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REGISTERED NUMBER: 15693464 (England and Wales)










GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025


FOR



MCCONNELL GROUP HOLDINGS LIMITED


MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)








CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025





Page




Company Information  

1




Group Strategic Report  

2




Report of the Directors  

8




Report of the Independent Auditors  

10




Consolidated Income Statement  

14




Consolidated Other Comprehensive Income  

15




Consolidated Balance Sheet  

16




Company Balance Sheet  

17




Consolidated Statement of Changes in Equity  

18




Company Statement of Changes in Equity  

19




Consolidated Cash Flow Statement  

20




Notes to the Consolidated Cash Flow Statement

21




Notes to the Consolidated Financial Statements

23





MCCONNELL GROUP HOLDINGS LIMITED



COMPANY INFORMATION

FOR THE YEAR ENDED 30 APRIL 2025









DIRECTORS:

R H McGregor


C M Roe


E McGarvey


J M Wallis





REGISTERED OFFICE:

Manufactory House


Bell Lane


Hertford


SG14 1BP





REGISTERED NUMBER:

15693464 (England and Wales)





SENIOR STATUTORY AUDITOR:

Mr Mark Jones





AUDITORS:

Cook & Partners Limited


Statutory Auditor


Manufactory House


Bell Lane


Hertford


Hertfordshire


SG14 1BP


MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2025


The directors present their strategic report of the company and the group for the year ended 30 April 2025.


PRINCIPAL ACTIVITY


The principal activity of the company is that of an investment holding company.


REVIEW OF BUSINESS

We have delivered a solid year of growth. Turnover at Hugh L S McConnell Limited increased to £81.6m (from £57.5m in FY24), Operating Profit increased to £2.9m (from £2.4m in FY24), and our year end cash position increased to £10.8m (from £5.5m in FY24).


Please note that on 17 July 2024, McConnell Group Holdings Limited completed the acquisition of McConnell Group

Limited, and by extension, Hugh L S McConnell Limited. As a result, group revenue has been restated to £63.8m and group operating profit to £2m.


Our turnover growth is mainly attributable to our success in attracting larger projects, that are comfortably within our leadership and management capability. Our regionalised operating structure brings further focus and effectiveness to growth generation and control.


The company continues to invest for growth, and the primary investment continues to be in people. We have continued to strengthen our senior leadership and management teams, beyond our growth, to give us operational resilience and ensure our service standards.


Other significant investments in FY25 included the opening of a Midlands Regional Office in Derby, a planned increase in our specialist trades workforce, and the expansion and decarbonisation of our fleet. We have a robust secured order book and continue to increase our market penetration and reputation in Scotland and England.


The Directors are very pleased with the overall performance of the business in FY25 and would like to thank all employees, supply chain partners, advisors, and customers for their support, commitment, and loyalty.



MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2025


PRINCIPAL RISKS AND UNCERTAINTIES

The company is exposed to risks and uncertainties arising from the macro-economic factors that affect the UK construction industry. Risk management is at the core of all our management processes and behaviours. Key risks and mitigation measures are identified in the table below.


Availability of Resources


- People driven approach, not numbers & target driven.

- Committed to being the Employer of Choice to attract people who align with our values.

- Treat supply chain partners fairly and be the partner of choice.

- Core of directly employed trades.


Unpredictable Cost Base


- Avoid long-term fixed price contracts.

- Risk share with Customers and Supply Chain.

- Long-term Supply Chain Agreements.


Project Safety and Quality Delivery


- Our Health & Safety Management Systems are ISO 45001 registered and approved.

- Health & Safety is the first point of order in all board meetings and is prioritised operationally.

- Quality Assured Processes and Accreditation.

- 'Golden Thread' Digital Quality Control on all key projects.


Liquidity Risk


- Active short, medium, and long-term cashflow forecasting.

- Cash reserves remain liquid.

- Significant Working Capital Loan Facility (unused in FY25).

- Owners work, and are invested, in the company.

- Majority of profits are re-invested in Company.


Credit Risk


- Majority of Customer base are Local Authority, Housing Association, other Government-Backed, or Blue-Chip

  Private Sector.

- Active credit-checking and risk controls for all Customers.

- Cash reserves are not put at risk.


Inflation


- Avoid long-term fixed price projects.

- Shared risk with Customers and Supply Chain.

- Monitor regularly and adjust pricing accordingly.


Over-extending on Growth


- Regional Operating Structure gives SME-type control.

- Deeply experienced Senior Leadership Team.

- Growth is organic not acquisitive which gives us better control.

- Majority of growth is derived from securing higher value projects.

- Comprehensive and robust 'early-warning' reporting procedures.

- Service focussed and assured approach.







MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2025


Ownership Risk


- The owners actively work in the business.

- No external investors, no private equity, no external shareholders.

- Empowered decision-making that leverages ownership, experience, and expertise, while maintaining the necessary   level of control and accountability.


Diversification Risk


- Committed to existing markets.

- Ample headroom for growth without diversification.

- There are significant long-term future funding commitments to existing markets to meet regulatory and governmental   commitments such as decarbonisation, fire remediation, cladding remediation, and increased social, welfare, and       living standards.


Insurance


- We have robust, comprehensive, and suitable value, insurance policies for all key risks that are insurable.


Political & Government


- Our markets are predominantly made up of the stable cyclical financial investment required to maintain high-value         property assets and are extremely resilient to political and governmental risk and change.

- We actively monitor political risk and government policy and regulation changes, and we plan and adapt to

  these in a timely and measured way.


McConnell is a business that is managed and controlled by directors who are owners and are deeply experienced. The senior leadership team have all held senior leadership roles in much larger companies. In acting as hands-on experienced owners, directors, and leaders, it gives us greater empowerment, agility, and accountability, that helps us deliver a regionally focussed and assured service offering.


We are confident that McConnell remains well-placed to continue to develop and grow successfully and has excellent internal and external resilience and opportunity.



MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2025


ENERGY AND CARBON REPORT

McConnell is committed to meeting its environmental and climate obligations.


Managing Environmental Impacts


McConnell is committed to taking a comprehensive approach to reducing its environmental impacts. The Company takes a continuous improvement approach to its energy and fuel usage across its operations, making significant efforts to manage our office space efficiently, and ensuring our fleet is on a long-term trajectory of emissions reduction. Through ongoing collaboration with all our stakeholders, we are looking to deliver a long-term structured programme to reduce carbon across all aspects of our operation and we are committed to meeting the Government's target of Carbon Net Zero by 2050 and will strive to deliver ahead of time. Transport emissions remain our priority area, but we consider all our transport, power, and energy options. The intention remains to invest in proven green technologies at appropriate points in the future to ensure a well-managed and credible approach to achieve our Carbon Net Zero target. McConnell also takes a proactive approach to our wider environmental impacts.


Our Environmental Management Policy shapes the way we manage our impacts on a day-to-day basis to complement our longer-term strategic approach.


McConnell has held the ISO 14001 Environmental Management Standard for 6 years


Reporting Boundary


The reporting boundary is the UK business operations over which we have 100% operational and financial control for the reporting period 1st May 2024 - 30th April 2025 in line with our financial year.


In addition to reporting the mandatory gas, electricity and transport emissions, the company has also chosen to report its emissions from business mileage. These emissions reflect the majority of our carbon emissions from our operations.


Performance


Financial year 2024/25 is providing Hugh LS McConnell Ltd with its baseline Streamlined Energy and Carbon Reporting emissions and therefore there is no trend analysis to report.


However, we have always taken a pro-active approach to reducing our carbon emissions through improvement to our fleet and our office infrastructure. A spirit of innovation runs throughout our approach to carbon management, and we will continue to invest in new technologies and initiatives to reduce our climate impact.



1. UK energy usage:



UK Energy Usage (kWh)


2024/25


Gas


21,451.59


Electricity


156,792


Combustion of fuel in owned fleet


1,967,317.57


Business travel


664,592.66



2,810,153.82



2. Greenhouse gas emissions:



Greenhouse Gas Emissions (tCO2e)


Scope


tCO2e


Gas


1


3.92


Combustion of fuel in owned fleet


1


468.73


Electricity


2


32.46


Business travel


3


132.52



637.63





MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2025


3. Emission intensity ratio:




Turnover


2024/25


Emission Intensity Ratio (tC02e) per

£million turnover


63.8


7.81




Methodology


Carbon emissions have been calculated in accordance with the World Resources Institute Greenhouse Gas Protocol Corporate Accounting and Reporting Standard (2015). HM Government Environmental Reporting Guidelines (March 2019), and GHG conversion factors 2024 have been used to convert activity emissions into tonnes of carbon dioxide equivalent (CO2e).


Examples of current initiatives and planned activity


Current initiatives and activity:


- Establishing energy efficient improvements in our offices including PIR sensors and LED lighting.

- Increased use of virtual meetings

- Achievement and maintenance of ISO14001 certification

- Membership of the Sustainability Supply Chain School and use of its resource bank

- Achieved bronze level in Scotland's Zero Waste Resource Efficiency Pledge

- Introduced 'Think Local' programme to help local procurement and reduce road miles.


Initiatives under consideration for the coming 12 months:


- Increased move towards electric fleet vehicles.

- Introduction of Sustainable Travel Policy.

- Improve our rating in relation to Scotland's Zero Waste Resource Efficiency pledge.

- Roll out of an internal carbon reduction training programme

- Review of office energy efficiency

- Working towards attaining BS99001 certification.


Summary


As this is our first SECR Report we will use this data as the baseline for reporting future energy and carbon performance. McConnell has always operated as a highly responsible business and as outlined above we have already been taking positive steps to reduce our carbon emissions.


We are currently working on our wider Environmental, Social, and Governance (ESG) Strategy and our approach to energy and carbon reduction will be a central element of this strategy, including the collection of our carbon data and the role of carbon reduction in the decision-making process of the Board.


The McConnell business is committed to a process of continuous improvement in our management of our energy usage and carbon emissions.



MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2025



Future prospects


Our core addressable market continues to be made up of the cyclical financial investment required to maintain and update high-value property assets, to allow them to continue to be occupied, functional, rentable, mortgageable, insurable, and leveraged. History has shown us that the building and infrastructure maintenance and refurbishment sectors are extremely resilient to political change, policy change, and recessions.


It is widely reported that the buildings in many of our sectors have suffered from under-investment over a long period of time, and there is a continued essential and growing need for building owners to invest in and improve the condition of built assets in Housing, Health, Education, Public Buildings, and Defence Infrastructure, in order to retain and improve their functionality, and protect their underlying asset value. Add to this, the mandatory requirement to reduce carbon emissions from all built form in the UK, and the national cladding and fire remediation programmes, and we consider there is a compelling resilience to our core addressable markets. We estimate that the annual spend in the UK for the maintenance and refurbishment of all buildings and infrastructure, is in the region of £15bn to £17bn. McConnell directly addresses around 75% of that expenditure by geography and work-type, and we have a very small market share of this. Even allowing for a counter-intuitive reduction in investment in our addressable markets, we still see significant opportunity for continued growth and consolidation.


We are confident that McConnell remains well-placed to continue to develop and grow successfully and has excellent internal and external resilience and opportunity


Stakeholder engagement


Our people are our most important assets and our largest area of investment. Our Company 'Why' is "to create an authentic environment where people can be the best versions of themselves, where they can blossom and reach their full potential, feeling safe and secure, achieving a healthy life balance, and enjoying their career." We actively engage with our employees directly, and through numerous interactive communication channels, including an Employee Forum that has direct access and influence with our senior leadership team. We offer competitive remuneration and enlightened benefit packages that are designed to attract and retain the best people. This year we added the benefit of direct access to world-class mental health experts for all employees and their spouses.


Our relationship with our business partners including clients, suppliers, subcontractors, and how we engage with the communities in which we work, is fundamental to our success. We have a set of Care Values and Leadership Principles that define how we conduct ourselves in these relationships, and we are rigorous in ensuring that we act in accordance with these. We have experienced and empowered leaders in the areas of Customer Experience, Social Value, Health & Safety, Supply Chain Relations, Environmental Management and Governance, and robust policies and accreditation that underpin our performance. We strive to work in an open and collaborative way with all stakeholders and build positive, long-lasting, mutually beneficial, relationships.


ON BEHALF OF THE BOARD:






R H McGregor - Director



24 July 2025


MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 APRIL 2025


The directors present their report with the financial statements of the company and the group for the year ended 30 April 2025.


COMMENCEMENT OF TRADING

The McConnell Group Holdings Limited  was incorporated on 30th April 2024 and acquired the group on 17th July 2024.


PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of Activities of construction holding companies

DIVIDENDS

No dividends will be distributed for the year ended 30 April 2025.


DIRECTORS

R H McGregor has held office during the whole of the period from 1 May 2024 to the date of this report.


Other changes in directors holding office are as follows:


C M Roe - appointed 23 July 2024

E McGarvey - appointed 23 July 2024

J M Wallis - appointed 23 July 2024


All the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting.


CHARITABLE DONATIONS AND EXPENDITURE

Donations have been made in the period totalling £18,000.


STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.


Company law requires the directors to prepare financial statements for each financial year.  Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period.  In preparing these financial statements, the directors are required to:


-

select suitable accounting policies and then apply them consistently;

-

make judgements and accounting estimates that are reasonable and prudent;

-

state whether applicable 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 company will continue in business.


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


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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


MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 APRIL 2025



AUDITORS

The auditors,  Cook & Partners Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:






R H McGregor - Director



24 July 2025


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

MCCONNELL GROUP HOLDINGS LIMITED


Opinion

We have audited the financial statements of McConnell Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2025 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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


Conclusions relating to going concern

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


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


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


Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

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

-

the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

MCCONNELL GROUP HOLDINGS LIMITED



Matters on which we are required to report by exception

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


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

-

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-

the parent company financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of directors' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.


Responsibilities of directors

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


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


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

MCCONNELL GROUP HOLDINGS LIMITED



Auditors' responsibilities for the audit of the financial statements

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


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


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.


Auditors approach to assessing the risks of material misstatement due to irregularities, including fraud.


Our approach was as follows:


We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity. The following laws and regulations are considered to be significant to the entity:


- Financial reporting Standard 102

- Companies Act 2006

- UK General Data Protection Regulation


We assessed the risks of material misstatement in respect of fraud as follows:


- Discussed the risk of material misstatement due to irregularities, including fraud with management at the planning stage to confirm that risks had been adequately identified and that the controls in place are sufficient for the size and nature of the business to reduce those risks to an acceptably low level.


- Undertook an initial analytical review of the financial statements to identify any potentially unusual or unexpected relationships or high risk audit areas.


- Completed a risk assessment checklist to aid in the identification of Risks for a company of this size and nature.


- We considered the risk of fraud through management override of controls, a common risk in a company of this size and nature, in response; we incorporated testing of manual journal entries into our audit approach and undertook a purely substantive approach to the audit with no reliance placed on controls.


- Accounting policies were reviewed at the planning stage to identify any subjective measurements or complex transactions where management would have the potential to show bias.


- Ensured all in the audit team are aware of the risks identified and particular areas that were susceptible to misstatement and during the audit planning meeting.


- Throughout the audit additional substantive testing was undertaken in areas where there was perceived to be a medium or high risk of misstatement.


- Audit testing was undertaken in a manner that was unpredictable in nature, selection and timing when compared to previous years work.


- The engagement Partners final review of the audit file and financial statements included a detailed review of all areas of medium or high risk identified at the planning stage of the audit.


Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above:


- Financial reporting Standard 102, Companies Act 2006 and UK General Data Protection Regulation. The audit team all have a good understanding of the requirements under these laws and regulations common to most trading businesses and were alert throughout the audit to any potential instances of non-compliance.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

MCCONNELL GROUP HOLDINGS LIMITED



- Further, at both the planning and completion stage of the audit enquiries where made of management regarding any known instances of fraud or non-compliance with laws and regulations.


- These representations were corroborated where possible through the review of board minutes and correspondence with HMRC and companies house. No contradictory evidence was noted.


We consider that the work detailed above has ensured that the likelihood of detection of irregularities including fraud is considered to be high both at management level and during our audit approach. It is however worth noting that there is an inherent difficulty in detecting irregularities and there is no guarantee that all irregularities have been identified.


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


Use of our report

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





Mr Mark Jones (Senior Statutory Auditor)

for and on behalf of Cook & Partners Limited

Statutory Auditor

Manufactory House

Bell Lane

Hertford

Hertfordshire

SG14 1BP


24 July 2025


MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



CONSOLIDATED

INCOME STATEMENT

FOR THE YEAR ENDED 30 APRIL 2025



Notes

£'000




TURNOVER

3

63,843





Cost of sales

54,386




GROSS PROFIT

9,457





Administrative expenses

7,652



1,805





Other operating income

164




OPERATING PROFIT

5

1,969






Interest payable and similar expenses

6

196




PROFIT BEFORE TAXATION

1,773





Tax on profit

7

388




PROFIT FOR THE FINANCIAL YEAR

1,385




Profit attributable to:


Owners of the parent

1,385




MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



CONSOLIDATED

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 APRIL 2025



Notes

£'000




PROFIT FOR THE YEAR

1,385






OTHER COMPREHENSIVE INCOME

-




TOTAL COMPREHENSIVE INCOME FOR

THE YEAR

1,385





Total comprehensive income attributable to:


Owners of the parent

1,385




MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



CONSOLIDATED BALANCE SHEET

30 APRIL 2025



Notes

£'000

£'000



FIXED ASSETS


Intangible assets

9

5,228




Tangible assets

10

2,541




Investments

11

-



7,769





CURRENT ASSETS


Stocks

12

10





Debtors

13

16,954





Cash at bank

10,803




27,767




CREDITORS


Amounts falling due within one year

14

23,042




NET CURRENT ASSETS

4,725




TOTAL ASSETS LESS CURRENT

LIABILITIES

12,494





CREDITORS


Amounts falling due after more than one year

15

(5,673

)




PROVISIONS FOR LIABILITIES

19

(282

)



NET ASSETS

6,539





CAPITAL AND RESERVES


Called up share capital

20

5,154




Retained earnings

21

1,385




SHAREHOLDERS' FUNDS

6,539




The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2025 and were signed on its behalf by:






R H McGregor - Director



MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



COMPANY BALANCE SHEET

30 APRIL 2025



Notes

£'000

£'000



FIXED ASSETS


Intangible assets

9

-




Tangible assets

10

-




Investments

11

10,600



10,600





CURRENT ASSETS


Cash at bank

1






CREDITORS


Amounts falling due within one year

14

1,443




NET CURRENT LIABILITIES

(1,442

)



TOTAL ASSETS LESS CURRENT

LIABILITIES

9,158





CREDITORS


Amounts falling due after more than one year

15

4,035




NET ASSETS

5,123





CAPITAL AND RESERVES


Called up share capital

20

5,154




Retained earnings

21

(31

)



SHAREHOLDERS' FUNDS

5,123





Company's loss for the financial year

(31

)



The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2025 and were signed on its behalf by:






R H McGregor - Director



MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2025



Called up



share


Retained


Total


capital


earnings


equity

£'000

£'000

£'000



Changes in equity

Issue of share capital

5,154


-


5,154



Total comprehensive income

-


1,385


1,385



Balance at 30 April 2025

5,154


1,385


6,539




MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2025



Called up



share


Retained


Total


capital


earnings


equity

£'000

£'000

£'000



Changes in equity

Issue of share capital

5,154


-


5,154



Total comprehensive income

-


(31

)

(31

)


Balance at 30 April 2025

5,154


(31

)

5,123




MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 APRIL 2025



Notes

£'000



Cash flows from operating activities


Cash generated from operations

1

8,388




Interest paid

(58

)



Interest element of hire purchase payments paid

(138

)



Tax paid

(126

)



Net cash from operating activities

8,066





Cash flows from investing activities


Purchase of intangible fixed assets

(124

)



Purchase of tangible fixed assets

(1,316

)



Sale of tangible fixed assets

20




Cash position on acquisition of subsidia

3,252




Net cash from investing activities

1,832





Cash flows from financing activities


Capital repayments in year

(664

)



Amount introduced by directors

2,782




Amount paid to former shareholders

(2,782

)



New HP agreements

1,569




Net cash from financing activities

905





Increase in cash and cash equivalents

10,803




Cash and cash equivalents at beginning of

year

2

-





Cash and cash equivalents at end of year

2

10,803




MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 APRIL 2025


1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS


£'000



Profit before taxation

1,773




Depreciation charges

1,074




Profit on disposal of fixed assets

(16

)



Finance costs

196



3,027




Increase in trade and other debtors

(361

)



Increase in trade and other creditors

5,722




Cash generated from operations

8,388




2.

CASH AND CASH EQUIVALENTS



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



Year ended 30 April 2025


30.4.25


1.5.24

£'000

£'000



Cash and cash equivalents

10,803


-





3.

ANALYSIS OF CHANGES IN NET FUNDS



Subsidiary



At 1.5.24

Cash flow

acqusition

At 30.4.25

£'000

£'000

£'000

£'000



Net cash



Cash at bank

-


7,552


3,251


10,803



-


7,552


3,251


10,803




Debt


Finance leases

-


(1,167

)

(1,308

)

(2,475

)



Debts falling due


within 1 year

-


(1,286

)

-


(1,286

)



Debts falling due


after 1 year

-


(1,285

)

-


(1,285

)


-


(3,738

)

(1,308

)

(5,046

)



Total

-


3,814


1,943


5,757




MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 APRIL 2025


4.

ACQUISITION OF BUSINESS



On 17 July 2024, McConnell Group Holdings Limited acquired 100% of the share capital of McConnell Group Limited, which had net assets valued at £4.948 million. The total consideration for the acquisition was £10.6 million, resulting in the recognition of goodwill of £5.652 million. As part of the consideration, McConnell Group Holdings Limited created the loan notes of  £5.353 million and issued shares comprising £92,500 in Ordinary A shares (£1 nominal value each), £7,500 in Ordinary B shares (£1 nominal value each), and more than £5.053 million in non-redeemable preference share (£1 each).



Subsequently, £2.782 million of the loan notes was paid during the period ended 30 April 2025, a further £1.286 million was paid in June 2025, and the remaining £1.285 million is due for payment by July 2026.


MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025


1.

STATUTORY INFORMATION



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


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.



Business acqusition



On 17 July 2024, McConnell Group Holdings Limited acquired 100% of the share capital of McConnell Group Limited, which had net assets valued at £4.948 million. The total consideration for the acquisition was £10.6 million, resulting in the recognition of goodwill in excess of £5.652 million. As part of the consideration, McConnell Group Holdings Limited created the loan notes of  £5.353 million and issued shares comprising £92,500 in Ordinary A shares (£1 nominal value each), £7,500 in Ordinary B shares (£1 nominal value each), and more than £5.053 million in non-redeemable preference share (£1 each).



The financial statements have been prepared in pounds sterling which is the functional currency of the company and rounded to the nearest thousands.



The significant accounting policies applied in the preparation of these financial statements are set out below.



Critical accounting judgements and key sources of estimation uncertainty


The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported as assets, liabilities, revenues and expenses for the year. The key sources of estimation uncertainty are as follows:



Depreciation and amortisation of tangible and intangible fixed assets


Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The expected lives of assets and their residual values are assessed regularly and may vary depending on a number of factors including asset life cycles, maintenance programmes etc.



Impairment of assets


Tangible fixed assets, intangible fixed assets, fixed asset investments, stock and debtors are all reviewed for evidence of impairment.



In connection with fixed assets (tangible, intangible and investments) factors taken into consideration include the economic viability and the expected future financial performance of the assets.



Trade debtors are reviewed for evidence of impairment. Factors considered include ageing, past recovery rates, customer creditworthiness, and the stage and expected outcome of any recovery proceedings.



Contract accounting


When determining the amount to include as amounts recoverable on contracts and thereby the amount of profit to recognise on individual contracts, factors such as the stage of completion and forecasted outturn of the contract are taken into account.


MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025


2.

ACCOUNTING POLICIES - continued



Basis of consolidation


The consolidated financial statements incorporate the financial statements of the parent company. McConnell Group Holdings Limited and its 100% owned subsidiary McConnell Group Limited and its 100% subsidiary Hugh L S McConnell Limited. No members of the group have been excluded from consolidation. All inter-group balances, transactions, income and expenses are eliminated on consolidation. The consolidated accounts are prepared using uniform accounting policies.



The consolidated financial statements incorporate the results of business combinations using the purchase method. The results of acquired subsidiaries are included in the consolidated statements of comprehensive income from the date that control is obtained.



The cost of a business combination is measured at the aggregate of the fair value (at the date of exchange) of assets given, liabilities incurred or assumed and equity instruments issued by the group in exchange for control of the acquiree, plus costs attributable to the business combination.



Any excess of the cost of the business over the group 's share of the net fair value of the identifiable assets and liabilities is recognised as goodwill.



Related party exemption


The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.



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



Turnover


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



The policy adopted for the recognition of turnover are as follows:



Construction contracts



When the outcome of a construction contract can be estimated reliably, contract costs and turnover are


recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to agreed valuations, current and projected contract costs and expected sales value. Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.



Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised evenly over its estimated useful life of 10 years.


Intangible assets

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


Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.  


Plant and machinery

-  

25% on cost and 25% on reducing balance


Fixtures and fittings

-  

33% on cost and 15% on reducing balance


Motor vehicles

-

25% on cost


MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025


2.

ACCOUNTING POLICIES - continued



Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.


Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other external charges.

Cash on the balance sheet comprises cash in hand and cash at bank.


Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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


Deferred tax

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

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

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


Hire purchase and leasing commitments

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

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

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


Pension costs and other post-retirement benefits


The group operates a defined contribution pension scheme.  Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.



Employee benefits


When employees have rendered service to the company, short term benefits (including holiday pay) to which employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.


MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025


3.

TURNOVER



The turnover and profit before taxation are attributable to the one principal activity of the group.



An analysis of turnover by class of business is given below:


£'000



Construction contracts

63,843



63,843





An analysis of turnover by geographical market is given below:


£'000



United Kingdom

63,843



63,843




4.

EMPLOYEES AND DIRECTORS

£'000



Wages and salaries

9,878




Social security costs

1,273




Other pension costs

359



11,510





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



Directors

5




Supervisory, sales and admin

157




Production

69



231





The average number of employees by undertakings that were proportionately consolidated during the year was 231 .


£   



Directors' remuneration

234,169




Directors' pension contributions to money purchase schemes  

73,984





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



Money purchase schemes

5





Information regarding the highest paid director is as follows:

£   



Emoluments etc

136,585




Pension contributions to money purchase schemes

11,040




MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025


5.

OPERATING PROFIT



The operating profit is stated after charging/(crediting):


£'000



Other operating leases

223




Depreciation - owned assets

229




Depreciation - assets on hire purchase contracts

594




Profit on disposal of fixed assets

(16

)



Goodwill amortisation

424




Auditors' remuneration

21




6.

INTEREST PAYABLE AND SIMILAR EXPENSES


£'000



Other interest

27




Loan interest

31




Hire purchase

138



196




7.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:

£'000



Current tax:


UK corporation tax

595




Prior years

(185

)



Total current tax

410





Deferred tax

(22

)



Tax on profit

388





Reconciliation of total tax charge included in profit and loss


The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:


£'000



Profit before tax

1,773




Profit multiplied by the standard rate of corporation tax in the UK of 25 %  

443





Effects of:


Expenses not deductible for tax purposes

130





R&D enhanced expenditure  

(185

)



Total tax charge

388




MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025


8.

INDIVIDUAL INCOME STATEMENT



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



9.

INTANGIBLE FIXED ASSETS



Group


Goodwill

£'000



COST


Additions

5,652




At 30 April 2025

5,652




AMORTISATION


Amortisation for year

424




At 30 April 2025

424




NET BOOK VALUE


At 30 April 2025

5,228




10.

TANGIBLE FIXED ASSETS



Group


Fixtures



Plant and


and


Motor



machinery


fittings


vehicles


Totals

£'000

£'000

£'000

£'000



COST


Additions

34


414


2,925


3,373




Disposals

-


-


(79

)

(79

)



At 30 April 2025

34


414


2,846


3,294




DEPRECIATION


Charge for year

18


168


637


823




Eliminated on disposal

-


-


(70

)

(70

)



At 30 April 2025

18


168


567


753




NET BOOK VALUE


At 30 April 2025

16


246


2,279


2,541




MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025


10.

TANGIBLE FIXED ASSETS - continued



Group



Fixed assets, included in the above, which are held under hire purchase contracts are as follows:


Motor


vehicles

£'000



COST


Additions

2,778




Disposals

(12

)



At 30 April 2025

2,766




DEPRECIATION


Charge for year

594




Eliminated on disposal

(12

)



At 30 April 2025

582




NET BOOK VALUE


At 30 April 2025

2,184




11.

FIXED ASSET INVESTMENTS



Company


Shares in


group


undertakings

£'000



COST


Additions

10,600




At 30 April 2025

10,600




NET BOOK VALUE


At 30 April 2025

10,600





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



Subsidiaries



McConnell Group Limited


Registered office: Manufactory House, Bell Lane, Hertford, Hertfordshire, SG14 1BP


Nature of business: immediate parent


%


Class of shares:

holding



Ordinary

100.00


2025



£'000

£'000



Aggregate capital and reserves

369


331




Profit/(loss) for the year

38


(12

)



MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025


11.

FIXED ASSET INVESTMENTS - continued



Hugh L S McConnell Limited


Registered office: Orion House Bramah Avenue, Scottish Enterprise Technology Park, East Kilbride, G75 0RD


Nature of business: Building & facility refurbishment


%


Class of shares:

holding



Ordinary

100.00


2025



£'000

£'000



Aggregate capital and reserves

7,717


5,542




Profit for the year

2,680


2,283





12.

STOCKS




Group


£'000



Stocks

10




13.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR





Group


£'000



Trade debtors

13,435




Accrued income

3,150




Prepayments & other debtors

369



16,954




14.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR





Group


Company


£'000

£'000



Other loans (see note 16)

1,286


1,286




Hire purchase contracts  (see note 17)

837


-




Trade creditors

5,358


-




Amounts owed to group undertakings

-


127




Tax

719


-




Social security and other taxes

3,501


-




Other creditors

134


30




Accrued expenses

11,207


-



23,042


1,443




MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025


15.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR





Group


Company


£'000

£'000



Other loans (see note 16)

1,285


1,285




Hire purchase contracts  (see note 17)

1,638


-




Other creditors

2,750


2,750



5,673


4,035




16.

LOANS



An analysis of the maturity of loans is given below:




Group


Company


£'000

£'000



Amounts falling due within one year or on

demand:



Other loans

1,286


1,286




Amounts falling due between one and two

years:



Other loans - 1-2 years

1,285


1,285




17.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Group


Hire


purchase


contracts

£'000



Gross obligations repayable:


Within one year

1,005




Between one and five years

1,809



2,814





Finance charges repayable:


Within one year

168




Between one and five years

171



339





Net obligations repayable:


Within one year

837




Between one and five years

1,638



2,475




MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025


17.

LEASING AGREEMENTS - continued



Group


Non- cancellable

operating leases


£'000



Within one year

414




Between one and five years

623



1,037




18.

SECURED DEBTS



The following secured debts are included within creditors:




Group


£'000



Hire purchase contracts

2,474




19.

PROVISIONS FOR LIABILITIES




Group


£'000



Deferred tax

282





Group


Deferred



tax


£'000



Provided during year

282




Balance at 30 April 2025

282




20.

CALLED UP SHARE CAPITAL



Allotted and issued:


Number:

Class:

Nominal


value:

£'000



5,052,500

Non-redeemable preference

£1

5,053




92,500

Ordinary A shares

£1

93




7,500

Ordinary B shares

£1

8



5,154





The following shares were allotted at par during the year:



5,052,500 Non - Redeemable Preference shares of £1 each


92,500 Ordinary A shares of £1 each


7,500 Ordinary B shares of £1 each


MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025


20.

CALLED UP SHARE CAPITAL - continued


Ordinary A and Ordinary B Shares rank pari passu and carry equal voting rights and rights to dividends declared by the company. Both classes of ordinary shares also carry equal rights to capital distribution upon winding up of the company.

Non-Redeemable Preference Shares do not carry any voting rights or control over the company. They are entitled to a discretionary dividend (if declared) and capital distribution upon winding up of the company.

21.

RESERVES



Group


Retained


earnings

£'000




Profit for the year

1,385




At 30 April 2025

1,385





Company


Retained


earnings

£'000




Deficit for the year

(31

)



At 30 April 2025

(31

)




22.

CONTINGENT LIABILITIES



On completion of some of its roofing contracts, a subsidiary company provides a written guarantee for its works. Under the terms of the guarantees, which mostly last for ten years, a subsidiary company is required to make good any defects which appear in its work during the guarantee period.



This guarantee system has been in place for over ten years and, in general, only minor repairs (if any) have been required. Since any estimate of the future costs of these minor repairs would be wholly subjective, no provision is made for them in the accounts and their cost is charged to the profit and loss account in the year in which they occur. If however any substantial post year end repairs are identified, the cost of such repairs would be accrued in the accounts.



During the year, the group entered into an agreement with IGF Business Credit Limited for an invoice discounting facility of up to £7 million, secured against group assets. As of the year-end, no amounts were outstanding under this facility, and the business did not make use of the facility at any point during the period, reflecting its strong working capital position and cash management.


23.

CAPITAL COMMITMENTS

£'000



Contracted but not provided for in the


financial statements

240




MCCONNELL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 15693464)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025


24.

ULTIMATE CONTROLLING PARTY



McConnell Group Holdings Limited is the ultimate parent undertaking of the group. Hugh L S McConnell Limited is a wholly-owned subsidiary of McConnell Group Limited, a company incorporated in England and Wales with its registered office at Manufactory House, Bell Lane, Hertford, England, SG14 1BP. McConnell Group Holdings Limited, also incorporated in England and Wales and registered at the same address, holds 100% of the issued share capital of McConnell Group Limited.



The financial results of Hugh L S McConnell Limited and McConnell Group Limited are included in the consolidated financial statements of McConnell Group Holdings Limited. Copies of these consolidated financial statements are available from the registered office.



The ultimate controlling parties of McConnell Group Holdings Limited are Robert McGregor, Eamonn McGarvey, Jon Wallis, David Kelly, and Stephen Allen.


25.

SHARE OPTIONS



During the year, McConnell Group Holdings Limited entered into share option agreements with various employees under an equity-based incentive scheme. A total of 12,500 options were granted, allowing employees to subscribe for ordinary shares at a predetermined price, subject to vesting upon the occurrence of a qualifying event, specifically, the sale of shares by an existing shareholder (an "Exit"). Options may only be exercised immediately prior to such an Exit and while the employee remains eligible, and will lapse on the earliest of several events including the tenth anniversary of grant, the death or insolvency of the option holder, or the occurrence of a disqualifying event.



No options were exercised during the year, and no consideration was received. As the qualifying event is not currently considered probable, no expense has been recognised in the profit and loss account. The company will recognise the fair value of the share options once it becomes probable that the vesting conditions will be met.