Marcon Fit-Out Ltd NI051006 false 2024-01-01 2024-12-31 2024-12-31 2024-12-31 The principal activity of the company is Commercial Interior Fit-out and specialist joinery. The Company celebrated 20 years in business during 2024. 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Registration number: NI051006

Marcon Fit-Out Ltd
Annual Report and Consolidated Financial Statements
for the Year Ended 31 December 2024

Marcon Fit-Out Ltd

Contents

Company Information | 1
Strategic Report | 2 to 3
Directors' Report | 4 to 5
Statement of Directors' Responsibilities | 6
Independent Auditor's Report | 7 to 10
Consolidated Profit and Loss Account | 11
Consolidated Statement of Comprehensive Income | 12
Consolidated Balance Sheet | 13
Balance Sheet | 14
Consolidated Statement of Changes in Equity | 15
Statement of Changes in Equity | 16
Consolidated Statement of Cash Flows | 17
Notes to the Financial Statements | 18 to 35

Marcon Fit-Out Ltd

Company Information

Directors | Mr Mark O'Connor Mr Mark McElroy Mr Donall Regan

Company secretary | Mr Donall Regan

Registered office | A2 Fergusons Way Kilbegs Road Antrim BT41 4LZ

Solicitors | A&L Goodbody 42/46 Fountain Street Belfast BT1 5EF

Bankers | Ulster Bank Magherafelt 20 Broad Street Magherafelt BT45 6EB

Auditors | KPS Chartered Accountants Chartered Tax Advisers Registered Auditors 35 Irish Street Downpatrick Co Down BT30 6BW

Marcon Fit-Out Ltd

Strategic Report for the Year Ended 31 December 2024

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

Principal activity

The principal activity of the company is Commercial Interior Fit-out and specialist joinery. The Company celebrated 20 years in business during 2024. This is a significant milestone which everyone involved in Marcon Fit-Out Ltd is extremely proud of.

Fair review of the business

Marcon Fit Out (Ireland) Ltd was incorporated 1st September 2016 in the Republic of Ireland. Marcon Fit Out (Ireland) Ltd is a wholly owned subsidiary of Marcon Fit Out Ltd. The results of both companies are consolidated within the Group financial statements. There are no other subsidiaries within the Group.
The main activity of the Group for the period continued to be interior fit-outs and specialist joinery manufacturing for commercial clients in Retail, Hospitality & Leisure and Heritage sectors.
The Group results for the year show pre tax profits of £3,656,450 (9 month period to 31 December 2023: £1,584,649) and turnover of £51,231,573 (9 month period to 31 December 2023: £22,231,090).
The trading results show another successful trading period for the Company. Key customers continue to be retained and these have been complemented by the addition of new clients where possible. The company has continued to strengthen its position in its key markets: Hospitality, Retail, Leisure and Museum & Visitor Attractions.
Sustainability and Environmental impact continue to be a key focus for the company as evidenced through our ESG policies (www.marconfitout.com/esg/). ESG is at the heart of everything Marcon does, and it remains our priority to protect and respect the places and the people around which we work and live. During 2024 we added to our existing Solar energy commitment at our Head Office in Antrim, by installing a further solar system at our workshop facilities. Adding additional Solar capacity remains under review in 2025. The Directors continually review the company’s strategy and policies to ensure it has a positive impact on the areas in which it operates.
The company outlook remains very positive. We have been able to continue to strengthen the Company’s position despite the numerous challenges faced by the wider economy. This has been largely due to our highly committed and dedicated staff, our robust supply chain and our loyal clients whom we have built strong relationships with over the last 20 years.
The Directors are satisfied with the overall performance of the company during difficult trading conditions in the wider economy.

The key financial and other performance indicators during the year were as follows:

| Unit | 2024 | 2023
Gross profit margin | % | 15.59 | 18.80
Net profit margin | % | 5.17 | 5.59
Return on capital employed | % | 48.00 | 27.00

Marcon Fit-Out Ltd

Strategic Report for the Year Ended 31 December 2024

Principal risks and uncertainties

Company management continue to identify risks to the company and ensure safeguards are in place to suitably manage the risks identified. The principal risks affecting the Company are economic conditions, health and safety, contractual risk, and financial risk. The details on how these are mitigated are provided below:
Economic Conditions
The Company continues to perform profitably and is well positioned to manage the various phases of the economic cycle. Management continue to use a prudent approach to manage the business through changes in the economic environment.
Health and Safety
The Company maintains health and safety policies and procedures to continue to safeguard our employees, clients, subcontractors, visitors, and others who may be affected by our activities. Both internal and external inspections are carried out to ensure adherence to these policies and procedures.
Contractual Risk
Significant work is carried out in pricing and agreeing contracts in order to ensure that appropriate margins are maintained and contractual risk is mitigated.
Financial Risks
The main financial risks are credit risk, interest rate risk, and liquidity risk.
Credit Risk: the company is fortunate to have number of well known, valued clients and any defaults by customers have been minimal.
Interest Rate Risk: the Company’s exposure to interest rate fluctuations is managed through regular reviews of its minimal borrowing requirements. The Directors are of the opinion that the Company’s interest rate risk is minimal.
Liquidity Risk: the Company manages its financial risk by ensuring sufficient liquidity is available to meet its ongoing requirements.

Approved and authorised by the Board on 28 August 2025 and signed on its behalf by:

......................................... Mr Mark O'Connor Director
......................................... Mr Mark McElroy Director

Marcon Fit-Out Ltd

Directors' Report for the Year Ended 31 December 2024

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

Directors of the group

The directors who held office during the year were as follows:

Mr Mark O'Connor

Mr Mark McElroy

Mr Donall Regan - Company secretary and director

Dividends
The directors recommend that no further dividends be paid in respect of the period ended 31 December 2024.

Financial instruments

The group's principle financial instruments comprise cash, debtors, creditors and bank loans.

Price risk, credit risk, liquidity risk and cash flow risk

Price risk: commodity price risk is a risk which can potentially affect the group's gross profit margin. However, the cost of managing this risk outweighs the potential benefit. This is reviewed by the directors on a regular basis.
Credit risk: the group manages it's credit risk by ensuring invoices are issued on a timely basis and undertaking appropriate credit control procedures.
Liquidity risk: the group constantly reviews and manages the cash held and ensures adequate levels are maintained to ensure the group's short term debt can be settled as and when it becomes due.

Future developments

Significant events since 31st December 2024 which affect the company.
1. Global Economic slowdown – the global economy is experiencing a slowdown in 2025 as a result of geo political instability and increasing trade tensions. This could have an impact on private investor confidence and expected economic growth.
2. New contracts have been secured however for 2025 and the Directors remain positive about future trading performance and profitability.

Research and development

The company has continued its research and development activities and seeks to improve business systems and innovation allowing more efficient working for the entire business and its employees.
Health and Safety
The Company is committed to consistently achieving the highest health and safety performance to safeguard our employees, clients, subcontractors, and any other persons that may be affected by our activities. This commitment includes ensuring that our operations do not place our employees, subcontractors, or the public at risk of harm or injury and to be a positive contributor to the wellbeing of all those in close interaction with the Company. The welfare of everyone involved in our business is paramount and health and safety is integral to all business activities.

Marcon Fit-Out Ltd

Directors' Report for the Year Ended 31 December 2024

Going concern

The financial statements have been prepared on a going concern basis.
Post Balance Sheet Events
There have been no significant events affecting the Company since the year end.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

The auditors KPS Chartered Accountants are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved by the Board on 28 August 2025 and signed on its behalf by:

.........................................
Mr Mark O'Connor
Director

.........................................
Mr Mark McElroy
Director

Marcon Fit-Out Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

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

• | select suitable accounting policies and apply them consistently;

• | make judgements 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; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the board on 28 August 2025 and signed on its behalf by:
..............................................
Mark O'Connor
Director
..............................................
Mark McElroy
Director

Marcon Fit-Out Ltd

Independent Auditor's Report to the Members of Marcon Fit-Out Ltd

Opinion

We have audited the financial statements of Marcon Fit-Out Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

Marcon Fit-Out Ltd

Independent Auditor's Report to the Members of Marcon Fit-Out Ltd

• | the Strategic Report and 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 6, 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.

Auditor’s responsibilities for the audit of the financial statements

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

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

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.
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We considered the significant laws and regulations to be the Companies Act 2006, International Financial Reporting Standards and UK tax legislation.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

• | the nature of the industry, control environment and business performance
• | the results of our enquiries of management about their own identification of the risk of irregularities
• | any matters we identified having obtained and reviewed the company's documentation of their policies and procedures
• | the matters discussed among the audit team engagement regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. We also discussed the potential for non-compliance with laws and regulations.

Marcon Fit-Out Ltd

Independent Auditor's Report to the Members of Marcon Fit-Out Ltd

We focused on laws and regulations that could give rise to a potential material mistatement in the financial statements.
Our tests included, but were not limited to:
• Agreement of the financial statement disclosures to underlying supporting documentation
• In response to the risk of management override of controls, identifying and testing journal entries and other adjustments, in particular any unusual account combinations and journals posted by unexpected users
• Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business
• Challenging assumptions and judgements made by management in their signiciant accounting estimates and judgements
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 mistatement in the financial statements or non-compliance with regulations. The 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 occuring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission and 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 on the effectiveness of the group’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 group’s or the parent 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 auditor’s 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 auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.

• | Evaluate the overall presentation, structure and content of the financial statements, including the 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.

Marcon Fit-Out Ltd

Independent Auditor's Report to the Members of Marcon Fit-Out Ltd

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Kyran Smyth (Senior Statutory Auditor)
For and on behalf of KPS Chartered Accountants, Statutory Auditor
Chartered Tax Advisers
Registered Auditors
35 Irish Street
Downpatrick
Co Down
BT30 6BW

28 August 2025

Marcon Fit-Out Ltd

Consolidated Profit and Loss Account for the Year Ended 31 December 2024

| Note | 31 Dec 2024 £ | 9 months to 31 Dec 2023 £
Turnover | 3 | 51,231,573 | 22,231,090
Cost of sales |  | (43,243,381) | (18,023,751)
Gross profit |  | 7,988,192 | 4,207,339
Administrative expenses |  | (4,354,125) | (2,638,673)
Other operating income | 4 | 24,341 | 909
Operating profit | 6 | 3,658,408 | 1,569,575
Other interest receivable and similar income | 8 | 11,206 | 15,074
Interest payable and similar expenses | 9 | (13,164) | -
|  | (1,958) | 15,074
Profit before tax |  | 3,656,450 | 1,584,649
Tax on profit | 13 | (1,008,934) | (342,462)
Profit for the financial year |  | 2,647,516 | 1,242,187
Profit/(loss) attributable to: |  |  |
Owners of the company |  | 2,647,516 | 1,242,187

The group has no recognised gains or losses for the year other than the results above.
The group has no other items of comprehensive income and so no statement of other comprehensive income has been presented.

Marcon Fit-Out Ltd

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2024

| 31 Dec 2024 £ | 9 months to 31 Dec 2023 £
Profit for the year | 2,647,516 | 1,242,187
Total comprehensive income for the year | 2,647,516 | 1,242,187
Total comprehensive income attributable to: |  |
Owners of the company | 2,647,516 | 1,242,187

Marcon Fit-Out Ltd

(Registration number: NI051006)
Consolidated Balance Sheet as at 31 December 2024

| Note | 31 Dec 2024 £ | 9 months to 31 Dec 2023 £
Fixed assets |  |  |
Tangible assets | 14 | 2,630,251 | 1,227,863
Current assets |  |  |
Stocks | 16 | 3,823,532 | 2,907,966
Debtors | 17 | 2,653,321 | 2,492,864
Cash at bank and in hand | 18 | 6,432,364 | 4,907,841
|  | 12,909,217 | 10,308,671
Creditors: Amounts falling due within one year | 19 | (7,907,123) | (5,665,735)
Net current assets |  | 5,002,094 | 4,642,936
Total assets less current liabilities |  | 7,632,345 | 5,870,799
Creditors: Amounts falling due after more than one year | 19 | (643,374) | -
Provisions for liabilities | 20 | (226,361) | (239,705)
Net assets |  | 6,762,610 | 5,631,094
Capital and reserves |  |  |
Called up share capital | 22 | 2 | 2
Profit and loss account |  | 6,762,608 | 5,631,092
Equity attributable to owners of the company |  | 6,762,610 | 5,631,094
Shareholders' funds |  | 6,762,610 | 5,631,094

Approved and authorised by the Board on 28 August 2025 and signed on its behalf by:

......................................... Mr Mark O'Connor Director
......................................... Mr Mark McElroy Director

Marcon Fit-Out Ltd

(Registration number: NI051006)
Balance Sheet as at 31 December 2024

| Note | 31 Dec 2024 £ | 9 months to 31 Dec 2023 £
Fixed assets |  |  |
Tangible assets | 14 | 2,630,251 | 1,227,863
Investments | 15 | 86 | 86
|  | 2,630,337 | 1,227,949
Current assets |  |  |
Stocks | 16 | 3,417,160 | 2,378,672
Debtors | 17 | 2,285,833 | 2,157,319
Cash at bank and in hand | 18 | 4,143,399 | 2,470,818
|  | 9,846,392 | 7,006,809
Creditors: Amounts falling due within one year | 19 | (7,077,506) | (4,215,733)
Net current assets |  | 2,768,886 | 2,791,076
Total assets less current liabilities |  | 5,399,223 | 4,019,025
Creditors: Amounts falling due after more than one year | 19 | (643,374) | -
Provisions for liabilities | 20 | (226,361) | (239,705)
Net assets |  | 4,529,488 | 3,779,320
Capital and reserves |  |  |
Called up share capital | 22 | 2 | 2
Retained earnings |  | 4,529,486 | 3,779,318
Shareholders' funds |  | 4,529,488 | 3,779,320

The company made a profit after tax for the financial year of £2,266,168 (2023 - profit of £3,023,002) which includes the receipt of a dividend in the sum of £Nil (2023: £2,000,000) from its subsidiary company.

Approved and authorised by the Board on 28 August 2025 and signed on its behalf by:

......................................... Mr Mark O'Connor Director
......................................... Mr Mark McElroy Director

Marcon Fit-Out Ltd

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024
Equity attributable to the parent company

| Share capital £ | Retained earnings £ | Total £ | Total equity £
At 1 January 2024 | 2 | 5,631,092 | 5,631,094 | 5,631,094
Profit for the year | - | 2,647,516 | 2,647,516 | 2,647,516
Dividends | - | (1,516,000) | (1,516,000) | (1,516,000)
At 31 December 2024 | 2 | 6,762,608 | 6,762,610 | 6,762,610

| Share capital £ | Retained earnings £ | Total £ | Total equity £
At 1 April 2023 | 2 | 5,782,905 | 5,782,907 | 5,782,907
Profit for the year | - | 1,242,187 | 1,242,187 | 1,242,187
Dividends | - | (1,394,000) | (1,394,000) | (1,394,000)
At 31 December 2023 | 2 | 5,631,092 | 5,631,094 | 5,631,094

Marcon Fit-Out Ltd

Statement of Changes in Equity for the Year Ended 31 December 2024

| Share capital £ | Profit and loss account £ | Total £
At 1 January 2024 | 2 | 3,779,318 | 3,779,320
Profit for the year | - | 2,266,168 | 2,266,168
Total comprehensive income | - | 2,266,168 | 2,266,168
Dividends | - | (1,516,000) | (1,516,000)
At 31 December 2024 | 2 | 4,529,486 | 4,529,488

| Share capital £ | Retained earnings £ | Total £
At 1 April 2023 | 2 | 2,150,316 | 2,150,318
Profit for the year | - | 3,023,002 | 3,023,002
Dividends | - | (1,394,000) | (1,394,000)
At 31 December 2023 | 2 | 3,779,318 | 3,779,320

Marcon Fit-Out Ltd

Consolidated Statement of Cash Flows for the Year Ended 31 December 2024

| Note | 31 Dec 2024 £ | 9 months to 31 Dec 2023 £
Cash flows from operating activities
Profit for the year |  | 2,647,516 | 1,242,187
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 6 | 173,410 | 82,043
Loss on disposal of tangible assets | 5 | 16,605 | 7,960
Finance income |  | (11,206) | (15,074)
Finance costs |  | 13,164 | -
Income tax expense | 13 | 1,008,934 | 342,462
|  | 3,848,423 | 1,659,578
Working capital adjustments |  |  |
Increase in stocks | 16 | (915,566) | (346,562)
Increase in trade debtors | 17 | (253,304) | (676,219)
Increase in trade creditors | 19 | 1,668,040 | 430,324
(Decrease)/increase in deferred income, including government grants |  | (200,804) | 1,199,091
Cash generated from operations |  | 4,146,789 | 2,266,212
Income taxes (paid)/received | 13 | (257,510) | 59,712
Net cash flow from operating activities |  | 3,889,279 | 2,325,924
Cash flows from investing activities |  |  |
Interest received |  | 11,206 | 15,074
Acquisitions of tangible assets |  | (1,592,403) | (442,541)
Proceeds from sale of tangible assets |  | - | (604)
Net cash flows from investing activities |  | (1,581,197) | (428,071)
Cash flows from financing activities |  |  |
Interest paid |  | (13,164) | -
Proceeds from bank borrowing draw downs |  | 745,605 | -
Dividends paid |  | (1,516,000) | (1,394,000)
Net cash flows from financing activities |  | (783,559) | (1,394,000)
Net increase in cash and cash equivalents |  | 1,524,523 | 503,853
Cash and cash equivalents at 1 January |  | 4,907,841 | 4,403,988
Cash and cash equivalents at 31 December |  | 6,432,364 | 4,907,841

Marcon Fit-Out Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

1 | General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
A2 Fergusons Way
Kilbegs Road
Antrim
BT41 4LZ

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared for the first time in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the group and are rounded to the nearest £.

Summary of disclosure exemptions

FRS 102 allows a qualifying entity certain disclosure exemptions subject to certain conditions which have been complied with. The parent company has taken advantage of the exemption from preparing a cash flow statement on the basis it is a qualifying entity. The consolidated cash flow statement included in these financial statements incorporates the parent company's cash flow statement.
Under Section 408 of the Companies Act 2006 the company is exempt from the requirement to present its own profit and loss account..

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertaking drawn up to 31 December 2024.
The subsidiary company is Marcon Fit-Out (Ireland) Ltd and was incorporated 1 September 2016 and acquired by Marcon Fit-Out Ltd on the same date.

Marcon Fit-Out Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the period are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Government grants

The group recognises grants in the profit and loss on a systematic basis over the periods in which the entity recognises expenses for which the grants were intended to compensate.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Marcon Fit-Out Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Property | 50 years straight line
Plant & Machinery | 7 years straight line
Motor Vehicles | 5 years straight line
IT Equipment | 4 years straight line
Fixtures & Fittings | 7 years straight line

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Marcon Fit-Out Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Marcon Fit-Out Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Revenue

The analysis of the group's revenue for the year from continuing operations is as follows:

| 31 Dec 2024 £ | 9 months to 31 Dec 2023 £
Provision of shop fitting services | 51,217,823 | 22,231,090
Rental income from investment property | 13,750 | -
| 51,231,573 | 22,231,090

The analysis of the group's Turnover for the year by market is as follows:

| 31 Dec 2024 £ | 9 months to 31 Dec 2023 £
UK | 46,807,574 | 20,435,996
Europe | 4,423,999 | 1,795,094
| 51,231,573 | 22,231,090

4 | Other operating income

The analysis of the group's other operating income for the year is as follows:

Marcon Fit-Out Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

| 31 Dec 2024 £ | 9 months to 31 Dec 2023 £
Government grants | 21,508 | -
Miscellaneous other operating income | 2,833 | 909
| 24,341 | 909

5 | Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

| 31 Dec 2024 £ | 9 months to 31 Dec 2023 £
Loss on disposal of Tangible assets | (16,605) | (7,960)

6 | Operating profit

Arrived at after charging/(crediting)

| 31 Dec 2024 £ | 9 months to 31 Dec 2023 £
Audit of the financial statements | 9,393 | 9,479
Depreciation expense | 173,410 | 82,043
Foreign exchange losses | 102,779 | 32,976
Loss on disposal of property, plant and equipment | 16,605 | 7,960

Marcon Fit-Out Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

7 | Government grants

The grants recognised in the financial statements are in relation to financial assistance grants.

The amount of grants recognised in the financial statements was £21,508 (2023 - £Nil).

8 | Other interest receivable and similar income

| 31 Dec 2024 £ | 9 months to 31 Dec 2023 £
Interest income on bank deposits | 11,206 | 14,927
Other finance income | - | 147
| 11,206 | 15,074

9 | Interest payable and similar expenses

| 31 Dec 2024 £ | 9 months to 31 Dec 2023 £
Interest on bank overdrafts and borrowings | 13,164 | -

10 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 31 Dec 2024 £ | 9 months to 31 Dec 2023 £
Wages and salaries | 3,974,621 | 2,326,784
Social security costs | 411,426 | 257,862
Pension costs, defined contribution scheme | 132,136 | 114,776
| 4,518,183 | 2,699,422

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

| 31 Dec 2024 No. | 9 months to 31 Dec 2023 No.
Workshop and shop fitting | 37 | 29
Administration and support | 48 | 41
| 85 | 70

11 | Directors' remuneration

The directors' remuneration for the year was as follows:

Marcon Fit-Out Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

| 31 Dec 2024 £ | 9 months to 31 Dec 2023 £
Remuneration | 46,965 | 32,829

12 | Auditors' remuneration

| 31 Dec 2024 £ | 9 months to 31 Dec 2023 £
Audit of these financial statements | 6,000 | 6,000
Audit of the financial statements of the subsidiary company | 3,393 | 3,479
| 9,393 | 9,479

13 | Taxation

Tax charged/(credited) in the consolidated profit and loss account

| 31 Dec 2024 £ | 9 months to 31 Dec 2023 £
Current taxation |  |
UK corporation tax | 834,535 | 134,514
UK corporation tax adjustment to prior periods | 119,746 | 42,548
| 954,281 | 177,062
Foreign tax | 67,998 | 39,486
Total current income tax | 1,022,279 | 216,548
Deferred taxation |  |
Arising from origination and reversal of timing differences | (13,345) | 125,914
Tax expense in the income statement | 1,008,934 | 342,462

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 25%).
The differences are reconciled below:

| 31 Dec 2024 £ | 9 months to 31 Dec 2023 £
Profit before tax | 3,656,450 | 1,584,649
Corporation tax at standard rate | 914,080 | 396,175

Marcon Fit-Out Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

| 31 Dec 2024 £ | 9 months to 31 Dec 2023 £
Increase in UK and foreign current tax from adjustment for prior periods | 119,746 | 42,547
Tax increase/(decrease) from effect of capital allowances and depreciation | 19,527 | (88,751)
Effect of expense not deductible in determining taxable profit (tax loss) | 13,233 | 6,497
Effect of tax losses | - | (82,476)
Effect of foreign tax rates | (44,306) | (25,195)
Deferred tax (credit)/expense from unrecognised tax loss or credit | (13,346) | 125,915
Tax decrease from effect of adjustment in research and development tax credit | - | (32,250)
Total tax charge | 1,008,934 | 342,462

Deferred tax

Group

Deferred tax assets and liabilities

Deferred tax assets and liabilities

31 Dec 2024 | Asset £ | Liability £
Accelerated Capital Allowances | - | 226,361
| - | 226,361

31 Mar 2023 | Asset £ | Liability £
Accelerated Capital Allowances | - | 239,705
| - | 239,705

Company

Deferred tax assets and liabilities

Marcon Fit-Out Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Deferred tax assets and liabilities

31 Dec 2024 | Asset £ | Liability £
Accelerated Capital Allowances | - | 226,361
| - | 226,361

31 Mar 2023 | Asset £ | Liability £
Accelerated Capital Allowances | - | 239,705
| - | 239,705

14 | Tangible assets

Group

| Land and buildings £ | Motor vehicles £ | Other tangible assets £ | Total £
Cost or valuation
At 1 January 2024 | 436,205 | 670,199 | 719,749 | 1,826,153
Additions | 1,482,751 | 43,986 | 65,666 | 1,592,403
Disposals | - | (6,400) | (44,358) | (50,758)
At 31 December 2024 | 1,918,956 | 707,785 | 741,057 | 3,367,798
Depreciation
At 1 January 2024 | 76,646 | 80,428 | 441,216 | 598,290
Charge for the year | 12,484 | 112,250 | 48,676 | 173,410
Eliminated on disposal | - | (2,945) | (31,208) | (34,153)
At 31 December 2024 | 89,130 | 189,733 | 458,684 | 737,547
Carrying amount
At 31 December 2024 | 1,829,826 | 518,052 | 282,373 | 2,630,251
At 31 December 2023 | 359,559 | 589,771 | 278,533 | 1,227,863

Included within the net book value of land and buildings above is £1,829,826 (2023 - £359,559) in respect of freehold land and buildings.

Marcon Fit-Out Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Company

| Land and buildings £ | Motor vehicles £ | Other tangible assets £ | Total £
Cost or valuation
At 1 January 2024 | 436,205 | 670,199 | 719,749 | 1,826,153
Additions | 1,482,751 | 43,986 | 65,666 | 1,592,403
Disposals | - | (6,400) | (44,358) | (50,758)
At 31 December 2024 | 1,918,956 | 707,785 | 741,057 | 3,367,798
Depreciation
At 1 January 2024 | 76,646 | 80,428 | 441,216 | 598,290
Charge for the year | 12,484 | 112,250 | 48,676 | 173,410
Eliminated on disposal | - | (2,945) | (31,208) | (34,153)
At 31 December 2024 | 89,130 | 189,733 | 458,684 | 737,547
Carrying amount
At 31 December 2024 | 1,829,826 | 518,052 | 282,373 | 2,630,251
At 31 December 2023 | 359,559 | 589,771 | 278,533 | 1,227,863

Included within the net book value of land and buildings above is £1,829,826 (2023 - £359,559) in respect of freehold land and buildings.

Marcon Fit-Out Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

15 | Investments

Company

| 31 Dec 2024 £ | 9 months to 31 Dec 2023 £
Investments in subsidiaries | 86 | 86

Subsidiaries | £
Cost or valuation
At 1 January 2024 | 86
Provision
Carrying amount
At 31 December 2024 | 86
At 31 December 2023 | 86

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2024 | 2023
Subsidiary undertakings
Marcon Fit-Out (Ireland) Ltd | Commercial House Millbank Business Park Lower Lucan Road Lucan Dublin Ireland | Ordinary shares | 100% | 100%

Subsidiary undertakings
Marcon Fit-Out (Ireland) Ltd The principal activity of Marcon Fit-Out (Ireland) Ltd is construction, shop fitting and specialist joinery .

Marcon Fit-Out Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

16 | Stocks

| Group | Company
| 31 Dec 2024 £ | 9 months to 31 Dec 2023 £ | 31 Dec 2024 £ | 9 months to 31 Dec 2023 £
Raw materials and consumables | 54,353 | 72,606 | 54,353 | 72,606
Work in progress | 3,769,179 | 2,835,360 | 3,362,807 | 2,306,066
| 3,823,532 | 2,907,966 | 3,417,160 | 2,378,672

17 | Debtors

|  | Group | Company
Current | Note | 31 Dec 2024 £ | 9 months to 31 Dec 2023 £ | 31 Dec 2024 £ | 9 months to 31 Dec 2023 £
Trade debtors |  | 2,345,454 | 2,373,549 | 1,938,304 | 1,905,454
Amounts owed by related parties | 27 | - | - | 55,223 | 146,217
Other debtors |  | 276,116 | 27,795 | 260,555 | 17,667
Prepayments |  | 31,751 | 91,520 | 31,751 | 87,981
|  | 2,653,321 | 2,492,864 | 2,285,833 | 2,157,319

18 | Cash and cash equivalents

| Group | Company
| 31 Dec 2024 £ | 9 months to 31 Dec 2023 £ | 31 Dec 2024 £ | 9 months to 31 Dec 2023 £
Cash on hand | 256 | 685 | 256 | 685
Cash at bank | 6,432,108 | 4,907,156 | 4,143,143 | 2,470,133
| 6,432,364 | 4,907,841 | 4,143,399 | 2,470,818

Marcon Fit-Out Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

19 | Creditors

|  | Group | Company
| Note | 31 Dec 2024 £ | 9 months to 31 Dec 2023 £ | 31 Dec 2024 £ | 9 months to 31 Dec 2023 £
Due within one year |  |  |  |  |
Loans and borrowings | 23 | 102,231 | - | 102,231 | -
Trade creditors |  | 2,139,523 | 1,549,822 | 1,968,102 | 1,320,587
Amounts due to related parties | 27 | 2,169 | 171,164 | 2,169 | 171,164
Social security and other taxes |  | 1,830,798 | 1,223,247 | 1,750,827 | 1,156,126
Other payables |  | 46,866 | 40,090 | (1) | 21,552
Accruals |  | 1,848,593 | 1,308,434 | 1,630,696 | 1,036,476
Income tax liability | 13 | 938,656 | 173,887 | 922,304 | 134,514
Deferred income |  | 998,287 | 1,199,091 | 701,178 | 375,314
|  | 7,907,123 | 5,665,735 | 7,077,506 | 4,215,733
Due after one year |  |  |  |  |
Loans and borrowings | 23 | 643,374 | - | 643,374 | -

20 | Deferred tax and other provisions

Group

| Deferred tax £ | Total £
At 1 January 2024 | 239,705 | 239,705
Additional provisions | (13,344) | (13,344)
At 31 December 2024 | 226,361 | 226,361

Company

| Deferred tax £ | Total £
At 1 January 2024 | 239,705 | 239,705
Additional provisions | (13,344) | (13,344)
At 31 December 2024 | 226,361 | 226,361

Marcon Fit-Out Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

21 | Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £132,136 (2023 - £114,776).

22 | Share capital

Allotted, called up and fully paid shares

| 31 Dec 2024 | 9 months to 31 Dec 2023
| No. | £ | No. | £
A Ordinary of £0.01 each | 180 | 1.80 | 180 | 1.80
B Ordinary of £0.01 each | 20 | 0.20 | 20 | 0.20
| 200 | 2.00 | 200 | 2.00

23 | Loans and borrowings

Non-current loans and borrowings

| Group | Company
| 31 Dec 2024 £ | 9 months to 31 Dec 2023 £ | 31 Dec 2024 £ | 9 months to 31 Dec 2023 £
Bank borrowings | 643,374 | - | 643,374 | -

Current loans and borrowings

| Group | Company
| 31 Dec 2024 £ | 9 months to 31 Dec 2023 £ | 31 Dec 2024 £ | 9 months to 31 Dec 2023 £
Bank borrowings | 102,231 | - | 102,231 | -

Company

Bank borrowings

Bank borrowings are denominated in £ with a nominal interest rate of 6.57%. The final instalment is due on 16 October 2034. The carrying amount at year end is £745,605 (2023 - £Nil). This loan was taken out on the 16th October 2024 for the purpose of financing the acquisition of 8 Plaskett's Close, Antrim, County Antrim BT41 4LY.

Marcon Fit-Out Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

24 | Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

| 31 Dec 2024 £ | 9 months to 31 Dec 2023 £
Not later than one year | 23,864 | 31,113
Later than one year and not later than five years | 16,404 | 36,250
| 40,268 | 67,363

The amount of non-cancellable operating lease payments recognised as an expense during the year was £40,651 (2023 - £49,571).

Company

Operating leases

The total of future minimum lease payments is as follows:

| 31 Dec 2024 £ | 9 months to 31 Dec 2023 £
Not later than one year | 23,864 | 31,113
Later than one year and not later than five years | 16,404 | 36,250
| 40,268 | 67,363

The amount of non-cancellable operating lease payments recognised as an expense during the year was £40,651 (2023 - £49,571).

25 | Dividends

Interim dividends paid

|  | 31 Dec 2024 £ |  | 9 months to 31 Dec 2023 £
Interim dividend of £7,444.44 (2023 - £7,011.11) per each A Ordinary |  | 1,340,000 |  | 1,262,000
Interim dividend of £8,800.00 (2023 - £6,600.00) per each B Ordinary |  | 176,000 |  | 132,000
|  | 1,516,000 |  | 1,394,000

Marcon Fit-Out Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

26 | Commitments

Group

Capital commitments

The total amount contracted for but not provided in the financial statements was £Nil (2023 - £Nil).

Other financial commitments

The total amount of other financial commitments not provided in the financial statements was £Nil (2023 - £Nil).

Company

Capital commitments

The total amount contracted for but not provided in the financial statements was £Nil (2023 - £Nil).

Other financial commitments

The total amount of other financial commitments not provided in the financial statements was £Nil (2023 - £Nil).

27 | Related party transactions

Company

Transactions with directors

2024 | At 1 January 2024 £ | Advances to director £ | At 31 December 2024 £
Mr Mark McElroy
Mark McElroy - Director's loan account | 170,935 | (415,823) | (244,888)
Mr Mark O'Connor
Mark O'Connor - Director's loan account | 229 | 1,939 | 2,169

2023 | At 1 April 2023 £ | Repayments by director £ | At 31 December 2023 £
Mr Mark McElroy
Mark McElroy - Director's loan account | 2,979 | 167,956 | 170,935
Mr Mark O'Connor
Mark O'Connor - Director's loan account | 4,347 | (4,118) | 229

Marcon Fit-Out Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Summary of transactions with all subsidiaries

Marcon Fit-Out (Ireland) Ltd is a wholly owned subsidiary of Marcon Fit-Out Ltd. All inter company balances and transcations between the parent and subsidiary companies have been eliminated on consolidation.

Summary of transactions with other related parties

The directors and shareholders of the company during the period ended 31 December 2024 were also the directors and shareholders of MDM Solid Surface Ltd. During the period the company purchased goods and services and leased a building from MDM Solid Surface Ltd.

Expenditure with and payables to related parties

31 Dec 2024 | Other related parties £
Purchase of goods | 87,120
Leases | 24,000
| 111,120

31 Mar 2023 | Other related parties £
Purchase of goods | 139,480
Leases | 18,000
| 157,480

28 | Parent and ultimate parent undertaking

The most senior parent entity producing publicly available financial statements is Marcon Fit-Out Ltd.The ultimate controlling party is Mark O' Connor and Mark McElroy as they are the shareholders of the company.