ACCOUNTS - Final Accounts

Operating (loss)/profit

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

Registered number: 01828107

Martin Collins Enterprises (Holdings) Limited

Annual report and financial statements

For the year ended 31 July 2024

Martin Collins Enterprises (Holdings) Limited

Company Information

Directors	V Descamps
	R P Sanders
	A B Carter (appointed 10 June 2025)


Registered number	01828107


Registered office	Boxton House
	Grove Business Park
	Wantage
	Oxfordshire
	OX12 9FF


Independent auditors	Kreston Reeves LLP
	Chartered Accountants & Statutory Auditor
	37 St Margaret's Street
	Canterbury
	Kent
	CT1 2TU

Martin Collins Enterprises (Holdings) Limited

Contents

	Page
Group strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 8
Consolidated statement of comprehensive income	9
Consolidated balance sheet	10
Company balance sheet	11
Consolidated statement of changes in equity	12 - 13
Company statement of changes in equity	14
Consolidated statement of cash flows	15
Notes to the financial statements	16 - 38

Martin Collins Enterprises (Holdings) Limited

Group strategic report

For the year ended 31 July 2024

Introduction

The principal activities of the Martin Collins Group are the manufacture of synthetic Riding equine surfaces and the construction of Equestrian Properties, Equestrian Tracks, Gallops and Arenas, as well as selling equipment to support these activities.
The Group consists of Martin Collins Enterprises (Holdings) Limited (MCEH), Martin Collins Enterprises Limited, MC Equibuild Limited, Martin Collins Australia Pty Ltd, Martin Collins Australia Civil Pty Ltd, Martin Collins Australia Assets Pty Ltd and Martin Collins New Zealand Limited, Martin Collins International (France) SARL t/a Polytrack France, Martin Collins Enterprises (China) Limited and Martin Collins USA. The Group also has a joint venture in Africa through Martin Collins Africa, in which it holds 70%.
The Group has trading brands and trademarks in the UK, Europe and Worldwide, which are carefully monitored.

Business review

The group has continued to charge management fees that were charged and received from entities MCEHwith a majority shareholding. The management fees were for setting the group strategy direction, directors fees, planning and execution, contribution to staffing costs, meetings, technical support, corporate governance and secretarial, accounting, research and development, marketing, legal fees, administration overheads and audit fees.
As of 31st July 2024, Eurofip International GmbH owns 90% of the ordinary share capital in Martin Collins (Holdings) Limited with 10% owned by Nicholas Collins.

Principal risks and uncertainties

Risk Management and Compliance
The directors have assessed the impact of the Global economy, the recent international events with have impacted raw material costs including freight and logistics, which have impacted the bottom line costs to the business and undertaken strong steps internally to reduce cost to the business to offset these.
Environmental and Sustainability Initiatives
The Martin Collins Group ensures sustainability practices and initiatives undertaken by the Group, particularly those related to equine surface manufacturing and installation.
We minimise environmental impact and promote responsible business practices through Environmental policies and plans, compliance with each country's Environmental guidelines and ensuring we mitigate against environmental and safety hazards.

Page 1

Martin Collins Enterprises (Holdings) Limited

Group strategic report (continued)

For the year ended 31 July 2024

Financial key performance indicators

The Group uses several non-financial and financial performance indicators to ensure that activities are monitored and controlled effectively. These are reported at each entity's frequent Management and Board Director meetings and include Health and Safety, staff welfare and retention, sickness monitoring, training and development programmes and customer service levels.
Our financial indicators include turnover, cash management, overheads, and profit.
We maintain our market awareness to ensure we continue to operate competitively. The Management team considers these measures to ensure high control over our activities and form an effective measurement and reporting system.

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

R P Sanders

Director

Date: 21 August 2025

Page 2

Martin Collins Enterprises (Holdings) Limited

Directors' report

For the year ended 31 July 2024

The directors present their report and the financial statements for the year ended 31 July 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 judgements and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £1,335,124 (2023 - loss £71,641).

The directors declared dividends totalling £340,098 in the current year (2023 - £489,735).

Directors

The directors who served during the year were:

N Collins (resigned 5 March 2025)

V Descamps

R P Sanders

A Anne (resigned 10 June 2025)

Future developments

The Martin Collins Group will continue to review its products to ensure they are cost effective, sustainable, environmentally friendly and meet current and emerging markets.

Disclosure of information to auditors

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 auditors are 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 auditors are aware of that information.

Page 3

Martin Collins Enterprises (Holdings) Limited

Directors' report (continued)

For the year ended 31 July 2024

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditors, Kreston Reeves LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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

R P Sanders

Director

Date: 21 August 2025

Page 4

Martin Collins Enterprises (Holdings) Limited

Independent auditors' report to the members of Martin Collins Enterprises (Holdings) Limited

Opinion

We have audited the financial statements of Martin Collins Enterprises (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, 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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 July 2024 and of the Group's loss for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 5

Martin Collins Enterprises (Holdings) Limited

Independent auditors' report to the members of Martin Collins Enterprises (Holdings) Limited (continued)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

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.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 3, 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.

Page 6

Martin Collins Enterprises (Holdings) Limited

Independent auditors' report to the members of Martin Collins Enterprises (Holdings) Limited (continued)

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

∙Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud, and review of the reports made by management; and

∙Assessment of identified fraud risk factors; and

∙Testing of internal controls procedures relating to expenditure potentially more susceptible to fraud and other irregularities including cash, payroll and credit card expenditure; and

∙Performing analytical procedures to identify any unusual or unexpected relationships, including related party
transactions, that may indicate risks of material misstatement due to fraud; and

∙Confirmation of related parties with management, and review of transactions throughout the period to identify
any previously undisclosed transactions with related parties outside the normal course of business; and

∙Identifying and testing journal entries, in particular any manual entries made at the year end for financial
statement preparation.

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.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.

∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.

∙Evaluate the overall presentation, structure and content of the financial statements, including the

Page 7

Martin Collins Enterprises (Holdings) Limited

Independent auditors' report to the members of Martin Collins Enterprises (Holdings) Limited (continued)

disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

∙Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

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

Robert Sellers FCCA (Senior statutory auditor)

for and on behalf of

Kreston Reeves LLP

Chartered Accountants

Statutory Auditor

Canterbury

22 August 2025

Page 8

Martin Collins Enterprises (Holdings) Limited

Consolidated statement of comprehensive income

For the year ended 31 July 2024


	2024	2023
Note	£	£


Turnover	4	11,441,607	25,138,875
Cost of sales		(6,720,176)	(17,824,452)
Gross profit		4,721,431	7,314,423
Administrative expenses		(5,233,904)	(6,962,316)
Other operating income	5	144,783	151,130
Operating (loss)/profit	6	(367,690)	503,237
Share of profit of joint venture		24,288	-
Total operating (loss)/profit		(343,402)	503,237
Impairment of goodwill		(897,029)	-
Interest receivable and similar income	10	13,399	4,848
Interest payable and similar expenses	11	(21,648)	(44,005)
(Loss)/profit before taxation		(1,248,680)	464,080
Tax on (loss)/profit	12	(86,444)	(535,721)
Loss for the financial year		(1,335,124)	(71,641)


Currency translation	(9,397)	(827,657)
Other comprehensive income for the year	(9,397)	(827,657)
Total comprehensive income for the year	(1,344,521)	(899,298)

(Loss) for the year attributable to:
Owners of the parent Company	(1,335,124)	(71,641)
	(1,335,124)	(71,641)

Total comprehensive income for the year attributable to:
Owners of the parent Company	(1,344,521)	(899,298)
	(1,344,521)	(899,298)

The notes on pages 16 to 38 form part of these financial statements.

Page 9

Martin Collins Enterprises (Holdings) Limited

Registered number: 01828107

Consolidated balance sheet

As at 31 July 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	14		1		1,003,272
Tangible assets	15		1,879,819		2,475,655
Investments	16		54,316		30,028
			1,934,136		3,508,955
Current assets
Stocks	17	1,407,913		1,189,239
Debtors: amounts falling due after more than one year	18	2,532,772		3,375,723
Debtors: amounts falling due within one year	18	4,184,534		2,031,144
Cash at bank and in hand	19	2,302,375		3,230,591
		10,427,594		9,826,697
Creditors: amounts falling due within one year	20	(2,878,263)		(2,100,838)
Net current assets			7,549,331		7,725,859
Total assets less current liabilities			9,483,467		11,234,814
Creditors: amounts falling due after more than one year	21		(73,595)		(131,973)
Provisions for liabilities
Deferred taxation	23		(93,068)		(101,418)
Net assets			9,316,804		11,001,423

Capital and reserves
Called up share capital	24	100	100
Share premium account	25	144,989	144,989
Capital redemption reserve	25	11	11
Foreign exchange reserve	25	(787,894)	(778,497)
Other reserves	25	419	419
Profit and loss account	25	9,959,179	11,634,401
Equity attributable to owners of the parent Company		9,316,804	11,001,423
		9,316,804	11,001,423

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

R P Sanders

Director

Date: 21 August 2025

The notes on pages 16 to 38 form part of these financial statements.

Page 10

Martin Collins Enterprises (Holdings) Limited

Registered number: 01828107

Company balance sheet

As at 31 July 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	14		1		1
Tangible assets	15		838,655		1,100,959
Investments	16		58,298		1,210,138
			896,954		2,311,098
Current assets
Debtors: amounts falling due after more than one year	18	450,937		765,105
Debtors: amounts falling due within one year	18	1,361,072		1,379,604
Cash at bank and in hand	19	338,179		379,695
		2,150,188		2,524,404
Creditors: amounts falling due within one year	20	(5,541,251)		(5,155,983)
Net current liabilities			(3,391,063)		(2,631,579)
Total assets less current liabilities			(2,494,109)		(320,481)


Net liabilities			(2,494,109)		(320,481)

Capital and reserves
Called up share capital	24		100		100
Share premium account	25		144,989		144,989
Capital redemption reserve	25		11		11
Profit and loss account brought forward		(465,581)		55,532
Loss for the year		(1,833,530)		(31,378)
Other changes in the profit and loss account		(340,098)		(489,735)
Profit and loss account carried forward			(2,639,209)		(465,581)
			(2,494,109)		(320,481)

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

R P Sanders

Director

Date: 21 August 2025

The notes on pages 16 to 38 form part of these financial statements.

Page 11


		Martin Collins Enterprises (Holdings) Limited

Consolidated statement of changes in equity

For the year ended 31 July 2024

	Called up share capital	Share premium account	Capital redemption reserve	Foreign exchange reserve	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£	£	£
At 1 August 2023	100	144,989	11	(778,497)	419	11,634,401	11,001,423
Comprehensive income for the year
Loss for the year	-	-	-	-	-	(1,335,124)	(1,335,124)
Currency translation differences	-	-	-	(9,397)	-	-	(9,397)
Total comprehensive income for the year	-	-	-	(9,397)	-	(1,335,124)	(1,344,521)
Dividends	-	-	-	-	-	(340,098)	(340,098)
Total transactions with owners	-	-	-	-	-	(340,098)	(340,098)
At 31 July 2024	100	144,989	11	(787,894)	419	9,959,179	9,316,804

The notes on pages 16 to 38 form part of these financial statements.

Page 12


		Martin Collins Enterprises (Holdings) Limited

Consolidated statement of changes in equity

For the year ended 31 July 2023

	Called up share capital	Share premium account	Capital redemption reserve	Foreign exchange reserve	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£	£	£
At 1 August 2022	100	144,989	11	49,160	419	12,195,777	12,390,456
Comprehensive income for the year
Loss for the year	-	-	-	-	-	(71,641)	(71,641)
Currency translation differences	-	-	-	(827,657)	-	-	(827,657)
Total comprehensive income for the year	-	-	-	(827,657)	-	(71,641)	(899,298)
Dividends	-	-	-	-	-	(489,735)	(489,735)
Total transactions with owners	-	-	-	-	-	(489,735)	(489,735)
At 31 July 2023	100	144,989	11	(778,497)	419	11,634,401	11,001,423

The notes on pages 16 to 38 form part of these financial statements.

Page 13

Martin Collins Enterprises (Holdings) Limited

Company statement of changes in equity

For the year ended 31 July 2024

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 August 2022	100	144,989	11	55,532	200,632
Comprehensive income for the year
Loss for the year	-	-	-	(31,378)	(31,378)
Total comprehensive income for the year	-	-	-	(31,378)	(31,378)
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	(489,735)	(489,735)
Total transactions with owners	-	-	-	(489,735)	(489,735)

At 1 August 2023	100	144,989	11	(465,581)	(320,481)
Comprehensive income for the year
Loss for the year	-	-	-	(1,833,530)	(1,833,530)
Total comprehensive income for the year	-	-	-	(1,833,530)	(1,833,530)
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	(340,098)	(340,098)
Total transactions with owners	-	-	-	(340,098)	(340,098)
At 31 July 2024	100	144,989	11	(2,639,209)	(2,494,109)

The notes on pages 16 to 38 form part of these financial statements.

Page 14

Martin Collins Enterprises (Holdings) Limited

Consolidated statement of cash flows

For the year ended 31 July 2024

			2024	2023
			£	£

Cash flows from operating activities
(Loss)/profit for the financial year	(1,335,124)	(71,641)
Adjustments for:
Amortisation of intangible assets	106,242	151,124
Depreciation of tangible assets	420,517	824,856
Loss on disposal of tangible assets	(57,270)	(29,560)
Interest paid	21,648	44,005
Interest received	(13,399)	(4,848)
Taxation charge	86,444	535,721
(Increase) in stocks	(218,674)	(115,871)
(Increase) in debtors	(1,177,906)	(527,214)
Increase/(decrease) in creditors	1,110,412	(2,068,788)
Impairment of intangible assets	897,029	-
Share of operating (loss)/profit in joint ventures	(24,288)	-
Corporation tax (paid)	(122,898)	(705,736)
Net cash generated from operating activities	(307,267)	(1,967,952)

Cash flows from investing activities
Purchase of tangible fixed assets	(334,241)	(1,730,683)
Sale of tangible fixed assets	136,552	102,337
Purchase of share in joint ventures	-	(30,000)
Interest received	13,399	4,848
HP interest paid	(150)	(291)
Net cash from investing activities	(184,440)	(1,653,789)
Cash flows from financing activities
Repayment of finance leases	(74,913)	(285,581)
Dividends paid	(340,098)	(489,735)
Interest paid	(21,498)	(43,714)
Net cash used in financing activities	(436,509)	(819,030)
Net (decrease) in cash and cash equivalents	(928,216)	(4,440,771)
Cash and cash equivalents at beginning of year	3,230,591	7,671,362
Cash and cash equivalents at the end of year	2,302,375	3,230,591

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	2,302,375	3,230,591
	2,302,375	3,230,591

Page 15

Martin Collins Enterprises (Holdings) Limited

Notes to the financial statements

For the year ended 31 July 2024

1.	General information

Martin Collins Enterprises (Holdings) Limited is a private Company limited by shares incorporated in England and Wales. The Company's registered address is 1 London Street, Reading, Berkshire, RG1 4PN and the address of the trading office is Cuckoo Copse, Lambourn Woodlands, Hungerford, Berkshire, RG17 7TJ.
The principal activity of the group are the manufacture of synthetic riding surfaces, construction of equestrian properties, equestrian tracks, gallops and arenas.

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 judgement 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 financial statements have been presented in Pound Sterling as this is the currency of the primary
economic environment in which the Company operates and is rounded to the nearest Pound.

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 Balance sheet, 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.

Page 16

Martin Collins Enterprises (Holdings) Limited

Notes to the financial statements

For the year ended 31 July 2024

2.Accounting policies (continued)

2.3

Joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated balance sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.

2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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.

Page 17

Martin Collins Enterprises (Holdings) Limited

Notes to the financial statements

For the year ended 31 July 2024

2.Accounting policies (continued)

2.5

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 Consolidated 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.

2.6

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.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

Freehold property	-		No depreciation
Improvements to property	-	20%
Plant and machinery	-	20%
Motor vehicles	-	20%
Fixtures and fittings	-	20%
Computer equipment	-	20%

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 profit or loss.

Page 18

Martin Collins Enterprises (Holdings) Limited

Notes to the financial statements

For the year ended 31 July 2024

2.Accounting policies (continued)

2.7

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.9

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 balance sheet 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 profit or loss.

2.10

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.

2.11

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 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.

Page 19

Martin Collins Enterprises (Holdings) Limited

Notes to the financial statements

For the year ended 31 July 2024

2.Accounting policies (continued)

2.11

Financial instruments (continued)

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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.

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.

Basic 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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Page 20

Martin Collins Enterprises (Holdings) Limited

Notes to the financial statements

For the year ended 31 July 2024

2.Accounting policies (continued)

2.11

Financial instruments (continued)

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

2.12

Foreign currency translation

Functional and presentation currency

The Company'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 period 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 period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss 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 Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss 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.

2.13

Finance costs

Finance costs are charged to profit or loss 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.

2.14

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 21

Martin Collins Enterprises (Holdings) Limited

Notes to the financial statements

For the year ended 31 July 2024

2.Accounting policies (continued)

2.15

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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

2.16

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.17

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 profit or loss.

2.18

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 balance sheet 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 balance sheet 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 balance sheet date.

Page 22

Martin Collins Enterprises (Holdings) Limited

Notes to the financial statements

For the year ended 31 July 2024

2.Accounting policies (continued)

2.19

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.20

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.

2.21

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.

2.22

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 23

Martin Collins Enterprises (Holdings) Limited

Notes to the financial statements

For the year ended 31 July 2024

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

3.1 Critical judgements in applying the group's accounting policies
The critical judgements that the director has made in the process of applying the group's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
(i) Assessing indicators of impairment
In assessing whether there have been any indicators of impairment of assets, the director has considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability.
3.2 Key sources of estimation uncertainty
The key assumptions concerning the future, and other sources of estimation uncertainty, that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
(i) Impairment
The group considers whether intangible assets and/or goodwill are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present values of those cash flows.
(ii) Recoverability of debtors
The company establishes a provision for debtors that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the aging of debtors, past experience of recoverability, and the credit profile of individuals or groups of customers.
(iii) Determining residual values and useful economic lives of tangible fixed assets
The company depreciates tangible fixed assets over their estimated useful lives. The estimation of useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.
Judgement is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value management aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful life. Where possible this is done with reference to external market price.

Page 24

Martin Collins Enterprises (Holdings) Limited

Notes to the financial statements

For the year ended 31 July 2024

Turnover

All turnover arose within the Equestrian Sector.

Analysis of turnover by country of destination:

					2024	2023
					£	£

United Kingdom	6,589,833	13,581,353
Rest of Europe	6,189	7,662
Rest of the world	4,845,585	11,549,860
	11,441,607	25,138,875

5.	Other operating income
		2024	2023
		£	£

Other operating income	144,783	151,130
	144,783	151,130

Research & development charged as an expense	1,289	12,069
Exchange differences	2,228	(45,368)
Other operating lease rentals	403,675	411,903

7.	Auditors' remuneration
		2024	2023
		£	£

Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements	43,800	41,500
Fees payable to the Company's auditors in respect of:
Taxation compliance services	-	5,650
All other services	12,450	11,900

Page 25

Martin Collins Enterprises (Holdings) Limited

Notes to the financial statements

For the year ended 31 July 2024

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

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


Wages and salaries	1,602,484	1,135,847	326,239	106,378
Social security costs	82,854	75,348	-	-
Cost of defined contribution scheme	12,441	127,864	-	-
	1,697,779	1,339,059	326,239	106,378

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

	Group	Group	Company	Company
	2024	2023	2024	2023
	No.	No.	No.	No.

Employees	31	30	4	4

9.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	905,401	906,756
	905,401	906,756

The highest paid director received remuneration of £283,573 (2023 - £595,589).

10.	Interest receivable
		2024	2023
		£	£

	Other interest receivable	13,399	4,848
		13,399	4,848

Page 26

Martin Collins Enterprises (Holdings) Limited

Notes to the financial statements

For the year ended 31 July 2024

11.	Interest payable and similar expenses
		2024	2023
		£	£

Bank interest payable	21,498	43,714
Finance leases and hire purchase contracts	150	291
	21,648	44,005

Page 27

Martin Collins Enterprises (Holdings) Limited

Notes to the financial statements

For the year ended 31 July 2024

Corporation tax
Current tax on profits for the year	34,988	459,853
Adjustments in respect of previous periods	51,456	(28,190)
	86,444	431,663

Total current tax	86,444	431,663

Deferred tax
Origination and reversal of timing differences	-	104,058
Total deferred tax	-	104,058


	Taxation on profit on ordinary activities	86,444	535,721

(Loss)/profit on ordinary activities before tax

(1,248,680)

464,080

(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)	(312,170)	116,020
Effects of:
Expenses not deductible for tax purposes, including goodwill amortisation and impairment	351,947	94,398
Capital allowances for year in excess of depreciation	(4,789)	(3,954)
Adjustments to tax charge in respect of prior periods	51,456	(28,190)
Dividends from UK companies	-	357,447
Total tax charge for the year	86,444	535,721

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 28

Martin Collins Enterprises (Holdings) Limited

Notes to the financial statements

For the year ended 31 July 2024

13.	Dividends
		2024	2023
		£	£

	Dividends	340,098	489,735
		340,098	489,735

14.	Intangible assets
	Group

	Patents	Goodwill	Total
	£	£	£
Cost
At 1 August 2023	1	1,738,499	1,738,500
At 31 July 2024	1	1,738,499	1,738,500
Amortisation
At 1 August 2023	-	735,228	735,228
Charge for the year on owned assets	-	106,242	106,242
Impairment charge	-	897,029	897,029
At 31 July 2024	-	1,738,499	1,738,499
Net book value
At 31 July 2024	1	-	1
At 31 July 2023	1	1,003,271	1,003,272

Page 29

Martin Collins Enterprises (Holdings) Limited

Notes to the financial statements

For the year ended 31 July 2024

14.Intangible assets (continued)

	Company

	Patents	Goodwill	Total
	£	£	£
Cost
At 1 August 2023	1	538,469	538,470
At 31 July 2024	1	538,469	538,470
Amortisation
At 1 August 2023	-	538,469	538,469
At 31 July 2024	-	538,469	538,469
Net book value
At 31 July 2024	1	-	1
At 31 July 2023	1	-	1

Page 30

Martin Collins Enterprises (Holdings) Limited

Notes to the financial statements

For the year ended 31 July 2024

15.	Tangible fixed assets
	Group

	Freehold property	Improvements to property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£	£
Cost
At 1 August 2023	22,750	266,963	4,567,742	181,997	223,395	5,262,847
Additions	-	-	293,782	39,556	903	334,241
Disposals	-	(31,884)	(72,437)	(28,630)	(74,623)	(207,574)
Exchange adjustments	-	-	(1,968)	-	-	(1,968)
At 31 July 2024	22,750	235,079	4,787,119	192,923	149,675	5,387,546
Depreciation
At 1 August 2023	22,750	197,372	2,278,532	105,028	183,510	2,787,192
Charge for the year on owned assets	-	19,756	314,898	27,482	14,273	376,409
Disposals	-	(31,673)	466,982	(22,904)	(68,279)	344,126
At 31 July 2024	22,750	185,455	3,060,412	109,606	129,504	3,507,727
Net book value
At 31 July 2024	-	49,624	1,726,707	83,317	20,171	1,879,819
At 31 July 2023	-	69,591	2,289,210	76,969	39,885	2,475,655

Page 31

Martin Collins Enterprises (Holdings) Limited

Notes to the financial statements

For the year ended 31 July 2024

15.Tangible fixed assets (continued)

	Company

	Freehold property	Plant and machinery	Total
	£	£	£
Cost or valuation
At 1 August 2023	22,750	1,311,521	1,334,271
At 31 July 2024	22,750	1,311,521	1,334,271
Depreciation
At 1 August 2023	22,750	210,562	233,312
Charge for the year on owned assets	-	262,304	262,304
At 31 July 2024	22,750	472,866	495,616
Net book value
At 31 July 2024	-	838,655	838,655
At 31 July 2023	-	1,100,959	1,100,959

16.	Fixed asset investments
	Group

		Investment in joint ventures
		£
	Cost or valuation
	At 1 August 2023	30,028
	Share of profit/(loss)	24,288
	At 31 July 2024	54,316

	Net book value
	At 31 July 2024	54,316
	At 31 July 2023	30,028

Page 32

Martin Collins Enterprises (Holdings) Limited

Notes to the financial statements

For the year ended 31 July 2024

	Company

	Investments in subsidiary companies	Investment in joint ventures	Total
	£	£	£
Cost or valuation
At 1 August 2023	1,626,025	30,028	1,656,053
Share of profit/(loss)	-	24,288	24,288
At 31 July 2024	1,626,025	54,316	1,680,341
Impairment
At 1 August 2023	445,915	-	445,915
Charge for the period	1,176,128	-	1,176,128
At 31 July 2024	1,622,043	-	1,622,043
Net book value
At 31 July 2024	3,982	54,316	58,298
At 31 July 2023	1,180,110	30,028	1,210,138

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

Martin Collins Enterprises Limited	1 London Street, Reading, Berkshire, RG1 4PN	Ordinary	100%
MC Equibuild Limited	1 London Street, Reading, Berkshire, RG1 4PN	Ordinary	100%
Martin Collins Australia Pty Ltd	11 Deakin Street, Brendale, Queensland. 4500, Australia	Ordinary	100%
Martin Collins International (France) SARL	280 Rue James Watt, 66100, Perpignan	Ordinary	100%
Martin Collins Enterprises (China) Limited	1 London Street, Reading, Berkshire, RG1 4PN	Ordinary	100%
Martin Collins USA, LLC	4301 Midway Rd, Midway, KY 40347, United States	Ordinary	100%

The principal activity of all subsidiaries and the below joint venture is the manufacture of synthetic riding surfaces, construction of equestrian properties, equestrian tracks, gallops and arenas.

Page 33

Martin Collins Enterprises (Holdings) Limited

Notes to the financial statements

For the year ended 31 July 2024

Joint venture
The following was a joint venture of the Company:
Name	Registered office	Holding

Martin Collins Africa

Kyalami, 1684, Johannesburg, ZA

70%

17.	Stocks
		Group	Group
		2024	2023
		£	£

Raw materials and consumables	1,407,913	1,135,777
Work in progress	-	53,462
	1,407,913	1,189,239

Page 34

Martin Collins Enterprises (Holdings) Limited

Notes to the financial statements

For the year ended 31 July 2024

18.	Debtors
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Due after more than one year
Trade debtors	2,081,835	2,610,618	-	-
Prepayments and accrued income	450,937	765,105	450,937	765,105
	2,532,772	3,375,723	450,937	765,105

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

Due within one year
Trade debtors	3,039,490	818,877	-	-
Amounts owed by group undertakings	525,660	496,000	1,046,123	1,065,436
Other debtors	302,450	398,626	781	-
Prepayments and accrued income	316,934	317,641	314,168	314,168
	4,184,534	2,031,144	1,361,072	1,379,604

The above amounts owed from group undertakings relate to the group's parent undertakings and their subsidiaries which do not form part of the consolidated group.

19.	Cash and cash equivalents
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Cash at bank and in hand	2,302,375	3,230,591	338,179	379,695
	2,302,375	3,230,591	338,179	379,695

Page 35

Martin Collins Enterprises (Holdings) Limited

Notes to the financial statements

For the year ended 31 July 2024

20.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Payments received on account	-	240,613	-	-
Trade creditors	2,482,650	1,231,257	34,593	8,382
Amounts owed to group undertakings	-	-	5,442,107	5,027,435
Corporation tax	136,517	269,147	6,813	12,862
Other taxation and social security	108,559	126,139	31,756	27,897
Obligations under finance lease and hire purchase contracts	79,367	95,902	-	-
Other creditors	32,707	56,944	-	-
Accruals and deferred income	38,463	80,836	25,982	79,407
	2,878,263	2,100,838	5,541,251	5,155,983

21.	Creditors: Amounts falling due after more than one year
		Group	Group
		2024	2023
		£	£

Net obligations under finance leases and hire purchase contracts	73,595	131,973
	73,595	131,973

22.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group
		2024	2023
		£	£

Within one year	79,367	95,902
Between 1-5 years	73,595	131,973
	152,962	227,875

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Martin Collins Enterprises (Holdings) Limited

Notes to the financial statements

For the year ended 31 July 2024

23.	Deferred taxation
	Group

		2024
		£

	At beginning of year	(101,418)
	Charged to profit or loss	8,350
	At end of year	(93,068)

Company

		2024

	At end of year	-

		Group	Group
		2024	2023
		£	£

	Accelerated capital allowances	(93,068)	(101,418)
		(93,068)	(101,418)

24.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

100 (2023 - 100) Ordinary shares of £1.00 each	100	100

25.

Reserves

Share premium account

This reserve records the amount above the nominal value received for shares issued by the company.

Foreign exchange reserve

This reserve comprises translation differences arising from the translation of financial statements of the group's foreign entities into Pounds Sterling.

Profit and loss account

This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to group's shareholders.

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Martin Collins Enterprises (Holdings) Limited

Notes to the financial statements

For the year ended 31 July 2024

26.	Analysis of net debt

		At 1 August 2023	Cash flows	At 31 July 2024
		£	£	£

Cash at bank and in hand	3,230,591	(928,216)	2,302,375
Debt due within 1 year	-	-	-
Finance leases	(227,875)	74,913	(152,962)
	3,002,716	(853,303)	2,149,413

27.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund. Contributions totalling £2,794 (2023 - £75,348) were payable to the fund at the balance sheet date and are included in creditors.

28.	Commitments under operating leases
	At 31 July 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	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Not later than 1 year	448,985	394,373	303,240	308,912
Later than 1 year and not later than 5 years	804,399	1,507,927	505,399	1,132,678
	1,253,384	1,902,300	808,639	1,441,590

29.	Related party transactions
	Key management personnel are considered to be the Directors. Transactions with Group companies have not been disclosed in accordance with Section 33.1A of Financial Reporting Standard 102.

30.	Controlling party

The controlling party is Eurofip International GmbH, a Company incorporated in Germany. Its registered office address is Emabüren, Geschäftsanschrift, in Der Maate 15, Emsburen, 43488, Germany.

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