Company registration number 15333694 (England and Wales)
MARKOVITZ GROUP HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
MARKOVITZ GROUP HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr R W Hopkins
(Appointed 7 December 2023)
Mr D J B Hopkins
(Appointed 7 December 2023)
Company number
15333694
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
MARKOVITZ GROUP HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 7
Directors' report
8 - 10
Independent auditor's report
11 - 13
Group statement of comprehensive income
14
Group balance sheet
15
Company balance sheet
16
Group statement of changes in equity
17
Company statement of changes in equity
18
Group statement of cash flows
19
Company statement of cash flows
20
Notes to the financial statements
21 - 35
MARKOVITZ GROUP HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the period 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 group 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.

 

In addition, the group holds an investment property.

 

The group'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

MARKOVITZ GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD 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 21.9% 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 group 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.

 

 

 

MARKOVITZ GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD 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 group 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 group 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 group-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.

MARKOVITZ GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 4 -
PRINCIPAL RISKS AND UNCERTAINTIES

The group 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 driven by the anticipation of a 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 group 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 group’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 group 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 group’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 businesses 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.

MARKOVITZ GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 5 -

Liquidity and Net Debt

The group undertakes regular cashflow forecasting to ensure that bank invoice finance facilities are sufficient to meet requirements, aided by our long-standing relation with the group 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.

 

 

 

 

 

 

MARKOVITZ GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD 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.

MARKOVITZ GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 7 -

On behalf of the board

Mr D J B Hopkins
Director
7 August 2025
MARKOVITZ GROUP HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 8 -

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

Principal activities

The company was incorporated on 7 December 2023.

 

On 1 January 2024 the company acquired the entire share capital of its subsidiary company, M Markovitz Limited, by way of a share for share exchange.

 

The principal activity of the company is that of a holding company. This company does not trade.

 

The principal activity of the group, through M Markovitz Limited, is that of a Builders and Plumbers Merchant.

Results and dividends

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

Ordinary dividends were paid amounting to £320,000. The directors do not recommend payment of a further dividend.

No preference dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Mr R W Hopkins
(Appointed 7 December 2023)
Mr D J B Hopkins
(Appointed 7 December 2023)
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 group continues and that the appropriate training is arranged. It is the policy of the group 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 group'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 group'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 Group Holdings Limited.

 

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.

MARKOVITZ GROUP HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 9 -
2024
Energy consumption
kWh
Aggregate of energy consumption in the year
17,574,202
2024
Emissions of CO2 equivalent
metric tonnes
Scope 1 - direct emissions
- Gas combustion
118.00
- Fuel consumed for owned transport
3,797.00
3,915.00
Scope 2 - indirect emissions
- Electricity purchased
200.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
10.00
Total gross emissions
4,125.00
Intensity ratio
Tonnes C02e per £1m of turnover
30.4
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has 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.

MARKOVITZ GROUP HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 10 -
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 group and company, and of the profit or loss of the group for that period. 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and 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 auditor of the company 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 auditor of the company is aware of that information.

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

We have audited the financial statements of Markovitz Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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 group and parent 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 group's and 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 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:

MARKOVITZ GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARKOVITZ GROUP HOLDINGS LIMITED
- 12 -
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 their 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 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 parent 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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

MARKOVITZ GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARKOVITZ GROUP HOLDINGS LIMITED
- 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
MARKOVITZ GROUP HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 14 -
Period
ended
31 December
2024
Notes
£
Turnover
3
135,217,739
Other operating income
22,648
Raw materials and consumables
(105,741,499)
Staff costs
6
(14,401,971)
Depreciation
4
(1,156,238)
Other operating expenses
(12,532,034)
Operating profit
4
1,408,645
Interest payable and similar expenses
8
(559,794)
Profit before taxation
848,851
Tax on profit
9
(287,361)
Profit for the financial period
561,490
Profit for the financial period is all attributable to the owners of the parent company.
Total comprehensive income for the period is all attributable to the owners of the parent company.
MARKOVITZ GROUP HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 15 -
2024
Notes
£
£
Fixed assets
Intangible assets
11
399
Tangible assets
12
8,778,062
Investment property
13
2,299,500
Investments
14
1,250
11,079,211
Current assets
Stocks
16
10,103,420
Debtors
17
33,614,855
Cash at bank and in hand
67,636
43,785,911
Creditors: amounts falling due within one year
18
(38,300,482)
Net current assets
5,485,429
Total assets less current liabilities
16,564,640
Provisions for liabilities
Deferred tax liability
20
1,161,967
(1,161,967)
Net assets
15,402,673
Capital and reserves
Called up share capital
22
600,000
Profit and loss reserves
14,802,673
Total equity
15,402,673
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:
07 August 2025
Mr D J B Hopkins
Director
Company registration number 15333694 (England and Wales)
MARKOVITZ GROUP HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 16 -
2024
Notes
£
£
Fixed assets
Investment property
13
2,299,500
Investments
14
600,000
2,899,500
Current assets
-
Creditors: amounts falling due within one year
18
(2,249,500)
Net current liabilities
(2,249,500)
Net assets
650,000
Capital and reserves
Called up share capital
22
600,000
Profit and loss reserves
50,000
Total equity
650,000

As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £370,000.

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:
07 August 2025
Mr D J B Hopkins
Director
Company registration number 15333694 (England and Wales)
MARKOVITZ GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 17 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Acquisition of subsidiary on 1 January 2024
-
14,561,183
14,561,183
Period ended 31 December 2024:
Profit and total comprehensive income
-
561,490
561,490
Issue of share capital
22
600,000
-
600,000
Dividends
10
-
(320,000)
(320,000)
Balance at 31 December 2024
600,000
14,802,673
15,402,673
MARKOVITZ GROUP HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 18 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 7 December 2023
-
-
-
Period ended 31 December 2024:
Profit and total comprehensive income
-
370,000
370,000
Issue of share capital
22
600,000
-
600,000
Dividends
10
-
(320,000)
(320,000)
Balance at 31 December 2024
600,000
50,000
650,000
MARKOVITZ GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 19 -
2024
Notes
£
£
Cash flows from operating activities
Cash generated from operations
26
3,414,694
Interest paid
(559,794)
Income taxes paid
(327,994)
Net cash inflow from operating activities
2,526,906
Investing activities
Purchase of tangible fixed assets
(1,713,482)
Proceeds from disposal of tangible fixed assets
190,721
Purchase of investment property
(2,299,500)
Net cash used in investing activities
(3,822,261)
Financing activities
Dividends paid to equity shareholders
(320,000)
Net cash used in financing activities
(320,000)
Net decrease in cash and cash equivalents
(1,615,355)
On acquisition of subsidiary
(5,419,124)
Cash and cash equivalents at end of period
(7,034,479)
Relating to:
Cash at bank and in hand
67,636
Bank overdrafts included in creditors payable within one year
(7,102,115)
MARKOVITZ GROUP HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 20 -
2024
Notes
£
£
Cash flows from operating activities
Investing activities
Purchase of investment property
(2,299,500)
Dividends received
370,000
Net cash used in investing activities
(1,929,500)
Financing activities
Proceeds from borrowings
2,249,500
Dividends paid to equity shareholders
(320,000)
Net cash generated from financing activities
1,929,500
Net increase in cash and cash equivalents
-
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
-
0
MARKOVITZ GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 21 -
1
Accounting policies
Company information

Markovitz Group Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Commercial Road, Tideswell, Buxton, Derbyshire, SK17 8NY.

 

The group consists of Markovitz Group Holdings Limited and all of its subsidiaries.

1.1
Reporting period

These financial statements cover the period from incorporation, on 7 December 2023, to 31 December 2024.

 

The company acquired its subsidiary company, M Markovitz Limited, on 1 January 2024, and the financial statements reflect the results of the group since that date.

1.2
Basis of preparation

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Markovitz Group Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

MARKOVITZ GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
1.6
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.

1.7
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
1.8
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 recognised in the profit and loss account.

1.9
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

MARKOVITZ GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 23 -
1.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.11
Impairment of fixed assets

At each reporting period end date, the group 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.

1.12
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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.13
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.

1.14
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

Basic financial assets, which include 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.

MARKOVITZ GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 24 -
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.

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 group 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.

 

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.

1.15
Equity instruments

Equity instruments issued by the group 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 group.

1.16
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 group’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.

MARKOVITZ GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 25 -
1.17
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.

1.18
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 group’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
£
Turnover analysed by class of business
Principal activity
135,217,739
2024
£
Turnover analysed by geographical market
United Kingdom
135,217,739
4
Operating profit
2024
£
Operating profit for the period is stated after charging:
Depreciation of owned tangible fixed assets
1,131,045
Loss on disposal of tangible fixed assets
18,900
Amortisation of intangible assets
6,293
MARKOVITZ GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 26 -
5
Auditor's remuneration
2024
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the group and company
5,000
Audit of the financial statements of the company's subsidiaries
28,000
33,000
6
Employees

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

Group
Company
2024
2024
Number
Number
Distribution
346
2
Administration
45
-
Total
391
2

Their aggregate remuneration comprised:

Group
Company
2024
2024
£
£
Wages and salaries
12,755,964
-
0
Social security costs
1,226,824
-
Pension costs
419,183
-
0
14,401,971
-
0
7
Directors' remuneration
2024
£
Remuneration for qualifying services
39,252
MARKOVITZ GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 27 -
8
Interest payable and similar expenses
2024
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
556,702
Other finance costs:
Other interest
3,092
Total finance costs
559,794
9
Taxation
2024
£
Current tax
UK corporation tax on profits for the current period
195,573
Deferred tax
Origination and reversal of timing differences
91,788
Total tax charge
287,361

The actual charge for the period can be reconciled to the expected charge/(credit) for the period based on the profit or loss and the standard rate of tax as follows:

2024
£
Profit before taxation
848,851
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00%
212,213
Tax effect of expenses that are not deductible in determining taxable profit
58,368
Depreciation on assets not qualifying for tax allowances
16,780
Taxation charge
287,361
10
Dividends
2024
Recognised as distributions to equity holders:
£
Interim paid
320,000
MARKOVITZ GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 28 -
11
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
On acquisition of subsidiary and 31 December 2024
38,209
202,152
240,361
Amortisation and impairment
On acquisition of subsidiary
38,209
195,460
233,669
Amortisation charged for the period
-
0
6,293
6,293
At 31 December 2024
38,209
201,753
239,962
Carrying amount
At 31 December 2024
-
0
399
399
The company had no intangible fixed assets at 31 December 2024.
MARKOVITZ GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 29 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Improvements to property
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
£
Cost
On acquisition of subsidiary
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
On acquisition of subsidiary
446,674
-
0
253,464
504,961
97,181
296,881
2,054,832
3,653,993
Depreciation charged in the period
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
The company had no tangible fixed assets at 31 December 2024.
MARKOVITZ GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 30 -
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 7 December 2023
-
-
Additions through external acquisition
2,299,500
2,299,500
At 31 December 2024
2,299,500
2,299,500

The group acquired its investment property during the year at market value from the directors of the company. The directors believe that the cost in the financial statements as at 31 December 2024 is not materially different to market value as at the balance sheet date.

14
Fixed asset investments
Group
Company
2024
2024
Notes
£
£
Investments in subsidiaries
15
-
0
600,000
Listed investments
1,250
-
0
1,250
600,000
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
On acquisition of subsidiary and at 31 December 2024
1,250
Carrying amount
At 31 December 2024
1,250
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 7 December 2023
-
Additions
600,000
At 31 December 2024
600,000
Carrying amount
At 31 December 2024
600,000

On 1 January 2024 the company acquired its subsidiary company, M Markovitz Limited, by way of a share for share exchange.

MARKOVITZ GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 31 -
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Class of
% Held
shares held
Direct
M Markovitz Limited
Ordinary and Preference shares
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Commercial Road, Tideswell, Buxton, Derbyshire, SK17 8NY.
16
Stocks
Group
Company
2024
2024
£
£
Finished goods and goods for resale
10,103,420
-
0
17
Debtors
Group
Company
2024
2024
Amounts falling due within one year:
£
£
Trade debtors
19,159,491
-
0
Other debtors
1,911,101
-
0
Prepayments and accrued income
12,544,263
-
0
33,614,855
-
18
Creditors: amounts falling due within one year
Group
Company
2024
2024
Notes
£
£
Bank loans and overdrafts
19
7,102,115
-
0
Trade creditors
29,477,124
-
0
Corporation tax payable
72,608
-
0
Other taxation and social security
285,901
-
Other creditors
198,933
2,249,500
Accruals and deferred income
1,163,801
-
0
38,300,482
2,249,500

Other creditors for the company comprise solely of intra-group balances which have been eliminated on consolidation.

MARKOVITZ GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 32 -
19
Loans and overdrafts
Group
Company
2024
2024
£
£
Bank overdrafts
7,102,115
-
0
Payable within one year
7,102,115
-
0

Bank overdrafts of £7,102,115 at 31 December 2024 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 M Markovitz Limited, subsidiary company.

 

20
Deferred taxation

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

Liabilities
2024
Group
£
Accelerated capital allowances
1,161,967
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the period:
£
£
On acquisition of subsidiary
1,070,178
-
Charge to profit or loss
91,789
-
Liability at 31 December 2024
1,161,967
-
21
Retirement benefit schemes
2024
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
419,183
MARKOVITZ GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
21
Retirement benefit schemes
(Continued)
- 33 -

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
2,000
2,000
2024
2024
Preference share capital
Number
£
Issued and fully paid
Preference shares of £1 each
598,000
598,000
Preference shares classified as equity
598,000
Total equity share capital
600,000

On 1 January 2024 the company acquired its subsidiary company by way of a share for share exchange.

 

The preference shares in issue are entitled to a fixed cumulative dividend at a rate of 7% per annum. The preference shares do not carry any voting rights and are only redeemable on a return of capital or winding up of the company. The preference shareholder has no rights to redemption.

23
Operating lease commitments

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

Group
Company
2024
2024
£
£
Within one year
2,854,988
-
Between two and five years
8,171,892
-
In over five years
3,841,344
-
14,868,224
-
MARKOVITZ GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
23
Operating lease commitments
(Continued)
- 34 -
24
Related party transactions

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

 

The shareholders received dividends of £320,000 (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 group.

 

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 group during the year, and owed the group £121,130 (2023: £73,579) at the year end under normal trade terms.

 

The group 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 group 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 group during the year and owed the group £94,461 (2023: £116,146) gross at the year end.

 

The group'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 group. 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 group during the year and owed the group £134,735 (2023: £75,372) gross at the year end. The directors of the group are members of the scheme.

25
Controlling party

The company is controlled by Mr R W Hopkins and Mr D J B Hopkins, directors, by virtue of their shareholding in the company.

The company is under the control of the directors by virtue of their shareholdings in the company.

MARKOVITZ GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 35 -
26
Cash generated from group operations
2024
£
Profit after taxation
561,490
Adjustments for:
Taxation charged
287,361
Finance costs
559,794
Loss on disposal of tangible fixed assets
18,900
Amortisation and impairment of intangible assets
6,293
Depreciation and impairment of tangible fixed assets
1,131,045
Movements in working capital:
Decrease in stocks
519,009
Increase in debtors
(6,520,398)
Increase in creditors
6,851,200
Cash generated from operations
3,414,694
27
Cash generated from operations - company
2024
£
Profit after taxation
370,000
Adjustments for:
Investment income
(370,000)
Cash generated from operations
-
28
Analysis of changes in net debt - group
Acquired from subsidiary
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)
2024-12-312023-12-07falsefalseCCH SoftwareCCH Accounts Production 2025.200Mr R W HopkinsMr D J B Hopkinsfalse15333694bus:Consolidated2023-12-072024-12-31153336942023-12-072024-12-3115333694bus:Director12023-12-072024-12-3115333694bus:Director22023-12-072024-12-3115333694bus:RegisteredOffice2023-12-072024-12-31153336942024-12-3115333694bus:Consolidated2024-12-3115333694core:IntangibleAssetsOtherThanGoodwillbus:Consolidated2024-12-3115333694core:Goodwillbus:Consolidated2024-12-3115333694core:ComputerSoftwarebus:Consolidated2024-12-3115333694core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-12-3115333694core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2024-12-3115333694core:LeaseholdImprovementsbus:Consolidated2024-12-3115333694core:PlantMachinerybus:Consolidated2024-12-3115333694core:FurnitureFittingsbus:Consolidated2024-12-3115333694core:ComputerEquipmentbus:Consolidated2024-12-3115333694core:MotorVehiclesbus:Consolidated2024-12-3115333694core:ShareCapitalbus:Consolidated2024-12-3115333694core:ShareCapital2024-12-3115333694core:RetainedEarningsAccumulatedLosses2024-12-3115333694core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-12-3115333694core:ShareCapitalbus:Consolidated2023-12-072024-12-3115333694core:ShareCapital2023-12-072024-12-3115333694core:IntangibleAssetsOtherThanGoodwill2023-12-072024-12-3115333694core:ComputerSoftware2023-12-072024-12-3115333694core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-072024-12-3115333694core:LeaseholdImprovements2023-12-072024-12-3115333694core:PlantMachinery2023-12-072024-12-3115333694core:FurnitureFittings2023-12-072024-12-3115333694core:ComputerEquipment2023-12-072024-12-3115333694core:MotorVehicles2023-12-072024-12-3115333694core:UKTaxbus:Consolidated2023-12-072024-12-3115333694core:Goodwillbus:Consolidated2023-12-0615333694core:ComputerSoftwarebus:Consolidated2023-12-0615333694bus:Consolidated2023-12-0615333694core:Goodwillbus:Consolidated2023-12-072024-12-3115333694core:ComputerSoftwarebus:Consolidated2023-12-072024-12-3115333694core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-12-0615333694core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-12-0615333694core:LeaseholdImprovementsbus:Consolidated2023-12-0615333694core:PlantMachinerybus:Consolidated2023-12-0615333694core:FurnitureFittingsbus:Consolidated2023-12-0615333694core:ComputerEquipmentbus:Consolidated2023-12-0615333694core:MotorVehiclesbus:Consolidated2023-12-0615333694core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-12-072024-12-3115333694core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-12-072024-12-3115333694core:LeaseholdImprovementsbus:Consolidated2023-12-072024-12-3115333694core:PlantMachinerybus:Consolidated2023-12-072024-12-3115333694core:FurnitureFittingsbus:Consolidated2023-12-072024-12-3115333694core:ComputerEquipmentbus:Consolidated2023-12-072024-12-3115333694core:MotorVehiclesbus:Consolidated2023-12-072024-12-3115333694core:ListedExchangeTradedbus:Consolidated2024-12-3115333694core:ListedExchangeTraded2024-12-3115333694core:Subsidiary12023-12-072024-12-3115333694core:Subsidiary112023-12-072024-12-3115333694core:CurrentFinancialInstruments2024-12-3115333694core:CurrentFinancialInstrumentsbus:Consolidated2024-12-3115333694core:WithinOneYearbus:Consolidated2024-12-3115333694core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3115333694core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-12-3115333694bus:PrivateLimitedCompanyLtd2023-12-072024-12-3115333694bus:FRS1022023-12-072024-12-3115333694bus:Audited2023-12-072024-12-3115333694bus:ConsolidatedGroupCompanyAccounts2023-12-072024-12-3115333694bus:FullAccounts2023-12-072024-12-31xbrli:purexbrli:sharesiso4217:GBP