Company registration number 00627513 (England and Wales)
M MARKOVITZ LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
M MARKOVITZ LIMITED
COMPANY INFORMATION
Directors
Mrs A Hopkins
Mr R W Hopkins
Mr D J B Hopkins
Secretary
Mr R W Hopkins
Company number
00627513
Registered office
Commercial Road
Tideswell
Buxton
Derbyshire
SK17 8NY
Auditor
DonnellyBentley Ltd
Hazlemere
70 Chorley New Road
Bolton
Lancashire
BL1 4BY
Business address
Commercial Road
Tideswell
Buxton
Derbyshire
SK17 8NY
M MARKOVITZ LIMITED
CONTENTS
Page
Strategic report
1 - 7
Directors' report
8 - 10
Independent auditor's report
11 - 13
Statement of comprehensive income
14
Balance sheet
15
Statement of changes in equity
16
Statement of cash flows
17
Notes to the financial statements
18 - 30
M MARKOVITZ LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

REVIEW OF THE BUSINESS

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the scale and characteristics of our business and is framed within the context of the risks and uncertainties inherent to our industry.

 

The principal activities of the company are insulation and drylining distribution, and builders' and plumbers' merchanting. Additionally, we retail kitchens, bathrooms, and stoves through a dedicated showroom at Tideswell, as well as via our builders' and plumbers' merchants’ branches. In line with our growth strategy, we continue to grow sales within our existing Insulation and Drylining distribution division. Looking ahead, building plans are ongoing to relocate our Chesterfield insulation branch to a larger purpose built site with hopes for completion in 2026. We are actively exploring opportunities to relocate our Bedford and Ipswich depots to larger premises, with the aim of expanding capacity and driving increased turnover at these locations. As we continue to expand, we remain committed to preserving and nurturing our legacy business as general builders' and plumbers' merchants.

 

The company's activities are organised into the following divisions:

­

Builders and Plumbers Merchants

Tideswell

Glossop

Darley Dale

Buxton

Leek

Clay Cross

Wigan

Chesterfield

Sheffield

 

Civils Merchants

North West Branch, Wigan

Yorkshire Branch, Sheffield

Humberside, Hull

 

Insulation and Drylining

Warrington, Manchester

Coatbridge, Glasgow

Chesterfield

Castleford, Leeds

Newcastle-Upon-Tyne

Ipswich

Bedford

Bridgwater

Gatwick

Wolverhampton

Portsmouth

 

Kitchen and Bathroom Showrooms

Tideswell

Chesterfield

 

Outdoor Living Hub

Chesterfield

M MARKOVITZ LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The Directors announce an increase in turnover of 7.4% to £135.2m in 2024 (2023: £125.9m). This growth has been achieved in the face of continued industry challenges stemming from economic uncertainty and the cost of living crisis. It underscores our commitment to strategic investment in our operations to drive sustained future growth. Key initiatives supporting this growth include the contribution from our new depot in Portsmouth which opened at the end of 2023 and has performed well in year one, and the growth of sales across the insulation division as we continue to develop this part of the business.

 

Gross margin declined in the year to 21.8% from 22.6% for 2023, reflecting the impact of a highly competitive market environment, particularly within the insulation division. In response, strategic negotiations to secure improved supplier rates, along with a focused initiative launched in early 2025, are underway to strengthen margin performance moving forward.

 

By the end of 2024, the company employed 10 fewer people compared to 2023, reflecting the successful implementation of operational efficiencies across the business. These improvements contributed to a higher sales revenue per employee of £345.8k (2023: £335.8k), demonstrating enhanced productivity, although part of this increase reflects general price movements..

 

 

 

YEAR ENDED
31ST DECEMBER 2024

 

YEAR ENDED
31ST DECEMBER 2023

 

 

 

 

 

Sales Growth

 

7.4%

 

16.1%

Gross Margin

 

21.8%

 

22.6%

Operating Margin

 

1.0%

 

2.5%

 

Other standard accounting ratios and KPI’s can be extracted from the accounts.

 

 

 

 

 

M MARKOVITZ LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

EMPLOYEE ENGAGEMENT

Our people are our greatest asset and the foundation of our business so we ensure we regularly engage with our 382 employees. We pride ourselves on people development and constantly look to promote internally, resulting in many management positions being held by team members who have progressed through our organisation. The performance of all personnel is reviewed by line managers and career progression is actively encouraged. Colleague retention is continually monitored and landmarks of long service are rewarded as part of our appreciation of their dedication. Furthermore, we actively seek apprentices from local further education institutions, providing them with support and opportunities for development within their roles. This initiative underscores our commitment to investing in the next generation of talent and contributing to the broader community.

 

We recognise that recruitment, training and retention of talent are fundamental to our long-term success. To support this, we have established programmes designed to provide colleagues with relevant and high-quality skill enhancement opportunities. Periodic communications from our two owning directors are shared at key moments, ensuring our people are kept well informed, whilst reinforcing their visible, approachable leadership style to ensure that our people always feel, personally, an integral part of the business. As a family owned company we are guided by a strong ethos of integrity and fairness, values which are consistently reflected by our leadership team and embedded across all levels of our organisation.

 

LESS ABLED EMPLOYEES

The company understands its responsibilities in respect of employing less abled people and to this end, applications, when received, are given serious consideration. We do not request this protected personal data, however, should this information come to light, every effort is made to accommodate individual needs. In cases where existing colleagues have experienced diminished capabilities, we have made concerted efforts to adjust their work environment and responsibilities to enable their continued employment. When accommodations have not been feasible, we have collaborated with the affected individuals to try and identify suitable alternative roles within the organisation and have provided the necessary training to facilitate their transition. However, despite our commitment to support our colleagues, this may not always be possible and other forms of support may be offered.

 

ENVIRONMENT

We understand that our products and how we deliver them have a longer-term impact on the environment and whenever viable our goal is to have a positive effect. We continually strive to reduce the environmental impact of our business and to operate in a responsible manner. Throughout 2024, we advanced our waste management initiatives toward achieving our zero-landfill target. Concurrently, we collaborated with a leading assessor to complete our inaugural Environment Saving Opportunities Scheme (ESOS) report. This process significantly deepened our insights into critical Environmental, Social, and Governance (ESG) matters. Additionally, our continued partnership with H&B has strengthened efforts within our supply chain, focusing specifically on the role we play on eradicating modern slavery and ensuring future products align fully with our ESG commitments.

During the year, we expanded renewable energy capacity by installing solar panels at our main Chesterfield site, marking the second location powered by solar energy. We will closely monitor these installations to evaluate their impact on our carbon footprint, informing future decisions regarding broader deployment across additional company-owned properties.

 

SUPPLIER ENGAGEMENT

2024 presented considerable challenges in our sector, characterised by rising procurement costs and diminished demand, limiting our ability to fully transfer these price increases to our customers. Despite these obstacles, our robust relationship with our key suppliers, enhanced by our affiliation with the H&B buying group enabled us to keep costs down and achieve sales growth and increased gross profits.

 

M MARKOVITZ LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
PRINCIPAL RISKS AND UNCERTAINTIES

The company is primarily exposed to market fluctuations in the construction industry, which remains a key driver of demand of our products and services. In addition, we are mindful of potential risks arising from credit exposure, interest rate volatility, cyber security threats, fraud and liquidity constraints.

 

Our risk management framework is designed to proactively identify, assess, and mitigate these risks. The overarching objective is to minimise any potential adverse impacts on our operations, financial performance, and long-term profitability. We continue to strengthen our controls and resilience in response to an evolving risk landscape, ensuring the company remains well-positioned to navigate future challenges.

 

Market Risk

The business’s performance remains closely tied to the broader economic health of the house building and repairs, maintenance and improvement market (RMI). During the year, market uncertainty remained post general election, combined with pressures from the ongoing cost-of-living crisis, contributed to a sector-wide softening in demand.

 

These external challenges were felt most acutely in the third quarter, placing downward pressure on both turnover and profitability. However, strong trading performance during the first half of the year provided a solid foundation, enabling the business to conclude the year with an overall increase in sales.

 

Looking ahead, we remain focused on maintaining resilience and agility in response to market volatility, while continuing to capitalise on growth opportunities across our core sectors.

 

 

Credit Risk

Extending credit to customers is an integral part of our business model and enables us to support growth. However, this naturally exposes the company to the risk of potential bad debts. We mitigate this risk through a diversified customer base, with no undue reliance on any single client.

 

Our approach to credit risk management remains disciplined and proactive. We actively monitor the company’s debtor ledger, regularly review customer credit limits, and maintain appropriate credit insurance coverage to further reduce potential exposure. These measures ensure that the impact of any individual credit event is minimised, supporting the company's financial stability and resilience.

 

Interest Rate Risk

The company continues to utilise an invoice finance facility with the Royal Bank of Scotland, structured on a floating rate of interest and settled daily. Our strong balance sheet and longstanding relationship with the bank have enabled us to secure favorable terms that support the company’s financial flexibility.

 

This arrangement remains well-aligned with our business objectives, providing efficient working capital support for current operations and facilitating investment in medium-term growth initiatives. We remain committed to ongoing evaluation of our financial policies to ensure they continue to meet the needs of the business as it evolves and grows.

 

Information Technology

The escalating threat of cyber-crime poses significant risks to companies across all industries, with opportunistic criminals targeting personal data for financial gain. To mitigate these risks, all of our employees undergo comprehensive training to heighten awareness of cyber threats. In addition to employee education, we have implemented robust processes designed to minimise the likelihood of falling victim to cyber-attacks. Leveraging diverse technologies and off-site backup facilities, we fortify our defenses against these evolving threats. Continuous review and updating of our cyber-security measures ensure that our business remains vigilant and well-protected against potential breaches.

 

We recognise the transformative potential of Artificial Intelligence (AI) and its growing impact on our operations and competitive positioning. We are actively exploring how AI can enhance efficiency across the business — particularly through the automation of routine administrative tasks — freeing our teams to focus on higher-value strategic initiatives. As AI capabilities continue to evolve, we are committed to leveraging these advancements to drive productivity gains, achieve cost efficiencies, and reinforce our competitive edge in the marketplace.

M MARKOVITZ LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

Liquidity and Net Debt

The company undertakes regular cashflow forecasting to ensure that bank invoice finance facilities are sufficient to meet requirements, aided by our long-standing relation with the company bankers NatWest, who continue to be a strong partner to the business.

Promoting the success of the company

 

 

 

 

 

Principal Activity

Continued expansion of the business particularly pertaining to wider national geographical coverage of insulation & drylining depots

 

 

Impact on Long Term Success

In line with the company’s strategic objective to achieve national coverage within our Insulation and Dry-Lining division, the business opened a new depot in Portsmouth during the final quarter of 2023.

The successful launch of this new facility has further strengthened the company’s reputation and presence within the sector, supporting both customer confidence and supplier relationships.

 

 

 

Stakeholder Considerations

Our ongoing expansion, has reinforced our commitment to sustainable long-term growth, providing employment opportunities locally and enhancing our service offering to customers nationwide. Whilst creating an environment where our people can continue to develop their careers and broaden their skills. This approach not only helps us to attract and retain talented individuals but also ensures that we continue to build a highly capable and motivated workforce to support the company's long-term success.

Environmental Responsibility and Compliance (ESG and ESOS)

 

 

As part of our wider ESG commitments, we place strong emphasis on energy efficiency and compliance with relevant regulatory frameworks. During the reporting period, the company completed its latest ESOS (Energy Savings Opportunity Scheme) audit, identifying further opportunities to improve energy efficiency across our operations. The actions identified will help us to reduce energy consumption and lower associated carbon emissions.

These initiatives complement our broader environmental programme, which includes investment in solar energy, electrification of our vehicle fleet and plant, and optimisation of our logistics operations. Through these combined efforts, we aim to contribute to a more sustainable future while driving long-term value for our stakeholders..

 

 

We recognise that our ESG commitments have a direct impact on a wide range of stakeholders. Regulators expect us to align our ESG strategy with current and emerging standards, while customers increasingly look to us to support their own sustainability objectives. Our approach also helps us to attract and retain talent, as employees value working for a responsible and forward-thinking business.

 

 

 

 

 

 

M MARKOVITZ LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -

Challenge Derbyshire fund raising

 

 

The company takes great pride in its role as founder of the Challenge Derbyshire charitable trust, which supports two leading end-of-life care organisations: Ashgate Hospicecare and Blythe House Hospice. Our active involvement in this initiative helps to deliver essential services to the local community and strengthens our relationships with key stakeholders. We have helped raised over £1.85 million to date — a milestone that reflects both our ongoing commitment to social responsibility and the strong engagement of our employees and business partners. We remain committed to supporting these vital services in the years ahead.

 

Our ongoing fundraising efforts through Challenge Derbyshire have a meaningful impact on the local communities we serve. The additional support made possible through these contributions enables the charity to extend vital care services to more individuals and families in need. Beyond financial support, our involvement helps to raise awareness of the hospice organisations’ work, encouraging broader community engagement and support. This not only strengthens our local presence but also reinforces our role as a socially responsible business committed to making a positive difference.

Recruitment and Development

 

 

We are committed to genuine career development, providing meaningful opportunities for employees and potential recruits that foster loyalty, engagement, and long-term retention. This, in turn, strengthens our organisational capability and supports sustainable growth. Our ongoing investment in people also delivers positive outcomes for local communities and institutions through employment opportunities and skills development. This year, we deepened our engagement with local education partners by collaborating with a nearby college and school to showcase the diverse career opportunities within our business. As part of this initiative, we welcomed four work experience students, for one week, offering them valuable insights into our operations — including time spent with company directors to provide a broader understanding of leadership and strategic decision-making. These efforts not only contribute to our long-term growth strategy but also enhance our profile as an employer.

 

Our approach to career development and community engagement directly supports the interests of key stakeholders. Employees and potential recruits benefit from meaningful development opportunities, which foster loyalty and support long-term retention. Local communities gain through employment and skills development initiatives, helping to build a stronger regional workforce. Educational institutions value our active collaboration and the practical opportunities we provide for students. Through these efforts, we contribute positively to local economic and social outcomes while supporting the company’s long-term success and reputation as a responsible and valued employer.

FUTURE DEVELOPMENTS

In 2025, our primary objective is to continue to solidify our market position by optimising the performance of our existing depots, with a particular emphasis on maximising the potential of our insulation and drylining centres nationwide. Additionally, we intend to pursue continued growth opportunities, with plans to develop our new builders' merchants depot in Sheffield later this year. Moreover, we remain proactive in identifying and capitalising on potential expansion prospects across all segments of our operations as they emerge.

M MARKOVITZ LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -

On behalf of the board

.............................................
Mr D J B Hopkins
Director
Date: .............................................
M MARKOVITZ LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -

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

Principal activities

The principal activity of the company continued to be that of Builders and Plumbers Merchants.

Results and dividends

The results for the year are set out on page 14.

Ordinary dividends were paid amounting to £370,000. The directors do not recommend payment of a final dividend.

No preference dividends were paid.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs A Hopkins
Mr R W Hopkins
Mr D J B Hopkins
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

Energy and carbon report

Below is a brief outline of the methodology used to produce the various figures and identified opportunities for Markovitz.

 

This methodology provides standardised results allowing more effective benchmarking. Carbon emissions are measured as CO2e which includes secondary contributors such as transmission losses and other greenhouse gases rather than simply CO2.

 

Data was collected in respect of all energy usage from all the branches and passenger transport fuel.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
17,574,202
16,338,367
M MARKOVITZ LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
118.00
190.00
- Fuel consumed for owned transport
3,797.00
3,465.00
3,915.00
3,655.00
Scope 2 - indirect emissions
- Electricity purchased
200.00
154.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
10.00
12.00
Total gross emissions
4,125.00
3,821.00
Intensity ratio
Tonnes CO2e per £1m of turnover
30.4
30.3
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1M turnover.

Measures taken to improve energy efficiency

In alignment with our long-term commitment to sustainability, we have made tangible progress across several key initiatives. Solar panels installed at our main Chesterfield branch are now generating consistent and satisfactory levels of renewable energy, contributing to our decarbonisation goals.

 

We are also accelerating the transition to a more environmentally responsible operational fleet. This year, we replaced 20 petrol-powered forklifts with electric models, with an additional 20 electric forklifts scheduled for delivery in 2025. To support this shift, we are expanding our charging infrastructure to ensure capacity meets growing demand from electric vehicles and plant.

 

Our Environmental, Social, and Governance (ESG) strategy continues to be a central pillar of our corporate agenda. It remains under active review and refinement to ensure alignment with evolving best practices and stakeholder expectations. We are making strong progress towards our long-term sustainability objectives, driven by the collective commitment and collaboration of our teams across the organisation.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

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

M MARKOVITZ LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -

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

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr D J B Hopkins
Director
7 August 2025
M MARKOVITZ LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF M MARKOVITZ LIMITED
- 11 -
Opinion

We have audited the financial statements of M Markovitz Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

M MARKOVITZ LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF M MARKOVITZ LIMITED (CONTINUED)
- 12 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

In identifying and assessing risks of material misstatements in respect of irregularities (including fraud) we considered the following:

 

We have also performed specific procedures to consider the risk of management override and of fraud arising in significant transactions outside the normal course of business.

We did not identify a material risk of non-compliance with laws and regulations or of fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's 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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

M MARKOVITZ LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF M MARKOVITZ LIMITED (CONTINUED)
- 13 -
James King (Senior Statutory Auditor)
For and on behalf of DonnellyBentley Ltd, Statutory Auditor
Hazlemere
70 Chorley New Road
Bolton
Lancashire
BL1 4BY
14 August 2025
M MARKOVITZ LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
Turnover
3
135,217,739
125,921,178
Other operating income
22,648
39,151
Raw materials and consumables
(105,741,499)
(97,416,251)
Staff costs
6
(14,401,971)
(13,033,199)
Depreciation
4
(1,156,238)
(864,734)
Other operating expenses
(12,532,034)
(11,433,064)
Operating profit
4
1,408,645
3,213,081
Interest payable and similar expenses
8
(559,794)
(309,329)
Profit before taxation
848,851
2,903,752
Tax on profit
9
(287,361)
(752,024)
Profit for the financial year
561,490
2,151,728

The profit and loss account has been prepared on the basis that all operations are continuing operations.

M MARKOVITZ LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 15 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
399
6,692
Tangible assets
12
8,778,062
8,405,246
Investments
13
1,250
1,250
8,779,711
8,413,188
Current assets
Stocks
14
10,103,420
10,622,429
Debtors
15
35,864,355
26,784,407
Cash at bank and in hand
67,636
90,134
46,035,411
37,496,970
Creditors: amounts falling due within one year
16
(38,300,482)
(29,678,797)
Net current assets
7,734,929
7,818,173
Total assets less current liabilities
16,514,640
16,231,361
Provisions for liabilities
Deferred tax liability
18
1,161,967
1,070,178
(1,161,967)
(1,070,178)
Net assets
15,352,673
15,161,183
Capital and reserves
Called up share capital
20
600,000
600,000
Profit and loss reserves
14,752,673
14,561,183
Total equity
15,352,673
15,161,183
The financial statements were approved by the board of directors and authorised for issue on 7 August 2025 and are signed on its behalf by:
Mr D J B Hopkins
Director
Company registration number 00627513 (England and Wales)
M MARKOVITZ LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
600,000
12,829,455
13,429,455
Year ended 31 December 2023:
Profit and total comprehensive income
-
2,151,728
2,151,728
Dividends
10
-
(420,000)
(420,000)
Balance at 31 December 2023
600,000
14,561,183
15,161,183
Year ended 31 December 2024:
Profit and total comprehensive income
-
561,490
561,490
Dividends
10
-
(370,000)
(370,000)
Balance at 31 December 2024
600,000
14,752,673
15,352,673
M MARKOVITZ LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
1,165,194
4,117,895
Interest paid
(559,794)
(309,329)
Income taxes paid
(327,994)
(450,511)
Net cash inflow from operating activities
277,406
3,358,055
Investing activities
Purchase of tangible fixed assets
(1,713,482)
(2,821,496)
Proceeds from disposal of tangible fixed assets
190,721
409,624
Net cash used in investing activities
(1,522,761)
(2,411,872)
Financing activities
Repayment of bank loans
-
0
(2,852,958)
Payment of finance leases obligations
-
0
(294,237)
Dividends paid
(370,000)
(420,000)
Net cash used in financing activities
(370,000)
(3,567,195)
Net decrease in cash and cash equivalents
(1,615,355)
(2,621,012)
Cash and cash equivalents at beginning of year
(5,419,124)
(2,798,112)
Cash and cash equivalents at end of year
(7,034,479)
(5,419,124)
Relating to:
Cash at bank and in hand
67,636
90,134
Bank overdrafts included in creditors payable within one year
(7,102,115)
(5,509,258)
M MARKOVITZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
1
Accounting policies
Company information

M Markovitz Limited is a private company limited by shares incorporated in England and Wales. The registered office is Commercial Road, Tideswell, Buxton, Derbyshire, SK17 8NY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements of the company are consolidated in the financial statements of Markovitz Group Holdings Limited. These consolidated financial statements are available from its registered office: Commercial Road, Tideswell, Buxton, Derbyshire, SK17 8NY.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2001, has now been fully amortised.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% straight line
M MARKOVITZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% or 4% on cost
Improvements to property
2% or 4% on cost
Plant and equipment
10% on reducing balance
Fixtures and fittings
10% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

M MARKOVITZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

M MARKOVITZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Principal activity
135,217,739
125,921,178
M MARKOVITZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover
(Continued)
- 22 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
135,217,739
125,921,178
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
1,131,045
877,963
Loss/(profit) on disposal of tangible fixed assets
18,900
(21,022)
Amortisation of intangible assets
6,293
7,793
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
28,000
22,000
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Distribution
346
335
Administration
45
40
Total
391
375

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
12,755,964
11,468,573
Social security costs
1,226,824
1,083,961
Pension costs
419,183
480,665
14,401,971
13,033,199
M MARKOVITZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
39,252
41,472
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank facilities
556,702
122,056
Interest on loans
-
0
187,273
556,702
309,329
Other finance costs:
Other interest
3,092
-
0
559,794
309,329
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
195,573
432,406
Deferred tax
Origination and reversal of timing differences
91,788
319,618
Total tax charge
287,361
752,024

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
848,851
2,903,752
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
212,213
725,938
Tax effect of expenses that are not deductible in determining taxable profit
58,368
75,113
Effect of change in corporation tax rate
-
0
(27,198)
Permanent capital allowances in excess of depreciation
-
0
(21,829)
Depreciation on assets not qualifying for tax allowances
16,780
-
0
Taxation charge for the year
287,361
752,024
M MARKOVITZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
10
Dividends
2024
2023
£
£
Interim paid
370,000
420,000
11
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
38,209
202,152
240,361
Amortisation and impairment
At 1 January 2024
38,209
195,460
233,669
Amortisation charged for the year
-
0
6,293
6,293
At 31 December 2024
38,209
201,753
239,962
Carrying amount
At 31 December 2024
-
0
399
399
At 31 December 2023
-
0
6,692
6,692
M MARKOVITZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
12
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Improvements to property
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
£
Cost
At 1 January 2024
3,447,522
1
964,557
1,803,501
389,950
643,623
4,810,085
12,059,239
Additions
-
0
-
0
58,836
424,838
84,480
58,083
1,087,245
1,713,482
Disposals
-
0
-
0
-
0
(113,055)
-
0
(74,572)
(350,397)
(538,024)
At 31 December 2024
3,447,522
1
1,023,393
2,115,284
474,430
627,134
5,546,933
13,234,697
Depreciation and impairment
At 1 January 2024
446,674
-
0
253,464
504,961
97,181
296,881
2,054,832
3,653,993
Depreciation charged in the year
56,790
-
0
15,731
148,319
35,140
86,099
788,966
1,131,045
Eliminated in respect of disposals
-
0
-
0
-
0
(93,608)
-
0
(52,192)
(182,603)
(328,403)
At 31 December 2024
503,464
-
0
269,195
559,672
132,321
330,788
2,661,195
4,456,635
Carrying amount
At 31 December 2024
2,944,058
1
754,198
1,555,612
342,109
296,346
2,885,738
8,778,062
At 31 December 2023
3,000,848
1
711,093
1,298,540
292,769
346,742
2,755,253
8,405,246
M MARKOVITZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
13
Fixed asset investments
2024
2023
£
£
Listed investments
1,250
1,250

All investments held are unlisted shares in Buying Society Companies and have been shown at cost. The directors are of the opinion that this is not materially different from the market value.

14
Stocks
2024
2023
£
£
Finished goods and goods for resale
10,103,420
10,622,429
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
19,159,491
16,254,459
Amounts owed by group undertakings
2,249,500
-
0
Other debtors
1,911,101
1,473,701
Prepayments and accrued income
12,544,263
9,056,247
35,864,355
26,784,407
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans, overdrafts and invoice discounting advance
17
7,102,115
5,509,258
Trade creditors
29,477,124
22,245,784
Corporation tax
72,608
205,030
Other taxation and social security
285,901
340,999
Other creditors
198,933
236,786
Accruals and deferred income
1,163,801
1,140,940
38,300,482
29,678,797
17
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
7,102,115
5,509,258
Payable within one year
7,102,115
5,509,258
M MARKOVITZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Loans and overdrafts
(Continued)
- 27 -

Bank overdrafts of £7,102,115 at 31 December 2024 (2023 - £5,509,258) consists entirely of an invoice discounting facility provided by RBS Invoice Financing Limited.

 

RBS Invoice Financing Limited has a fixed and floating charge. The floating charge covers all the property or undertaking of the company.

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,161,967
1,070,178
2024
Movements in the year:
£
Liability at 1 January 2024
1,070,178
Charge to profit or loss
91,789
Liability at 31 December 2024
1,161,967
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
419,183
480,665

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
2,000
2,000
2,000
2,000
M MARKOVITZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20
Share capital
(Continued)
- 28 -
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference Share of £1 each
598,000
598,000
598,000
598,000
Preference shares classified as equity
598,000
598,000
Total equity share capital
600,000
600,000
21
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within 1 year
2,854,988
2,951,661
Years 2-5
8,171,892
8,597,343
After 5 years
3,841,344
4,737,465
14,868,224
16,286,469
M MARKOVITZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
22
Related party transactions

Close family members of the key management personnel received £197,549 (2023: £188,333) remuneration from the company during the year.

 

The shareholders received dividends of £370,000 (2023: £420,000).

 

The directors, D J B and R W Hopkins, and separate private companies in which they are involved bought goods totaling £8,000 (2023: £96,000) being full commercial rent for property occupied by the company.

 

The directors, D J B and R W Hopkins, and separate private companies in which they are involved bought goods totaling £88,869 (2023: £92,909) at normal commercial terms from the company during the year, and owed the company £121,130 (2023: £73,579) at the year end under normal trade terms.

 

The company bought goods and services during the year totaling £103,761 (2023: £193,231) at normal commercial terms from private companies in which the directors, D J B and R W Hopkins, are directors, and owes these private companies £nil (2023 - £nil) at the year end.

 

Hopwood Homes Ltd (a company in which David Hopkins is a director) owes £1,485,000 (2023: £1,415,000) to the company at the year end, repayable within one year. Hopwood Homes Ltd also bought goods totaling £562,445 (2023: £545,590) net at normal commercial terms from the company during the year and owed the company £94,461 (2023: £116,146) gross at the year end.

 

Markovitz Group Holdings Ltd (the parent company) owes £2,249,500 (2023: £nil) to the company at the year end, repayable within one year.

 

The company's small self administered pension scheme, The Hopkins Trust, received rent at full commercial value of £415,208 (2023: £382,917) from M Markovitz Ltd for property occupied by the company. There was £58,600 (2023: £nil) gross, outstanding at the year end. Hopkins Trust also bought goods totaling £112,296 (2023: £475,042) net at normal commercial terms from the company during the year and owed the company £134,735 (2023: £75,372) gross at the year end. The directors of the company are members of the scheme.

23
Ultimate controlling party

Up until 1 January 2024 the company was controlled by Mr R W Hopkins and Mr D J B Hopkins, directors, by virtue of their shareholding in the company.

 

Since 1 January 2024 the company has been a 100% subsidiary of Markovitz Group Holdings Ltd, following a share for share exchange with the new parent company.

 

The ultimate control of the company has remained unchanged following this restructure.

M MARKOVITZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
24
Cash generated from operations
2024
2023
£
£
Profit after taxation
561,490
2,151,728
Adjustments for:
Taxation charged
287,361
752,024
Finance costs
559,794
309,329
Loss/(gain) on disposal of tangible fixed assets
18,900
(21,022)
Amortisation and impairment of intangible assets
6,293
7,793
Depreciation and impairment of tangible fixed assets
1,131,045
877,963
Movements in working capital:
Decrease/(increase) in stocks
519,009
(865,674)
Increase in debtors
(9,079,948)
(2,637,329)
Increase in creditors
7,161,250
3,543,083
Cash generated from operations
1,165,194
4,117,895
25
Analysis of changes in net debt
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
90,134
(22,498)
67,636
Bank overdrafts
(5,509,258)
(1,592,857)
(7,102,115)
(5,419,124)
(1,615,355)
(7,034,479)
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