raise finance. The existence of these financial instruments exposes the group to a number of financial risks, which are described in more detail below.

Liquidity risk - The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs.

Credit risk - The group's principal financial assets are cash and trade debtors. The credit risk associated with cash is limited as the counterparties have appropriate credit ratings. The principal credit risk arises therefore from its trade debtors. In order to manage credit risk the directors set limits for customers. Credit limits are reviewed on a regular basis.

Future Outlook
The outlook for The Hill Company and Pluscrates remains positive. We anticipate continued demand for secure document services and sustainable moving solutions. Strategic investments in technology, customer service, and logistics will position us for long-term growth and resilience.

Section 172(1) Statement
In line with our duties under Section 172 of the Companies Act 2006, the directors have acted in good faith to promote the success of the group. This includes considering the long-term consequences of decisions, the interests of employees, the need to foster business relationships, and the impact of operations on the environment and community.

Key Performance Indicators
The directors monitor the growth of the business by reference to certain key financial performance indicators.
 

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

 

Unit

2024

2023

Turnover

£

9,013,309

8,369,468

Gross Profit

£

8,582,242

7,990,393

Gross Profit %

%

95

95

Profit before tax

£

1,280,225

1,084,158

The directors also monitor the growth of the business by reference to certain non financial performance indicators, including the number of new customers, boxes under management and warehouse space occupancy.

Approved and authorised by the Board on 3 June 2025 and signed on its behalf by:
 

.........................................
J D Hill
Company secretary and director

 

Motherwell Holdings Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the for the year ended 31 December 2024.

Directors of the group

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

A D Hill

J D Hill - Company secretary and director

Statement of directors' responsibilities

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

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

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain 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.

Disclosure of information to the auditor

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

Reappointment of auditors

The auditors Xeinadin Audit Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the Board on 3 June 2025 and signed on its behalf by:
 

.........................................
J D Hill
Company secretary and director

 

Motherwell Holdings Limited

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

Opinion

We have audited the financial statements of Motherwell Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account and Statement of Retained Earnings, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Motherwell Holdings Limited

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

Opinion on other matter prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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

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

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

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

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

Responsibilities of directors

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

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

Auditor Responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Motherwell Holdings Limited

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

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 as 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 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, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
• 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; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• 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 unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HMRC, relevant regulators, and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

 

Motherwell Holdings Limited

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

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.

......................................
Andrew Thomas (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited
Chartered Accountants
Statutory Auditors
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

3 June 2025

 

Motherwell Holdings Limited

Consolidated Profit and Loss Account and Statement of Retained Earnings
for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

3

9,013,309

8,369,468

Cost of sales

 

(431,067)

(379,075)

Gross profit

 

8,582,242

7,990,393

Administrative expenses

 

(6,758,894)

(6,472,476)

Other operating income

4

18,150

17,100

Operating profit

5

1,841,498

1,535,017

Other interest receivable and similar income

6

167,172

176,543

Interest payable and similar charges

7

(728,445)

(627,402)

 

(561,273)

(450,859)

Profit before tax

 

1,280,225

1,084,158

Taxation

11

(379,242)

(322,627)

Profit for the financial year

 

900,983

761,531

Profit/(loss) attributable to:

 

Owners of the company

 

900,983

761,531

Retained earnings brought forward

 

15,806,401

15,044,870

Retained earnings carried forward

 

16,707,384

15,806,401

The above results were derived from continuing operations.

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

 

Motherwell Holdings Limited

(Registration number: 04956739)
Consolidated Balance Sheet as at 31 December 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Intangible assets

12

 

12,500

 

22,500

Tangible assets

13

 

28,679,972

 

25,784,767

   

28,692,472

 

25,807,267

Current assets

   

 

Stocks

15

465,510

 

516,812

 

Debtors

16

4,837,960

 

4,482,030

 

Cash at bank and in hand

17

3,677,692

 

3,189,781

 

 

8,981,162

 

8,188,623

 

Creditors: Amounts falling due within one year

18

(2,303,034)

 

(10,725,189)

 

Net current assets/(liabilities)

   

6,678,128

 

(2,536,566)

Total assets less current liabilities

   

35,370,600

 

23,270,701

Creditors: Amounts falling due after more than one year

18

 

(10,918,277)

 

-

Provisions for liabilities

19

 

(2,743,938)

 

(2,463,299)

Net assets

   

21,708,385

 

20,807,402

Capital and reserves

   

 

Called up share capital

21

5,001,001

 

5,001,001

 

Retained earnings

16,707,384

 

15,806,401

 

Equity attributable to owners of the company

 

21,708,385

 

20,807,402

 

Shareholders' funds

   

21,708,385

 

20,807,402

Approved and authorised by the Board on 3 June 2025 and signed on its behalf by:
 

.........................................
A D Hill
Director

 

Motherwell Holdings Limited

(Registration number: 04956739)
Balance Sheet as at 31 December 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Investments

14

 

625

 

625

Current assets

   

 

Debtors

16

8,715,548

 

8,715,548

 

Creditors: Amounts falling due within one year

18

(1)

 

(1)

 

Net current assets

   

8,715,547

 

8,715,547

Net assets

   

8,716,172

 

8,716,172

Capital and reserves

   

 

Called up share capital

21

5,001,001

 

5,001,001

 

Retained earnings

3,715,171

 

3,715,171

 

Shareholders' funds

   

8,716,172

 

8,716,172

The company made a profit after tax for the financial year of £- (2023 - profit of £-).

Approved and authorised by the Board on 3 June 2025 and signed on its behalf by:
 

.........................................
A D Hill
Director

 

Motherwell Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

900,983

761,531

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

1,040,850

1,058,997

Profit on disposal of tangible assets

(12,347)

(19,041)

Finance income

6

(167,172)

(176,543)

Finance costs

7

728,445

627,402

Income tax expense

11

379,242

322,627

 

2,870,001

2,574,973

Working capital adjustments

 

Decrease/(increase) in stocks

15

51,302

(17,604)

Increase in trade debtors

16

(279,560)

(397,892)

(Decrease)/increase in trade creditors

18

(663,162)

481,772

Cash generated from operations

 

1,978,581

2,641,249

Income taxes paid

11

(145,125)

(288,002)

Net cash flow from operating activities

 

1,833,456

2,353,247

Cash flows from investing activities

 

Interest received

6

167,172

176,543

Acquisitions of tangible assets

13

(3,935,226)

(1,472,809)

Proceeds from sale of tangible assets

 

21,518

20,499

Acquisition of intangible assets

12

-

(30,000)

Net cash flows from investing activities

 

(3,746,536)

(1,305,767)

Cash flows from financing activities

 

Interest paid

7

(728,445)

(627,402)

Proceeds from bank borrowing draw downs

 

8,650,000

-

Repayment of bank borrowing

 

(5,520,564)

(606,395)

Payments to finance lease creditors

 

-

(230,254)

Net cash flows from financing activities

 

2,400,991

(1,464,051)

Net increase/(decrease) in cash and cash equivalents

 

487,911

(416,571)

Cash and cash equivalents at 1 January

 

3,189,781

3,606,352

Cash and cash equivalents at 31 December

 

3,677,692

3,189,781

 

Motherwell Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

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

The address of its registered office is:
Solus 31
Motherwell Way
West Thurrock
Essex
RM20 3LB

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Basis of preparation

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

Summary of disclosure exemptions

The company has taken advantage of the exemption under FRS102 Section 33.1A not to disclose transactions with group undertakings that are wholly owned by the group.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2024.

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

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

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

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

 

Motherwell Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the group.

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

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Asset class

Depreciation method and rate

Freehold buildings

2% Straight line

Long leasehold buildings

2% Straight line

Plant and machinery

25% Straight line

Motor vehicles

25% Straight line

Fixtures and fittings

2% - 20% Straight line

Computer equipment

33% Straight line

 

Motherwell Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 3 years

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

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

Trade debtors

Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Trade creditors are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

 

Motherwell Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Borrowings

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

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

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

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. Assets held under hire purchase leases are depreciated over their estimated useful lives. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease or hire purchase obligation.

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

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distributions to the group's shareholders are recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost.
 

 

Motherwell Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

3

Turnover

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

2024
£

2023
£

Sale of goods

402,703

389,880

Rendering of services

8,610,606

7,979,588

9,013,309

8,369,468

4

Other operating income

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

2024
£

2023
£

Rental income

18,150

17,100

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,030,850

1,051,497

Amortisation expense

10,000

7,500

Profit on disposal of property, plant and equipment

(12,347)

(19,041)

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

105,213

129,969

Other interest receivable

61,959

46,574

167,172

176,543

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

726,001

602,584

Interest on obligations under finance leases and hire purchase contracts

-

24,818

Interest expense on other finance liabilities

2,444

-

728,445

627,402

 

Motherwell Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

8

Staff costs

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

2024
£

2023
£

Wages and salaries

2,869,138

2,395,008

Social security costs

312,005

257,710

Pension costs, defined contribution scheme

58,566

52,312

3,239,709

2,705,030

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

2024
No.

2023
No.

Directors

5

5

Management and administration

22

32

Drivers and warehouse

40

25

67

62

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

1,001,825

791,375

Contributions paid to money purchase schemes

5,695

5,441

1,007,520

796,816

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

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

2

2

In respect of the highest paid director:

2024
£

2023
£

Remuneration

800,000

600,000

 

Motherwell Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

10

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

3,200

3,000


 

11

Taxation

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

2024
£

2023
£

Current taxation

UK corporation tax

98,603

136,463

Deferred taxation

Arising from origination and reversal of timing differences

280,639

186,164

Tax expense in the income statement

379,242

322,627

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 23.52%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,280,225

1,084,158

Corporation tax at standard rate

320,056

254,999

Tax increase from effect of capital allowances and depreciation

53,242

48,726

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

5,944

7,826

Deferred tax expense relating to changes in tax rates or laws

-

11,076

Total tax charge

379,242

322,627

 

Motherwell Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Deferred tax

Group

Deferred tax assets and liabilities

2024

Liability
£

Accelerated capital allowances

1,805,537

Rollover of chargeable gains

938,401

2,743,938

2023

Liability
£

Accelerated capital allowances

1,524,898

Rollover of chargeable gains

938,401

2,463,299

12

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

240,855

240,855

At 31 December 2024

240,855

240,855

Amortisation

At 1 January 2024

218,355

218,355

Amortisation charge

10,000

10,000

At 31 December 2024

228,355

228,355

Carrying amount

At 31 December 2024

12,500

12,500

At 31 December 2023

22,500

22,500

Amortisation of intangible fixed assets is included in administrative expenses.

 

Motherwell Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

13

Tangible assets

Group

Freehold land and buildings
£

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Cost or valuation

At 1 January 2024

13,521,660

7,119,977

13,750,891

81,262

Additions

1,005

-

3,824,003

-

Disposals

-

-

(319)

-

Transfers

(630,541)

-

630,541

-

At 31 December 2024

12,892,124

7,119,977

18,205,116

81,262

Depreciation

At 1 January 2024

1,405,935

545,998

7,018,265

69,240

Charge for the year

175,976

92,400

621,546

4,243

Eliminated on disposal

-

-

(255)

-

At 31 December 2024

1,581,911

638,398

7,639,556

73,483

Carrying amount

At 31 December 2024

11,310,213

6,481,579

10,565,560

7,779

At 31 December 2023

12,115,725

6,573,979

6,732,626

12,022

 

Motherwell Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

508,630

793,490

35,775,910

Additions

13,232

96,986

3,935,226

Disposals

-

(31,253)

(31,572)

Transfers

-

-

-

At 31 December 2024

521,862

859,223

39,679,564

Depreciation

At 1 January 2024

494,443

457,262

9,991,143

Charge for the year

9,840

126,845

1,030,850

Eliminated on disposal

-

(22,146)

(22,401)

At 31 December 2024

504,283

561,961

10,999,592

Carrying amount

At 31 December 2024

17,579

297,262

28,679,972

At 31 December 2023

14,187

336,228

25,784,767

Included in freehold land and buildings is land at directors' valuation of £4,080,030 (2023 - £4,080,030) which is not depreciated. Included in long leasehold land and buildings is land at directors' valuation of £2,500,000 (2023 - £2,500,000) which is not depreciated.

During the year tangible fixed assets with a cost and net book value of £630,541 were reclassified from freehold land and buildings to fixtures and fittings.

Restriction on title and pledged as security

Tangible fixed assets with a carrying amount of £9,417,264 (2023 - £18,689,704) have been pledged as security for group bank borrowings.

 

Motherwell Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

14

Investments

Company

2024
£

2023
£

Investments in subsidiaries

625

625

Subsidiaries

£

Cost or valuation

At 1 January 2024

625

At 31 December 2024

625

Carrying amount

At 31 December 2024

625

At 31 December 2023

625

Details of undertakings

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

Undertaking

Country of incorporation

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

The Hill Company Limited

England and Wales

Ordinary shares

100%

100%

Solus 31 Limited

England and Wales

Ordinary shares

100%

100%

Solus 32 Limited

England and Wales

Ordinary shares

100%

100%

Solus 33 Limited

England and Wales

Ordinary shares

100%

100%

The principal activities of The Hill Company Limited are that of the management and provision of storage facilities, document scanning, and document shredding.

The principal activity of Solus 31 Limited is that of a dormant company.

The principal activity of Solus 32 Limited is that of a dormant company.

The principal activity of Solus 33 Limited is that of a dormant company.

 

Motherwell Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

15

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Finished goods and goods for resale

465,510

516,812

-

-

16

Debtors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

1,192,705

1,224,494

-

-

Amounts owed by group undertakings

25

-

-

8,715,548

8,715,548

Other debtors

 

2,399,171

2,172,892

-

-

Prepayments and accrued income

 

456,359

371,289

-

-

Corporation tax

 

789,725

713,355

-

-

 

4,837,960

4,482,030

8,715,548

8,715,548

17

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

129

388

-

-

Cash at bank

2,643,655

2,550,705

-

-

Short-term deposits

1,033,908

638,688

-

-

3,677,692

3,189,781

-

-

 

Motherwell Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

18

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

22

442,632

8,231,473

-

-

Trade creditors

 

231,997

919,471

-

-

Amounts owed to group undertakings

25

-

-

1

1

Social security and other taxes

 

623,650

401,923

-

-

Outstanding defined contribution pension costs

 

14,057

11,707

-

-

Other creditors

 

22,255

20,295

-

-

Accruals and deferred income

 

793,470

995,195

-

-

Corporation tax

11

174,973

145,125

-

-

 

2,303,034

10,725,189

1

1

Due after one year

 

Loans and borrowings

22

10,918,277

-

-

-

19

Deferred tax and other provisions

Group

Deferred tax
£

Total
£

At 1 January 2024

2,463,299

2,463,299

Increase (decrease) in existing provisions

280,639

280,639

At 31 December 2024

2,743,938

2,743,938

20

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £58,566 (2023 - £52,312).

Contributions totalling £14,057 (2023 - £11,707) were payable to the scheme at the end of the year and are included in creditors.

 

Motherwell Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

21

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

4,501,001

4,501,001

4,501,001

4,501,001

Preference shares of £1 each

500,000

500,000

500,000

500,000

 

5,001,001

5,001,001

5,001,001

5,001,001

22

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

10,918,277

-

-

-

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

442,632

8,231,473

-

-

Group

The bank borrowings of £11,360,909 (2023 - £8,231,473) are secured by legal charges over specific fixed assets of the group.

23

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

750,627

750,627

Later than one year and not later than five years

2,627,507

2,752,507

Later than five years

7,403,250

8,028,877

10,781,384

11,532,011

The amount of non-cancellable operating lease payments recognised as an expense during the year was £750,627 (2023 - £750,627).

 

Motherwell Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

24

Commitments

Group

Capital commitments

The group had capital commitments for freehold land and buildings, and fixtures and fittings.
The total amount contracted for but not provided in the financial statements was £Nil (2023 - £3,690,449).

25

Related party transactions

Group

Key management personnel

Key management personnel consists of the group's directors.

Summary of transactions with key management

The group paid rent on property held in pension funds of key management personnel.
 

Transactions with directors

2024

At 1 January 2024
£

Advances to directors
£

Repayments by directors
£

At 31 December 2024
£

Loans to directors (interest charged at rates of 2.25%, and repayable on demand)

2,172,890

449,361

(223,080)

2,399,171

2023

At 1 January 2023
£

Advances to directors
£

Repayments by directors
£

At 31 December 2023
£

Loans to directors (interest charged at rates of 2.25%, and repayable on demand)

1,880,559

411,500

(119,169)

2,172,890

Expenditure with and payables to related parties

2024

Key management
£

Leases

125,000

2023

Key management
£

Leases

125,000

 

Motherwell Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Company

Income and receivables from related parties

2024

Subsidiary
£

Amounts receivable from related party

8,715,548

2023

Subsidiary
£

Amounts receivable from related party

8,715,548

Expenditure with and payables to related parties

2024

Subsidiary
£

Amounts payable to related party

1

2023

Subsidiary
£

Amounts payable to related party

1

26

Parent and ultimate parent undertaking

The ultimate controlling party is A D Hill.