Mountjoy Holdings Limited - Limited company accounts 25.1

REGISTERED NUMBER: 15224566 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

UNAUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2025

FOR

MOUNTJOY HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

19

DIRECTORS:

D J Carlin

S J Ingram

D O'Rourke

SECRETARY:

Ms R O'Rourke

REGISTERED OFFICE:

Fairfield House,

47-51 Kingston Crescent

Portsmouth

Hampshire

PO2 8AA

REGISTERED NUMBER:

15224566 (England and Wales)

ACCOUNTANTS:

Shaw Gibbs Audit Limited

25 St Thomas Street

Winchester

Hampshire

SO23 9HJ

The directors present their strategic report of the company and the group for the year ended 30th April 2025.

REVIEW OF BUSINESS

Mountjoy Group has delivered another year of strong operational and financial performance, underpinned by our long-term strategic relationships with clients and a deep-rooted commitment to the communities we serve. Our ethos - "enhancing people's lives in our communities" - remains the cornerstone of our strategy and day-to-day operations. This purpose-driven approach continues to guide the development of our services and shape how we engage with clients, partners, and community stakeholders.

Strategic Priorities

Our strategy remains focused on:

-Strengthening long-term partnerships with clients

- Delivering high-quality Facilities Management and Construction services in our core markets: Living, Learning, and Caring

- Investing in our people and community impact

- Maintaining robust financial performance and operational efficiency

Community Engagement and Social Impact

As part of our commitment to enhancing peoples lives within the communities we operate, we have continued to work in close collaboration with local charities and community organisations. These partnerships enable us to contribute positively beyond the immediate delivery of services, supporting programmes and initiatives that drive social value and inclusion. Some of the projects we have delivered in the year include:

- Apprenticeship Bus - We have led the project working with Shaping Portsmouth and Portsmouth City Council to visit 10 schools and over 1,000 year 11 students showcasing the variety of apprenticeships available to young people, the bus had apprentices from different organisations and industries.

- Motiv8 - Our charity partner for Portsmouth for whom we raised over £10,000 across the year and refurbished their new offices in Fratton at no charge supporting them delivering for the young people in our communities.

- Trustees - Our directors also support local charities as trustees with 3 trusteeships held supporting the strategic director and decision making and provide guidance and support to each charity.

- SEND - We are involved with a number of initiatives with different organisations providing opportunities for SEND individuals including mentoring a school for the regional product design competition, employing someone for the year on an internship as a decorator, providing work experience to someone looking to return to work and being part of the SEND working group as on of only 3 employers working with Portsmouth City Council in developing a strategy around increasing employability in the SEND community.

- Careers fairs and school events - active participants in careers fairs and school events including mock interviews, CV writing, breakfast industry discussions and networking sessions.

A key component of our social impact strategy is creating meaningful pathways into our industry. Over the past year, we have:

- Supported 15 apprenticeships, offering individuals structured development and nationally recognised qualifications.

- Introduced 15 traineeships in areas where apprenticeships are not available or are not accessible, providing tailored skills development, mentoring, and work experience to promote long-term employability.

These initiatives demonstrate our commitment to growing a diverse and skilled workforce, supporting the industry pipeline, and making a tangible difference in people's lives.

Recognition and Awards

We are proud to have been recognised for our dedication to people development and social value. Notably, we were awarded Large Employer of the Year at the Apprenticeship Awards, a testament to the impact of our investment in early careers and workforce development. In addition we received the award from Large Business of the year at the Portsmouth Business Awards.

Operational Highlights

We continue to deliver a Facilities Management and Construction projects across our core markets:

- Living - delivering essential housing and residential infrastructure

- Learning - enhancing educational environments through new builds, refurbishments, and facilities management

- Caring - providing high-quality, functional spaces for healthcare and social care settings

These markets remain central to our business model and align closely with our purpose-driven approach.

Financial Performance

Our key financial indicators remain strong:

- Revenue: £46m (196% increase)

- Operating Profit: £624k (Up from £567k in 2024 - after adjusting for non trading actuarial movements in Pension scheme)

- Free Cash Flow: £2.99m (Up from 2.63m in 2024)

This performance reflects disciplined operational management, the strength of our client relationships, and continued demand in our core sectors. We maintain a prudent approach to cash management and investment, ensuring sustainability and resilience in our growth strategy.

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors have identified the following principal risks and uncertainties which the group faces, and how these are being managed. Our approach is:

Principal Risks/Uncertainties

Statement of Company Position

Market Conditions:Both the group's construction and
facilities management divisions are affected by the
general macro conditions

The group's core markets are less affected by economic
cycles. However, national fiscal uncertainty and changes
including the NI increases from April 2025 present
challenges for management to navigate in collaboration
with clients.

Health & Safety The group operates in the construction
and building markets which mean that staff and
subcontractors are carrying out high risk activities

The group has a comprehensive H&S management
system which is accredited to the International Standard
ISO45001. The group's SHEQ Steering Group
hasoversight of Safety, which meets bi-monthly and is
chaired by the Managing Director.

Staff RetentionThe business is reliant on the attraction
and retention of skilled and motivated staff to deliver our
services

Attraction and retention of staff remains a key focus for
the business. Our Employee survey in 2025 showed
continuing positive trends and as a result we will be
implementing additional benefits to staff around health
and wellbeing.

Cash FlowThe business is required to manage its cash
flow to an optimum level to ensure it can meets its
obligations

The business has worked hard to optimise its cash
position which finished the year at £2.9m, this was a13%
improvement on the prior year.

SubcontractorsThe group relies on specialist
subcontractors to deliver in its behalf. Risks include both
safety and financial loss

The group uses and industry leading online subcontractor
approval system to assess financial standing,
performance and accreditation

SECTION 172(1) STATEMENT

The Group recognises the importance of delivering effective corporate governance in supporting the long-term success and sustainability of its business. The members of the Board bring a wide range of experience when making decisions.

Mountjoy Board meets at least 10 times a year, and more frequently when deemed appropriate. These meetings are supplemented by regular Maintenance, Finance and Operational review meetings, Construction CVR and Operational meetings and Health and Safety meetings providing timely and detailed information in support of the Board's decision making.

When making decisions, each Director ensures that he/she acts in the way he/she considers in good faith, would most likely promote the Group's success, and in doing so having regard (amongst other matters) to the following:

- The likely consequences of any decision in the long term. The Directors understand the business of Mountjoy and the environment in which it operates allowing informed decision making and challenge to be undertaken in line with Group strategy.

- The interest of the employees. The Directors recognise the employees throughout the business are fundamental and core to the Group strategy and values. The Directors consider that creating and maintaining safe working environments and practices as a prime objective. Mountjoy is committed to embracing diversity as well as fostering and actively encouraging a culture of respect and inclusion.

- The need to foster business relationships with suppliers, customers and others. Delivering the strategy requires working in partnership across both public and private sector suppliers and customers and each entity promotes respectful and supportive working practices with all stakeholders.

- The impact of operations on the community and environment. The group has extensive interaction with educational establishments, local authorities and local communities around its operating sites. A proactive and open dialogue is encouraged at all times with these communities as well as the regulatory authorities.

- The desirability of maintaining a reputation for high standards of business conduct. The Directors periodically review and approve governance standards, business procedures and policies to ensure that high standards are maintained both within the Mountjoy business and the business relationships it maintains. This, complemented by the way the Board is informed and monitors compliance, assures the Group always acts in a manner that promotes high standards of business conduct.

- The need to act fairly between members of the Group. The Directors fully support the values of Equality, Diversity, and Inclusion and across the business there is ongoing support to employee led networks. This year has seen further focus on employee mental health and wellbeing with several initiatives developed across the business.

FUTURE DEVELOPMENT

Looking ahead, we will continue to build on our foundations of strong client relationships, operational excellence, and social impact. With a clear focus on quality delivery and community benefit, we are well positioned to grow sustainably while staying true to our purpose: enhancing people's lives in our communities.

ON BEHALF OF THE BOARD:

D J Carlin - Director

27th November 2025

The directors present their report with the financial statements of the company and the group for the year ended 30th April 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of facilities maintenance and building services.

DIVIDENDS

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

DIRECTORS

The directors shown below have held office during the whole of the period from 1st May 2024 to the date of this report.

D J Carlin

S J Ingram

D O'Rourke

DISABLED PERSONS

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

ENGAGEMENT WITH EMPLOYEES

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

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

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

To maintain future growth the nature of our relationships with our clients, customers and suppliers is crucial. Each board member plays a significant role in this approach through extending long term relationships with clients, customers and suppliers with regular meetings and open dialogue. This approach through fostering a partnership working relationship with these people and organisations ensures the future prosperity of the group.

STREAMLINED ENERGY AND CARBON REPORTING

This report has been prepared in compliance with the Streamlined Energy and Carbon (SECR) Reporting requirements as outlined in the Companies Act (2006) for large quoted and unlisted companies. As such, Mountjoy Limited is required to disclose its Greenhouse Gas (GHG) emissions.

The report provides details on Mountjoy Limited's annual GHG emissions and total energy consumption, covering our offices and transport assets. It also outlines the energy efficiency and environmental management actions implemented during the financial year. This report includes our SECR disclosure for the 2024/2025 financial year.

Energy Consumption

The table below presents our yearly energy usage, including electricity, natural gas, and fuel consumption from our fleet and employee vehicles. In compliance with SECR reporting requirements, this data is provided in kilowatt hours (kWh)

2025

2024

Energy Consumption

kWh

Aggregate of energy consumption in the year

-Gas combustion

0

-Electricity Purchased

100,607

99,928

-Transport fuel

1,983,735

2,315,647

2,084,342

2,415,575

2025

2024

Emissions of CO2 equivalent

metric tones

Scope 1 - direct emissions

-Gas combustion

0

-Fuel consumed for owned transport

471

550

471

550

Scope 2 - indirect emissions

-Electricity purchased

21

492

571

Intensity ratio

Tonnes CO2e per £1 million turnover

10.75

12.69

Quantification and reporting methodology

The company has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol- Corporate Standard and have used the 2022 UK Government's Conversion Factors for Company Reporting

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per flm of turnover, the recommended ratio for the sector.

Measures taken to improve energy efficiency

The company continues to minimize energy consumption by installing low-energy/LED lighting and educating staff on reducing usage. They've also adopted hybrid office working models and implemented energy-efficient cleaning practices using modern equipment.

Traditional IT servers have been replaced with virtual machines where feasible, with a shift towards hosting these off-site in cloud environments.

When selecting fleet replacements, the company considers carbon emissions, opting for electric or hybrid vehicles where practical. Each business unit within the company maintains its own fleet policy, reviewed annually to incorporate technological advancements and further reduce emissions wherever possible

ON BEHALF OF THE BOARD:

D J Carlin - Director

27th November 2025

MOUNTJOY HOLDINGS LIMITED (REGISTERED NUMBER: 15224566)

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 30TH APRIL 2025

Period

20.10.23

Year Ended

to

30.4.25

30.4.24

Notes

£

TURNOVER

3

45,727,777

15,451,976

Cost of sales

36,253,984

11,655,033

GROSS PROFIT

9,473,793

3,796,943

Administrative expenses

8,853,577

3,471,882

OPERATING PROFIT

6

620,216

325,061

Other finance income

22

14,000

6,000

634,216

331,061

Interest payable and similar expenses

7

150,637

65,196

PROFIT BEFORE TAXATION

483,579

265,865

Tax on profit

8

150,810

17,438

PROFIT FOR THE FINANCIAL YEAR

332,769

248,427

Profit attributable to:

Owners of the parent

332,769

248,427

MOUNTJOY HOLDINGS LIMITED (REGISTERED NUMBER: 15224566)

CONSOLIDATED OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30TH APRIL 2025

Period

20.10.23

Year Ended

to

30.4.25

30.4.24

Notes

£

PROFIT FOR THE YEAR

332,769

248,427

OTHER COMPREHENSIVE INCOME

Actuarial gains on defined benefit plans

16,000

26,000

Income tax relating to other comprehensive
income

2,500

(6,500

)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

18,500

19,500

TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

351,269

267,927

Total comprehensive income attributable to:

Owners of the parent

351,269

267,927

FIXED ASSETS

Intangible assets

10

2,713,118

2,810,015

Tangible assets

11

361,673

428,788

Investments

12

-

3,074,791

3,238,803

CURRENT ASSETS

Stocks

13

32,494

31,620

Debtors

14

3,438,688

4,046,458

Cash at bank and in hand

2,986,957

2,633,355

6,458,139

6,711,433

CREDITORS

Amounts falling due within one year

15

7,865,109

7,207,399

NET CURRENT LIABILITIES

(1,406,970

)

(495,966

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,667,821

2,742,837

CREDITORS

Amounts falling due after more than one
year

16

(1,248,653

)

(2,621,724

)

PROVISIONS FOR LIABILITIES

19

(27,212

)

(57,926

)

PENSION ASSET

22

227,250

204,750

NET ASSETS

619,206

267,937

CAPITAL AND RESERVES

Called up share capital

20

10

Retained earnings

21

619,196

267,927

SHAREHOLDERS' FUNDS

619,206

267,937

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2025.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 30th April 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

The financial statements were approved by the Board of Directors and authorised for issue on 27th November 2025 and were signed on its behalf by:

D J Carlin - Director

S J Ingram - Director

FIXED ASSETS

Intangible assets

10

-

Tangible assets

11

-

Investments

12

5,160,576

CURRENT ASSETS

Debtors

14

-

10

Cash at bank

85

252

85

262

CREDITORS

Amounts falling due within one year

15

597,716

516,811

NET CURRENT LIABILITIES

(597,631

)

(516,549

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

4,562,945

4,644,027

CREDITORS

Amounts falling due after more than one
year

16

4,782,723

4,712,496

NET LIABILITIES

(219,778

)

(68,469

)

CAPITAL AND RESERVES

Called up share capital

20

10

Retained earnings

21

(219,788

)

(68,479

)

SHAREHOLDERS' FUNDS

(219,778

)

(68,469

)

Company's loss for the financial year

(151,309

)

(68,479

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 27th November 2025 and were signed on its behalf by:

D J Carlin - Director

Called up

share

Retained

Total

capital

earnings

equity

£

Changes in equity

Issue of share capital

10

-

10

Total comprehensive income

-

267,927

Balance at 30th April 2024

10

267,927

267,937

Changes in equity

Total comprehensive income

-

351,269

Balance at 30th April 2025

10

619,196

619,206

Called up

share

Retained

Total

capital

earnings

equity

£

Changes in equity

Issue of share capital

10

-

10

Total comprehensive income

-

(68,479

)

(68,479

)

Balance at 30th April 2024

10

(68,479

)

(68,469

)

Changes in equity

Total comprehensive income

-

(151,309

)

(151,309

)

Balance at 30th April 2025

10

(219,788

)

(219,778

)

MOUNTJOY HOLDINGS LIMITED (REGISTERED NUMBER: 15224566)

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30TH APRIL 2025

Period

20.10.23

Year Ended

to

30.4.25

30.4.24

Notes

£

Cash flows from operating activities

Cash generated from operations

1

606,204

6,775,691

Interest paid

(148,574

)

(63,700

)

Interest element of hire purchase payments
paid

(2,063

)

(1,496

)

Tax paid

(16,625

)

(58,357

)

Net cash from operating activities

438,942

6,652,138

Cash flows from investing activities

Purchase of tangible fixed assets

(105,412

)

(86,192

)

Acquisition of subsidiary

-

(4,163,974

)

Interest received

14,000

6,000

Net cash from investing activities

(91,412

)

(4,244,166

)

Cash flows from financing activities

Capital repayments in year

(3,822

)

(8,134

)

Amount introduced by directors

9,894

233,507

Share issue

-

10

Net cash from financing activities

6,072

225,383

Increase in cash and cash equivalents

353,602

2,633,355

Cash and cash equivalents at beginning of
year

2

2,633,355

-

Cash and cash equivalents at end of year

2

2,986,957

2,633,355

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

20.10.23

Year Ended

to

30.4.25

30.4.24

£

Profit before taxation

483,579

265,865

Depreciation charges

269,105

165,048

Loss on disposal of fixed assets

319

-

Defined benefit asset

(30,000

)

(273,000

)

Actuarial gains

16,000

26,000

Finance costs

150,637

65,196

Finance income

(14,000

)

(6,000

)

875,640

243,109

(Increase)/decrease in stocks

(874

)

266

Decrease in trade and other debtors

607,770

2,170,691

(Decrease)/increase in trade and other creditors

(876,332

)

4,361,625

Cash generated from operations

606,204

6,775,691

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30th April 2025

30.4.25

1.5.24

£

Cash and cash equivalents

2,986,957

2,633,355

Period ended 30th April 2024

30.4.24

20.10.23

£

Cash and cash equivalents

2,633,355

-

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.24

Cash flow

At 30.4.25

£

Net cash

Cash at bank and in hand

2,633,355

353,602

2,986,957

2,633,355

353,602

2,986,957

Debt

Finance leases

(19,126

)

3,822

(15,304

)

(19,126

)

3,822

(15,304

)

Total

2,614,229

357,424

2,971,653

1.	STATUTORY INFORMATION

Mountjoy Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation

The consolidated financial statements incorporate the results of Mountjoy Holdings Limited and all its subsidiary undertaking as at 30th April 2025 using the acquisition method of accounting. The parent company has taken advantage of section 408 of the Companies Act 2006 and has not included its own Profit and Loss Account in these financial statements.

Mountjoy Limited was acquired on the 14th December 2023 and therefore includes the results of this company from the date acquired.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

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

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

The estimates and assumptions which have a significant risk of causing material adjustment to the carrying amount of assets and liabilities are as follows:

Construction contracts

Amounts recoverable on construction contracts involves estimation.

Management base the valuation of work in progress and accruals on estimates of costs, assessing staffing requirements and margins on each job. The stage of completion is determined by an independent Quantity Surveyor which mitigates against the risk of estimation uncertainty.

The value of amounts recoverable on construction contracts at the year end is £353,306 (2024: £1,045,390) and the related accrual is £784,085 (2024: £1,287,091).

Turnover

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

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by surveys of work performed, where the revenue per the valuation is compared with the total expected revenue. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Goodwill

Goodwill is the amount arising on consolidation and is amortised over its useful life of 10 years. As the group is unable to reliably estimate the useful life of goodwill, in accordance with FRS 102 Section 19.23 amortisation is to not exceed 10 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

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

Leasehold land and buildings

15% - 33% straight line

Plant and machinery

20% - 33% straight line

Fixtures and fittings

20% - 33% straight line

Computers

20% - 33% straight line

Motor vehicles

16% - 33% straight line

There are some cases where the assets have been depreciated not in line with the above rates, as they have been depreciated in accordance with the contract that the asset relates to.

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

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

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

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method and is based on actuarial advice.

The change in the net defined liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in the profit or loss as other finance revenue or cost.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit ans loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

Employee benefits

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

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

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

Going concern

The group reported turnover for the period of £45.7m (2024: £15.5m) and Net Assets of £0.6m (2024: £0.3m).

In considering the appropriateness for adopting the going concern basis for preparing the financial information, the Directors notes that the Company operates in markets where spend is largely non-discretionary and that contracts tend to be long term partnerships. More than 92.3% of the turnover forecast for 2025-6 is from clients where the business has had a partnership of more than 3 years. The Board believes that the company has sufficient resources to remain operational over the next financial year. To support this judgment, they conducted stress tests on the business plan using various downside scenarios. After evaluating these potential challenges, the Board concluded that it is highly unlikely for any combination of these scenarios to threaten the company's status as a going concern.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

Period

20.10.23

Year Ended

to

30.4.25

30.4.24

£

Maintenance

34,145,520

11,791,280

Construction contracts

11,582,257

3,660,696

45,727,777

15,451,976

4.	EMPLOYEES AND DIRECTORS

Period

20.10.23

Year Ended

to

30.4.25

30.4.24

£

Wages and salaries

11,643,489

4,718,216

Social security costs

1,136,546

533,211

Other pension costs

502,224

114,784

13,282,259

5,366,211

The average number of employees during the year was as follows:

Period

20.10.23

Year Ended

to

30.4.25

30.4.24

Facilities and maintenance

187

188

Administration

146

145

333

The average number of employees by undertakings that were proportionately consolidated during the year was 333 (2024 - 333 ) .

5.	DIRECTORS' EMOLUMENTS

Period

20.10.23

Year Ended

to

30.4.25

30.4.24

£

Directors' remuneration

257,912

198,083

Directors' pension contributions to money purchase schemes

183,957

52,600

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

3

Information regarding the highest paid director for the year ended 30th April 2025 is as follows:

Year Ended

30.4.25

£

Emoluments etc

89,923

Pension contributions to money purchase schemes

63,504

As at 30th April 2025 there were accrued pension contributions in respect of directors totalling £72,855 (2024: £2,894).

6.	OPERATING PROFIT

The operating profit is stated after charging:

Period

20.10.23

Year Ended

to

30.4.25

30.4.24

£

Hire of plant and machinery

1,031,350

249,671

Other operating leases

167,486

145,396

Depreciation - owned assets

166,755

159,045

Depreciation - assets on hire purchase contracts

5,452

2,272

Loss on disposal of fixed assets

319

-

Goodwill amortisation

96,897

Auditors' remuneration

19,961

23,650

Fees paid to the auditors for audit services totalled £19,750 (2024: £15,730). In addition to this a fee of £1,100 (2024: £7,410) has been paid to the auditors for non-audit services.

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

20.10.23

Year Ended

to

30.4.25

30.4.24

£

Bank interest

2,805

388

Other loan interest

122,375

54,805

Directors loan interest

23,394

8,507

Hire purchase

2,063

1,496

150,637

65,196

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

Period

20.10.23

Year Ended

to

30.4.25

30.4.24

£

Current tax:

UK corporation tax

182,966

(63,652

)

Research and development

(11,442

)

(6,386

)

Total current tax

171,524

(70,038

)

Deferred tax

(20,714

)

87,476

Tax on profit

150,810

17,438

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period

20.10.23

Year Ended

to

30.4.25

30.4.24

£

Profit before tax

483,579

265,865

Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2024 - 25 %)

120,895

66,466

Effects of:

Expenses not deductible for tax purposes

27,532

(8,736

)

Depreciation in excess of capital allowances

34,539

18,778

Movement on deferred tax

(20,714

)

87,476

Losses

-

4,879

Gain on actuarial settlements

-

(60,250

)

Group relief

-

(84,789

)

Research and Development

(11,442

)

(6,386

)

Total tax charge

150,810

17,438

Tax effects relating to effects of other comprehensive income

2025

Gross

Tax

Net

£

Actuarial gains on defined benefit plans

16,000

2,500

18,500

20.10.23 to 30.4.24

Gross

Tax

Net

£

Actuarial gains on defined benefit plans

26,000

(6,500

)

19,500

9.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

10.	INTANGIBLE FIXED ASSETS

Group

Goodwill

£

COST

At 1st May 2024

and 30th April 2025

2,906,912

AMORTISATION

At 1st May 2024

96,897

Amortisation for year

96,897

At 30th April 2025

193,794

NET BOOK VALUE

At 30th April 2025

2,713,118

At 30th April 2024

2,810,015

11.	TANGIBLE FIXED ASSETS

Group

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

£

COST

At 1st May 2024

336,002

19,996

63,709

Additions

-

653

-

Disposals

-

At 30th April 2025

336,002

20,649

63,709

DEPRECIATION

At 1st May 2024

255,779

14,864

56,461

Charge for year

8,914

2,292

3,782

Eliminated on disposal

-

At 30th April 2025

264,693

17,156

60,243

NET BOOK VALUE

At 30th April 2025

71,309

3,493

3,466

At 30th April 2024

80,223

5,132

7,248

Motor

Computer

vehicles

equipment

Totals

£

COST

At 1st May 2024

438,663

1,711,802

2,570,172

Additions

-

104,759

105,412

Disposals

-

(950

)

(950

)

At 30th April 2025

438,663

1,815,611

2,674,634

DEPRECIATION

At 1st May 2024

385,506

1,428,774

2,141,384

Charge for year

18,197

139,022

172,207

Eliminated on disposal

-

(630

)

(630

)

At 30th April 2025

403,703

1,567,166

2,312,961

NET BOOK VALUE

At 30th April 2025

34,960

248,445

361,673

At 30th April 2024

53,157

283,028

428,788

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1st May 2024

and 30th April 2025

27,260

DEPRECIATION

At 1st May 2024

2,272

Charge for year

5,452

At 30th April 2025

7,724

NET BOOK VALUE

At 30th April 2025

19,536

At 30th April 2024

24,988

12.	FIXED ASSET INVESTMENTS

Company

Shares in

group

undertakings

£

COST

At 1st May 2024

and 30th April 2025

5,160,576

NET BOOK VALUE

At 30th April 2025

5,160,576

At 30th April 2024

5,160,576

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Mountjoy Limited

Registered office: Fairfield House, 47-51 Kingston Crescent, Portsmouth, Hampshire, PO2 8AA

Nature of business: facilities maintenance and building services

%

Class of shares:

holding

Ordinary

100.00

2025

2024

£

Aggregate capital and reserves

3,286,442

2,686,967

Profit for the year/period

580,975

780,546

On the 14th December 2023, Mountjoy Holdings Limited acquired 100% of the share capital of Mountjoy Limited for a total cash consideration of £5,134,900.

£3,145,000 of the cash consideration is deferred and repayable in installments with the final amount due to be paid by 31st October 2028, this balance is subject to interest.

13.

STOCKS

Group

2025

2024

£

Valuation

32,494

31,620

14.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2025

2024

2025

2024

£

Trade debtors

1,620,428

1,827,422

-

Amounts recoverable on contract

1,797,930

2,189,487

-

Other debtors

2,573

1,167

-

10

Prepayments and accrued income

17,757

28,382

-

3,438,688

4,046,458

-

10

15.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2025

2024

2025

2024

£

Hire purchase contracts (see note 17)

4,209

3,822

-

Trade creditors

2,106,093

2,082,346

-

Tax

171,523

16,624

-

Social security and other taxes

671,165

582,216

-

VAT

1,195,309

1,330,547

-

Other creditors

576,347

503,384

572,955

503,384

Directors' loan accounts

18,401

8,507

18,401

8,507

Accruals and deferred income

3,122,062

2,679,953

6,360

4,920

7,865,109

7,207,399

597,716

516,811

Included within accruals is £72,855 (2024: £2,894) in relation to unpaid pensions.

16.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group

Company

2025

2024

2025

2024

£

Hire purchase contracts (see note 17)

11,095

15,304

-

Amounts owed to group undertakings

-

3,545,165

2,106,076

Other creditors

1,012,558

2,381,420

1,012,558

2,381,420

Directors' loan accounts

225,000

1,248,653

2,621,724

4,782,723

4,712,496

17.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group

Hire purchase

contracts

2025

2024

£

Net obligations repayable:

Within one year

4,209

3,822

Between one and five years

11,095

15,304

19,126

Group

Non-cancellable

operating leases

2025

2024

£

Within one year

897,056

876,955

Between one and five years

784,538

1,372,341

In more than five years

303,483

394,720

1,985,077

2,644,016

18.	SECURED DEBTS

The following secured debts are included within creditors:

Group

Company

2025

2024

2025

2024

£

Hire purchase contracts

15,304

19,126

-

Other Creditors

1,585,514

2,884,805

-

2,884,805

1,600,818

2,903,931

-

2,884,805

The hire purchase liability is secured against the assets these relate to.

The other creditor balance has a fixed and floating charge over the groups assets.

HSBC UK holds a fixed and floating charge over all assets of the group.

19.	PROVISIONS FOR LIABILITIES

Group

2025

2024

£

Deferred tax

27,212

57,926

Group

Deferred

tax

£

Balance at 1st May 2024

57,926

Provided during year

(30,714

)

Balance at 30th April 2025

27,212

20.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

927

A Ordinary Shares

0.01

9

Allotted and issued:

Number:

Class:

Nominal

2025

2024

value:

£

74

Z Ordinary shares

0.01

1

A Ordinary shares have one vote per share, full dividend and rights on winding up.

Z Ordinary shares have no voting rights, full dividend and rights on winding up.

21.

RESERVES

Group

Retained

earnings

£

At 1st May 2024

267,927

Profit for the year

332,769

Actuarial gains on defined

benefit asset

16,000

OCI deferred tax

2,500

At 30th April 2025

619,196

Company

Retained

earnings

£

At 1st May 2024

(68,479

)

Deficit for the year

(151,309

)

At 30th April 2025

(219,788

)

22.	EMPLOYEE BENEFIT OBLIGATIONS

The group operates one defined benefit scheme during the year, the Quarr Group Limited Life Assurance Plan. The employer began participating in the Plan on 25th July 2023 and on 1st August 2023 the assets and defined benefit obligations of the Plan were shared between MountJoy and N-Viro Limited.

The Quarr Group Limited Life Assurance Plan ("the Scheme") is an independently administered final salary scheme, where members receive benefits based on their final salary. The Scheme also provides benefits to spouses and dependants in the event of a member's death after retirement. Following consultation with the trustees of the Scheme and the Scheme members, the Scheme was closed to further service accrual with effect from 31st July 2005.

The most recent actuarial valuation is 6th April 2025, the actuarial method used in the calculation of the Technical Provisions is the Defined Accrued Benefits Method and the significant assumptions that have been used are set out below.

The amounts recognised in the balance sheet are as follows:

Defined benefit

pension plans

2025

2024

£

Present value of funded obligations

(1,534,000

)

(1,638,000

)

Fair value of plan assets

1,837,000

1,911,000

303,000

273,000

Present value of unfunded obligations

-

Surplus

303,000

273,000

Deferred tax liability

(75,750

)

(68,250

)

Net asset

227,250

204,750

The amounts recognised in profit or loss are as follows:

Defined benefit

pension plans

2025

2024

£

Current service cost

-

Net interest from net defined benefit
asset/liability

81,000

(6,000

)

Past service cost

-

Gains/losses on settlements and curtailments

-

(241,000

)

81,000

(247,000

)

Actual return on plan assets

30,000

89,000

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit

pension plans

2025

2024

£

Opening defined benefit obligation

1,638,000

-

Interest cost

81,000

58,000

Benefits paid

(104,000

)

(63,000

)

Business combinations

-

1,644,000

Other remeasurement

(81,000

)

(1,000

)

1,534,000

1,638,000

Changes in the fair value of scheme assets are as follows:

Defined benefit

pension plans

2025

2024

£

Opening fair value of scheme assets

1,911,000

-

Asset interest income

95,000

64,000

Benefits paid

(104,000

)

(63,000

)

Business combinations

-

1,885,000

Return on plan assets (excluding interest
income)

(65,000

)

25,000

1,837,000

1,911,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit

pension plans

2025

2024

£

Other remeasurement

81,000

1,000

Return on plan assets (excluding interest
income)

(65,000

)

25,000

16,000

26,000

The major categories of scheme assets as amounts of total scheme assets are as follows:

Defined benefit

pension plans

2025

2024

£

Equities

632,000

1,380,000

Bonds

98,000

92,000

Cash

591,000

118,000

Liability Driven Investments

493,000

294,000

Annuity policy

23,000

27,000

1,837,000

1,911,000

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2025

2024

Discount rate

5.47%

5.11%

Rate of future inflation - RPI

3.32%

3.66%

Rate of future inflation - CPI

2.87%

3.15%

Expected rate of increase pensions in payment

3.11%

3.36%

Mortality assumptions

2025

2024

Assumed life expectations on retirement at age 65:

Years

Retiring today

-Males

21

- Females

24

Retiring in 20 years

- Males

23

- Females

25

23.	RELATED PARTY DISCLOSURES

Directors of the group are owed £243,400 (2024:£233,507) as at 30th April 2025 and interest is paid on these balances at a rate of 10%.

During the year, a total of key management personnel compensation of £ 307,142 (2024 - £ 153,122 ) was paid.