Company registration number 02853596 (England and Wales)
MAP GROUP (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
MAP GROUP (UK) LIMITED
COMPANY INFORMATION
Directors
Mr M G Carlin
Mr M S Carlin
Mrs A Carter
Mr S Singh
Secretary
Mrs M J Armstrong
Company number
02853596
Registered office
MAP House, 3 George Stephenson Court
Westland Way
Preston Farm Industrial Estate
Stockton on Tees
Teesside
TS18 3FB
Auditor
Sumer Auditco Limited
Unit 2
Gosforth Park Avenue
Newcastle Upon Tyne
NE12 8EG
Accountant
Benson Wood Ltd
Unit 21 Belasis Court
Billingham
TS23 4AZ
MAP GROUP (UK) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 32
MAP GROUP (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 September 2024.
Review of the business
The company is one of the leading independent providers of professional technology services to the UK communications sector, including network operators, service providers, equipment vendors, utility providers, government and public bodies and private enterprises.
The strategy of the company during the year was to maintain and develop its status as a tier one provider within the telecommunications industry as well as develop existing relationships within the sector and secure contracts with new clients.
Turnover decreased by £21.5m to £74.4m compared with £95.9m in 2023, this was in line with the directors expectations as is a result of the completion of significant customer contracts at the end of 2023.
Gross profit has decreased by £6.2m to £24.0m however as a percentage of turnover it has increased by 0.67% to 32.20% (2023: £30.2m 31.53%).
The retained profit after tax and dividends for the year was £8.6m (2023: £5.8m).
During the year to 30 September 2024 the company incurred exceptional non trading expenses of £1.4m (2023: £10.5m) in relation to the impairment of an intercompany debt when one of the company's subsidiaries, Utility Services (N.E.) Limited, entered administration.
Employee Ownership Trust
On 1 October 2023, 50.10% of the ordinary share capital of the parent company was sold to an Employee Ownership Trust ("EOT"). On this date, control of the company transferred to the EOT.
Principal risks and uncertainties
The principal risks and uncertainties for the company centre around the factors facing the telecommunications industry and the economy as a whole. The directors undertake regular reviews including but not limited to tenders, customer and management feed back, cash flow and labour usage.
The company is exposed to commodity price risk in particular to movements in fuel prices. The company seeks to manage its exposure to price risk by entering into fixed price contracts where this is appropriate and negotiate price increases from customers where possible. As a result, exposure to price rises are being managed.
The company recognises its performance depends largely on its key employees. Employees are remunerated with competitive packages and conditions as well as specific employee incentive schemes.
Key performance indicators
The company uses the following key performance indicators to review the financial performance:
MAP GROUP (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Promoting the success of the company
The directors of the company must act in accordance with a set of general duties, which are detailed in section 172 of the UK Companies Act 2006. A director must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of it's shareholders as a whole. As part of their induction, a director is briefed on their duties and they can access professional advice on these from an independent advisor.
The company's strategy prioritises organic growth by selling services to its existing clients by developing and maintaining strong client relationships and through regular contact with its clients, ensures that the company continues to offer high quality services.
The company's suppliers and subcontractors are fundamental to its business operations. The company values all of its relationships and has long-term contracts with its key suppliers. To ensure the company manages it suppliers effectively, it looks to reduce reliance on critical suppliers and mitigate risk. For operational suppliers the company seeks to consolidate spend, reduce transactions and consumption.
The company places considerable value on the involvement of its employees and has continued to keep them regularly informed on matters affecting them and on the various factors affecting the performance of the company. This is achieved through direct communications, formal and informal meetings.
The company is committed to making health and safety an integral part of its everyday business, ensuring full compliance with all statutory requirements.
The company recognises the social and environmental impact on the communities around it, therefore, it aims to contribute to the local communities through donations and sponsorship of local teams and events. The company looks to minimise its disruption to local communities when carrying out their works.
Mr M S Carlin
Director
25 June 2025
MAP GROUP (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the company continued to be that of independent providers of professional technology services to the UK communications sector.
Results and dividends
The results for the year are set out on page 10.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr M G Carlin
Mr M S Carlin
Mrs A Carter
Mr S Singh
Financial instruments
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Research and development
The company continues to utilise its technical and materials expertise to remain at the forefront of innovative technology and provide services to maximise the performance and capabilities of its customers. The Company continues to work with new and existing customers and suppliers to develop its knowledge and service range.
Acquisition of own shares
In the year to 30th September 2004 the company purchased 9,333 ordinary shares of £1 each for a consideration of £130,184. In the year to 30th September 2020 the company purchased 11,111 ordinary shares of £1 each for a consideration of £500,000. In the year to 30th September 2021 the company purchased a further 22,222 ordinary shares of £1 each for a consideration of £1,000,000.
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
MAP GROUP (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
Employee involvement
The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.
Auditor
The auditor, Sumer Auditco Ltd, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
As the company has consumed more than 40,000 kWh of energy in this reporting period the detail below provides information regarding its emissions, energy consumption and energy efficiency activities.
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
10,039,500
11,368,109
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
65.53
72.74
- Fuel consumed for owned transport
2,184.63
2,493.49
2,250.16
2,566.23
Scope 2 - indirect emissions
- Electricity purchased
95.89
103.54
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the
-
-
Total gross emissions
2,346.05
2,669.77
Intensity ratio
Tonnes CO2e per £1 million turnover
32
28
Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1m turnover, the recommended ratio for the sector.
MAP GROUP (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
Measures taken to improve energy efficiency
We have installed smart meters across sites where feasible, invested in lower emission vehicles including hybrid and electric ones and increased video conferencing technology for staff meetings where possible, to reduce the need for travel between sites.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr M S Carlin
Director
25 June 2025
MAP GROUP (UK) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
MAP GROUP (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MAP GROUP (UK) LIMITED
- 7 -
Opinion
We have audited the financial statements of MAP Group (UK) Limited (the 'company') for the year ended 30 September 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 company's affairs as at 30 September 2024 and of its 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.
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 company 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 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.
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 contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
MAP GROUP (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MAP GROUP (UK) LIMITED (CONTINUED)
- 8 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 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 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
MAP GROUP (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MAP GROUP (UK) LIMITED (CONTINUED)
- 9 -
Capability of the audit in detecting irregularities, including fraud
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of legal costs incurred; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company's member 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 member 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 member for our audit work, for this report, or for the opinions we have formed.
Paul Gainford (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Unit 2
Gosforth Park Avenue
Newcastle Upon Tyne
NE12 8EG
26 June 2025
MAP GROUP (UK) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
74,397,229
95,881,009
Cost of sales
(50,440,328)
(65,650,846)
Gross profit
23,956,901
30,230,163
Administrative expenses
(11,936,567)
(11,212,527)
Other operating income
150,341
85,280
Operating profit
4
12,170,675
19,102,916
Interest receivable and similar income
8
233,206
172,086
Interest payable and similar expenses
9
(64,816)
(362,837)
Other gains and losses
10
(1,434,967)
(10,464,058)
Profit before taxation
10,904,098
8,448,107
Tax on profit
11
(2,283,617)
(3,298,791)
Profit for the financial year
8,620,481
5,149,316
The profit and loss account has been prepared on the basis that all operations are continuing operations.
MAP GROUP (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
2024
2023
£
£
Profit for the year
8,620,481
5,149,316
Other comprehensive income
-
-
Total comprehensive income for the year
8,620,481
5,149,316
MAP GROUP (UK) LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
15
2,043,567
2,227,506
Investments
13
2
2,043,569
2,227,506
Current assets
Stocks
16
851,177
1,555,087
Debtors falling due after more than one year
18
1,660,232
924,938
Debtors falling due within one year
18
13,814,764
27,362,203
Cash at bank and in hand
7,519,387
11,751,845
23,845,560
41,594,073
Creditors: amounts falling due within one year
19
(10,208,598)
(14,409,812)
Net current assets
13,636,962
27,184,261
Total assets less current liabilities
15,680,531
29,411,767
Creditors: amounts falling due after more than one year
20
(678,995)
(787,894)
Provisions for liabilities
Deferred tax liability
22
315,004
318,554
(315,004)
(318,554)
Net assets
14,686,532
28,305,319
Capital and reserves
Called up share capital
25
57,334
57,334
Capital redemption reserve
26
42,666
42,666
Profit and loss reserves
14,586,532
28,205,319
Total equity
14,686,532
28,305,319
The financial statements were approved by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
Mrs A Carter
Director
Company registration number 02853596 (England and Wales)
MAP GROUP (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
57,334
42,666
23,268,423
23,368,423
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
5,149,316
5,149,316
Dividends
12
-
-
(212,420)
(212,420)
Balance at 30 September 2023
57,334
42,666
28,205,319
28,305,319
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
8,620,481
8,620,481
Consideration paid on behalf of the Employee Ownership Trust to acquire shares of company
-
-
(22,239,268)
(22,239,268)
Balance at 30 September 2024
57,334
42,666
14,586,532
14,686,532
MAP GROUP (UK) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
21,193,054
10,029,841
Interest paid
(64,816)
(362,837)
Income taxes paid
(3,255,676)
(4,561,862)
Net cash inflow from operating activities
17,872,562
5,105,142
Investing activities
Purchase of tangible fixed assets
(238,561)
(346,804)
Proceeds from disposal of tangible fixed assets
195,684
Amounts introduced/(drawn) by directors
223,685
(24,601)
Interest received
233,206
101,630
Other income received from investments
-
70,456
Net cash generated from/(used in) investing activities
218,330
(3,635)
Financing activities
Bank loans advanced/repaid
(4,505,964)
Contributions on behalf of EOT
(22,239,268)
Payment of finance leases obligations
(84,082)
(100,321)
Dividends paid
(212,420)
Net cash used in financing activities
(22,323,350)
(4,818,705)
Net (decrease)/increase in cash and cash equivalents
(4,232,458)
282,802
Cash and cash equivalents at beginning of year
11,751,845
11,469,043
Cash and cash equivalents at end of year
7,519,387
11,751,845
MAP GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
1
Accounting policies
Company information
MAP Group (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is MAP House, 3 George Stephenson Court, Westland Way, Preston Farm Industrial Estate, Stockton on Tees, Teesside, TS18 3FB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 402 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that under section 405 of the Companies Act 2006 all of its subsidiary undertakings can be excluded from consolidation. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts.
Revenue from the provision of contractual services is recognised when the right to consideration has been achieved through the completion of activities on each job.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.
Other income
Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
MAP GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% on cost
Leasehold land and buildings
4% on cost
Leasehold improvements
5% on reducing balance
Plant and equipment
25% on reducing balance
Fixtures and fittings
33% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
MAP GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
MAP GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
MAP GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
As lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
MAP GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Impairment of tangible assets
Determination whether there are indicators of impairment of tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.
Valuation of trade debtors
Determine trade debtors are accurately provided for within amounts recoverable on contracts. Factors taken into consideration include confirmation that disputed sales and amounts applied for but not yet approved are captured.
Key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Depreciation and asset impairment
Estimates included within these financial statements include depreciation and asset impairments (for example provisions against debtors). None of the estimates made in the preparation of these financial statements are considered to carry significant estimation uncertainty, nor bear significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Rendering of services
74,397,229
95,881,009
2024
2023
£
£
Other revenue
Interest income
233,206
172,086
MAP GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
153,357
168,458
Depreciation of tangible fixed assets held under finance leases
257,656
91,451
Loss/(profit) on disposal of tangible fixed assets
11,487
(10,609)
Operating lease charges
702,496
636,386
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
26,000
16,000
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Direct labour
245
251
Management
33
44
Office Staff
72
90
Directors
4
4
Total
354
389
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
18,848,641
18,550,773
Social security costs
2,056,085
2,037,546
Pension costs
489,038
307,642
21,393,764
20,895,961
MAP GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
2,739,078
2,396,749
Company pension contributions to defined contribution schemes
196,264
17,066
2,935,342
2,413,815
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
842,538
800,695
Company pension contributions to defined contribution schemes
440
1,320
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
233,206
101,630
Other income from investments
Gains on financial instruments measured at fair value through profit or loss
70,456
Total income
233,206
172,086
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
233,206
101,630
Interest on financial assets measured at fair value through profit or loss
70,456
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
345,505
Other finance costs:
Interest on finance leases and hire purchase contracts
64,816
17,332
64,816
362,837
MAP GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
10
Other gains and losses
2024
2023
£
£
Impairment of intercompany debt
(1,434,967)
(3,885,911)
Imparment of fixed asset investments
-
(6,578,147)
(1,434,967)
(10,464,058)
During the year to 30 September 2024 the company incurred exceptional non trading expenses of £1.4m (2023: £10.5m) in relation to the impairment of an intercompany debt when one of the company's subsidiaries, Utility Services (N.E.) Limited, entered administration.
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
2,474,237
3,048,220
Adjustments in respect of prior periods
(187,070)
Total current tax
2,287,167
3,048,220
Deferred tax
Origination and reversal of timing differences
(3,550)
229,103
Changes in tax rates
21,468
Total deferred tax
(3,550)
250,571
Total tax charge
2,283,617
3,298,791
The main rate of corporation tax is 25% for the fiscal year beginning 1 April 2023 under the finance bill 2021 (previously 19% in the fiscal year beginning 1 April 2022).
Deferred tax has been provided at the rates expected to be in place when the timing differences reverse.
MAP GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
11
Taxation
(Continued)
- 24 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
10,904,098
8,448,107
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
2,726,025
1,858,584
Tax effect of expenses that are not deductible in determining taxable profit
367,041
2,303,430
Tax effect of income not taxable in determining taxable profit
(2,334)
Adjustments in respect of prior years
(187,070)
Group relief
(658,754)
(885,747)
Permanent capital allowances in excess of depreciation
39,925
(225,713)
Deferred tax movement
(3,550)
250,571
Taxation charge for the year
2,283,617
3,298,791
12
Dividends
2024
2023
£
£
Interim paid
212,420
13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
14
2
MAP GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
13
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023
6,578,147
Valuation changes
2
At 30 September 2024
6,578,149
Impairment
At 1 October 2023 & 30 September 2024
6,578,147
Carrying amount
At 30 September 2024
2
At 30 September 2023
-
14
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
MAP Business Services Ltd
3 George Stephenson Court, Westland Way, Preston Farm Industrial Estate, Stockton TS18 3FB
Computer related activities (immaterial activity)
Ordinary
100.00
MAP Building Solutions Ltd
3 George Stephenson Court, Westland Way, Preston Farm Industrial Estate, Stockton TS18 3FB
Building services (dormant)
Ordinary
100.00
On 2nd August 2024 Utility Services (N.E.) Ltd a 100% subsidiary went into administration.
MAP GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
15
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
£
£
Cost
At 1 October 2023
636,440
69,610
296,085
2,037,143
391,834
3,431,112
Additions
201,343
37,218
238,561
Disposals
(133,789)
(71,697)
(205,486)
At 30 September 2024
636,440
69,610
162,296
2,166,789
429,052
3,464,187
Depreciation and impairment
At 1 October 2023
2,797
34,060
220,917
701,927
243,905
1,203,606
Depreciation charged in the year
3,729
2,785
3,758
349,369
51,372
411,013
Eliminated in respect of disposals
(122,933)
(71,066)
(193,999)
At 30 September 2024
6,526
36,845
101,742
980,230
295,277
1,420,620
Carrying amount
At 30 September 2024
629,914
32,765
60,554
1,186,559
133,775
2,043,567
At 30 September 2023
633,643
35,550
75,168
1,335,216
147,929
2,227,506
Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:
2024
2023
£
£
Plant and equipment
832,152
977,416
Computers
19,333
28,856
851,485
1,006,272
16
Stocks
2024
2023
£
£
Raw materials and consumables
851,177
1,555,087
17
Construction contracts
2024
2023
£
£
Contracts in progress at the reporting date
Gross amounts owed by contract customers included in debtors
6,606,923
13,431,761
MAP GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
17
Construction contracts
(Continued)
- 27 -
2024
2023
Other construction contract balances
£
£
Retentions held by customers for contract work
1,744,720
2,197,888
Amounts receivable due for settlement after more than 12 months
1,252,258
924,938
18
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,764,639
9,608,229
Gross amounts owed by contract customers
5,354,665
12,506,823
Other debtors
1,486,361
5,034,744
Prepayments and accrued income
209,099
212,407
13,814,764
27,362,203
2024
2023
Amounts falling due after more than one year:
£
£
Gross amounts owed by contract customers
1,252,258
924,938
Other debtors
407,974
1,660,232
924,938
Total debtors
15,474,996
28,287,141
19
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
21
234,324
209,507
Trade creditors
2,440,116
3,144,230
Corporation tax
952,887
1,921,394
Other taxation and social security
1,531,009
3,135,020
Deferred income
23
382,342
1,829,647
Other creditors
113,310
64,318
Accruals
4,554,610
4,105,696
10,208,598
14,409,812
MAP GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
20
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
21
678,995
787,894
21
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
234,324
209,507
In two to five years
678,995
787,894
913,319
997,401
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 36 months. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
22
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
315,004
297,086
Change in local tax rate
-
21,468
315,004
318,554
2024
Movements in the year:
£
Liability at 1 October 2023
318,554
Credit to profit or loss
(3,550)
Liability at 30 September 2024
315,004
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
MAP GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
23
Deferred income
2024
2023
£
£
Arising from contract revenue received in advance
382,342
1,829,647
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
489,038
307,642
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
25
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
57,334
57,334
57,334
57,334
Each share is entitled to one vote in any circumstances, equal rights to dividends and to participate in a distribution arising from a winding up of a company.
26
Capital redemption reserve
In the year to 30th September 2004 the company purchased 9,333 ordinary shares of £1 each for a consideration of £130,184. In the year to 30th September 2020 the company purchased 11,111 ordinary shares of £1 each for a consideration of £500,000. In the year to 30th September 2021 the company purchased a further 22,222 ordinary shares of £1 each for a consideration of £1,000,000.
27
Operating lease commitments
As lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within 1 year
1,528,170
1,426,099
Years 2-5
3,625,508
3,165,105
After 5 years
1,256,832
1,466,304
6,410,510
6,057,508
MAP GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 30 -
28
Directors' transactions
At the balance sheet date there were loans repayable by Directors 2 and 3 totaling £Nil (2023: £123,685). The loans were interest free and repayable on demand.
29
Ultimate controlling party
On 1 October 2023, 50.10% of the ordinary share capital of the parent company was sold to an Employee Ownership Trust ("EOT"). On this date, control of the company transferred to the EOT.
30
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
3,221,354
3,590,949
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
2024
2023
£
£
Entities over which the entity has control, joint control or significant influence
323,544
837,997
Services received
Services received
2024
2023
£
£
Entities over which the entity has control, joint control or significant influence
2,628,429
3,189,798
2024
2023
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
-
383,636
MAP GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
30
Related party transactions
(Continued)
- 31 -
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
400,000
1,899,315
Sales of services to related parties were made at the company's usual list price. Purchases were made at market price discounted to reflect the quantity of goods purchased and the relationships between the parties.
The amounts outstanding were unsecured and interest free, the company went into administration on 2nd August 2024 however the administrators believe that a portion of the debt will be recovered.
The following amounts were recognised as an expense in the period in respect of amounts written off current loans:
2024
2023
£
£
Entities over which the entity has control, joint control or significant influence
1,434,967
-
31
Cash generated from operations
2024
2023
£
£
Profit after taxation
8,620,481
5,149,316
Adjustments for:
Taxation charged
2,283,617
3,298,791
Finance costs
64,816
362,837
Investment income
(233,206)
(172,086)
Loss/(gain) on disposal of tangible fixed assets
11,487
(10,609)
Depreciation and impairment of tangible fixed assets
411,013
259,909
Other gains and losses
-
10,464,058
Movements in working capital:
Decrease in stocks
703,910
403,110
Decrease/(increase) in debtors
12,588,460
(8,803,553)
Decrease in creditors
(1,810,219)
(81,093)
Decrease in deferred income
(1,447,305)
(840,839)
Cash generated from operations
21,193,054
10,029,841
MAP GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 32 -
32
Analysis of changes in net funds
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
11,751,845
(4,232,458)
7,519,387
Lease liabilities
(997,401)
84,082
(913,319)
10,754,444
(4,148,376)
6,606,068
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