| 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 |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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. |
| 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: |
| 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. |
| for and on behalf of |
| Chartered Accountants and Statutory Auditors |
| 145 St Vincent Street |
| Glasgow |
| G2 5JF |
| 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 |
( |
) |
| 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 |
| Investments | 11 |
| CURRENT ASSETS |
| Debtors | 13 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 14 | ( |
) | ( |
) |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 18 |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| Company's profit/(loss) for the financial year | 688,111 | (143,314 | ) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 | ( |
) |
| Changes in equity |
| Total comprehensive income | - | ( |
) | - | ( |
) |
| Balance at 30 September 2023 | ( |
) |
| Changes in equity |
| Total comprehensive income | - | - |
| Balance at 30 September 2024 | ( |
) |
| 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 |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Freehold property | - |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| 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 |
| 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 |
| Additions |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 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 | 26,318,863 |
| Impairments | ( |
) | ( |
) | (18,113,356 | ) |
| At 30 September 2024 | 8,205,507 |
| NET BOOK VALUE |
| At 30 September 2024 | 8,205,507 |
| At 30 September 2023 | 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 |
| Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY |
| Nature of business: |
| % |
| Class of shares: | holding |
| 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 |
| Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY |
| Nature of business: |
| % |
| Class of shares: | holding |
| Joint venture |
| Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY |
| Nature of business: |
| % |
| Class of shares: | holding |
| 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 | ( |
) |
| Amounts owed by group undertakings | - | - |
| Amounts owed by participating interests | 2,277,590 | 2,277,590 | - | - |
| Other debtors | 2,553,708 | 2,563,489 |
| Tax | 20,337 | 50,823 |
| Prepayments and accrued income | 2,888,844 | 1,293,847 |
| 11,461,371 | 8,412,497 |
| 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 |
| Amounts owed to group undertakings | - | - |
| Social security and other taxes | 126,133 | 104,991 |
| VAT | 794,256 | 412,820 | 41,175 | 61,058 |
| Other creditors | 19,473 | 51,357 |
| 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 |
| 8,606,400 | 6,189,574 |
| 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: | £ | £ |
| 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 |