PTP Accounts Production v25.1.3.33 04577893 Board of Directors 30.11.24 1.12.23 30.11.24 30.11.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Group activities comprise the sale of construction goods, the manufacture, installation and sale of plaster and Jesmonite mouldings, the supply of bathroom equipment and the sale of construction and safety equipment. ++ The company acts as a group holding company and provides management services to group companies. true true false true true false false true false Fair value model Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh045778932023-11-30045778932024-11-30045778932023-12-012024-11-30045778932022-11-30045778932022-12-012023-11-30045778932023-11-3004577893ns15:EnglandWales2023-12-012024-11-3004577893ns14:PoundSterling2023-12-012024-11-3004577893ns10:Director12023-12-012024-11-3004577893ns10:CompanySecretary12023-12-012024-11-3004577893ns10:Consolidated2024-11-3004577893ns10:ConsolidatedGroupCompanyAccounts2023-12-012024-11-3004577893ns10:PrivateLimitedCompanyLtd2023-12-012024-11-3004577893ns10:Consolidatedns10:MediumEntities2023-12-012024-11-3004577893ns10:Consolidatedns10:Audited2023-12-012024-11-3004577893ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-12-012024-11-3004577893ns10:Medium-sizedCompaniesRegimeForAccounts2023-12-012024-11-3004577893ns10:Consolidated2023-12-012024-11-3004577893ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-12-012024-11-3004577893ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-12-012024-11-3004577893ns10:FullAccounts2023-12-012024-11-3004577893ns10:OrdinaryShareClass12023-12-012024-11-3004577893ns10:Director22023-12-012024-11-3004577893ns10:Director32023-12-012024-11-3004577893ns10:Director42023-12-012024-11-3004577893ns10:Director52023-12-012024-11-3004577893ns10:RegisteredOffice2023-12-012024-11-3004577893ns10:Consolidated2022-12-012023-11-3004577893ns5:CurrentFinancialInstruments2024-11-3004577893ns5:CurrentFinancialInstruments2023-11-3004577893ns5:ShareCapital2024-11-3004577893ns5:ShareCapital2023-11-3004577893ns5:CapitalRedemptionReserve2024-11-3004577893ns5:CapitalRedemptionReserve2023-11-3004577893ns5:RetainedEarningsAccumulatedLosses2024-11-3004577893ns5:RetainedEarningsAccumulatedLosses2023-11-3004577893ns5:ShareCapital2022-11-3004577893ns5:RetainedEarningsAccumulatedLosses2022-11-3004577893ns5:CapitalRedemptionReserve2022-11-3004577893ns5:RetainedEarningsAccumulatedLosses2022-12-012023-11-3004577893ns5:CapitalRedemptionReserve2022-12-012023-11-3004577893ns5:RetainedEarningsAccumulatedLosses2023-12-012024-11-3004577893ns5:CapitalRedemptionReserve2023-12-012024-11-3004577893ns5:LongLeaseholdAssetsns5:LandBuildings2023-11-3004577893ns5:PlantMachinery2023-11-3004577893ns5:MotorVehicles2023-11-3004577893ns5:LongLeaseholdAssetsns5:LandBuildings2023-12-012024-11-3004577893ns5:PlantMachinery2023-12-012024-11-3004577893ns5:MotorVehicles2023-12-012024-11-3004577893ns5:LongLeaseholdAssetsns5:LandBuildings2024-11-3004577893ns5:PlantMachinery2024-11-3004577893ns5:MotorVehicles2024-11-3004577893ns5:LongLeaseholdAssetsns5:LandBuildings2023-11-3004577893ns5:PlantMachinery2023-11-3004577893ns5:MotorVehicles2023-11-3004577893ns5:CostValuation2023-11-3004577893ns5:WithinOneYearns5:CurrentFinancialInstruments2024-11-3004577893ns5:WithinOneYearns5:CurrentFinancialInstruments2023-11-3004577893ns5:WithinOneYear2024-11-3004577893ns5:WithinOneYear2023-11-3004577893ns5:BetweenOneFiveYears2024-11-3004577893ns5:BetweenOneFiveYears2023-11-3004577893ns5:MoreThanFiveYears2024-11-3004577893ns5:MoreThanFiveYears2023-11-3004577893ns5:AllPeriods2024-11-3004577893ns5:AllPeriods2023-11-3004577893ns5:AcceleratedTaxDepreciationDeferredTax2024-11-3004577893ns5:AcceleratedTaxDepreciationDeferredTax2023-11-3004577893ns5:DeferredTaxation2023-11-3004577893ns5:DeferredTaxation2023-12-012024-11-3004577893ns5:DeferredTaxation2024-11-3004577893ns10:OrdinaryShareClass12024-11-3004577893ns5:RetainedEarningsAccumulatedLosses2023-11-3004577893ns5:CapitalRedemptionReserve2023-11-30
REGISTERED NUMBER: 04577893 (England and Wales)















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 November 2024

for

MAG GROUP LIMITED

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Contents of the Consolidated Financial Statements
for the Year Ended 30 November 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


MAG GROUP LIMITED

Company Information
for the Year Ended 30 November 2024







DIRECTORS: G C S Gates
T P J Gates
Mrs J M Gates
G S Cox
E G R Gates





SECRETARY: D M Fiddy





REGISTERED OFFICE: Vulcan Road South
Norwich
Norfolk
NR6 6AF





REGISTERED NUMBER: 04577893 (England and Wales)





AUDITORS: Rawse, Varley & Co
Statutory Auditor
Lloyds Bank Chambers
Hustlergate
Bradford
BD1 1UQ

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Group Strategic Report
for the Year Ended 30 November 2024


The directors present their strategic report of the company and the group for the year ended 30 November 2024.

GROUP ACTIVITIES
The group's principal activities comprise the supply of construction goods, the manufacture, installation and sale of plaster and Jesmonite mouldings, the supply of bathroom equipment and the sale of construction and safety equipment.

BUSINESS REVIEW
The group profit after taxation attributable to members for the year amounted to £2,278,418 - 2023: £2,971,211

The key financial performance indicators were as follows:

2024 2023
£ £

Group turnover 22,098,578 25,717,623


Gross profit margin

39.1%


39.8%

Operating profit 2,572,410 3,562,717

Cash generated from operations 2,796,708 3,685,047


Group turnover in 2024 was 14% lower in comparison with 2023,whilst gross profit margins were slightly lower overall.

The main contributor to the group result was again the Althon construction goods business. Its turnover fell by some 16%, which reflects a general reduction in activity in the sectors in which the business operates, including the civil engineering and water sectors. This follows a significant increase in 2022 following the Covid pandemic. Gross profit margins were maintained, whilst other operating costs were some 15% lower.

The plaster and Jesmonite mouldings business operated by Stevensons of Norwich Limited experienced a 15% reduction in turnover, which was attributable to the timing of high value contracts. The company maintained productive capacity to meet future contracts and this had a negative impact on profit margins.

Healey & Lord Ltd, which carries on the bathroom fittings business, is growing sales of its own-brand products as a proportion of total sales. Whilst overall turnover was little changed, underlying operating profit improved.

Significant savings were made in distribution and administrative costs. The group's operating capability was maintained, however, and whilst this adversely affected group operating profit for the year under review, the group is well placed to take advantage of opportunities to expand all group businesses in the future.

The group's operations continued to be cash generative and at the year end cash at bank stood at approximately £16.4m (2023: £14.9m).


MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Group Strategic Report
for the Year Ended 30 November 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The group's businesses operate in separate markets, so that the impact of factors affecting the long term performance of individual businesses on the group's results is mitigated. However, all group businesses are primarily construction or property related and are subject to the risks associated with a significant downturn in those sectors. To mitigate these risks, the group looks to build strong customer relationships and to constantly improve, develop and source new products to compete effectively in the ever-changing marketplace.

ON BEHALF OF THE BOARD:





G C S Gates - Director


6 August 2025

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Report of the Directors
for the Year Ended 30 November 2024


The directors present their report and the financial statements for the year ended 30 November 2024.

DIVIDENDS
No interim dividend was paid during the year. It is not proposed to declare a final dividend in respect of the year ended 30 November 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report.

G C S Gates
T P J Gates
Mrs J M Gates
G S Cox
E G R Gates

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

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

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

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.

AUDITORS
The auditors, Rawse, Varley & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

BY ORDER OF THE BOARD:



D M Fiddy - Secretary


6 August 2025

Report of the Independent Auditors to the Members of
MAG Group Limited


Opinion
We have audited the financial statements of MAG Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the 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 November 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

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

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

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

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

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

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

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
MAG Group Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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

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

Report of the Independent Auditors to the Members of
MAG Group 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:

Based on our understanding of the group, the parent company and the sectors in which they operate, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK law, including laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated the extent to which non-compliance might have a material effect on the financial statements and evaluated incentives and opportunities for fraudulent manipulation, including the risk of override of controls. We determined that the principal risks were related to inappropriate or unusual journal entries outside the usual course of business and at financial year end, management bias in accounting estimates and judgmental areas of the financial statements. Audit procedures performed in response to our evaluation included:
- reviewing the disclosures in the financial statements and testing to supporting documentation to assess
compliance with the provisions of relevant laws and regulations, including in particular that income was fully
recorded, appropriately recognised and correctly matched with related costs;

- enquiring of management about existing and potential litigation and claims and known or suspected instances of
non-compliance with laws and regulations and fraud;

- addressing the risk of fraud through management override of controls by testing the appropriateness of journal
entries including year end adjustments;

- challenging assumptions and judgments made by management in determining accounting estimates;

- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of
business.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud rather than error is higher, as fraud often 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 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.




Philip Varley (Senior Statutory Auditor)
for and on behalf of Rawse, Varley & Co
Statutory Auditor
Lloyds Bank Chambers
Bradford
BD1 1UQ

6 August 2025

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Consolidated Statement of Comprehensive Income
for the Year Ended 30 November 2024

2024 2023
Notes £    £    £   

TURNOVER 4 22,098,578 25,717,623

Cost of sales 13,464,793 15,484,785
GROSS PROFIT 8,633,785 10,232,838

Distribution costs 672,462 827,405
Administrative expenses 5,388,913 5,842,716
6,061,375 6,670,121
OPERATING PROFIT 7 2,572,410 3,562,717

Interest receivable and similar income 487,722 310,232
3,060,132 3,872,949
Gain/loss on revaluation of investments 13,877 8,840
3,074,009 3,881,789

Interest payable and similar expenses 8 22,305 6,555
PROFIT BEFORE TAXATION 3,051,704 3,875,234

Tax on profit 9 773,286 904,023
PROFIT FOR THE FINANCIAL YEAR 2,278,418 2,971,211

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,278,418

2,971,211

Profit attributable to:
Owners of the parent 2,278,418 2,971,211

Total comprehensive income attributable to:
Owners of the parent 2,278,418 2,971,211

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Consolidated Balance Sheet
30 November 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 12 1,142,095 1,013,014
Investments 13 - -
Investment property 14 440,151 440,151
1,582,246 1,453,165

CURRENT ASSETS
Stock and work in progress 15 1,830,819 1,487,788
Debtors 16 4,053,465 4,377,988
Investments 17 111,681 97,487
Cash at bank 16,415,906 14,916,620
22,411,871 20,879,883
CREDITORS
Amounts falling due within one year 18 6,844,274 7,508,802
NET CURRENT ASSETS 15,567,597 13,371,081
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,149,843

14,824,246

PROVISIONS FOR LIABILITIES 20 136,409 89,230
NET ASSETS 17,013,434 14,735,016

CAPITAL AND RESERVES
Called up share capital 21 3,000 3,000
Capital redemption reserve 22 2,000 2,000
Merger reserve 22 1,871,000 1,871,000
Other reserves 22 20,000 20,000
Retained earnings 22 15,117,434 12,839,016
SHAREHOLDERS' FUNDS 17,013,434 14,735,016

The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2025 and were signed on its behalf by:





G C S Gates - Director


MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Company Balance Sheet
30 November 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 12 567,687 699,729
Investments 13 980,820 980,820
Investment property 14 440,151 440,151
1,988,658 2,120,700

CURRENT ASSETS
Debtors 16 97,241 68,232
Investments 17 111,681 97,487
Cash at bank 11,654,339 9,224,004
11,863,261 9,389,723
CREDITORS
Amounts falling due within one year 18 6,885,404 5,702,765
NET CURRENT ASSETS 4,977,857 3,686,958
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,966,515

5,807,658

PROVISIONS FOR LIABILITIES 20 43,829 48,433
NET ASSETS 6,922,686 5,759,225

CAPITAL AND RESERVES
Called up share capital 21 3,000 3,000
Capital redemption reserve 22 2,000 2,000
Retained earnings 22 6,917,686 5,754,225
SHAREHOLDERS' FUNDS 6,922,686 5,759,225

Company's profit for the financial year 1,163,461 1,590,816

The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2025 and were signed on its behalf by:





G C S Gates - Director


MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Consolidated Statement of Changes in Equity
for the Year Ended 30 November 2024

Called up Capital
share Retained redemption
capital earnings reserve
£    £    £   
Balance at 1 December 2022 3,000 10,467,805 2,000

Changes in equity
Total comprehensive income - 2,971,211 -
Dividends - (600,000 ) -
Balance at 30 November 2023 3,000 12,839,016 2,000

Changes in equity
Total comprehensive income - 2,278,418 -
Balance at 30 November 2024 3,000 15,117,434 2,000
Merger Other Total
reserve reserves equity
£    £    £   
Balance at 1 December 2022 1,871,000 20,000 12,363,805

Changes in equity
Total comprehensive income - - 2,971,211
Dividends - - (600,000 )
Balance at 30 November 2023 1,871,000 20,000 14,735,016

Changes in equity
Total comprehensive income - - 2,278,418
Balance at 30 November 2024 1,871,000 20,000 17,013,434

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Company Statement of Changes in Equity
for the Year Ended 30 November 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 December 2022 3,000 4,763,409 2,000 4,768,409

Changes in equity
Dividends - (600,000 ) - (600,000 )
Total comprehensive income - 1,590,816 - 1,590,816
Balance at 30 November 2023 3,000 5,754,225 2,000 5,759,225

Changes in equity
Total comprehensive income - 1,163,461 - 1,163,461
Balance at 30 November 2024 3,000 6,917,686 2,000 6,922,686

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Consolidated Cash Flow Statement
for the Year Ended 30 November 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 27 2,796,708 3,685,047
Interest paid (22,305 ) (6,555 )
Tax paid (926,022 ) (313,679 )
Net cash from operating activities 1,848,381 3,364,813

Cash flows from investing activities
Purchase of tangible fixed assets (505,641 ) (142,827 )
Purchase of investment property - (440,151 )
Sale of tangible fixed assets 1,141 15,750
Interest received 487,405 310,036
Net cash from investing activities (17,095 ) (257,192 )

Cash flows from financing activities
Shareholders' dividend accounts paid (332,000 ) (1,000,000 )
Net cash from financing activities (332,000 ) (1,000,000 )

Increase in cash and cash equivalents 1,499,286 2,107,621
Cash and cash equivalents at beginning of
year

28

14,916,620

12,808,999

Cash and cash equivalents at end of year 28 16,415,906 14,916,620

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Notes to the Consolidated Financial Statements
for the Year Ended 30 November 2024


1. STATUTORY INFORMATION

MAG Group 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.

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, modified as disclosed below in respect of investment property and current asset investments.

Group turnover
Group turnover represents the sales value of goods and services supplied for the year including revenue recognised as earned on incomplete contracts, less returns and excluding value added tax and sales between companies in the group.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation.

Depreciation is calculated to write off the assets over their expected useful lives at the following annual rates:

Short leasehold improvements 10% - 25% of cost
Plant, equipment and fittings 15%, 20% or 50% of cost
Motor vehicles 25% of cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stock
Stock is stated at the lower of cost and net realisable value. Cost of goods purchased for resale and raw materials is determined using the first in, first out (FIFO) principle. In the case of finished manufactured stock, cost includes an appropriate proportion of manufacturing overheads.

Current asset investments
Investments are stated at fair value. Unquoted fund investments are valued by reference to daily prices advised by fund managers.

Changes in the valuation of investments are taken to profit and loss in the income statement.

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

Current or deferred taxation assets and liabilities are not discounted.

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


MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024


2. ACCOUNTING POLICIES - continued
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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

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

Foreign currencies
Assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at rates of exchange that approximate those ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension contributions
Contributions payable to defined contribution pension schemes are charged to profit and loss account when incurred.

Contract revenue recognition
Revenue relating to contracts is recognised as earned when and to the extent that the company obtains the right to consideration in exchange for the supply of goods and performance of services under contracts with customers. Revenue is generally recognised as contract activity progresses, such that for incomplete contracts it reflects the partial performance of contractual obligations.

The amount of profit recognised on incomplete contracts is the lower of profit earned to date and the appropriate proportion of profit expected at completion. Full provision is made for known or expected losses at completion immediately such losses are identified.

The amount by which revenue recognised on incomplete contracts exceeds payments received on account is classified in the balance sheet as "Amounts recoverable on contracts".

Investment in subsidiaries
Investments in subsidiaries are stated in the company's balance sheet at cost less provisions for impairment assessed on an annual basis.

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024


3. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the group's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities. Estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. They are reviewed on a regular basis and revisions are made, where appropriate. Significant estimates and assumptions affecting the financial statements include the following:

The estimated useful lives of plant and machinery used in the accounting policy for depreciation of tangible fixed assets take into account the potential for future changes in design and technological development of the company's products and obsolescence of equipment.

In applying the accounting policy for stock, realisable value has been estimated based on the assumptions that there will be no significant change in market conditions in the foreseeable future and that sales will be made in the normal course of the company's business, unless there is cause to assume otherwise.

The recognition of contract revenue as contract activity progresses requires estimates to be made of the stage of completion of each contract in progress at the year end. In addition, contract profit expected at completion is estimated, based on known or expected factors affecting the final outcome of contracts.

4. TURNOVER

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

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

2024 2023
£    £   
Bathroom fittings 3,069,025 3,155,159
Plaster and Jesmonite moulding 4,735,680 5,549,916
Construction and safety goods 14,293,873 17,012,548
22,098,578 25,717,623

Group companies operate principally in the UK market and overseas sales, including one-off contracts undertaken in various countries, do not form a significant proportion of group turnover.

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,369,832 4,736,423
Social security costs 550,143 594,954
Other pension costs 60,547 60,258
4,980,522 5,391,635

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024


5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Group administration 11 11
Bathroom fittings 7 7
Plaster and Jesmonite mouldings 30 33
Construction goods and equipment 8 9
56 60

6. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Directors' remuneration 1,857,148 2,312,149
Directors' pension contributions to money purchase schemes 3,120 3,120

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

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 1,052,003 1,029,342
Pension contributions to money purchase schemes 1,560 1,560

7. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 376,560 334,786
Profit on disposal of fixed assets (1,141 ) (15,750 )
Auditors' remuneration 55,815 60,294
Foreign exchange differences 966 45
Operating lease charges - land and buildings 192,244 128,933
Operating lease charges - equipment and vehicles 33,714 35,376
Hire of plant and equipment 98,765 78,722

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Sundry interest payable 22,305 6,555

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024


9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 726,671 926,586
Prior year adjustment (564 ) -
Total current tax 726,107 926,586

Deferred tax:
Origination and reversal of
timing differences 47,179 (22,915 )
Change in rate of tax - 352
Total deferred tax 47,179 (22,563 )

Tax on profit 773,286 904,023

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 3,051,704 3,875,234
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

762,926

968,809

Effects of:
Expenses not deductible for tax purposes 13,895 14,567
Income not taxable for tax purposes (79 ) (48 )
Adjustments to tax charge in respect of previous periods (564 ) -
Non-reversing capital allowances - (16 )
Tax at lower rates (4,391 ) (80,417 )
Tax at higher rates 1,499 1,128
Total tax charge 773,286 904,023

10. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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


MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024


11. DIVIDENDS
2024 2023
£    £   
Ordinary shares of 1 each
Interim - 600,000

12. TANGIBLE FIXED ASSETS

Group
Plant,
Short equipment
leasehold and Motor
improvements fittings vehicles Totals
£    £    £    £   
COST
At 1 December 2023 1,097,817 2,818,312 633,905 4,550,034
Additions 558 437,476 67,607 505,641
At 30 November 2024 1,098,375 3,255,788 701,512 5,055,675
DEPRECIATION
At 1 December 2023 886,001 2,449,138 201,881 3,537,020
Charge for year 109,129 199,099 68,332 376,560
At 30 November 2024 995,130 2,648,237 270,213 3,913,580
NET BOOK VALUE
At 30 November 2024 103,245 607,551 431,299 1,142,095
At 30 November 2023 211,816 369,174 432,024 1,013,014

Company
Plant,
Short equipment
leasehold and Motor
improvements fittings vehicles Totals
£    £    £    £   
COST
At 1 December 2023 1,097,817 268,457 529,718 1,895,992
Additions 558 23,202 - 23,760
At 30 November 2024 1,098,375 291,659 529,718 1,919,752
DEPRECIATION
At 1 December 2023 886,001 171,649 138,613 1,196,263
Charge for year 109,129 8,294 38,379 155,802
At 30 November 2024 995,130 179,943 176,992 1,352,065
NET BOOK VALUE
At 30 November 2024 103,245 111,716 352,726 567,687
At 30 November 2023 211,816 96,808 391,105 699,729

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024


13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 December 2023
and 30 November 2024 980,820
NET BOOK VALUE
At 30 November 2024 980,820
At 30 November 2023 980,820


Investment in subsidiaries comprises:

Principal activity

Althon Limited Sale of construction goods

Stevensons of Norwich Limited Manufacture and sale of plaster and
Jesmonite mouldings

Stevensons (1982) Limited Support services and asset holding
company

Healey & Lord Ltd Sale of bathroom fittings, construction
and safety goods

MAG KB Limited Sale of bathroom fittings and group
support services

Fermor Limited Group support services


All subsidiary companies are wholly owned and registered at the address given on page 1.

14. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 December 2023
and 30 November 2024 440,151
NET BOOK VALUE
At 30 November 2024 440,151
At 30 November 2023 440,151

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024


14. INVESTMENT PROPERTY - continued

Company
Total
£   
FAIR VALUE
At 1 December 2023
and 30 November 2024 440,151
NET BOOK VALUE
At 30 November 2024 440,151
At 30 November 2023 440,151

The fair value of the property is estimated to be cost incurred.

15. STOCK AND WORK IN PROGRESS

Group
2024 2023
£    £   
Goods purchased for resale 1,622,496 1,301,678
Raw materials 105,417 90,159
Finished goods 102,906 95,951
1,830,819 1,487,788

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 3,766,239 4,200,865 - -
Amounts recoverable on contracts 28,002 10,795 - -
Other debtors 42,509 23,229 14,842 12,795
Prepayments and accrued income 216,715 143,099 82,399 55,437
4,053,465 4,377,988 97,241 68,232

17. CURRENT ASSET INVESTMENTS

Group Company
2024 2023 2024 2023
£    £    £    £   
Unlisted investments 111,681 97,487 111,681 97,487

Unlisted investments are stated at fair value. If they had not been revalued, they would be stated at cost of £100,000.

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024


18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Contract payments on account 165,582 148,586 - -
Trade creditors 3,199,063 3,287,281 - 3,455
Amounts owed to group undertakings - - 5,410,831 3,660,778
Corporation tax 726,671 926,586 410,484 430,269
Social security and other taxes 666,230 721,408 34,192 154,617
Other creditors 294,904 630,276 294,904 630,276
Accruals and deferred income 1,791,824 1,794,665 734,993 823,370
6,844,274 7,508,802 6,885,404 5,702,765

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 223,161 234,118
Between one and five years 807,369 824,808
In more than five years 792,000 792,000
1,822,530 1,850,926

Company
Non-cancellable operating leases
2024 2023
£    £   
Within one year 198,000 198,000
Between one and five years 792,000 792,000
In more than five years 792,000 990,000
1,782,000 1,980,000

20. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 135,201 91,213 41,048 49,121
Other timing differences 1,208 (1,983 ) 2,781 (688 )
136,409 89,230 43,829 48,433

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024


20. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 December 2023 89,230
Charge to Statement of Comprehensive Income during year 47,179
Balance at 30 November 2024 136,409

Company
Deferred
tax
£   
Balance at 1 December 2023 48,433
Credit to Income Statement during year (4,604 )
Balance at 30 November 2024 43,829

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
3,000 Ordinary 1 3,000 3,000

22. RESERVES

Group
Capital
Retained redemption Merger Other
earnings reserve reserve reserves Totals
£    £    £    £    £   

At 1 December 2023 12,839,016 2,000 1,871,000 20,000 14,732,016
Profit for the year 2,278,418 - - - 2,278,418
At 30 November 2024 15,117,434 2,000 1,871,000 20,000 17,010,434

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 December 2023 5,754,225 2,000 5,756,225
Profit for the year 1,163,461 1,163,461
At 30 November 2024 6,917,686 2,000 6,919,686

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024


22. RESERVES - continued

The merger reserve in the group balance sheet represents the difference between the nominal value and the fair value of the shares issued as consideration for the acquisition of MAG KB Limited. Goodwill of £290,373 arising on the acquisition of MAG KB Limited has been fully amortised. In addition goodwill of £3,508 on past acquisitions by MAG KB Limited has been eliminated against reserves.

23. PENSION COMMITMENTS

The group operates defined contribution pension schemes for the directors and staff. The schemes' funds are administered by trustees and are independent of the company's finances. The group's contributions as employers are disclosed in note 5 as "Other pension costs".

24. CONTINGENT LIABILITIES

The company is party to an unlimited composite cross guarantee to its bankers securing the borrowings of subsidiary companies. There were no such borrowings at 30 November 2024 - 2023: none.

Overall the group's net cash at bank amounted to £16,413,757 - 2023: £14,915,249.

The company is contingently liable under a group registration scheme for VAT liabilities of subsidiary companies. At 30 November 2024 such liabilities amounted to £523,465 - 2023: £482,935.

25. RELATED PARTY DISCLOSURES

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', from disclosing 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.

The company paid rent to a company pension scheme for the year amounting to £192,244 - 2023: £128,933.

26. CONTROLLING PARTY

The company is controlled by Mr G C S Gates.

27. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 3,051,704 3,875,234
Depreciation charges 376,560 334,786
Profit on disposal of fixed assets (1,141 ) (15,750 )
Gain on revaluation of investments (13,877 ) (8,840 )
Finance costs 22,305 6,555
Finance income (487,722 ) (310,232 )
2,947,829 3,881,753
Increase in stock and work in progress (343,031 ) (155,109 )
Decrease in trade and other debtors 324,523 109,461
Decrease in trade and other creditors (132,613 ) (151,058 )
Cash generated from operations 2,796,708 3,685,047

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024


28. 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 November 2024
30.11.24 1.12.23
£    £   
Cash and cash equivalents 16,415,906 14,916,620
Year ended 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 14,916,620 12,808,999


29. ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.23 Cash flow At 30.11.24
£    £    £   
Net cash
Cash at bank 14,916,620 1,499,286 16,415,906
14,916,620 1,499,286 16,415,906

Liquid resources
Current asset investments 97,487 14,194 111,681
97,487 14,194 111,681
Total 15,014,107 1,513,480 16,527,587

30. BANK SECURITY

Group bank borrowings are secured by a legal mortgage and fixed and floating charges over group assets. There were no group borrowings at 30 November 2024 - 2023: none.