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REGISTERED NUMBER: SC571623 (Scotland)
















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 September 2024

for

Malin Group Limited

Malin Group Limited (Registered number: SC571623)






Contents of the Consolidated Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


Malin Group Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: J A MacSween
L McDougall
S R Thornley
S MacDonald
J S Russell
B J Sharples
B D H Wilson





REGISTERED OFFICE: South Rotunda
100 Govan Road
Glasgow
G51 1AY





REGISTERED NUMBER: SC571623 (Scotland)





AUDITORS: McLay McAlister & McGibbon LLP
Chartered Accountants and Statutory Auditors
145 St Vincent Street
Glasgow
G2 5JF

Malin Group Limited (Registered number: SC571623)

Group Strategic Report
for the Year Ended 30 September 2024

The directors present their strategic report of the company and the group for the year ended 30 September 2024.

REVIEW OF BUSINESS
Overview

Malin Group operates in the marine engineering sector, delivering specialist services to clients across the defence, oil and gas, and nuclear markets. The Group provides technically complex solutions including heavy transport, fabrication, and project management, with a focus on safety, innovation, and long-term client partnerships.

The financial year to September 2024 represented a period of stabilisation and improved performance following a challenging prior year. Despite a decline in turnover, the Group returned to profitability, supported by improved gross margin through enhanced operational controls and pivoting away from lower-margin, commoditised work. This repositioning aligns with our long-term ambition to become a trusted delivery partner for complex, mission-critical engineering projects, where our expertise and quality standards provide clear differentiation.

Financial Performance

Group turnover for the year ended 30 September 2024 was £16.5m, compared to £24.5m in FY23. The decrease in revenue reflects a conscious move away from high-volume, lower-margin project work toward more technically demanding contracts that offer stronger commercial returns and are better aligned with the Group’s long-term strategic focus.

Despite the reduction in revenue, gross profit increased to £4.95m (FY23: £4.16m), and gross margin improved significantly from 17% to 30%. This improvement reflects more selective bidding, disciplined project execution, and an increasing share of complex, value-added work within the portfolio.

The Group returned to operating profit in FY24, reporting £316k (FY23: £669k loss). This was supported by contributions from Malin Augustea and gains on investment revaluations. Profit before tax was £485k (FY23: £255k loss), and the Group recorded a net profit of £530k for the year, a significant improvement on the prior year’s loss of £121k.

Operational Performance

During the year, the Group focused on strengthening its internal foundations to support future growth. A major overhaul of the Quality Management System was undertaken to enhance consistency, compliance, and traceability across all business units. This initiative reflects the Group’s commitment to continuous improvement and maintaining the high standards expected by clients operating in regulated and safety-critical sectors.

In parallel, the Group conducted a comprehensive review of employee benefits and welfare provision. This included benchmarking against industry standards and identifying opportunities to improve support for employees' wellbeing, engagement, and retention. These actions form part of a wider commitment to investing in the Group’s people and ensuring a strong and sustainable workforce for the future.

Outlook

Looking ahead, Malin Group is well positioned to secure further work in key sectors where demand remains strong for technically capable and reliable engineering partners.

A key priority for the future is the continued development of long-term customer relationships, the Group is actively working to secure multi-year programmes of work that support greater stability and sustainable growth.

Innovation will also play a central role in the Group’s future. Ongoing investment in new technologies, enhanced systems, and advanced manufacturing techniques will support greater efficiency, improved quality, and a stronger competitive position. By combining technical capability with a focus on operational excellence, the Group aims to build a resilient and forward-looking business that delivers long-term value for its clients, employees, and stakeholders.


Malin Group Limited (Registered number: SC571623)

Group Strategic Report
for the Year Ended 30 September 2024

PRINCIPAL RISKS AND UNCERTAINTIES
One of the biggest risks to the Group is the loss of skilled employees, especially in the current competitive market. We value our employees highly and have taken steps to improve both staff wellbeing and remuneration packages. A sustainability committee has also been established with a view to minimising the Group's carbon footprint and reviewing any environmental risks.

KEY PERFORMANCE INDICATORS
The directors of Malin Group Limited have considered the issue of key performance indicators (KPI's) as a measure of performance and have concluded that operating profit is the most appropriate measure.

ON BEHALF OF THE BOARD:





J A MacSween - Director


26 June 2025

Malin Group Limited (Registered number: SC571623)

Report of the Directors
for the Year Ended 30 September 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30 September 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

J A MacSween
L McDougall
S R Thornley
S MacDonald
J S Russell
B J Sharples
B D H Wilson

DONATIONS
Donations to local charities totalling £10,805 (2023: £17,623) were made by the group as a whole during the period.

LAND REMEDIATION
During the year ended 30 September 2018 the company purchased land at Carless. The land was previously the site of an oil fuel depot and refinery. Work to remediate the land is underway. It is difficult at this time to predict how long the project will take and the potential cost.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 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 and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Malin Group Limited (Registered number: SC571623)

Report of the Directors
for the Year Ended 30 September 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





J A MacSween - Director


26 June 2025

Report of the Independent Auditors to the Members of
Malin Group Limited

Opinion
We have audited the financial statements of Malin Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 of the parent company affairs as at 30 September 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Malin Group Limited


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 Report of the Directors.

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 four, 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 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.

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 a Report of the Auditors 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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and
non-compliance with laws and regulations, we considered the following:
- the nature of the industry and sector, control environment and business performance;
- results of our enquiries of management about their own identification and assessment of the risks and irregularities;
- any matters we identified having reviewed the company's internal controls established to mitigate risks of fraud or
non-compliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

We obtained an understanding of the legal and regulatory framework that the company operates in. The key laws and regulations we considered included the UK Companies Act and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In addition we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate. These included health and safety, GDPR and employment laws. Auditing standards limit the required audit procedures to identify non - compliance with these laws and regulations to enquiry of the directors, inspection of regulatory and legal correspondence, if any, and review of minutes of meetings.These limited procedures did not identify actual or suspected non-compliance.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Malin Group 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 a Report of the Auditors 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.




Fiona Russell (Senior Statutory Auditor)
for and on behalf of McLay McAlister & McGibbon LLP
Chartered Accountants and Statutory Auditors
145 St Vincent Street
Glasgow
G2 5JF

26 June 2025

Malin Group Limited (Registered number: SC571623)

Consolidated Statement of Comprehensive Income
for the Year Ended 30 September 2024

30.9.24 30.9.23
Notes £    £   

TURNOVER 16,540,112 24,466,283

Cost of sales (11,592,699 ) (20,305,357 )
GROSS PROFIT 4,947,413 4,160,926

Administrative expenses (5,082,939 ) (5,203,932 )
(135,526 ) (1,043,006 )

Other operating income 451,773 373,499
OPERATING PROFIT/(LOSS) 4 316,247 (669,507 )

Income from fixed asset investments 59,846 60,118
Interest receivable and similar income 34,011 16,097
410,104 (593,292 )
Share of (profit)/loss of JV 5 (60,048 ) 213,363
Gain/(loss) on revaluation of investments 150,624 146,533
500,680 (233,396 )

Interest payable and similar expenses 6 (15,408 ) (21,556 )
PROFIT/(LOSS) BEFORE TAXATION 485,272 (254,952 )

Tax on profit/(loss) 7 44,581 134,127
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

529,853

(120,825

)

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

529,853

(120,825

)

Profit/(loss) attributable to:
Owners of the parent 529,853 (120,825 )

Total comprehensive income attributable to:
Owners of the parent 529,853 (120,825 )

Malin Group Limited (Registered number: SC571623)

Consolidated Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 2,925,210 3,100,034
Investments 11
Interest in joint venture
Share of gross assets 283,121 526,368
283,121 526,368
Interest in associate - 16,800
Other investments 1,919,605 1,728,078
5,127,936 5,371,280

CURRENT ASSETS
Stocks 12 3,231 639,018
Debtors 13 11,461,371 8,412,497
Cash at bank 4,257,525 3,581,767
15,722,127 12,633,282
CREDITORS
Amounts falling due within one year 14 (8,606,400 ) (6,189,574 )
NET CURRENT ASSETS 7,115,727 6,443,708
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,243,663

11,814,988

CREDITORS
Amounts falling due after more than one
year

15

(24,809

)

(125,987

)
NET ASSETS 12,218,854 11,689,001

CAPITAL AND RESERVES
Called up share capital 18 1,513 1,513
Capital redemption reserve 19 100 100
Retained earnings 19 12,217,241 11,687,388
SHAREHOLDERS' FUNDS 12,218,854 11,689,001

The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2025 and were signed on its behalf by:





J A MacSween - Director


Malin Group Limited (Registered number: SC571623)

Company Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 15,930 31,190
Investments 11 8,205,507 26,318,863
8,221,437 26,350,053

CURRENT ASSETS
Debtors 13 5,077,124 7,195,498
Cash at bank 1,360,696 994,139
6,437,820 8,189,637
CREDITORS
Amounts falling due within one year 14 (3,194,380 ) (23,762,924 )
NET CURRENT ASSETS/(LIABILITIES) 3,243,440 (15,573,287 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,464,877

10,776,766

CAPITAL AND RESERVES
Called up share capital 18 1,513 1,513
Share premium 12,120,640 12,120,640
Retained earnings (657,276 ) (1,345,387 )
SHAREHOLDERS' FUNDS 11,464,877 10,776,766

Company's profit/(loss) for the financial year 688,111 (143,314 )

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2025 and were signed on its behalf by:





J A MacSween - Director


Malin Group Limited (Registered number: SC571623)

Consolidated Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 October 2022 1,513 11,808,213 100 11,809,826

Changes in equity
Total comprehensive income - (120,825 ) - (120,825 )
Balance at 30 September 2023 1,513 11,687,388 100 11,689,001

Changes in equity
Total comprehensive income - 529,853 - 529,853
Balance at 30 September 2024 1,513 12,217,241 100 12,218,854

Malin Group Limited (Registered number: SC571623)

Company Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 October 2022 1,513 (1,202,073 ) 12,120,640 10,920,080

Changes in equity
Total comprehensive income - (143,314 ) - (143,314 )
Balance at 30 September 2023 1,513 (1,345,387 ) 12,120,640 10,776,766

Changes in equity
Total comprehensive income - 688,111 - 688,111
Balance at 30 September 2024 1,513 (657,276 ) 12,120,640 11,464,877

Malin Group Limited (Registered number: SC571623)

Consolidated Cash Flow Statement
for the Year Ended 30 September 2024

30.9.24 30.9.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 976,603 (334,889 )
Interest paid (12,984 ) (18,440 )
Interest element of hire purchase payments
paid

(2,424

)

(3,116

)
Tax paid - (108,753 )
Taxation refund 44,581 70,242
Net cash from operating activities 1,005,776 (394,956 )

Cash flows from investing activities
Purchase of tangible fixed assets (156,007 ) (291,322 )
Purchase of fixed asset investments (220,171 ) (269,841 )
Sale of fixed asset investments 144,764 826,506
Purchase of subsidiary - (194,527 )
Interest received 34,011 16,097
Dividends received 59,846 60,118
Net cash from investing activities (137,557 ) 147,031

Cash flows from financing activities
Capital repayments in year (13,792 ) (16,835 )
Amount withdrawn by directors (178,669 ) (738,270 )
Net cash from financing activities (192,461 ) (755,105 )

Increase/(decrease) in cash and cash equivalents 675,758 (1,003,030 )
Cash and cash equivalents at beginning of
year

2

3,581,767

4,584,797

Cash and cash equivalents at end of year 2 4,257,525 3,581,767

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 September 2024

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

30.9.24 30.9.23
£    £   
Profit/(loss) before taxation 485,272 (254,952 )
Depreciation charges 210,902 409,005
Loss on disposal of fixed assets 154,434 49,832
Gain on revaluation of fixed assets (150,624 ) (146,533 )
Dividend received from joint venture 200,000 -
Share of (profit)/loss on joint venture 43,248 (213,363 )
Amounts written off investments 16,800 180,117
Finance costs 15,408 21,556
Finance income (93,857 ) (76,215 )
881,583 (30,553 )
Decrease/(increase) in stocks 635,787 (426,058 )
(Increase)/decrease in trade and other debtors (3,048,877 ) 3,398,426
Increase/(decrease) in trade and other creditors 2,508,110 (3,276,704 )
Cash generated from operations 976,603 (334,889 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 4,257,525 3,581,767
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 3,581,767 4,584,797


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank and in hand 3,581,767 675,758 4,257,525
3,581,767 675,758 4,257,525
Debt
Finance leases (53,112 ) 13,792 (39,320 )
(53,112 ) 13,792 (39,320 )
Total 3,528,655 689,550 4,218,205

Malin Group Limited (Registered number: SC571623)

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

1. STATUTORY INFORMATION

Malin Group Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The group financial statements incorporate Malin Group Ltd and its subsidiaries made up to 30 September 2024.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue recognition
Turnover in respect of heavy lift and logistics contracts is assessed on a contract by contract basis, whereby turnover and related costs are reflected in the profit and loss account in accordance with the stage of completion of the contract.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Improvements to property - 33% on cost and over the term of the lease
Plant and machinery - 20% on cost, 10% on cost and Straight line over 10 years
Fixtures and fittings - 100% on cost, 33% on cost and 15% on cost
Motor vehicles - 25% on cost and 15% on cost
Computer equipment - 33% on cost

The group's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

Investments in associates
Fixed asset investments are stated at cost less provision for diminution in value.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash in hand and held at bank.

Debtors
Trade debtors and other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence the asset is impaired.

Creditors
Trade creditors and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of future payments is treated as a liability.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Investments in subsidiaries are stated at cost less provision for diminution in value.

Investments in joint ventures
Investments in joint ventures are stated at cost.

Investments
Fixed asset investments are stated at market value.

3. EMPLOYEES AND DIRECTORS
30.9.24 30.9.23
£    £   
Wages and salaries 4,350,163 6,174,207
Social security costs 459,304 670,170
Other pension costs 207,830 260,853
5,017,297 7,105,230

The average number of employees during the year was as follows:
30.9.24 30.9.23

Administration 23 24

The average number of employees by undertakings that were proportionately consolidated during the year was 90 (2023 - 124 ) .

30.9.24 30.9.23
£    £   
Directors' remuneration 37,710 131,903
Directors' pension contributions to money purchase schemes 18,774 18,774

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

4. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

30.9.24 30.9.23
£    £   
Depreciation - owned assets 194,691 394,071
Depreciation - assets on hire purchase contracts 16,211 14,934
Loss on disposal of fixed assets 154,434 49,832
Auditors' remuneration 51,668 48,265
Auditors' remuneration for non audit work 4,760 4,800
Foreign exchange differences 23,546 17,163

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

5. SHARE OF (PROFIT)/LOSS OF JV
30.9.24 30.9.23
£    £   
Share of (profit)/loss of JV 60,048 (213,363 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.24 30.9.23
£    £   
Other interest 12,984 18,440
Hire purchase 2,424 3,116
15,408 21,556

7. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
30.9.24 30.9.23
£    £   
Current tax:
R&D Tax Credit claimed (44,581 ) (70,242 )

Deferred tax - (63,885 )
Tax on profit/(loss) (44,581 ) (134,127 )

UK corporation tax has been charged at 25 % (2023 - 19 %).

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.9.24 30.9.23
£    £   
Profit/(loss) before tax 485,272 (254,952 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 19 %)

121,318

(48,441

)

Effects of:
Expenses not deductible for tax purposes 5,427,010 25,106
Income not taxable for tax purposes (5,426,019 ) (51,961 )
Depreciation in excess of capital allowances 33,831 63,513
Utilisation of tax losses (404,672 ) (92,624 )
R&D Tax Credits claimed (44,581 ) (70,242 )
Unused tax losses 248,892 103,829
Deferred tax movement - (63,885 )
Tax losses unavailable (360 ) 578
Total tax credit (44,581 ) (134,127 )

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 2,500
AMORTISATION
At 1 October 2023
and 30 September 2024 2,500
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 -

10. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 October 2023 2,381,350 146,222 1,261,508
Additions 77,039 19,558 37,594
Disposals - (6,861 ) (176,419 )
At 30 September 2024 2,458,389 158,919 1,122,683
DEPRECIATION
At 1 October 2023 - 85,030 750,310
Charge for year - 21,719 135,301
Eliminated on disposal - 593 (63,944 )
At 30 September 2024 - 107,342 821,667
NET BOOK VALUE
At 30 September 2024 2,458,389 51,577 301,016
At 30 September 2023 2,381,350 61,192 511,198

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

10. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 October 2023 253,683 96,685 246,589 4,386,037
Additions 1,200 10,000 10,616 156,007
Disposals - - 13,909 (169,371 )
At 30 September 2024 254,883 106,685 271,114 4,372,673
DEPRECIATION
At 1 October 2023 235,771 39,000 175,892 1,286,003
Charge for year 9,419 17,374 27,089 210,902
Eliminated on disposal - - 13,909 (49,442 )
At 30 September 2024 245,190 56,374 216,890 1,447,463
NET BOOK VALUE
At 30 September 2024 9,693 50,311 54,224 2,925,210
At 30 September 2023 17,912 57,685 70,697 3,100,034

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 October 2023
and 30 September 2024 81,054
DEPRECIATION
At 1 October 2023 23,699
Charge for year 16,211
At 30 September 2024 39,910
NET BOOK VALUE
At 30 September 2024 41,144
At 30 September 2023 57,355

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

10. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 October 2023 9,251 123,201 132,452
Additions - 1,533 1,533
At 30 September 2024 9,251 124,734 133,985
DEPRECIATION
At 1 October 2023 5,973 95,289 101,262
Charge for year 1,583 15,210 16,793
At 30 September 2024 7,556 110,499 118,055
NET BOOK VALUE
At 30 September 2024 1,695 14,235 15,930
At 30 September 2023 3,278 27,912 31,190

11. FIXED ASSET INVESTMENTS

Group
Interest Interest
in joint in Listed Unlisted
venture associate investments investments Totals
£    £    £    £    £   
COST OR VALUATION
At 1 October 2023 526,368 16,800 1,718,865 9,213 2,271,246
Additions - - 220,171 - 220,171
Disposals - - (179,268 ) - (179,268 )
Share of profit/(loss) (43,247 ) - - - (43,247 )
Revaluations - - 150,624 - 150,624
Impairments - (16,800 ) - - (16,800 )
Dividends received (200,000 ) - - - (200,000 )
At 30 September 2024 283,121 - 1,910,392 9,213 2,202,726
NET BOOK VALUE
At 30 September 2024 283,121 - 1,910,392 9,213 2,202,726
At 30 September 2023 526,368 16,800 1,718,865 9,213 2,271,246

The listed investments were valued at fair value by Adam & Company at 30 September 2024.

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

11. FIXED ASSET INVESTMENTS - continued

Group
Company
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1 October 2023 26,302,063 16,800 26,318,863
Impairments (18,096,556 ) (16,800 ) (18,113,356 )
At 30 September 2024 8,205,507 - 8,205,507
NET BOOK VALUE
At 30 September 2024 8,205,507 - 8,205,507
At 30 September 2023 26,302,063 16,800 26,318,863

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Malin Group Investments Limited
Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY
Nature of business: Non-trading
%
Class of shares: holding
Ordinary 100.00

Malin Marine Equipment Limited
Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY
Nature of business: Supply of marine equipment
%
Class of shares: holding
Ordinary 100.00

Malin Abram Limited
Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY
Nature of business: Sea and coastal freight water transport
%
Class of shares: holding
Ordinary 100.00

Malin Marine Consultants Limited
Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY
Nature of business: Engineering consultancy services
%
Class of shares: holding
Ordinary 100.00

Malin Group Properties Limited
Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY
Nature of business: Land remediation
%
Class of shares: holding
Ordinary 100.00

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

11. FIXED ASSET INVESTMENTS - continued

Malin Marine Services Limited
Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY
Nature of business: Engineering consultancy services
%
Class of shares: holding
Ordinary 100.00

Malin Fabrication Ltd
Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY
Nature of business: Metal fabrication
%
Class of shares: holding
Ordinary 100.00

Malin Newbuild Limited
Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY
Nature of business: Manufacture of metal structures
%
Class of shares: holding
Ordinary 100.00

Malin SPV 2 Limited
Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY
Nature of business: Development of investment in Land
%
Class of shares: holding
Ordinary 100.00

Clyde Corrosion Control Limited
Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Malin Augustea 2 UK Ltd
Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Joint venture

Malin Augustea UK Limited
Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY
Nature of business: Water transportation services
%
Class of shares: holding
Ordinary 50.00


Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

12. STOCKS

Group
30.9.24 30.9.23
£    £   
Stocks - 21,055
Work-in-progress 3,231 617,963
3,231 639,018

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
£    £    £    £   
Trade debtors 3,720,892 2,226,748 (51,141 ) 6,250
Amounts owed by group undertakings - - 2,351,679 4,460,601
Amounts owed by participating interests 2,277,590 2,277,590 - -
Other debtors 2,553,708 2,563,489 2,526,233 2,541,849
Tax 20,337 50,823 - -
Prepayments and accrued income 2,888,844 1,293,847 250,353 186,798
11,461,371 8,412,497 5,077,124 7,195,498

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
£    £    £    £   
Hire purchase contracts (see note 16) 14,511 13,792 - -
Trade creditors 2,286,752 487,301 89,033 116,090
Amounts owed to group undertakings - - 984,387 21,373,608
Social security and other taxes 126,133 104,991 126,133 104,991
VAT 794,256 412,820 41,175 61,058
Other creditors 19,473 51,357 24,944 25,771
Deferred consideration - 43,333 - -
Directors' current accounts 1,764,417 1,943,087 1,764,417 1,943,087
Accrued expenses 3,600,858 3,132,893 164,291 138,319
8,606,400 6,189,574 3,194,380 23,762,924

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
30.9.24 30.9.23
£    £   
Hire purchase contracts (see note 16) 24,809 39,320
Deferred consideration - 86,667
24,809 125,987

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.9.24 30.9.23
£    £   
Net obligations repayable:
Within one year 14,511 13,792
Between one and five years 24,809 39,320
39,320 53,112

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
30.9.24 30.9.23
£    £   
Hire purchase contracts 39,320 53,112

Hire purchase creditors are secured over the assets to which they relate.

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
1,513 Ordinary £1 1,513 1,513

19. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 October 2023 11,687,388 100 11,687,488
Profit for the year 529,853 529,853
At 30 September 2024 12,217,241 100 12,217,341