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Registered number: NI666382










MBNI Holdings Ltd










Annual Report and Financial Statements

For the Year Ended 31 December 2024

 
MBNI Holdings Ltd
 

Company Information


Directors
Pauline McKeating 
Neil McKibbin 




Registered number
NI666382



Registered office
47 Mallusk Road
Newtonabbey

Northern Ireland

BT36 4PJ




Independent auditors
Sumer AuditCo NI Limited

Glendinning House

6 Murray Street

Belfast

Co. Antrim

BT1 6DN




Bankers
Danske Bank
Donegall Square West

Belfast

BT1 6JS




Solicitors
Mills Selig
21 Arthur St

Belfast

BT1 4GA





 
MBNI Holdings Ltd
 

Contents



Page
Group Strategic Report
 
 
1 - 3
Directors' Report
 
 
4 - 7
Independent Auditors' Report
 
 
8 - 11
Consolidated Statement of Comprehensive Income
 
 
12
Consolidated Balance Sheet
 
 
13
Company Balance Sheet
 
 
14
Consolidated Statement of Changes in Equity
 
 
15
Company Statement of Changes in Equity
 
 
16
Consolidated Statement of Cash Flows
 
 
17
Notes to the Financial Statements
 
 
18 - 38


 
MBNI Holdings Ltd
 

Group Strategic Report
For the Year Ended 31 December 2024

Introduction
 
The directors present their Strategic Report on the Group for the year ended 31 December 2024.
Principal activities and business review
The principal activity of the Company during the period was the management of subsidiaries. The subsidiary companies are involved in the purchase, sale and hire of commercial vehicles and associated services.
The Group has sought to maximise the potential of its outlets in both Northern Ireland and the Surrey/Sussex region. The group is satisfied with the level of performance.
The results for the Group show a profit for the financial period ended 31 December 2024 of £2,313,000. There were £1,500,000 in dividends paid during the period. The Directors do not recommend the payment of a final dividend.
Going concern
At the date of this report, the Directors are confident that the Group can continue to demonstrate its resilience and navigate these challenging times successfully. At the Balance Sheet date the Group had net assets of £9,320,000 (2023: £8,507,000) and continued to generate profits. The Directors have prepared budgets and cash flow forecasts. As a result, the Directors continue to prepare the financial statements on a going concern basis as they are satisfied that the Group has the ability to meet its liabilities as and when they fall due for a period of not less than 12 months from the date of this report.

Principal risks and uncertainties
 
The management of the business and the execution of the Group's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to the current economic environment, competition from other dealerships, supplier stability, employee retention and Mercedes-Benz support. These risks are addressed through a good relationship with Mercedes-Benz, strong customer service and after sales support as well as investment in its people and facilities.

Financial key performance indicators
 
The Group's key performance indicators are as follows: 
       
 2024   2023
Turnover £'000      110,597           105,023
Gross profit margin      17.40%  17.31%
Employee numbers                         297            295
Future Developments
The year ahead may have economic challenges in respect of Commercial Vehicle Sales. However, as at the time of signing these financial statements, the directors are confident that 2025 and 2026 will show continued improvement across all sections of its businesses and improvement in trading profits for the coming year. 

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Page 1

 
MBNI Holdings Ltd
 

Group Strategic Report (continued)
For the Year Ended 31 December 2024

Environment
 
The Group and Company recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The Directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible.
Health and safety
The Group and Company is committed to achieving the highest practicable standards in health and safety management and strives to make all sites and offices safe environments for employees and customers alike.
Human resources
The Group and Company's most important resource is its people; their knowledge and experience is crucial to meeting customer requirements. Retention of key staff is critical and the company has invested increasingly in
employment training and development and has introduced appropriate incentive and career progression
arrangements.
Employees
 
Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the Group continues and the appropriate training is arranged. It is the policy of the Group that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of a person who does not suffer from a disability. 
Consultation with employees or their representative has continued at all levels, with the aim of ensuring their views are taken into account when decisions are made that are likely to affect their interests and that all employees are aware of the financial and economic performance of the Group.













 
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Page 2

 
MBNI Holdings Ltd
 

Group Strategic Report (continued)
For the Year Ended 31 December 2024

Statement by the Directors in performance of their statutory duties accordance with s172(1) Companies Act 2006 
This section describes how the Directors have had regard to the matters set out in section 172(1) (a) to (f), and forms the directors' statement required under the Companies (Miscellaneous Reporting) Regulations 2018. 
The Directors require all employees of the Group to adhere to the highest standards of integrity and meet with all legal and regulatory requirements. 
In making decisions, the Directors give appropriate consideration to the short and long term impacts of those decisions. These decisions are based on relevant budgets, forecasts, considerations of principal and emerging business risks and the wider market environment. In making these decisions the Directors give due consideration to the impact on key stakeholders and acknowledge that appropriate engagement and consultation with these stakeholders supports the future success of the Group. This includes decisions which impact the Group's: 
• Employees, to ensure that appropriate levels of communication are provided by the Directors and feedback received from the employees and acted on;
• Customers, to ensure that appropriate levels of engagement are maintained across the customer base and that high levels of customer service is monitored and maintained;
• Suppliers, to ensure that a strong relationship is maintained with the key suppliers e.g. Mercedes-Benz; 
• Community and environment, to ensure that the activities of the Group support the local community and environment, for example, through providing employment for local people, supporting in their training and ensuring that the Group's activities look after the local environment;
• Regulators, to ensure that the Group is in compliance with all laws and regulations; and
• Other key stakeholders. 

 



This report was approved by the board on 12 June 2025 and signed on its behalf.



Pauline McKeating
Director

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Page 3

 
MBNI Holdings Ltd
 

 
Directors' Report
For the Year Ended 31 December 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £2,313,000 - 2023: £2,633,000.

There were £1,500,000 in dividends paid during the period. TheDdirectors do not recommend the payment of a final dividend.

Directors

The directors who served during the year were:

Pauline McKeating 
Neil McKibbin 

Directors' indemnities

As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force. The Group also purchased and maintained throughout the financial year director's and officer's liability insurance in respect of itself and its Directors.

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Page 4

 
MBNI Holdings Ltd
 

 
Directors' Report (continued)
For the Year Ended 31 December 2024

Future developments

A review of the business, results and future developments are detailed in the Strategic report and included in this report by cross reference.

Financial risk management

The Group's operations expose it to a variety of financial risks that include foreign exchange risk, credit risk, liquidity risk and interest rate risk. The Group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the Group by monitoring levels of debt finance and the related finance costs.
Given the size of the Group, the Directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the Group finance department.

Foreign exchange risk

While the greater part of the Group's revenues and expenses are denominated in sterling, the Group is exposed to some foreign exchange risk in the normal course of business, principally from sales and purchases in Euros. While the Group has not used financial instruments to date to hedge foreign exchange exposure, this position is kept under review.

Credit risk

The Group has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the board.

Liquidity risk

The Group actively maintains a mixture of medium-term and short-term debt finance that is designed to ensure the Group has sufficient available funds for operations and planned expansions.

Interest rate risk

The Group has interest bearing liabilities in the form of bank overdrafts, bank loans and preference shares classified as financial liabilities. The Group has a policy of maintaining debt at a competitive rate to ensure a reasonable degree of certainty over future interest cash flows. The Directors will revisit the appropriateness of this policy should the Group's operations change in size or nature.

Engagement with employees

A review of employee engagement is detailed in the Strategic report and included in this report by cross reference

Engagement with suppliers, customers and others

Please refer to the Section 172(1) statement within the Strategic report.

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Page 5

 
MBNI Holdings Ltd
 

 
Directors' Report (continued)
For the Year Ended 31 December 2024

Streamlined Energy and Carbon Reporting ('SECR')

In line with the Companies (Directors' report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 (the 2018 Regulations) and accompanying government guidance 'Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting requirements: March 2019' the Group presents details on its carbon and energy use.

Energy and emissions report

Energy consumption (units)
Carbon emissions (kCO2e)
Intensity ration (Emission per £'000 turnover)
Energy consumption (units)
Carbon emissions (kCO2e)
Intensity ration (Emission per £'000 turnover)
  2024
      2024
      2024
      2023
      2023
      2023

Diesel (litres)

252,972

683,024

6
 
282,269
 
762,126

7

Gas (Kmh)

895,314

163,431

1
 
853,187
 
155,741

1

Water (m3)

3,446

1,451

-
 
5,547
 
2,335

-

Electricity (Kwh)

782,293

151,280

1
 
802,414
 
155,171

1


1,934,025

999,186

8
 
1,943,417
 
1,075,373

9


Methodology

To determine emissions for the year ended 31 December 2024, the group used a methodology compliant with the Greenhouse Gas ('GHG') Protocol and incorporated the 2020 UK Government GHG conversion factors for greenhouse gas reporting.
Electricity, gas, water and diesel consumption was based on actual data, obtained from supplier invoices, meter readings, fuel logs, employee expense claims and supplier account statements. The collected consumption data was then converted to greenhouse gas emissions associated with each activity using annually updated emission / conversion factors provided by the UK Government.

Energy efficiency measures

A sample of energy efficiency actions undertaken by the Group during the financial year is outlined below:
- Use of more energy efficient LED office lights and smart metering;
- Regular service and maintenance of the central heater boiler;
- Waste segregation improvements with waste specific bins used;
- Incorporating a rolling replacement programme of company vehicles from diesel to electric vehicles; and
- The installation of EV charging points across all of the group's dealerships.

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Page 6

 
MBNI Holdings Ltd
 

 
Directors' Report (continued)
For the Year Ended 31 December 2024

Disclosure of information to auditors

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

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

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

Auditors

The auditorsSumer AuditCo NI Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 12 June 2025 and signed on its behalf.
 





Pauline McKeating
Director

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Page 7

 
MBNI Holdings Ltd
 

 
Independent Auditors' Report to the Members of MBNI Holdings Ltd
 

Opinion


We have audited the financial statements of MBNI Holdings Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


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Page 8

 
MBNI Holdings Ltd
 

 
Independent Auditors' Report to the Members of MBNI Holdings Ltd (continued)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


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


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


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MBNI Holdings Ltd
 

 
Independent Auditors' Report to the Members of MBNI Holdings Ltd (continued)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the Group and Company and the industry in which they operate, and considered the risk of acts by the Group and Company that were contrary to applicable laws and regulations, including fraud. We considered the opportunities and incentives that may exist within the Group and Company for fraud and identified the greatest potential for fraud in the following areas: management override of controls and fraud risk relating to revenue.
We designed audit procedures to respond to these risks, recognising that the risk of not detecting a material
misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve
deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Our
audit procedures included: enquiries of management about their own identification and assessment of risks of
irregularities, testing the design and implementation of controls relating to the risks, sample testing of journals
posted during the year, revenue cut off testing and agreeing a sample of revenue items to underlying source documentation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


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Page 10

 
MBNI Holdings Ltd
 

 
Independent Auditors' Report to the Members of MBNI Holdings Ltd (continued)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Brian Clerkin (Senior Statutory Auditor)
  
for and on behalf of
Sumer AuditCo NI Limited
 
Glendinning House
6 Murray Street
Belfast
Co. Antrim
BT1 6DN

12 June 2025
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Page 11

 
MBNI Holdings Ltd
 

Consolidated Statement of Comprehensive Income
For the Year Ended 31 December 2024

2024
2023
Note
£000
£000

  

Turnover
  
110,597
105,023

Cost of sales
  
(91,351)
(86,848)

Gross profit
  
19,246
18,175

Administrative expenses
  
(13,081)
(12,381)

Operating profit
 6 
6,165
5,794

Interest payable and similar expenses
 10 
(2,992)
(2,239)

Profit before taxation
  
3,173
3,555

Tax on profit
 11 
(860)
(922)

Profit for the financial year
  
2,313
2,633

  

Total comprehensive income for the year
  
2,313
2,633

Profit for the year attributable to:
  

Owners of the parent Company
  
2,313
2,633

  
2,313
2,633

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
2,313
2,633

  
2,313
2,633

The notes on pages 18 to 38 form part of these financial statements.

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Page 12

 
MBNI Holdings Ltd
Registered number: NI666382

Consolidated Balance Sheet
As at 31 December 2024

2024
2023
Note
£'000
£'000

Fixed assets
  

Intangible assets
 14 
3,723
4,019

Tangible assets
 15 
32,118
26,323

  
35,841
30,342

Current assets
  

Stocks
 17 
9,519
9,154

Debtors: amounts falling due within one year
 18 
9,119
8,189

Cash at bank and in hand
 19 
11,761
9,673

  
30,399
27,016

Creditors: amounts falling due within one year
 20 
(38,063)
(33,950)

Net current liabilities
  
 
 
(7,664)
 
 
(6,934)

Total assets less current liabilities
  
28,177
23,408

Creditors: amounts falling due after more than one year
 21 
(16,740)
(13,223)

Provisions for liabilities
  

Deferred taxation
 24 
(2,117)
(1,678)

  
 
 
(2,117)
 
 
(1,678)

Net assets excluding pension asset
  
9,320
8,507

Net assets
  
9,320
8,507


Capital and reserves
  

Called up share capital 
 25 
1,000
1,000

Profit and loss account
  
8,320
7,507

  
9,320
8,507


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 June 2025.



Pauline McKeating
Director

The notes on pages 18 to 38 form part of these financial statements.

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Page 13

 
MBNI Holdings Ltd
Registered number: NI666382

Company Balance Sheet
As at 31 December 2024

2024
2023
Note
£'000
£'000

Fixed assets
  

Investments
 16 
11,844
11,844

  
11,844
11,844

Current assets
  

Debtors: amounts falling due within one year
 18 
173
-

  
173
-

Creditors: amounts falling due within one year
 20 
(11,017)
(9,517)

Net current liabilities
  
 
 
(10,844)
 
 
(9,517)

Total assets less current liabilities
  
1,000
2,327

  

  

Net assets excluding pension asset
  
1,000
2,327

Net assets
  
1,000
2,327


Capital and reserves
  

Called up share capital 
 25 
1,000
1,000

Profit and loss account
  
-
1,327

  
1,000
2,327


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 June 2025.


Pauline McKeating
Director

The notes on pages 18 to 38 form part of these financial statements.

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Page 14

 
MBNI Holdings Ltd
 

Consolidated Statement of Changes in Equity
For the Year Ended 31 December 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£'000
£'000
£'000
£'000


At 1 January 2023
1,000
6,374
7,374
7,374



Profit for the year
-
2,633
2,633
2,633

Dividends: Equity capital
-
(1,500)
(1,500)
(1,500)



At 1 January 2024
1,000
7,507
8,507
8,507



Profit for the year
-
2,313
2,313
2,313

Dividends: Equity capital
-
(1,500)
(1,500)
(1,500)


At 31 December 2024
1,000
8,320
9,320
9,320


The notes on pages 18 to 38 form part of these financial statements.

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MBNI Holdings Ltd
 

Company Statement of Changes in Equity
For the Year Ended 31 December 2024


Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 1 January 2023
1,000
2,827
3,827

Dividends: Equity capital
-
(1,500)
(1,500)



At 1 January 2024
1,000
1,327
2,327



Profit for the year
-
173
173

Dividends: Equity capital
-
(1,500)
(1,500)


At 31 December 2024
1,000
-
1,000


The notes on pages 18 to 38 form part of these financial statements.

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MBNI Holdings Ltd
 

Consolidated Statement of Cash Flows
For the Year Ended 31 December 2024

2024
2023
£'000
£'000

Cash flows from operating activities

Profit for the financial year
2,313
2,633

Adjustments for:

Amortisation of intangible assets
296
296

Depreciation of tangible assets
4,065
3,951

(Profit)/Loss on disposal of tangible assets
(606)
(452)

Interest paid
2,992
2,239

Taxation charge
860
922

(Increase) in stocks
(365)
(2,241)

(Increase)/decrease in debtors
(931)
673

Increase/(decrease) in creditors
627
(3,180)

Corporation tax (paid)
(683)
(710)

Net cash generated from operating activities

8,568
4,131


Cash flows from investing activities

Purchase of tangible fixed assets
(13,824)
(8,235)

Sale of tangible fixed assets
4,570
3,419

Net cash from investing activities

(9,254)
(4,816)

Cash flows from financing activities

Repayment of loans
1,406
185

Dividends paid
(1,500)
(1,500)

Interest paid
(2,992)
(2,239)

Net movement in hire purchase agreements
2,754
800

Net cash used in financing activities
(332)
(2,754)

Net (decrease) in cash and cash equivalents
(1,018)
(3,439)

Cash and cash equivalents at beginning of year
(7,888)
(4,449)

Cash and cash equivalents at the end of year
(8,906)
(7,888)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
11,761
9,673

Bank overdrafts
(20,667)
(17,561)

(8,906)
(7,888)


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Page 17

 
MBNI Holdings Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

1.


General information

The principal activity of the Company during the year was the management of subsidiaries. The subsidiary companies are involved in the purchase, sale and hire of commercial vehicles and associated services. 
The Company is a private company limited by shares and is incorporated and domiciled in Northern Ireland, within the United Kingdom. The address of its registered office is 47 Mallusk Road, Newtownabbey, Northern Ireland, BT36 3PJ. 


2.


Statement of compliance

The financial statements of MBNI Holdings Ltd have been prepared in compliance with the United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland” (FRS 102) and the Companies Act 2006. 

3.Accounting policies

 
3.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 4).

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

The following principal accounting policies have been applied:

  
3.2

Going concern

At the date of this report, the Directors are confident that the Group can continue to demonstrate its resilience and navigate these challenging times successfully. At the Balance Sheet date the Group had net assets of £9,320,000 (2023: £8,507,000) and continued to generate profits. The Directors have prepared budgets and cash flow forecasts which continue to show positive profitability, cashflow and ability to service it's debt. These forecasts, together with the continued support of it's key funders and suppliers, enable the Directors to continue to prepare the financial statements on a going concern basis as they are satisfied that the Group has the ability to meet its liabilities as and when they fall due for a period of not less than 12 months from the date of this report.

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MBNI Holdings Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

3.Accounting policies (continued)

 
3.3

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
3.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

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MBNI Holdings Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

3.Accounting policies (continued)

 
3.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
3.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
3.7

Interest income

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

 
3.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
3.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
3.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

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Page 20

 
MBNI Holdings Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

3.Accounting policies (continued)

 
3.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


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Page 21

 
MBNI Holdings Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

3.Accounting policies (continued)

 
3.12

Intangible assets

Goodwill

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

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Customer relationships
-
15
years
Supplier relationships
-
20
years
Goodwill
-
20
years

 
3.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Plant and machinery
-
10% straight line
Motor vehicles
-
15-30% straight line
Fixtures and fittings
-
10% straight line
Equipment
-
20-25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

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MBNI Holdings Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

3.Accounting policies (continued)

 
3.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
3.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

The Group has to access to 'consignment stock' under agreements with suppliers for a consignment period. Where the nature of these agreements transfers risks and rewards to the Group, which in substance gives the Group control over the stocks during the consignment period and liabilities in respect of holding costs, the Group recognises these stocks together with the equivalent liability.

 
3.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
3.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
3.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
3.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

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Page 23

 
MBNI Holdings Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

3.Accounting policies (continued)

 
3.20

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance Sheet when the Group 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The
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Page 24

 
MBNI Holdings Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

3.Accounting policies (continued)


3.20
Financial instruments (continued)

impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

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MBNI Holdings Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

3.Accounting policies (continued)

 
3.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


4.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements made in the process of preparing the Group financial statements are continually evaluated and are based on the historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
(
a) Critical judgement in applying the entity’s accounting policies
There are no critical judgements in applying the entity’s accounting policies.
(
b) Critical accounting estimates and assumptions
There are no critical accounting estimates and assumptions.


5.


Turnover

The turnover and profit before are attributable to the principal activity of the Group.
No analysis of turnover is provided as directors consider that such disclosure would be seriously prejudicial to the interests of the Group.


6.


Operating profit

The operating profit is stated after charging:

2024
2023
£'000
£'000

Amortisation of intangible assets
296
296

Depreciation of tangible assets
4,065
4,316

Profit on disposal of fixed assets
(606)
(452)

Staff costs (note 8)
12,350
11,761

Operating Leases
533
479

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MBNI Holdings Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2024
2023
£000
£000

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
57
54

Fees payable to the Company's auditors and their associates in connection with the Group's pension scheme(s) in respect of:

Taxation compliance services
6
7


8.


Employees

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


Group
Group
2024
2023
£000
£000


Wages and salaries
10,734
10,293

Social security costs
1,191
1,118

Cost of defined contribution scheme
425
350

12,350
11,761


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



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









Management / Administration
28
28
2
2



Sales
38
34
-
-



Parts
54
53
-
-



Service
177
180
-
-

297
295
2
2

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Page 27

 
MBNI Holdings Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

9.


Directors' remuneration

2024
2023
£000
£000

Directors salaries
229
103

Directors' pension costs
103
33

332
136


During the year retirement benefits were accruing to 3 directors within the Group (2023:  2) in respect of defined contribution pension schemes.

Key management of the Group and Company are defined as the Directors and certain senior management. Remuneration of key management personnel was £332,000 (2023: £136,000)


10.


Interest payable and similar expenses

2024
2023
£000
£000


Interest payable on bank borrowing
1,265
1,228

Other similar charges payable
1,727
1,011

2,992
2,239


11.


Taxation


2024
2023
£000
£000

Corporation tax


Current tax on profits for the year
421
683


421
683


Total current tax
421
683

Deferred tax


Origination and reversal of timing differences
439
239

Total deferred tax
439
239


Tax on profit
860
922
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Page 28

 
MBNI Holdings Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023: higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£000
£000


Profit on ordinary activities before tax
3,173
3,555


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 23.52%)
793
836

Effects of:


Expenses not deductible for tax purposes
(138)
13

Capital allowances for year in excess of depreciation
(306)
(130)

Amortisation of goodwill
73
70

Deferred tax
438
239

Profit on disposal of fixed assets
-
(106)

Total tax charge for the year
860
922


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£000
£000


Dividends paid in year
1,500
1,500

1,500
1,500


13.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £173,000  (2023: £NIL).

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Page 29

 
MBNI Holdings Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

14.


Intangible assets

Group





Supplier Relationships
Customer Relationships
Goodwill
Total

£000
£000
£000
£000



Cost


At 1 January 2024
2,781
411
2,012
5,204



At 31 December 2024

2,781
411
2,012
5,204



Amortisation


At 1 January 2024
696
149
340
1,185


Charge for the year on owned assets
173
38
85
296



At 31 December 2024

869
187
425
1,481



Net book value



At 31 December 2024
1,912
224
1,587
3,723



At 31 December 2023
2,085
262
1,672
4,019



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Page 30

 
MBNI Holdings Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

15.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£000
£000
£000
£000
£000
£000



Cost or valuation


At 1 January 2024
14,986
2,684
22,395
1,256
465
41,786


Additions
3,036
745
9,710
296
37
13,824


Disposals
-
(20)
(7,595)
(11)
(160)
(7,786)



At 31 December 2024

18,022
3,409
24,510
1,541
342
47,824



Depreciation


At 1 January 2024
2,983
1,675
9,762
664
379
15,463


Charge for the year on owned assets
284
214
3,413
116
38
4,065


Disposals
-
(5)
(3,653)
(4)
(160)
(3,822)



At 31 December 2024

3,267
1,884
9,522
776
257
15,706



Net book value



At 31 December 2024
14,755
1,525
14,988
765
85
32,118



At 31 December 2023
12,003
1,009
12,633
592
86
26,323

The net book value of motor vehicles held under finance leases or hired purchase contracts, included above, are £14,321,090 (2023: £12,440,763).

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Page 31

 
MBNI Holdings Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

16.


Fixed asset investments

Company





Investments in subsidiary companies

£000



Cost or valuation


At 1 January 2024
11,844



At 31 December 2024
11,844





Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

McKibbin Holdings Limited
Northern Ireland
Holding company
Ordinary
100%

Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

M-B Truck and Van (NI) Limited
Northern Ireland
Sales hire and servicing of vehicles
Ordinary
100%
Rossetts (UK) Limited
England
Sales hire and servicing of vehicles
Ordinary
100%
Rentatruck (Self Drive) Limited
Northern Ireland
Dormant
Ordinary
100%
Truck & Trailer Spares (NI) Limited
Northern Ireland
Dormant
Ordinary
100%
Inspired Business Investments Limited
Northern Ireland
Holding company
Ordinary
100%

McKibbin Holdings Limited, M-B Truck and Van (NI) Limited, Rentatruck (Self Drive) Limited, Truck & Trailer Spares (NI) Limited and Inspired Business Investments Limited have a registered office address of 47 Mallusk, Newtownabbey, Co Antrim, BT36 4PJ.
Rossetts (UK) Limited has a registered office address of Meadow Road Industrial Estate, Meadow Road, Worthing, West Sussex, BN11 2RU.

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MBNI Holdings Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

17.


Stocks

Group
Group
2024
2023
£'000
£'000

Finished goods and goods for resale
9,519
9,154

9,519
9,154


Deducted from stock at the year end is an amount for consignment stock for Mercedes-Benz totalling £23,683,721 (2023: £23,771,994). The stock has been allocated to the company by Mercedes-Benz however the title does not pass to the Company until a sale agreement has been made. Mercedes-Benz reserve the right to allocate consignment inventory to other dealers.


18.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000


Trade debtors
7,717
7,025
-
-

Amounts owed by group undertakings
-
-
173
-

Other debtors
647
577
-
-

Prepayments and accrued income
755
587
-
-

9,119
8,189
173
-


The Group’s trade debtors are stated after provisions for impairment of £363,548 (2023: £177,413).


19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Cash at bank and in hand
11,761
9,673
-
-

Less: bank overdrafts
(20,667)
(17,561)
(11,017)
(9,517)

(8,906)
(7,888)
(11,017)
(9,517)


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MBNI Holdings Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Bank overdrafts
20,667
17,561
11,017
9,517

Bank loans
825
666
-
-

Payments received on account
96
109
-
-

Trade creditors
7,268
6,449
-
-

Corporation tax
456
728
-
-

Other taxation and social security
607
744
-
-

Obligations under finance lease and hire purchase contracts
7,051
6,567
-
-

Amounts owed to related parties
61
115
-
-

Accruals and deferred income
1,032
1,011
-
-

38,063
33,950
11,017
9,517



21.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£000
£000

Bank loans
6,008
4,761

Net obligations under finance leases and hire purchase contracts
10,732
8,462

16,740
13,223


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MBNI Holdings Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024


22.


Loan and Other Borrowings

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Bank and overdrafts

less than 1 year
21,493
18,337
11,017
9,517

Between one and two years
853
3,959
-
-

Between two and five years
5,154
802
-
-

In more than five years
-
-
-
-

27,500
23,098
11,017
9,517



Group
Group
2024
2023
£000
£000

Hire Purchase

less than 1 year
5,815
6,567

Between one and two years
3,585
3,697

Between two and five years
8,383
4,765

In more than five years
-
-

17,783
15,029

Security
The bank loans and overdraft are secured by a fixed and floating debenture over the assets and undertakings of the Group, a legal charge over the Mallusk, Worthing and Aldershot sites. They are also secured by an unlimited intercompany cross guarantee, intercompany group fixed and floating charges.
They are also secured by a personal guarantees of £600,000 by a Director and are repayable in quarterly instalments.

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MBNI Holdings Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

23.


Financial instruments

Group
Group
2024
2023
£000
£000

Financial assets at amortised cost

Trade debtors
7,716
7,025

Other debtors
649
700

8,365
7,725


Financial liabilities at amortised cost

Trade creditors
7,268
6,449

Bank loans and overdrafts
27,500
23,098

Obligations under HP and finance lease
17,783
15,029

52,551
44,576


24.


Deferred taxation


Group



2024


£000






At beginning of year
(1,678)


Charged to profit or loss
(439)



At end of year
(2,117)

Company


2024






At end of year
-
Group
Group
2024
2023
£000
£000

Accelerated capital allowances
(2,117)
(1,678)

(2,117)
(1,678)

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MBNI Holdings Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

25.


Share capital

2024
2023
£000
£000
Allotted, called up and fully paid



1,000,000 (2023: 1,000,000) Ordinary shares of £1.00 each
1,000
1,000


26.


Analysis of net debt




At 1 January 2024
Cash flows
At 31 December 2024
£000

£000

£000

Cash at bank and in hand

9,673

2,088

11,761

Bank overdrafts

(17,561)

(3,106)

(20,667)

Bank loans

(666)

(159)

(825)

Deferred consideration

-

-

-

Finance Lease

(15,029)

(2,754)

(17,783)


(23,583)
(3,931)
(27,514)


27.


Commitments under operating leases

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


Group
Group
2024
2023
£000
£000

Not later than 1 year
392,333
678,500

Later than 1 year and not later than 5 years
630,250
993,917

Later than 5 years
39,250
138,720

1,061,833
1,811,137

28.


Related party transactions

The Company has taken advantage of the exemptions contained in Section 33.1A FRS 102 not to disclose related party transactions with the related parties that are wholly owned within the group. 
Neil McKibbin is deemed to be a related party as he is a director and shareholder of the Group. At the year end, Neil McKibbin owed the Group £71,000 (2023: 71,000).

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MBNI Holdings Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

29.


Ultimate controlling party

The ultimate controlling party is considered to be the shareholders of MBNI Holdings Ltd, which are Pauline McKeating (34%), Vanrath Holdings (34%) and MBNI Investments (33%).


30.


Comparative Information

Some comparative figures have been changed for presentational purposes only. These changes have had no impact on profit or loss.

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