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Registered number: 13144822









MOUNTFIELD HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
MOUNTFIELD HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
G J Read 
C G Read (resigned 25 October 2024)
M J Climie 




Registered number
13144822



Registered office
Leytonstone House
3 Hanbury Drive

Leytonstone

London

E11 1GA




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor

Leytonstone House

3 Hanbury Drive

Leytonstone

London

E11 1GA





 
MOUNTFIELD HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 9
Consolidated statement of income and retained earnings
 
10
Consolidated balance sheet
 
11
Company balance sheet
 
12
Consolidated statement of changes in equity
 
13
Company statement of changes in equity
 
14
Consolidated statement of cash flows
 
15
Consolidated analysis of net debt
 
16
Notes to the financial statements
 
17 - 33


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

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

Business review
 
The Group's turnover in 2024 was £14.7m (2023 - £14.6m) and its profit before tax was £1.8m (2023 - £0.7m).
As at 31 December 2024, net assets amounted to £1.8m (
2023 - £0.9m). 
Financial year ended 2024 amounts to another strong year for the Group as they focus on their core competencies of specialist construction services.

Principal risks and uncertainties
 
The principal risks and uncertainties facing the Group relate to:
Attraction and retention of key employees
The Group’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 Group's success is substantially dependent on the general level of economic activity and economic conditions in the United Kingdom.
Many of the Group'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 Group may not ultimately win. The Group may face additional competition in the bidding process either from existing competitors or new market entrants.
The Group 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 HOLDINGS LIMITED
 

GROUP 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 Group 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 Group. 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 Group.
Reliance on subcontractors
The Group 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 Group'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 Group.
Health and safety
The Group 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 Group 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 Group 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 directors use 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 J Read
Director

Page 2

 
MOUNTFIELD HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 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 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group'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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group 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 £1,382,056 (2023 - £657,174).

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

Directors

The directors who served during the year were:

G J Read 
C G Read (resigned 25 October 2024)
M J Climie 

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 HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director 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 and the Group's auditors are aware of that information.

Post balance sheet events

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

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





G J Read
Director

Page 4

 
MOUNTFIELD HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOUNTFIELD HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Mountfield Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of income and retained earnings, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of 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 Auditors' 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 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


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


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


Page 5

 
MOUNTFIELD HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOUNTFIELD HOLDINGS 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 directors are 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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the 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 the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


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


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.


Page 6

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


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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.


Page 7

 
MOUNTFIELD HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOUNTFIELD HOLDINGS 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 Group 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.
Page 8

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


The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves 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
Statutory Auditor
Leytonstone House
3 Hanbury Drive
Leytonstone
London
E11 1GA

4 June 2025
Page 9

 
MOUNTFIELD HOLDINGS LIMITED
 
 
CONSOLIDATED 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
  
(11,345,384)
(11,844,561)

Gross profit
  
3,375,743
2,734,891

Administrative expenses
  
(1,645,252)
(2,027,016)

Operating profit
  
1,730,491
707,875

Interest receivable and similar income
 8 
98,551
3,663

Interest payable and similar expenses
 9 
(3,808)
(3,808)

Profit before tax
  
1,825,234
707,730

Tax on profit
 10 
(443,178)
(50,556)

Profit after tax
  
1,382,056
657,174

  

  

Retained earnings at the beginning of the year
  
708,046
118,266

  
708,046
118,266

Profit for the year attributable to the owners of the parent
  
1,382,056
657,174

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

Retained earnings at the end of the year
  
1,602,297
708,046

  

The notes on pages 17 to 33 form part of these financial statements.

Page 10

 
MOUNTFIELD HOLDINGS LIMITED
REGISTERED NUMBER: 13144822

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
Unaudited 2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
514,300
597,700

Tangible assets
 13 
304,347
282,311

  
818,647
880,011

Current assets
  

Debtors: amounts falling due within one year
 15 
1,599,095
2,255,919

Cash at bank and in hand
 16 
3,317,800
2,974,146

  
4,916,895
5,230,065

Creditors: amounts falling due within one year
 17 
(3,894,726)
(5,185,153)

Net current assets
  
 
 
1,022,169
 
 
44,912

Total assets less current liabilities
  
1,840,816
924,923

Creditors: amounts falling due after more than one year
 18 
(35,219)
(48,577)

Provisions for liabilities
  

Deferred taxation
  
(25,411)
-

Net assets
  
1,780,186
876,346


Capital and reserves
  

Called up share capital 
 22 
100
100

Revaluation reserve
 23 
177,789
168,200

Profit and loss account
 23 
1,602,297
708,046

Equity attributable to owners of the parent Company
  
1,780,186
876,346


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 June 2025.




G J Read
Director

The notes on pages 17 to 33 form part of these financial statements.

Page 11

 
MOUNTFIELD HOLDINGS LIMITED
REGISTERED NUMBER: 13144822

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
Unaudited 2023
Note
£
£

Fixed assets
  

Investments
 14 
1,685,315
1,685,315

Current assets
  

Debtors: amounts falling due within one year
 15 
100
100

Creditors: amounts falling due within one year
 17 
(1,685,315)
(1,685,315)

Net current liabilities
  
 
 
(1,685,215)
 
 
(1,685,215)

Total assets less current liabilities
  
100
100

  

  

Net assets
  
100
100


Capital and reserves
  

Called up share capital 
 22 
100
100

Profit for the year
  
487,805
67,394

Equity dividends paid

  

(487,805)
(67,394)

Profit and loss account carried forward
  
-
-

  
100
100


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 June 2025.


G J Read
Director

The notes on pages 17 to 33 form part of these financial statements.

Page 12

 
MOUNTFIELD HOLDINGS LIMITED
 

CONSOLIDATED 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
118,266
286,566



Profit for the year
-
-
657,174
657,174

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



At 1 January 2024
100
168,200
708,046
876,346



Profit for the year
-
-
1,382,056
1,382,056

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
1,602,297
1,780,186


The notes on pages 17 to 33 form part of these financial statements.

Page 13

 
MOUNTFIELD HOLDINGS LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
100
-
100



Profit for the year
-
67,394
67,394

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



At 1 January 2024
100
-
100



Profit for the year
-
487,805
487,805

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


At 31 December 2024
100
-
100


The notes on pages 17 to 33 form part of these financial statements.

Page 14

 
MOUNTFIELD HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
Unaudited 2023
£
£

Cash flows from operating activities

Profit for the financial year
1,382,056
657,174

Adjustments for:

Amortisation of intangible assets
83,400
83,400

Depreciation of tangible assets
14,219
18,444

Interest paid
3,808
3,808

Interest received
(98,551)
(3,663)

Taxation charge
443,178
50,556

Decrease/(increase) in debtors
656,824
(1,805,947)

(Decrease)/increase in creditors
(1,683,448)
1,817,515

Corporation tax (paid)
(50,156)
(162,095)

Net cash generated from operating activities

751,330
659,192


Cash flows from investing activities

Purchase of tangible fixed assets
(1,255)
(679)

Interest received
98,551
3,663

HP interest paid
(3,808)
(3,808)

Net cash from investing activities

93,488
(824)

Cash flows from financing activities

Repayment of/new finance leases
(13,359)
(4,158)

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

Net cash used in financing activities
(501,164)
(71,552)

Net increase in cash and cash equivalents
343,654
586,816

Cash and cash equivalents at beginning of year
2,974,146
2,387,330

Cash and cash equivalents at the end of year
3,317,800
2,974,146


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,317,800
2,974,146

3,317,800
2,974,146


The notes on pages 17 to 33 form part of these financial statements.

Page 15

 
MOUNTFIELD HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

2,974,146

343,654

3,317,800

Finance leases

(61,937)

13,359

(48,578)


2,912,209
357,013
3,269,222

The notes on pages 17 to 33 form part of these financial statements.

Page 16

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

1.


General information

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

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102. 

 
2.3

Going concern

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

Page 17

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

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 18

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

2.Accounting policies (continued)

 
2.8

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.


  
2.9

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of income and retained earnings over its useful economic life. The useful economic life of the goodwill is ten years.

 
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.

Page 19

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

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. .

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Plant and machinery
-
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.

 
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.

Page 20

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

2.Accounting policies (continued)

 
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 Group 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.
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.

Page 21

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

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
IIn 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.


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 Group obtained the following services from the Company's auditors:


2024
Unaudited 2023
£
£

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

All other services
39,855
25,676

Page 22

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

6.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
Unaudited 2023
£
£


Wages and salaries
1,538,883
1,908,924

Social security costs
196,285
245,148

Cost of defined contribution scheme
22,771
22,367

1,757,939
2,176,439


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



Group
Group
Company
Company
        2024
   Unaudited 2023
        2024
   Unaudited 2023
            No.
            No.
            No.
            No.









Management
3
3
3
3



Administation
3
3
-
-



Cost of sales
4
4
-
-

10
10
3
3


7.


Directors' remuneration

2024
Unaudited 2023
£
£

Directors' emoluments
935,325
1,348,847

Group contributions to defined contribution pension schemes
14,750
12,000

950,075
1,360,847


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £557,913 (2023 - £833,577).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).

Page 23

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

8.


Interest receivable

2024
Unaudited 2023
£
£


Bank interest receivable
98,551
3,663


9.


Interest payable and similar expenses

2024
Unaudited 2023
£
£


Finance leases and hire purchase contracts
3,808
3,808


10.


Taxation


2024
Unaudited 2023
£
£

Corporation tax


Current tax on profits for the year
443,786
50,556

Adjustments in respect of previous periods
(608)
-


443,178
50,556


Total current tax
443,178
50,556


Tax on profit
443,178
50,556
Page 24

 
MOUNTFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower 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
1,825,234
707,730


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
456,309
166,317

Effects of:


Non-tax deductible amortisation of goodwill and impairment
20,850
19,599

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
11,623
7,327

Utilisation of tax losses carried forward
(45,604)
(142,687)

Total tax charge for the year
443,178
50,556


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2024
Unaudited 2023
£
£


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

Page 25

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

12.


Intangible assets

Group





Goodwill

£



Cost


At 1 January 2024
834,000



At 31 December 2024

834,000



Amortisation


At 1 January 2024
236,300


Charge for the year
83,400



At 31 December 2024

319,700



Net book value



At 31 December 2024
514,300



At 31 December 2023
597,700



Page 26

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

13.


Tangible fixed assets

Group






Freehold property
Plant and machinery
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

Page 27

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

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
£
£

Group


Cost
63,375
63,375

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

Net book value
44,760
45,420


14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
1,685,315



At 31 December 2024
1,685,315





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Mountfield Building Group Limited
Leytonstone House, London, E11 1GA
Ordinary
100%
MBG Construction Limited*
Leytonstone House, London, E11 1GA
Ordinary
100%

Page 28

 
MOUNTFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

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

Mountfield Building Group Limited
1,939,369
1,173,045

MBG Construction Limited*
1,022,772
303,450

* The shares in MBG Construction Limited are held indirectly through the investment in Mountfield Building Group Limited. 
MBG Construction Limited is exempt from the requirement to have it's financial statements audited under section 479a of the Companies Act 2006. A guarantee has been provided by Mountfield Holdings Limited.


15.


Debtors

Group
Group
Company
Company
2024
Unaudited 2023
2024
Unaudited 2023
£
£
£
£


Trade debtors
1,486,776
1,798,190
-
-

Other debtors
53,698
33,084
100
100

Prepayments and accrued income
56,313
150,046
-
-

Amounts recoverable on long-term contracts
2,308
274,599
-
-

1,599,095
2,255,919
100
100



16.


Cash and cash equivalents

Group
Group
2024
Unaudited 2023
£
£

Cash at bank and in hand
3,317,800
2,974,146


Page 29

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

17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
Unaudited 2023
2024
Unaudited 2023
£
£
£
£

Trade creditors
901,977
2,400,211
-
-

Amounts owed to group undertakings
-
-
1,685,315
1,685,315

Corporation tax
443,711
50,689
-
-

Other taxation and social security
525,554
1,088,592
-
-

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

Other creditors
158,837
121,295
-
-

Accruals and deferred income
1,851,288
1,511,006
-
-

3,894,726
5,185,153
1,685,315
1,685,315



18.


Creditors: Amounts falling due after more than one year

Group
Group
2024
Unaudited 2023
£
£

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





19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
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.

Page 30

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

20.


Financial instruments

Group
Group
Company
Company
2024
Unaudited 2023
2024
Unaudited 2023
£
£
£
£

Financial assets

Financial assets measured at amortised cost
4,863,796
5,177,459
100
100


Financial liabilities

Financial liabilities measured at amortised cost
2,632,027
4,094,449
1,685,315
1,685,315


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.


21.


Deferred taxation


Group



2024


£






Charged to other comprehensive income
(25,411)



At end of year
(25,411)




Group
2024
£

On revaluation of property
(25,411)

(25,411)

Page 31

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

22.


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.



23.


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.


24.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group 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.


25.


Commitments under operating leases

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


Group
Group
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

Page 32

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

26.


Related party transactions

Included within Other Debtors is a balance of £50,086 owed by (2023 - £29,473) a director. 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.


27.


Post balance sheet events

There have been no post balance sheet events.


28.


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 registered office of this company is Leytonstone House, London, E11 1GA, and they are incorporated in England and Wales.
The ultimate controlling party is G J Read.

 
Page 33