86 true false false false true true false false false false false false true false false No description of principal activity 2024-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,436,709 2,362,383 10 2 20 25 10,000 10,000 500 500 500 510 1 505,000 505,000 0.01 38,250 0.01 12,750 556,000 505,510 xbrli:pure xbrli:shares iso4217:GBP NI678620 2024-04-01 2024-12-31 NI678620 2024-12-31 NI678620 2024-03-31 NI678620 2023-04-01 2024-03-31 NI678620 2024-03-31 NI678620 2023-03-31 NI678620 bus:Consolidated 2024-04-01 2024-12-31 NI678620 core:NetGoodwill 2024-04-01 2024-12-31 NI678620 bus:Consolidated core:NetGoodwill 2024-04-01 2024-12-31 NI678620 bus:Consolidated core:Subsidiary1 2024-04-01 2024-12-31 NI678620 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-01 2024-12-31 NI678620 bus:Consolidated core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-01 2024-12-31 NI678620 core:FurnitureFittings 2024-04-01 2024-12-31 NI678620 bus:Consolidated core:FurnitureFittings 2024-04-01 2024-12-31 NI678620 core:MotorVehicles 2024-04-01 2024-12-31 NI678620 bus:Consolidated core:MotorVehicles 2024-04-01 2024-12-31 NI678620 bus:RegisteredOffice 2024-04-01 2024-12-31 NI678620 bus:OrdinaryShareClass1 2024-04-01 2024-12-31 NI678620 bus:Consolidated bus:OrdinaryShareClass1 2024-04-01 2024-12-31 NI678620 bus:OrdinaryShareClass2 2024-04-01 2024-12-31 NI678620 bus:Consolidated bus:OrdinaryShareClass2 2024-04-01 2024-12-31 NI678620 bus:OrdinaryShareClass3 2024-04-01 2024-12-31 NI678620 bus:Consolidated bus:OrdinaryShareClass3 2024-04-01 2024-12-31 NI678620 bus:OrdinaryShareClass4 2024-04-01 2024-12-31 NI678620 bus:Consolidated bus:OrdinaryShareClass4 2024-04-01 2024-12-31 NI678620 bus:LeadAgentIfApplicable 2024-04-01 2024-12-31 NI678620 bus:Consolidated bus:LeadAgentIfApplicable 2024-04-01 2024-12-31 NI678620 bus:Director1 2024-04-01 2024-12-31 NI678620 bus:Director2 2024-04-01 2024-12-31 NI678620 bus:Director3 2024-04-01 2024-12-31 NI678620 bus:Director4 2024-04-01 2024-12-31 NI678620 bus:Director5 2024-04-01 2024-12-31 NI678620 bus:Director6 2024-04-01 2024-12-31 NI678620 bus:Director7 2024-04-01 2024-12-31 NI678620 bus:Director8 2024-04-01 2024-12-31 NI678620 bus:Consolidated bus:Director1 2024-04-01 2024-12-31 NI678620 bus:Consolidated bus:Director2 2024-04-01 2024-12-31 NI678620 bus:Consolidated bus:Director3 2024-04-01 2024-12-31 NI678620 bus:Consolidated bus:Director4 2024-04-01 2024-12-31 NI678620 bus:Consolidated bus:Director5 2024-04-01 2024-12-31 NI678620 bus:Consolidated 2024-12-31 NI678620 bus:Director6 2024-12-31 NI678620 bus:Director7 2024-12-31 NI678620 bus:Director8 2024-12-31 NI678620 bus:Director1 2024-12-31 NI678620 bus:Director2 2024-12-31 NI678620 bus:Director3 2024-12-31 NI678620 bus:Director4 2024-12-31 NI678620 bus:Director5 2024-12-31 NI678620 bus:Consolidated core:WithinOneYear 2024-12-31 NI678620 bus:Consolidated core:WithinOneYear 2024-03-31 NI678620 core:WithinOneYear 2024-12-31 NI678620 core:WithinOneYear 2024-03-31 NI678620 bus:Consolidated core:NetGoodwill 2024-12-31 NI678620 bus:Consolidated core:PlantMachinery 2024-03-31 NI678620 bus:Consolidated core:FurnitureFittings 2024-03-31 NI678620 bus:Consolidated core:MotorVehicles 2024-03-31 NI678620 bus:Consolidated 2024-03-31 NI678620 bus:Consolidated core:PlantMachinery 2024-12-31 NI678620 bus:Consolidated core:FurnitureFittings 2024-12-31 NI678620 bus:Consolidated core:MotorVehicles 2024-12-31 NI678620 bus:Consolidated core:PlantMachinery 2024-04-01 2024-12-31 NI678620 bus:Consolidated 2023-04-01 2024-03-31 NI678620 bus:Consolidated 2024-03-31 NI678620 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 NI678620 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2024-04-01 2024-12-31 NI678620 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 NI678620 core:RetainedEarningsAccumulatedLosses 2024-04-01 2024-12-31 NI678620 core:AfterOneYear bus:Consolidated 2024-12-31 NI678620 core:AfterOneYear bus:Consolidated 2024-03-31 NI678620 bus:Consolidated core:UKTax 2024-04-01 2024-12-31 NI678620 bus:Consolidated core:UKTax 2023-04-01 2024-03-31 NI678620 bus:AllOrdinaryShares bus:Consolidated 2024-04-01 2024-12-31 NI678620 bus:AllOrdinaryShares bus:Consolidated 2023-04-01 2024-03-31 NI678620 bus:Consolidated core:ShareCapital 2024-12-31 NI678620 bus:Consolidated core:ShareCapital 2024-03-31 NI678620 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2024-12-31 NI678620 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2024-03-31 NI678620 core:ShareCapital 2024-12-31 NI678620 core:ShareCapital 2024-03-31 NI678620 core:RetainedEarningsAccumulatedLosses 2024-12-31 NI678620 core:RetainedEarningsAccumulatedLosses 2024-03-31 NI678620 bus:Consolidated core:ShareCapital 2023-03-31 NI678620 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2023-03-31 NI678620 bus:Consolidated 2023-03-31 NI678620 core:ShareCapital 2023-03-31 NI678620 core:BetweenOneFiveYears bus:Consolidated 2024-12-31 NI678620 core:BetweenOneFiveYears bus:Consolidated 2024-03-31 NI678620 bus:Consolidated core:MoreThanFiveYears 2024-12-31 NI678620 bus:Consolidated core:MoreThanFiveYears 2024-03-31 NI678620 bus:Consolidated core:DeferredTaxation 2024-04-01 2024-12-31 NI678620 core:CostValuation core:Non-currentFinancialInstruments 2024-12-31 NI678620 core:Non-currentFinancialInstruments 2024-12-31 NI678620 core:Non-currentFinancialInstruments 2024-03-31 NI678620 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2024-12-31 NI678620 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2024-03-31 NI678620 bus:Consolidated core:PlantMachinery 2024-03-31 NI678620 bus:Consolidated core:FurnitureFittings 2024-03-31 NI678620 bus:Consolidated core:MotorVehicles 2024-03-31 NI678620 bus:Consolidated core:LeasedAssetsHeldAsLessee core:MotorVehicles 2024-12-31 NI678620 bus:Consolidated core:LeasedAssetsHeldAsLessee core:MotorVehicles 2024-03-31 NI678620 bus:Consolidated core:DeferredTaxation 2024-03-31 NI678620 bus:Consolidated core:DeferredTaxation 2024-12-31 NI678620 bus:Consolidated countries:UnitedKingdom 2024-04-01 2024-12-31 NI678620 bus:Consolidated countries:UnitedKingdom 2023-04-01 2024-03-31 NI678620 bus:Consolidated countries:RestWorldOutsideUK 2024-04-01 2024-12-31 NI678620 bus:Consolidated countries:RestWorldOutsideUK 2023-04-01 2024-03-31 NI678620 bus:Consolidated bus:LeadAgentIfApplicable 2023-04-01 2024-03-31 NI678620 bus:Consolidated bus:Director1 2024-03-31 NI678620 bus:Consolidated bus:Director2 2024-03-31 NI678620 bus:Consolidated bus:Director3 2024-03-31 NI678620 bus:Consolidated bus:Director4 2024-03-31 NI678620 bus:Consolidated bus:Director5 2024-03-31 NI678620 bus:Consolidated bus:Director1 2023-03-31 NI678620 bus:Consolidated bus:Director1 2024-03-31 NI678620 bus:Consolidated bus:Director2 2023-03-31 NI678620 bus:Consolidated bus:Director2 2024-03-31 NI678620 bus:Consolidated bus:Director3 2023-03-31 NI678620 bus:Consolidated bus:Director3 2024-03-31 NI678620 bus:Consolidated bus:Director4 2023-03-31 NI678620 bus:Consolidated bus:Director4 2024-03-31 NI678620 bus:Consolidated bus:Director5 2023-03-31 NI678620 bus:Consolidated bus:Director5 2024-03-31 NI678620 bus:Consolidated bus:Director1 2023-04-01 2024-03-31 NI678620 bus:Consolidated bus:Director2 2023-04-01 2024-03-31 NI678620 bus:Consolidated bus:Director3 2023-04-01 2024-03-31 NI678620 bus:Consolidated bus:Director4 2023-04-01 2024-03-31 NI678620 bus:Consolidated bus:Director5 2023-04-01 2024-03-31 NI678620 bus:MediumEntities 2024-04-01 2024-12-31 NI678620 bus:Audited 2024-04-01 2024-12-31 NI678620 bus:Medium-sizedCompaniesRegimeForAccounts 2024-04-01 2024-12-31 NI678620 bus:PrivateLimitedCompanyLtd 2024-04-01 2024-12-31 NI678620 bus:FullAccounts 2024-04-01 2024-12-31 NI678620 bus:OrdinaryShareClass1 2024-03-31 NI678620 bus:Consolidated bus:OrdinaryShareClass1 2024-03-31 NI678620 bus:OrdinaryShareClass2 2024-12-31 NI678620 bus:Consolidated bus:OrdinaryShareClass2 2024-12-31 NI678620 bus:OrdinaryShareClass2 2024-03-31 NI678620 bus:Consolidated bus:OrdinaryShareClass2 2024-03-31 NI678620 bus:OrdinaryShareClass3 2024-12-31 NI678620 bus:Consolidated bus:OrdinaryShareClass3 2024-12-31 NI678620 bus:OrdinaryShareClass4 2024-12-31 NI678620 bus:Consolidated bus:OrdinaryShareClass4 2024-12-31 NI678620 bus:AllOrdinaryShares 2024-12-31 NI678620 bus:AllOrdinaryShares bus:Consolidated 2024-12-31 NI678620 bus:AllOrdinaryShares 2024-03-31 NI678620 bus:AllOrdinaryShares bus:Consolidated 2024-03-31 NI678620 1 bus:Consolidated 2024-04-01 2024-12-31 NI678620 1 bus:Consolidated 2023-04-01 2024-03-31 NI678620 core:Warranties bus:Consolidated 2024-03-31 NI678620 core:Warranties bus:Consolidated 2024-12-31 NI678620 core:AllSubsidiaries 2024-04-01 2024-12-31
COMPANY REGISTRATION NUMBER: NI678620
Maydown Holdings Ltd
Financial Statements
31 December 2024
Maydown Holdings Ltd
Financial Statements
Period from 1 April 2024 to 31 December 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the members
7
Consolidated statement of comprehensive income
11
Consolidated statement of financial position
12
Company statement of financial position
13
Consolidated statement of changes in equity
14
Company statement of changes in equity
15
Consolidated statement of cash flows
16
Notes to the financial statements
17
Maydown Holdings Ltd
Officers and Professional Advisers
The board of directors
Mr R Parsons (Resigned 8 October 2024)
Mr A White (Resigned 8 October 2024)
Mr G White (Resigned 8 October 2024)
Mr L White (Resigned 8 October 2024)
Mr T White (Resigned 8 October 2024)
Dr T C Mamisch (Appointed 8 October 2024)
Mrs L Mendelsohn (Appointed 8 October 2024)
Mr J B Campbell (Appointed 13 December 2024)
Registered office
2a Carrakeel Drive
Maydown
Londonderry
Northern Ireland
BT47 6UQ
Auditor
Riverside Accountancy Lancaster Limited
Chartered accountants & statutory auditor
Suite 2, 2 Mannin Way
Lancaster Business Park
Caton Road
Lancaster
LA1 3SU
Maydown Holdings Ltd
Strategic Report
Period from 1 April 2024 to 31 December 2024
History and financial results
Maydown Holdings Ltd is a traditional holding company with one wholly owned subsidiary, Ascot Signs Ltd, which it receives dividends from. Ascot is a leading provider of specialist signage and branding implementation solutions, based in UK. Incorporated in 2018, Ascot Signs Ltd stems from a family owned and managed business that was established in 1938. We recognise that understanding the aspirations and core values of our client base is essential to the successful delivery of projects across UK, Eire and Europe. The highest levels of safety and focus on sustainability underpin our commitment to Operational Excellence. We have a modern process-driven end-to-end approach based on traditional values, with a record of contracts completed on time, to the highest design standards, within budget and with safe working practices. We work hard to maintain our reputation for consistency, quality, expertise, and reliability and to be the contractor/partner of choice. We strive to continue the long-term relationships with our customer base by focusing on our core activities, our long-standing team and in house resources and capabilities, by bringing new innovations to the market place and by working closely with our customers and suppliers. The key strategic development in this financial year has been the acquisition of a majority shareholding in Maydown Holdings Ltd , the holding company that owns 100% of Ascot Signs Ltd, by Lifco A.B. Lifco A.B are an industrial conglomerate headquartered in Stockholm, Sweden and listed on the Swedish stock exchange. They have a long-term investment model with a global portfolio of niche companies. In line with the reporting structure of our new parent company, we have moved to a 31st December financial year-end, meaning that this audit covers a 9-month trading period since our last audit. Pro-rata, operating Profit and EBITDA have grown year-on-year, with cash reserves remaining strong throughout.
Financial key performance indicators
The group tracks the key metrics in each department daily, weekly and monthly. - SHEQ - Programme - Stakeholder satisfaction - Financial measures - revenue, operating project, net current assets and cash Against all these KPIs the directors of Ascot Signs Ltd are pleased with the performance of the company in the completed financial year, and will continue to review procedures and policies with a view to continuous improvement in 2025.
Corporate social responsibility
The company is committed to investing in the future for our planet, with ongoing Solar Panel and EV initiatives and recycling programme in place to reduce our carbon footprint. We actively support local and national charities through event days and payroll giving. We invest in our people with high staff retention rate and focus heavily on personal development. An apprenticeship programme is in place with first placement joining in November 2024.
This report was approved by the board of directors on 31 March 2025 and signed on behalf of the board by:
Dr T C Mamisch
Director
Registered office:
2a Carrakeel Drive
Maydown
Londonderry
Northern Ireland
BT47 6UQ
Maydown Holdings Ltd
Directors' Report
Period from 1 April 2024 to 31 December 2024
The directors present their report and the financial statements of the group for the period ended 31 December 2024 .
Directors
The directors who served the company during the period were as follows:
Dr T C Mamisch
(Appointed 8 October 2024)
Mrs L Mendelsohn
(Appointed 8 October 2024)
Mr J B Campbell
(Appointed 13 December 2024)
Mr R Parsons
(Resigned 8 October 2024)
Mr A White
(Resigned 8 October 2024)
Mr G White
(Resigned 8 October 2024)
Mr L White
(Resigned 8 October 2024)
Mr T White
(Resigned 8 October 2024)
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Future developments
Ascot Signs Ltd have a strong orderbook secured for 2025 and continues to look ahead and adapt to changing market circumstances and opportunities. The new corporate ownership brings exciting opportunities to further develop our market presence in EMEA as well as operational synergies and global expertise in compliance and risk management.
Financial instruments
Going forward there are potential macroeconomic headwinds occasioned by the ongoing conflicts in Ukraine and the Middle East. There is also the possibility of trade barriers and tariffs being imposed between major trading nations with wide ramifications throughout every industry. However, a strong balance sheet, an experienced team and well-established systems and procedures allied to a wide spread of clients and sectors/geographies will help avoid or minimise risks to the company. The principal risks for our group include the following:
- Pricing and delivery of large and complex projects - our successful policy remains to maintain and build a team of subject matter experts who carry out an in-depth analysis of every cost submission and to have an experienced team to deliver those contracts with proven standard operating procedures and detailed project planning
- Credit Risk - this is given high priority by the management team, with financial stability of new and existing clients and suppliers closely monitored. There is a strong focus on negotiating fair and reasonable stage payment plans on every large contract.
- Liquidity risk - the group carefully forecasts working capital requirements to meet all short-term liabilities, whilst maintaining significant cash reserves to ensure unforeseen circumstances will not affect this. We operate a modern and efficient financial and management reporting system that analyses our customers and our debtors' book on a day to day basis
- Safety, Health, Environment & Quality Risk - with in-house fabrication and installation as key parts of our offering, SHEQ is foremost in our business management principles, with robust in-house and external auditing sytems in place across all aspects of our operations
- Other external risk, commodity shortages, disruptions in World Trade - we maintain prudent stock levels of all key raw materials and have a diverse supply chain. We work collaboratively with our clients to mitigate programme risks.
Research and development
We continued to maintain significant investment in R&D with a focus throughout 2024 on new print methods and automation of processes throughout the business. Innovation remains a top priority for the management team.We continue to maintain significant investment in R&D with a focus throughout 2025 on new print methods and automation of processes throughout the business. Innovation remains a top priority for the management team. A measured and sustainable Capex programme has been and will be key to to remaining market leaders.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial period. 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 group and the company and 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 judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 31 March 2025 and signed on behalf of the board by:
Dr T C Mamisch
Director
Registered office:
2a Carrakeel Drive
Maydown
Londonderry
Northern Ireland
BT47 6UQ
Maydown Holdings Ltd
Independent Auditor's Report to the Members of Maydown Holdings Ltd
Period from 1 April 2024 to 31 December 2024
Opinion
We have audited the financial statements of Maydown Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 FRS 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 period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's 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 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.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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 strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
- the 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 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.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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: - Review of directors' minutes and review of nominal postings for legal and professional fees ensured we identified any regulatory compliance issues and laws that the group and company must follow in the year and to the date of signing the financial statements - The assessment of fraud was considered as low due to the segregation of duties seen, the low levels of cash handled and the regular reporting required of the group and company to its shareholders - A review of journal entries and consideration of their appropriateness was carried out through the audit - During the audit we speak to management, test the systems and speak to various members of the finance function to understand the entity its processes and the nature of trade to assist in determining if the financial statements are true and fair - Challenging assumptions made by management in making their significant accounting estimates in particular in relation to construction contracts. We have scrutinised in detail the cut off in respect of income recognised around the year end and verified these to quantity surveyor's certifications - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations - In respect of stock we attended a stock take to test physical evidence of stock held, reviewed stock lines for slow movement to ensure adequate provisions were in place - Physical verification of fixed assets was carried out which aided us to assess for any potential impairment required As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Lyndsay Nicholson FCA
(Senior Statutory Auditor)
For and on behalf of
Riverside Accountancy Lancaster Limited
Chartered accountants & statutory auditor
Suite 2, 2 Mannin Way
Lancaster Business Park
Caton Road
Lancaster
LA1 3SU
31 March 2025
Maydown Holdings Ltd
Consolidated Statement of Comprehensive Income
Period from 1 April 2024 to 31 December 2024
Period from
1 Apr 24 to
Year to
31 Dec 24
31 Mar 24
(restated)
Note
£
£
Turnover
4
14,546,238
16,151,153
Cost of sales
7,959,532
8,980,947
-------------
-------------
Gross profit
6,586,706
7,170,206
Administrative expenses
3,555,326
4,182,753
Other operating income
5
2,831
3,877
------------
------------
Operating profit
6
3,034,211
2,991,330
Other interest receivable and similar income
10
95,706
106,290
Interest payable and similar expenses
11
31,227
14,989
------------
------------
Profit before taxation
3,098,690
3,082,631
Tax on profit
12
661,981
720,248
------------
------------
Profit for the financial period and total comprehensive income
2,436,709
2,362,383
------------
------------
All the activities of the group are from continuing operations.
Maydown Holdings Ltd
Consolidated Statement of Financial Position
31 December 2024
31 Dec 24
31 Mar 24
(restated)
Note
£
£
Fixed assets
Tangible assets
15
1,125,933
1,094,970
Current assets
Stocks
17
923,638
871,241
Debtors
18
4,653,856
6,217,396
Cash at bank and in hand
2,936,738
5,134,737
------------
-------------
8,514,232
12,223,374
Creditors: amounts falling due within one year
19
2,030,207
3,422,520
------------
-------------
Net current assets
6,484,025
8,800,854
------------
------------
Total assets less current liabilities
7,609,958
9,895,824
Creditors: amounts falling due after more than one year
20
95,072
117,299
Provisions
22
247,569
267,956
------------
------------
Net assets
7,267,317
9,510,569
------------
------------
Capital and reserves
Called up share capital
27
505,510
505,510
Profit and loss account
6,761,807
9,005,059
------------
------------
Shareholders funds
7,267,317
9,510,569
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 31 March 2025 , and are signed on behalf of the board by:
Dr T C Mamisch
Director
Company registration number: NI678620
Maydown Holdings Ltd
Company Statement of Financial Position
31 December 2024
31 Dec 24
31 Mar 24
(restated)
Note
£
£
Fixed assets
Intangible assets
( 500,000)
Investments
16
500
500
----
---------
500
( 499,500)
Current assets
Debtors
18
1,254
359,241
Cash at bank and in hand
519,785
1,504,670
---------
------------
521,039
1,863,911
Creditors: amounts falling due within one year
19
16,975
42,914
---------
------------
Net current assets
504,064
1,820,997
---------
------------
Total assets less current liabilities
504,564
1,321,497
---------
------------
Net assets
504,564
1,321,497
---------
------------
Capital and reserves
Called up share capital
27
505,510
505,510
Profit and loss account
( 946)
815,987
---------
------------
Shareholders funds
504,564
1,321,497
---------
------------
The profit for the financial period of the parent company was £ 3,325,236 (2024: £ 2,714,597 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 31 March 2025 , and are signed on behalf of the board by:
Dr T C Mamisch
Director
Company registration number: NI678620
Maydown Holdings Ltd
Consolidated Statement of Changes in Equity
Period from 1 April 2024 to 31 December 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2023
505,510
7,916,286
8,421,796
Profit for the period
2,362,383
2,362,383
---------
------------
------------
Total comprehensive income for the period
2,362,383
2,362,383
Dividends paid and payable
13
( 1,273,610)
( 1,273,610)
---------
------------
------------
Total investments by and distributions to owners
( 1,273,610)
( 1,273,610)
At 31 March 2024
505,510
9,005,059
9,510,569
Profit for the period
2,436,709
2,436,709
---------
------------
------------
Total comprehensive income for the period
2,436,709
2,436,709
Dividends paid and payable
13
( 4,679,961)
( 4,679,961)
----
------------
------------
Total investments by and distributions to owners
( 4,679,961)
( 4,679,961)
---------
------------
------------
At 31 December 2024
505,510
6,761,807
7,267,317
---------
------------
------------
Maydown Holdings Ltd
Company Statement of Changes in Equity
Period from 1 April 2024 to 31 December 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2023
505,510
505,510
Profit for the period
2,714,597
2,714,597
---------
------------
------------
Total comprehensive income for the period
2,714,597
2,714,597
Dividends paid and payable
13
( 1,898,610)
( 1,898,610)
---------
------------
------------
Total investments by and distributions to owners
( 1,898,610)
( 1,898,610)
At 31 March 2024
505,510
1,353,779
1,859,289
Profit for the period
3,325,236
3,325,236
---------
------------
------------
Total comprehensive income for the period
3,325,236
3,325,236
Dividends paid and payable
13
( 4,679,961)
( 4,679,961)
----
------------
------------
Total investments by and distributions to owners
( 4,679,961)
( 4,679,961)
---------
------------
------------
At 31 December 2024
505,510
( 946)
504,564
---------
------------
------------
Maydown Holdings Ltd
Consolidated Statement of Cash Flows
Period from 1 April 2024 to 31 December 2024
31 Dec 24
31 Mar 24
(restated)
£
£
Cash flows from operating activities
Profit for the financial period
2,436,709
2,362,383
Adjustments for:
Depreciation of tangible assets
130,955
185,206
Amortisation of intangible assets
(62,500)
Government grant income
( 2,831)
( 3,877)
Other interest receivable and similar income
( 95,706)
( 106,290)
Interest payable and similar expenses
31,227
14,989
Gains on disposal of tangible assets
( 6,912)
( 58,418)
Tax on profit
661,981
720,248
Accrued (income)/expenses
( 809,097)
804,468
Changes in:
Stocks
( 52,398)
( 144,804)
Trade and other debtors
1,435,174
( 1,490,781)
Trade and other creditors
23,044
503,016
Provisions and employee benefits
( 2,831)
------------
------------
Cash generated from operations
3,752,146
2,720,809
Interest paid
( 25,096)
( 8,447)
Interest received
98,693
106,290
Tax paid
( 889,495)
( 448,755)
------------
------------
Net cash from operating activities
2,936,248
2,369,897
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 165,677)
( 422,142)
Proceeds from sale of tangible assets
9,000
788,819
Proceeds from sale of intangible assets
625,000
------------
------------
Net cash (used in)/from investing activities
( 156,677)
991,677
------------
------------
Cash flows from financing activities
Proceeds from borrowings
( 272,082)
( 416,169)
Government grant income
2,831
6,854
Payments of finance lease liabilities
( 28,358)
( 67,092)
Dividends paid
( 4,679,961)
( 1,273,610)
------------
------------
Net cash used in financing activities
( 4,977,570)
( 1,750,017)
------------
------------
Net (decrease)/increase in cash and cash equivalents
( 2,197,999)
1,611,557
Cash and cash equivalents at beginning of period
5,134,737
3,523,180
------------
------------
Cash and cash equivalents at end of period
2,936,738
5,134,737
------------
------------
Maydown Holdings Ltd
Notes to the Financial Statements
Period from 1 April 2024 to 31 December 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 2a Carrakeel Drive, Maydown, Londonderry, BT47 6UQ, Northern Ireland.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Maydown Holdings Ltd and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the period are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There have been no critical judgements made by the directors in the process of applying the company's accounting policies that have a significant effect on the amounts recognised in the statutory financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (i) Recoverability of debtors The company establishes a provision for debtors that are estimated not to be recoverable. When assessing recoverability the directors have considered factors such as the ageing of the debtors, past experience of recoverability, and the credit profile of individual groups of customers. (ii) Determining the residual values and useful economic lives of property plant and equipment and intangible assets The company depreciates tangible and intangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmers. Judgement is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value management aim to asses the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices. (iii) Impairment of intangible assets Intangible assets are tested for impairment where there is an indication that the asset may be impaired. Existence of impairment indicators is assessed at each reporting date, and the director deemed there to be no indicators at the end of the year.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from a contract to provide goods and services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
10% - 20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
Period from
1 Apr 24 to
Year to
31 Dec 24
31 Mar 24
(restated)
£
£
Construction contracts
14,546,238
16,151,153
-------------
-------------
The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
Period from
1 Apr 24 to
Year to
31 Dec 24
31 Mar 24
(restated)
£
£
United Kingdom
11,186,650
11,124,604
Overseas
3,359,588
5,026,549
-------------
-------------
14,546,238
16,151,153
-------------
-------------
5. Other operating income
Period from
1 Apr 24 to
Year to
31 Dec 24
31 Mar 24
(restated)
£
£
Government grant income
2,831
3,877
-------
-------
6. Operating (loss)/profit
Operating profit or loss is stated after charging/crediting:
Period from
1 Apr 24 to
Year to
31 Dec 24
31 Mar 24
(restated)
£
£
Amortisation of intangible assets
( 62,500)
Depreciation of tangible assets
130,955
185,206
Gains on disposal of tangible assets
( 6,912)
( 58,418)
Impairment of trade debtors
225,505
190,699
Operating lease rentals
92,452
125,431
Foreign exchange differences
48,608
18,779
---------
---------
7. Auditor's remuneration
Period from
1 Apr 24 to
Year to
31 Dec 24
31 Mar 24
(restated)
£
£
Fees payable for the audit of the financial statements
15,740
15,600
--------
--------
8. Staff costs
The average number of persons employed by the group during the period, including the directors, amounted to:
31 Dec 24
31 Mar 24
No.
No.
Directors
5
5
Staff
81
67
----
----
86
72
----
----
The aggregate payroll costs incurred during the period, relating to the above, were:
Period from
1 Apr 24 to
Year to
31 Dec 24
31 Mar 24
(restated)
£
£
Wages and salaries
3,118,215
3,420,664
Social security costs
345,667
338,680
Other pension costs
334,708
677,873
------------
------------
3,798,590
4,437,217
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
Period from
1 Apr 24 to
Year to
31 Dec 24
31 Mar 24
(restated)
£
£
Remuneration
94,881
149,821
Company contributions to defined contribution pension plans
250,000
600,000
---------
---------
344,881
749,821
---------
---------
10. Other interest receivable and similar income
Period from
1 Apr 24 to
Year to
31 Dec 24
31 Mar 24
(restated)
£
£
Interest on cash and cash equivalents
95,706
106,290
--------
---------
11. Interest payable and similar expenses
Period from
1 Apr 24 to
Year to
31 Dec 24
31 Mar 24
(restated)
£
£
Interest on obligations under finance leases and hire purchase contracts
6,131
8,447
Other interest payable and similar charges
25,096
6,542
--------
--------
31,227
14,989
--------
--------
12. Tax on profit
Major components of tax expense
Period from
1 Apr 24 to
Year to
31 Dec 24
31 Mar 24
(restated)
£
£
Current tax:
UK current tax expense
682,368
632,321
Impact of changes in accounting policies and material errors
31,250
---------
---------
Total current tax
682,368
663,571
---------
---------
Deferred tax:
Origination and reversal of timing differences
( 20,387)
56,677
---------
---------
Tax on profit
661,981
720,248
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the period is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).
Period from
1 Apr 24 to
Year to
31 Dec 24
31 Mar 24
(restated)
£
£
Profit on ordinary activities before taxation
3,098,690
3,082,631
------------
------------
Profit on ordinary activities by rate of tax
761,922
770,658
Effect of expenses not deductible for tax purposes
44,537
18,133
Effect of capital allowances and depreciation
3,152
58,012
Research and development tax credit
( 82,630)
( 126,555)
Accrued expenses from prior year paid
( 65,000)
------------
------------
Tax on profit
661,981
720,248
------------
------------
13. Dividends
31 Dec 24
31 Mar 24
(restated)
£
£
Dividends paid during the period (excluding those for which a liability existed at the end of the prior period )
4,679,961
1,273,610
Dividends proposed after the period end and not recognised as a liability
500,000
------------
------------
14. Intangible assets
Group
Goodwill
£
Cost
At 1 April 2024 (as restated) and 31 December 2024
10,000
--------
Amortisation
At 1 April 2024 and 31 December 2024
10,000
--------
Carrying amount
At 1 April 2024 and 31 December 2024
--------
At 31 March 2024
--------
The company has no intangible assets.
15. Tangible assets
Group
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2024 (as restated)
1,088,433
394,213
212,984
1,695,630
Additions
114,470
51,207
165,677
Disposals
( 8,000)
( 10,995)
( 18,995)
------------
---------
---------
------------
At 31 December 2024
1,194,903
445,420
201,989
1,842,312
------------
---------
---------
------------
Depreciation
At 1 April 2024
349,886
172,864
77,910
600,660
Charge for the period
71,606
34,145
25,204
130,955
Disposals
( 5,953)
( 9,283)
( 15,236)
------------
---------
---------
------------
At 31 December 2024
415,539
207,009
93,831
716,379
------------
---------
---------
------------
Carrying amount
At 31 December 2024
779,364
238,411
108,158
1,125,933
------------
---------
---------
------------
At 31 March 2024
738,547
221,349
135,074
1,094,970
------------
---------
---------
------------
The company has no tangible assets.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group
Motor vehicles
£
At 31 December 2024
104,120
---------
At 31 March 2024
128,148
---------
16. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 April 2024 as restated and 31 December 2024
500
----
Impairment
At 1 April 2024 as restated and 31 December 2024
----
Carrying amount
At 1 April 2024 and 31 December 2024
500
----
At 31 March 2024
500
----
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Ascot Signs Ltd Ascot House, 2a Carrakeel Drive, Maydown, Londonderry, Co. Londonderry, Northern Ireland, BT47 6UQ
Ordinary Shares
100
17. Stocks
Group
Company
31 Dec 24
31 Mar 24
31 Dec 24
31 Mar 24
(restated)
(restated)
£
£
£
£
Raw materials and consumables
336,523
355,371
Work in progress
587,115
515,870
---------
---------
----
----
923,638
871,241
---------
---------
----
----
18. Debtors
Group
Company
31 Dec 24
31 Mar 24
31 Dec 24
31 Mar 24
(restated)
(restated)
£
£
£
£
Trade debtors
3,683,443
4,674,004
Prepayments and accrued income
53,013
69,011
Other debtors
917,400
1,474,381
1,254
359,241
------------
------------
-------
---------
4,653,856
6,217,396
1,254
359,241
------------
------------
-------
---------
19. Creditors: amounts falling due within one year
Group
Company
31 Dec 24
31 Mar 24
31 Dec 24
31 Mar 24
(restated)
(restated)
£
£
£
£
Trade creditors
635,586
1,157,669
Accruals and deferred income
423,862
1,034,346
4,000
3,860
Social security and other taxes
536,904
802,299
12,975
39,054
Obligations under finance leases and hire purchase contracts
29,635
29,635
Director loan accounts
272,082
Other creditors
404,220
126,489
------------
------------
--------
--------
2,030,207
3,422,520
16,975
42,914
------------
------------
--------
--------
20. Creditors: amounts falling due after more than one year
Group
Company
31 Dec 24
31 Mar 24
31 Dec 24
31 Mar 24
(restated)
(restated)
£
£
£
£
Obligations under finance leases and hire purchase contracts
95,072
117,299
--------
---------
----
----
21. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
31 Dec 24
31 Mar 24
31 Dec 24
31 Mar 24
(restated)
(restated)
£
£
£
£
Not later than 1 year
29,635
29,635
Later than 1 year and not later than 5 years
95,072
117,299
---------
---------
----
----
124,707
146,934
---------
---------
----
----
22. Provisions
Group
Deferred tax (note 23)
Defects and warranties
Total
£
£
£
At 1 April 2024 (as restated)
244,056
23,900
267,956
Charge against provision
( 20,387)
( 20,387)
---------
--------
---------
At 31 December 2024
223,669
23,900
247,569
---------
--------
---------
The company does not have any provisions.
23. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
31 Dec 24
31 Mar 24
31 Dec 24
31 Mar 24
(restated)
(restated)
£
£
£
£
Included in provisions (note 22)
223,669
244,056
---------
---------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
31 Dec 24
31 Mar 24
31 Dec 24
31 Mar 24
(restated)
(restated)
£
£
£
£
Accelerated capital allowances
223,669
244,056
---------
---------
----
----
24. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 334,708 (2024: £ 677,873 ).
25. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
31 Dec 24
31 Mar 24
31 Dec 24
31 Mar 24
(restated)
(restated)
£
£
£
£
Recognised in creditors:
Deferred government grants due within one year
34,918
37,749
--------
--------
----
----
Recognised in other operating income:
Government grants recognised directly in income
2,831
3,877
-------
-------
----
----
26. Prior period errors
There has been a prior year adjustment in respect of the derecognition of Intellectual Property that was capitalised in the 2023 financial accounts. The asset cost of £625,000 has been removed along with £125,000 amortisation recognised over March 2023 and March 2024's financial statements. The cost of £625,000 has instead been classified as a dividend payment. The Profit and loss effect has resulted in the following: - Additional profit of £125,000 due to cancelled amortisation charges in March 2024 - Increased Corporation tax charge from the reversal of the above amortisation in March 2024 of £31,250 - An estimate for Interest charges and penalties has been accrued for in March 2024 at a value of £6,542 An overall movement of £87,208 in the profit and loss for the March 2024 accounts.
27. Called up share capital
Issued, called up and fully paid
31 Dec 24
31 Mar 24
(restated)
No.
£
No.
£
Ordinary A - K Shares shares of £– (2024 - £1) each
510
510
Deferred Shares shares of £ 1 each
505,000
505,000
505,000
505,000
A Shares shares of £ 0.01 each
38,250
383
B Shares shares of £ 0.01 each
12,750
128
---------
---------
---------
---------
556,000
505,510
505,510
505,510
---------
---------
---------
---------
28. Analysis of changes in net debt
At 1 Apr 2024
Cash flows
At 31 Dec 2024
£
£
£
Cash at bank and in hand
5,134,737
(2,197,999)
2,936,738
Debt due within one year
(301,717)
272,082
(29,635)
Debt due after one year
(117,299)
22,227
(95,072)
------------
------------
------------
4,715,721
( 1,903,690)
2,812,031
------------
------------
------------
Maydown Holdings Ltd
Notes to the Financial Statements (continued)
Period from 1 April 2024 to 31 December 2024
29. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
31 Dec 24
31 Mar 24
31 Dec 24
31 Mar 24
(restated)
(restated)
£
£
£
£
Not later than 1 year
281,119
239,911
Later than 1 year and not later than 5 years
693,389
686,048
Later than 5 years
352,743
434,275
------------
------------
----
----
1,327,251
1,360,234
------------
------------
----
----
30. Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company and its subsidiary undertakings:
31 Dec 24
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr R Parsons
( 22,854)
22,854
Mr A White
( 104,228)
104,228
Mr G White
( 23,688)
23,688
Mr L White
( 74,523)
74,523
Mr T White
( 46,789)
46,789
---------
---------
----
( 272,082)
272,082
---------
---------
----
31 Mar 24
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr R Parsons
( 118,309)
95,455
( 22,854)
Mr A White
( 225,844)
121,616
( 104,228)
Mr G White
( 134,336)
110,648
( 23,688)
Mr L White
( 89,856)
15,333
( 74,523)
Mr T White
( 176,883)
130,094
( 46,789)
---------
---------
---------
( 745,228)
473,146
( 272,082)
---------
---------
---------
31. Related party transactions and key management personnel
Group
Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the group was £ 169,520 (2024: £ 55,525 ) .
Company
Included in other debtors is an amount owed by a connected party totalling £Nil (March 2024 - £355,000). This loan was interest free and repayable on demand. During the period the company paid £250,000 (March 2024 - £600,000) into the Director's registered pension scheme. During the previpus period the holding company redeemed its deferred shares for a total consideration of £505,010.
32. Controlling party
The company is under control of Lifco A.B, a company registered in Sweden. A copy of its consolidated financial statements can be found at its registered office Verkmästaregatan 1, 745 85 Enköping, Sweden