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Registered number: 13675084









MCFT BOWRAN LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
MCFT BOWRAN LIMITED
 
 
COMPANY INFORMATION


Directors
C B Craggs 
H K Craggs 




Registered number
13675084



Registered office
Unit B5 Westacott Business Centre
Westacott Way

Littlewick Green

Berkshire

United Kingdom

SL6 3RT




Independent auditor
Barnes Roffe Audit Limited
Chartered Accountants & Statutory Auditors

3 Brook Business Centre

Cowley Mill Road

Uxbridge

Middlesex

UB8 2FX





 
MCFT BOWRAN LIMITED
 

CONTENTS



Page
Group strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 8
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10 - 11
Company statement of financial position
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15 - 16
Consolidated analysis of net debt
17
Notes to the financial statements
18 - 37


 
MCFT BOWRAN LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The principal activity of the group is the maintenance and servicing of commercial kitchen equipment in the UK. Predominantly dealing across the sectors of business and industry and education.

Business review
 
The financial year ended 31 December 2024 saw an increase in revenue of 15% (2023 - 33%) as a result of a continued focus on delivering high standards of service to customers.
There has consciously been significant investment in the Technical Academy prior to and following achieving Department of Education recognition for the programme in November 2022.

Principal risks and uncertainties
 
The group maintains a comprehensive risk register, which is reviewed periodically by the board and suitable mitigation actions are taken where appropriate. A summary of the principal risks, which the board considers to be outside internal control are detailed below.
A downturn in economic conditions could lead to the closure of customer sites or other customer loss. The group maintains a strong forward order book and sales pipeline across a diversified range of sectors as well as cash reserves and lending facilities to weather downturns should they occur.
Significant changes in foreign exchange rates could lead to unstable pricing of imported spare parts. Primary exposure is limited by having a relatively small import business with materials being sourced from local wholesalers.

Financial key performance indicators
 
The group reviews business performance through a suite of KPl's monitoring financial performance, customer satisfaction, quality performance and operational efficiency. Principal amongst these are the measures of sales and profitability.
Sales for the group were £21.29m in the current year compared to £18.53m in the comparative year ended 31 December 2023. The group made an operating profit in the current year of £1,079,308 
(2023 - £1,835,939).

Other key performance indicators
 
Other key performance indicators are considered to be customer retention rates within the trading company which remains at 94% (2023 - 93%).


This report was approved by the board on 18 August 2025 and signed on its behalf.



C B Craggs
Director

Page 1

 
MCFT BOWRAN LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

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

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


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

make judgments and accounting estimates that are reasonable and prudent;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Going concern
The group's business activities, together with the factors likely to affect its future development, performance and position have been considered by the directors, along with the risks and uncertainties facing the group. The group operates in a mature industry, has numerous ongoing contracts with customers and suppliers across different geographic areas, has sufficient cash to meet current and future obligations, has minimal debt and where it does is operating well within it's agreed financing facilities. The directors have a reasonable expectation that the group is well placed to manage its business risks successfully and continue in operational existence for the foreseeable future and for a period not less than twelve months from the date of approval of these financial statements. The directors therefore consider it appropriate to adopt the going concern basis of accounting in preparing the group's annual financial statements.

Results and dividends

The profit for the year, after taxation, amounted to £755,452 (2023 - £1,442,800).

A dividend of £Nil (2023 - £119,000) was paid during the year.

Directors

The directors who served during the year were:

C B Craggs 
H K Craggs 

Page 2

 
MCFT BOWRAN LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Future developments

The company is in a growth phase enabled by the graduates of Company's Technical Academy.

Disclosure of information to auditor

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

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

Post balance sheet events

Subsequent to the reporting period, the Group commenced operations in the Republic of Ireland, establishing a new legal entity there. In early 2025, a significant investment was made to relocate the Academy to a new facility in Reading. There are no other subsequent events that require disclosure or adjustments to the financial statements.

Auditor

After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.

This report was approved by the board on 18 August 2025 and signed on its behalf.
 





C B Craggs
Director

Page 3

 
MCFT BOWRAN LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MCFT BOWRAN LIMITED
 

Opinion


We have audited the financial statements of MCFT Bowran Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


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


Basis for opinion


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


Conclusions relating to going concern


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


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


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


Page 4

 
MCFT BOWRAN LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MCFT BOWRAN LIMITED (CONTINUED)


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


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


Matters on which we are required to report by exception
 

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


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


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


Page 5

 
MCFT BOWRAN LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MCFT BOWRAN LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
 
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:
 
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
We identified the laws and regulations applicable to the group through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;
The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, are as follows: 
 
°Companies Act 2006.
°FRS 102.
°Tax legislation.
°Employment legislation.
 
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing supporting evidence where applicable;
Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit; and 
As auditors of all group companies we were able to cover the above matters at a group and component level and thereby ensure the audit team were aware of the above matters across all group companies.
Page 6

 
MCFT BOWRAN LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MCFT BOWRAN LIMITED (CONTINUED)


 

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: 
 
Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
Reviewing the financial statements and testing the disclosures against supporting documentation;
Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
Inspecting and testing journal entries to identify unusual or unexpected transactions;
Assessing whether judgement and assumptions made in determining significant accounting estimates, were indicative of management bias; and
Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.
 
The areas that we identified as being susceptible to misstatement through fraud were:
 
Management bias in the estimates and judgements made;
Management override of controls; and
Posting of unusual journals or transactions


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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


Page 7

 
MCFT BOWRAN LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MCFT BOWRAN LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.





Elliot S J Arwas (Senior statutory auditor)
for and on behalf of
Barnes Roffe Audit Limited
Chartered Accountants & Statutory Auditors
3 Brook Business Centre
Cowley Mill Road
Uxbridge
Middlesex
UB8 2FX

19 August 2025
Page 8

 
MCFT BOWRAN LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
21,292,168
18,527,677

Cost of sales
  
(15,061,256)
(12,538,838)

Gross profit
  
6,230,912
5,988,839

Administrative expenses
  
(5,151,604)
(4,152,900)

Operating profit
 5 
1,079,308
1,835,939

Interest receivable and similar income
 9 
1,745
2,524

Interest payable and similar expenses
 10 
(119,993)
(99,021)

Profit before taxation
  
961,060
1,739,442

Tax on profit
 11 
(205,608)
(296,642)

Profit for the financial year
  
755,452
1,442,800

  

Total comprehensive income for the year
  
755,452
1,442,800

The notes on pages 18 to 37 form part of these financial statements.

Page 9

 
MCFT BOWRAN LIMITED
REGISTERED NUMBER: 13675084

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
(147,362)
(238,586)

Tangible assets
 14 
2,415,068
1,242,157

  
2,267,706
1,003,571

Current assets
  

Stocks
 16 
125,333
91,479

Debtors: amounts falling due within one year
 17 
8,698,982
6,569,586

Cash at bank and in hand
 18 
604,892
1,633,912

  
9,429,207
8,294,977

Creditors: amounts falling due within one year
 19 
(5,735,927)
(5,342,837)

Net current assets
  
 
 
3,693,280
 
 
2,952,140

Total assets less current liabilities
  
5,960,986
3,955,711

Creditors: amounts falling due after more than one year
 20 
(2,438,822)
(1,511,686)

Provisions for liabilities
  

Deferred taxation
 23 
(609,015)
(286,328)

  
 
 
(609,015)
 
 
(286,328)

Net assets
  
2,913,149
2,157,697


Capital and reserves
  

Called up share capital 
 24 
54
54

Share premium account
 25 
999,946
999,946

Other reserves
 25 
9,455
9,455

Profit and loss account
 25 
1,903,694
1,148,242

  
2,913,149
2,157,697


Page 10

 
MCFT BOWRAN LIMITED
REGISTERED NUMBER: 13675084
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 August 2025.




C B Craggs
Director

The notes on pages 18 to 37 form part of these financial statements.

Page 11

 
MCFT BOWRAN LIMITED
REGISTERED NUMBER: 13675084

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
2,072,026
2,000,000

  
2,072,026
2,000,000

  

Creditors: amounts falling due within one year
 19 
-
(1,000,000)

Net current assets/(liabilities)
  
 
 
-
 
 
(1,000,000)

Total assets less current liabilities
  
2,072,026
1,000,000

  

  

Net assets
  
2,072,026
1,000,000


Capital and reserves
  

Called up share capital 
 24 
54
54

Share premium account
 25 
999,946
999,946

Profit for the year
  
1,072,026
119,000

Other changes in the Profit and loss account

  

-
(119,000)

Profit and loss account carried forward
 25 
1,072,026
-

  
2,072,026
1,000,000


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 August 2025.


C B Craggs
Director

The notes on pages 18 to 37 form part of these financial statements.

Page 12

 
MCFT BOWRAN LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2023
54
999,946
-
(175,558)
824,442


Comprehensive income for the year

Profit for the year
-
-
-
1,442,800
1,442,800

Share option scheme movement
-
-
9,455
-
9,455
Total comprehensive income for the year
-
-
9,455
1,442,800
1,452,255


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(119,000)
(119,000)



At 1 January 2024
54
999,946
9,455
1,148,242
2,157,697


Comprehensive income for the year

Profit for the year
-
-
-
755,452
755,452
Total comprehensive income for the year
-
-
-
755,452
755,452


At 31 December 2024
54
999,946
9,455
1,903,694
2,913,149


The notes on pages 18 to 37 form part of these financial statements.

Page 13

 
MCFT BOWRAN LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
54
999,946
-
1,000,000


Comprehensive income for the year

Profit for the year
-
-
119,000
119,000
Total comprehensive income for the year
-
-
119,000
119,000


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(119,000)
(119,000)



At 1 January 2024
54
999,946
-
1,000,000


Comprehensive income for the year

Profit for the year
-
-
1,072,026
1,072,026
Total comprehensive income for the year
-
-
1,072,026
1,072,026


At 31 December 2024
54
999,946
1,072,026
2,072,026


The notes on pages 18 to 37 form part of these financial statements.

Page 14

 
MCFT BOWRAN LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
755,452
1,442,800

Adjustments for:

Amortisation of intangible assets
(91,224)
(91,224)

Depreciation of tangible assets
580,628
274,021

Profit on disposal of tangible assets
(96,251)
(10,355)

Interest payable
119,993
99,021

Interest receivable
(1,745)
(2,524)

Taxation charge
205,608
296,642

(Increase)/decrease in stocks
(33,854)
286,965

(Increase) in debtors
(112,641)
(764,621)

(Increase) in amounts owed by related parties
(2,016,859)
(858,637)

(Decrease)/increase in creditors
(826,380)
952,224

Increase in amounts owed to related parties
1,000,098
601,973

Corporation tax paid
(47,464)
(177,993)

Other reserve
-
9,455

Net cash (used in)/generated from operating activities

(564,639)
2,057,747


Cash flows from investing activities

Purchase of tangible fixed assets
(1,753,539)
(965,596)

Sale of tangible fixed assets
96,251
10,355

Interest received
1,745
2,524

Hire purchase interest paid
(67,240)
(33,301)

Net cash used in investing activities

(1,722,783)
(986,018)
Page 15

 
MCFT BOWRAN LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(225,267)
(213,806)

New finance leases
1,536,422
801,051

Dividends paid
-
(119,000)

Interest paid
(52,753)
(65,720)

Net cash generated from financing activities
1,258,402
402,525

Net (decrease)/increase in cash and cash equivalents
(1,029,020)
1,474,254

Cash and cash equivalents at beginning of year
1,633,912
159,658

Cash and cash equivalents at the end of year
604,892
1,633,912


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
604,892
1,633,912

604,892
1,633,912


The notes on pages 18 to 37 form part of these financial statements.

Page 16

 
MCFT BOWRAN LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

1,633,912

(978,490)

655,422

Debt due after 1 year

(460,258)

225,267

(234,991)

Debt due within 1 year

(234,975)

-

(234,975)

Finance leases

(1,266,467)

(1,536,422)

(2,802,889)


(327,788)
(2,289,645)
(2,617,433)

The notes on pages 18 to 37 form part of these financial statements.

Page 17

 
MCFT BOWRAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

MCFT Bowran Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is Unit B5 Westacott Business Centre, Westacott Way, Littlewick Green, Berkshire, United Kingdom, SL6 3RT.
The group specialises in the maintenance and servicing of commercial kitchen equipment in the UK. The company is a holding company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

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

  
2.3

Going concern

The group's business activities, together with the factors likely to affect its future development, performance and position have been considered by the directors, along with the risks and uncertainties facing the group. The group operates in a mature industry, has numerous ongoing contracts with customers and suppliers across different geographic areas, has sufficient cash to meet current and future obligations, has minimal debt and where it does is operating well within it's agreed financing facilities. The directors have a reasonable expectation that the group is well placed to manage its business risks successfully and continue in operational existence for the foreseeable future and for a period of not less than twelve months from the date of approval of these financial statements. The directors therefore consider it appropriate to adopt the going concern basis of accounting in preparing the group's annual financial statements.

Page 18

 
MCFT BOWRAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency
The Group's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'other operating income'.
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in Other comprehensive income.

Page 19

 
MCFT BOWRAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Revenue

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

Sale of goods

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

Rendering of services

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

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

 
2.7

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.8

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

Page 20

 
MCFT BOWRAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Finance costs

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

 
2.10

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 21

 
MCFT BOWRAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

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

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

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

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


 
2.13

Intangible assets

Goodwill

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

Other intangible assets

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

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

Page 22

 
MCFT BOWRAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Motor vehicles
-
4 years

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

 
2.17

Debtors

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

 
2.18

Cash and cash equivalents

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

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

Page 23

 
MCFT BOWRAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.19

Creditors

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

 
2.20

Provisions for liabilities

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

 
2.21

Financial instruments

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

Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

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

Basic financial assets

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

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

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
Page 24

 
MCFT BOWRAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)


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

Financial liabilities

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

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

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

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

Derecognition of financial instruments

Derecognition of financial assets

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

Derecognition of financial liabilities

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

 
2.22

Dividends

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

Page 25

 
MCFT BOWRAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The group makes judgements, estimates and assumptions that affect the application of policies and the carrying value of assets and liabilities, income and expenses. The resulting accounting estimates calculating these judgements will, by definition, seldom equal the related actual results but are based on the experience of the directors and expectation of future events. The estimates are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised.
The directors do not believe that there are any critical judgements that have a significant risk of leading to a material adjustment to the carrying values of assets and liabilities.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

From principal activity
21,292,168
18,527,677

21,292,168
18,527,677


All turnover arose within the United Kingdom.


5.


Operating profit

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

2024
2023
£
£

Profit on sale of tangible assets
(96,251)
(10,355)

Amortisation
(91,224)
(91,224)

Other operating lease rentals
203,369
142,732

Depreciation
580,628
274,021


6.


Auditor's remuneration

2024
2023
£
£

Fees payable to the aauditors for the audit of the Company's financial statements
1,045
1,000


Fees payable to the auditors for the audit of subsidiaries
15,930
15,250

Page 26

 
MCFT BOWRAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

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




2024
2023
£
£


Wages and salaries
9,469,520
7,659,605

Social security costs
1,046,853
790,314

Cost of defined contribution scheme
396,540
350,664

10,912,913
8,800,583


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


        2024
        2023
            No.
            No.







Employees and directors
183
148


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
89,034
10,134

Group contributions to defined contribution pension schemes
4,800
23,752

93,834
33,886


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.


9.


Interest receivable

2024
2023
£
£


Other interest receivable
1,745
2,524

1,745
2,524

Page 27

 
MCFT BOWRAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
52,753
65,720

Finance leases and hire purchase contracts
67,240
33,301

119,993
99,021


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
(81,237)
128,701

Adjustments in respect of previous years
(35,842)
-


Total current tax
(117,079)
128,701

Deferred tax


Origination and reversal of timing differences
322,687
167,941

Total deferred tax
322,687
167,941


Tax on profit
205,608
296,642
Page 28

 
MCFT BOWRAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
961,060
1,739,442


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
240,265
408,769

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,194
21,958

Utilisation of tax losses
-
(122,836)

Loss carry back
(81,237)
-

Adjustments to tax charge in respect of prior years
(35,842)
-

Capital allowances for year in excess of depreciation
(23,209)
(12,725)

Deferred tax on tax losses carried forward
(5,565)
-

Unrelieved tax losses carried forward
112,236
-

Other differences leading to an increase in the tax charge
(5,234)
1,476

Total tax charge for the year
205,608
296,642


Factors that may affect future tax charges

There are no other significant factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends
-
119,000

-
119,000

During the year, the directors had an interest in dividends paid of £Nil (2023 - £119,000).

Page 29

 
MCFT BOWRAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Intangible assets

Group and Company





Negative goodwill

£



Cost


At 1 January 2024
(421,034)



At 31 December 2024

(421,034)



Amortisation


At 1 January 2024
(182,448)


Charge for the year 
91,224



At 31 December 2024

(273,672)



Net book value



At 31 December 2024
(147,362)



At 31 December 2023
(238,586)



Page 30

 
MCFT BOWRAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Tangible fixed assets

Group






Motor vehicles

£



Cost 


At 1 January 2024
1,769,894


Additions
1,753,539


Disposals
(397,820)



At 31 December 2024

3,125,613



Depreciation


At 1 January 2024
527,737


Charge for the year 
580,628


Disposals
(397,820)



At 31 December 2024

710,545



Net book value



At 31 December 2024
2,415,068



At 31 December 2023
1,242,157

There are no assets in the company.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
2,334,060
1,168,469

2,334,060
1,168,469

Page 31

 
MCFT BOWRAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost 


At 1 January 2024
2,000,000


Additions
72,026



At 31 December 2024
2,072,026





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

McFarlane Telfer Limited
Unit 85 Westacott Business Centre,Westacott Way, Littlewick Green, Maidenhead, Berkshire, SL6 3RT
Specialises in maintenance and servicing of commercial kitchen equipment
Ordinary
100%
K C Holdings Limited
Unit B5 Westacott Business Centre, Westacott Way Littlewick Green, Maidenhead,Berkshire, SL6 3RT
Dormant company
Ordinary
100%


16.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
125,333
91,479

125,333
91,479


Page 32

 
MCFT BOWRAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Debtors

Group
Group
2024
2023
£
£


Trade debtors
3,376,549
3,185,630

Amounts owed by other related parties
4,603,791
2,586,932

Other debtors
197,643
152,365

Prepayments and accrued income
520,999
644,659

8,698,982
6,569,586



18.


Cash and cash equivalents

Group
Group
2024
2023
£
£

Cash at bank and in hand
604,892
1,633,912

604,892
1,633,912



19.


Creditors: Amounts falling due within one year

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

Loans
234,975
234,975
-
-

Trade creditors
1,101,488
1,255,096
-
-

Amounts owed to group undertakings
-
-
-
1,000,000

Amounts owed to other related parties
1,970,538
970,544
-
-

Corporation tax
-
164,543
-
-

Other taxation and social security
694,952
783,255
-
-

Obligations under finance lease and hire purchase contracts
599,058
215,039
-
-

Other creditors
401,302
230,908
-
-

Accruals and deferred income
733,614
1,488,477
-
-

5,735,927
5,342,837
-
1,000,000


Page 33

 
MCFT BOWRAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Loans
234,991
460,258

Obligations under finance leases and hire purchase contracts
2,203,831
1,051,428

2,438,822
1,511,686




21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Loans
234,975
234,975


234,975
234,975

Amounts falling due 1-2 years

Loans
234,991
460,258


234,991
460,258



469,966
695,233


The CBILS bank loan is secured 80% by the government, and also by a personal guarantee given by the director C B Craggs up to 10% of the initial loan amount and limited to £80,000. As at 31 December 2024 the total amount outstanding on this loan was £266,667 (2023 - £426,667).
This other loan attracts interest at 7.68%. As at 31 December 2024 the total amount outstanding was £203,299
 (2023 - £268,566).

Page 34

 
MCFT BOWRAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
599,058
215,039

Between 1-5 years
2,203,831
1,051,428

2,802,889
1,266,467

The hire purchase agreements and finance leases are secured against the assets to which they relate.


23.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
286,328
118,387


Charged to the Statement of comprehensive income
322,687
167,941



At end of year
609,015
286,328







Group
Group
2024
2023
£
£

Accelerated capital allowances
622,565
294,313

Tax losses carried forward
(13,550)
(7,985)

609,015
286,328

Page 35

 
MCFT BOWRAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



333,334 Ordinary shares of £0.0001 each
33
33
37,341 Ordinary B shares of £0.0001 each
4
4
166,667 Ordinary C shares of £0.0001 each
17
17

54

54

The Ordinary shares of £0.0001 each, Ordinary B shares of £0.0001 each, and Ordinary C shares of £0.0001 each, are separate classes of shares for the purpose of declaration of dividends.
The declaration of a dividend in respect of one class of share shall not compel a dividend at the same rate to be declared in respect of any other class of shares. The shares rank pari passu in all other respects.



25.


Reserves

Share premium account

The share premium account is used to record the aggregate amount or value of premiums paid when the Company's shares are issued at a premium, net of associated share issue costs.

Other reserves

The group operates an approved exit event equity-settled all employee share option scheme, giving qualifying employees options in shares of the parent company. The company expenses through profit or loss and other reserves, the fair value of the options granted in the year.

Profit and loss account

Profit and loss account includes all current and prior year retained profits and losses.


26.


Pension commitments

The group operates a defined contribution scheme for the benefit of all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge in the accounts represents contributions payable by the company to the fund and amounted to £396,540 (2023 - £351,264). There were contributions payable to the fund at the reporting date of £54,198 (2023 - £59,538). 

Page 36

 
MCFT BOWRAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

27.


Commitments under operating leases

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


Group
Group
2024
2023
£
£

Not later than 1 year
134,827
134,827

Later than 1 year and not later than 5 years
-
134,827

134,827
269,654

28.


Transactions with directors

Included within other debtors is an amount owed by a director of £5,165 (2023 – £23,031 was owed to the director and included within other creditors).


29.


Related party transactions

The company has taken advantage of the exemption allowed by Financial Reporting Standard 102 not to disclose any transactions with other wholly owned members of the group.
 
Included within debtors are loans made to associated entities which are under the common control of the director as follows: McFarlane Telfer Refrigeration and Kitchen Equipment Trading LLC (Dubai, UAE) £837,608 (2023 - £690,179), Oasis International Trading (Riyadh, Saudi Arabia) £236,088 (2023 - £146,432), MCFT Nederland B.V. £880,115 (2023 - £558,583) and MCFT Philippines Trading Inc £295,141 (2023 - £31,126), MCFT Germany £95,529 (2023 - £Nil), MCFT Oman £15,150 (2023 - £Nil), McFarlane Telfer Trading and Services LLC (Doha, Qatar) £133,105 (2023 - £Nil), Orca Service Technologies IP Limited of £85,000 (2023 - £85,000), and from Orca Service Technologies Limited of £2,026,056 (2023 - £1,075,612).
 
Included within creditors is a loan from an associated entity which is under the common control of the director as follows: McFarlane Telfer Trading and Services LLC (Doha, Qatar) £445,850 (2023 - £445,850), Orca Service Technologies Limited £1,521,240 (2023 - £524,694) and McFarlane Telfer Netherlands £3,448 (2023 - £Nil).


30.


Post balance sheet events

Subsequent to the reporting period, the Group commenced operations in the Republic of Ireland, establishing a new legal entity there. In early 2025, a significant investment was made to relocate the Academy to a new facility in Reading. There are no other subsequent events that require disclosure or adjustments to the financial statements.


31.


Controlling party

The group is considered to be under the control of the director, C B Craggs, by virtue of his holding in the ordinary share capital of the company and the voting rights attached.

 
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