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COMPANY REGISTRATION NUMBER: 00799600

H.Malone and Sons Ltd

Financial Statements

30 April 2025

H.Malone and Sons Ltd

Financial Statements

Year ended 30 April 2025

Contents | Page

Strategic report | 1

Directors' report | 6

Independent auditor's report to the members | 9

Consolidated statement of comprehensive income | 13

Consolidated statement of financial position | 14

Company statement of financial position | 15

Consolidated statement of changes in equity | 16

Company statement of changes in equity | 17

Consolidated statement of cash flows | 18

Notes to the financial statements | 19

H.Malone and Sons Ltd

Strategic Report

Year ended 30 April 2025
Principal activity
The principal activity is that of mechanical and electrical engineering services.
Business review and future developments
The year in review represents the financial year before the company’s 100th anniversary which will be marked throughout 2026. Approaching this milestone highlights the business’s long-standing reputation for quality, reliability and service across the mechanical and electrical engineering sector. The financial year to 30th April 2025 represents a period of solid financial performance for the company, against a backdrop of ongoing economic pressures across the construction and engineering sectors. Revenue has increased by 11.2% reflecting continued progress in positioning the company as a fully integrated mechanical and electrical contractor following the successful acquisition of McNally and Thompson (UK Contracts) Ltd in June 2022. Operating profit margin improved, driven by the disciplined project delivery, strengthened commercial management and improved operating efficiencies. The company’s financial position remains robust with strong cash generation, increased net assets and net current assets, providing a stable platform for future investment and growth. The company maintains a resilient forward order book and has a healthy pipeline across education, healthcare, commercial and education sectors. Maintaining a balanced and diverse portfolio of clients in both public and private sector work reduces exposure to fluctuations in any single market and supports long term revenue stability.
Key performance indicators
The key financial and other performance indicators used to measure the company's progress and performance are: Revenue £41,868,190 (2024 : £37,544,400) Operating profit margin 1.3% (2024 : 2.9%) Net assets £3,544,232 (2024 : £3,353,5097) Net current assets £3,217,705 (2024 : £3,3600,879) Non financial KPIs Apprentice recruitment 9 (2024 : 6) Apprentice retention 9 (2024 : 6) We are a proud employer of 184 directly employed staff and operatives and firmly believe our people are our strength. We are committed to employee engagement, career progression, investment in workforce training and the development of a supportive working environment where talent is recognised, developed and rewarded. The company continues to increase its intake of apprentices to ensure the company has the capability for now and the future. A further 9 apprentices were recruited during the year (2024:6; 2023:12) contributing to the company’s growth and success, bringing the total number of apprentices to 30 across trade roles, project management and finance.
Future development and strategic priorities
The company’s strategic priorities for the year ahead include: Sustainable growth across both public and private sector markets whilst exploring new sectors and markets not only in the North East but beyond. Investment in people and skills – continuing a focus on training, apprenticeship development and career progression to ensure capability and leadership succession across the organisation. Enhancing operation efficiency – through improved project management processes and system integration. Maintaining financial discipline – close monitoring of costs and cashflow to preserve the company’s strong balance sheet and enable future investment. Reinforcing quality and safety standards – building on the company’s established reputation for delivering high quality workmanship and safe, reliable solutions. Celebrating the company’s forthcoming century in 2026 – with initiatives planned to recognise employees, clients, suppliers and the local community. The centenary will also serve as a platform to reflect on the company’s achievements and reaffirm its commitment to innovation, sustainability and investment for the next generation.
Principal risks and uncertainties
Trading performance and cashflows are closely monitored and reviewed monthly. Any significant variances are investigated promptly to forecast and mitigate any potential pressures. Project performance is monitored at senior management and board level to ensure specific targets are met. The principal risks and uncertainties faced by the business and the mitigating controls in place are summarised below: Market conditions The construction industry continues to face challenging conditions, with reduced levels of confidence in the UK economy and pressure on public-sector budgets affecting demand for new build projects. The company mitigates these risks by maintaining a diverse portfolio across multiple sectors and nurturing long-standing relationships with key contractors and clients. Our combined mechanical and electrical offering strengthens our market position. Notably, 98.4% of our turnover is from existing longstanding contractors. Contractual and operational risk Failure to deliver projects on time or within budget, and contractual disputes may affect project outcomes. The company manages these risks through continual assessment and management processes at tender stage and during delivery, supported by experienced team of estimators, design engineers, project engineers and supervisors. Performance is monitored through business information systems and regular review meetings. Cost inflation Most contracts do not provide for the recovery of increases in labour or material costs. Labour costs for heating engineers and plumbers are governed by national agreements outside of the company’s control. The company manages and, where possible, mitigates this risk, by allowing for any potential labour cost increases within the contract costings at the beginning of a contract, wherever possible. The same principle has been applied to increases imposed by the government in the Autumn Budget 2024 which has impacted the business from April 2025. Credit and counterparty risk The company's main financial assets are contract and other trade receivables and bank balances, which represent the company's main exposure to credit risk. Creditworthiness of clients, subcontractors and suppliers is assessed prior to engagement and monitored throughout the life of contracts, supported by credit agency checks, approved supplier lists and framework agreements. Liquidity risk The company manages liquidity risk by maintaining adequate cash reserves and banking facilities, monitoring cash flows and matching asset and liability maturities within the company’s contractual obligations. Management systems and risk mitigation The company’s principal operational, environmental and health and safety risks are mitigated through the operation of its integrated management system, which is certified to ISO 9001:2015 (Quality Management), ISO 14001:2015 (Environmental Management) and ISO 45001:2018 (Occupational Health and Safety). These systems provide structured processes for identifying, assessing and controlling risks, ensuring compliance with legal and regulatory requirements and driving continuous improvement. Their effectiveness is independently verified through regular external audits, with the most recent assessment confirming continued certification.
Sustainability
The company continues to integrate sustainable practices across its operations, focusing on energy efficient design, waste reduction and responsible resource use. These efforts support both client objectives and the company’s commitment to environmental stewardship.
Corporate social responsibility
Community As the company approaches its centenary year it remains committed to supporting its people and wider community. To mark our 100th year we are excited to announce the launch of our charitable initiative for 2026: Challenge100 – 100 Challenges for 100 years in support of our charity partner, Smile for Life Children’s Charity. This campaign will run throughout 2026 and will bring together our staff, clients and supply chain partners and local community to complete 100 unique challenges. The challenges and events range from light-hearted team events to tough personal feats, with the aim to raise funds for the local charity who support young people across the North East with disabilities, to live easier, happier lives and to reach their full potential and achieve their aspirations. Environmental Responsibility We continue to explore innovative technologies and long-term approaches to our services that provide real value to clients and support positive environmental outcomes. Our ISO 14001: certified Environmental Management System, underpins our commitment to environmental responsibility. Health and Safety We operate an ISO 45001:2018 certified Health and Safety Management System, supporting our commitment to providing a safe working environment. The system ensures robust risk assessments, incident reporting and continual improvement in workplace safety performance through regular audits, training and performance monitoring.
This report was approved by the board of directors on 8 January 2026 and signed on behalf of the board by:

W Malone
Director

Registered office:
Gosforth Industrial Estate
Newcastle upon Tyne
NE3 1XL

H.Malone and Sons Ltd

Directors' Report

Year ended 30 April 2025
The directors present their report and the financial statements of the group for the year ended 30 April 2025 .
Directors
The directors who served the company during the year were as follows:

D Errington |
D Gourley |
G Reid |
W Malone |
PS Malone |
G Redford |
S Flint | (Appointed 1 January 2025)

A dividend is recommended for payment.
Future developments
The company’s strategic priorities for the year ahead include:
Sustainable growth across both public and private sector markets whilst exploring new sectors and markets not only in the North East but beyond.
Investment in people and skills – continuing a focus on training, apprenticeship development and career progression to ensure capability and leadership succession across the organisation.
Enhancing operation efficiency – through improved project management processes and system integration.
Maintaining financial discipline – close monitoring of costs and cashflow to preserve the company’s strong balance sheet and enable future investment.
Reinforcing quality and safety standards – building on the company’s established reputation for delivering high quality workmanship and safe, reliable solutions.
Celebrating the company’s forthcoming century in 2026 – with initiatives planned to recognise employees, clients, suppliers and the local community. The centenary will also serve as a platform to reflect on the company’s achievements and reaffirm its commitment to innovation, sustainability and investment for the next generation.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' 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 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 then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 8 January 2026 and signed on behalf of the board by:

W Malone
Director

Registered office:
Gosforth Industrial Estate
Newcastle upon Tyne
NE3 1XL

H.Malone and Sons Ltd

Independent Auditor's Report to the Members of H.Malone and Sons Ltd

Year ended 30 April 2025
Opinion
We have audited the financial statements of H.Malone and Sons Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 30 April 2025 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 1. We identified the laws and regulations which apply to the Company and assessed the areas which could have a material effect on the financial statements 2. We analysed the financial statements to assess their susceptibility to material misstatement by obtainingan understanding of the entity's operations and control environment 3. We ensured the engagement team were familiar with the entity and the sector in which it operates, including the laws and regulations applicable to it. The engagement team remained alert to any indications of non compliance throughout the audit 4. By testing manual journal entries, particularly those relating to management estimates or those that were large or unusual, were able to address the risk of management override of controls 5. We reviewed the assumptions and judgements of management in accounting estimates to assess any bias resulting in the risk of material misstatement, indicative of fraud 6. Board meeting minutes are reviewed. Our audit procedures are designed to make us aware of instances of non-compliance with laws and regulations leading to the risk of material misstatement. There are inherent limitations with the audit procedures as detecting a material misstatement due to fraud is more difficult than error, due to deliberate concealment or collusion. As part of an audit in accordance with ISAs (UK), we exercise professional judgment 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. 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.

Paul Hutchinson
(Senior Statutory Auditor)

For and on behalf of
Harrison Hutchinson Ltd
Chartered accountants & statutory auditor
246 Park View
Whitley Bay
Tyne and Wear
NE26 3QX

8 January 2026

H.Malone and Sons Ltd

Consolidated Statement of Comprehensive Income

Year ended 30 April 2025

| 2025 | 2024
Note | £ | £
Turnover | 4 | 41,868,190 | 37,544,400

Cost of sales | 36,330,624 | 32,196,742
| ------------- | -------------
Gross profit | 5,537,566 | 5,347,658

Administrative expenses | 5,016,669 | 4,318,111
Other operating income | 5 | 27,866 | 58,019
|  | ------------ | ------------
Operating profit | 6 | 548,763 | 1,087,566

Other interest receivable and similar income | 10 | 69,994 | 57,019
Interest payable and similar expenses | 11 | 73,686 | 108,757
| ------------ | ------------
Profit before taxation | 545,071 | 1,035,828

Tax on profit | 12 | 170,436 | 230,344
| --------- | ------------
Profit for the financial year and total comprehensive income | 374,635 | 805,484
| --------- | ------------

All the activities of the group are from continuing operations.

H.Malone and Sons Ltd

Consolidated Statement of Financial Position

30 April 2025

| 2025 | 2024
Note | £ | £

Fixed assets

Intangible assets | 14 | 183,062 | 208,906
Tangible assets | 15 | 476,215 | 596,786
| --------- | ---------
| 659,277 | 805,692

Current assets

Stocks | 17 | 601,813 | 896,787
Debtors | 18 | 5,999,207 | 9,314,390
Investments | 19 | 1,750,000 | –
Cash at bank and in hand | 3,562,751 | 1,797,169
| ------------- | -------------
| 11,913,771 | 12,008,346

Creditors: amounts falling due within one year | 21 | 8,696,066 | 8,407,467
| ------------- | -------------
Net current assets | 3,217,705 | 3,600,879
| ------------ | ------------
Total assets less current liabilities | 3,876,982 | 4,406,571

Creditors: amounts falling due after more than one year | 22 | 267,235 | 780,619

Provisions | 24 | 65,515 | 90,855
| ------------ | ------------
Net assets | 3,544,232 | 3,535,097
| ------------ | ------------

Capital and reserves

Called up share capital | 28 | 4,800 | 4,800
Capital redemption reserve | 29 | 200 | 200
Profit and loss account | 29 | 3,539,232 | 3,530,097
| ------------ | ------------
Shareholders funds | 3,544,232 | 3,535,097
| ------------ | ------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 8 January 2026 , and are signed on behalf of the board by:

W Malone | PS Malone
Director | Director

Company registration number: 00799600

H.Malone and Sons Ltd

Company Statement of Financial Position

30 April 2025

| 2025 | 2024
Note | £ | £

Fixed assets

Tangible assets | 15 | 418,037 | 421,352
Investments | 16 | 1,553,250 | 1,553,250
| ------------ | ------------
| 1,971,287 | 1,974,602

Current assets

Stocks | 17 | 562,051 | 875,614
Debtors | 18 | 5,374,003 | 5,872,275
Investments | 19 | 1,000,000 | –
Cash at bank and in hand | 2,875,638 | 1,431,720
| ------------ | ------------
| 9,811,692 | 8,179,609

Creditors: amounts falling due within one year | 21 | 8,691,080 | 6,704,399
| ------------ | ------------
Net current assets | 1,120,612 | 1,475,210
| ------------ | ------------
Total assets less current liabilities | 3,091,899 | 3,449,812

Creditors: amounts falling due after more than one year | 22 | 246,772 | 663,771

Provisions | 24 | 50,184 | 59,196
| ------------ | ------------
Net assets | 2,794,943 | 2,726,845
| ------------ | ------------

Capital and reserves

Called up share capital | 28 | 4,800 | 4,800
Capital redemption reserve | 29 | 200 | 200
Profit and loss account | 29 | 2,789,943 | 2,721,845
| ------------ | ------------
Shareholders funds | 2,794,943 | 2,726,845
| ------------ | ------------

The profit for the financial year of the parent company was £ 433,601 (2024: £ 382,542 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 8 January 2026 , and are signed on behalf of the board by:

W Malone | PS Malone
Director | Director

Company registration number: 00799600

H.Malone and Sons Ltd

Consolidated Statement of Changes in Equity

Year ended 30 April 2025

| Called up share capital | Capital redemption reserve | Profit and loss account | Total
| £ | £ | £ | £
At 1 May 2023 | 4,800 | 200 | 3,082,613 | 3,087,613
Profit for the year |  |  | 805,484 | 805,484
| ------- | ---- | ------------ | ------------
Total comprehensive income for the year | – | – | 805,484 | 805,484
Dividends paid and payable | 13 | – | – | ( 358,000) | ( 358,000)
| ------- | ---- | ------------ | ------------
Total investments by and distributions to owners | – | – | ( 358,000) | ( 358,000)
At 30 April 2024 | 4,800 | 200 | 3,530,097 | 3,535,097
Profit for the year |  |  | 374,635 | 374,635
| ------- | ---- | ------------ | ------------
Total comprehensive income for the year | – | – | 374,635 | 374,635
Dividends paid and payable | 13 | – | – | ( 365,500) | ( 365,500)
| ---- | ---- | --------- | ---------
Total investments by and distributions to owners | – | – | ( 365,500) | ( 365,500)
| ------- | ---- | ------------ | ------------
At 30 April 2025 | 4,800 | 200 | 3,539,232 | 3,544,232
| ------- | ---- | ------------ | ------------

H.Malone and Sons Ltd

Company Statement of Changes in Equity

Year ended 30 April 2025

| Called up share capital | Capital redemption reserve | Profit and loss account | Total
| £ | £ | £ | £
At 1 May 2023 | 4,800 | 200 | 2,697,303 | 2,702,303
Profit for the year |  |  | 382,542 | 382,542
| ------- | ---- | ------------ | ------------
Total comprehensive income for the year | – | – | 382,542 | 382,542
Dividends paid and payable | 13 | – | – | ( 358,000) | ( 358,000)
| ------- | ---- | ------------ | ------------
Total investments by and distributions to owners | – | – | ( 358,000) | ( 358,000)
At 30 April 2024 | 4,800 | 200 | 2,721,842 | 2,726,842
Profit for the year |  |  | 433,601 | 433,601
| ------- | ---- | ------------ | ------------
Total comprehensive income for the year | – | – | 433,601 | 433,601
Dividends paid and payable | 13 | – | – | ( 365,500) | ( 365,500)
| ---- | ---- | --------- | ---------
Total investments by and distributions to owners | – | – | ( 365,500) | ( 365,500)
| ------- | ---- | ------------ | ------------
At 30 April 2025 | 4,800 | 200 | 2,789,943 | 2,794,943
| ------- | ---- | ------------ | ------------

H.Malone and Sons Ltd

Consolidated Statement of Cash Flows

Year ended 30 April 2025

| 2025 | 2024
Note | £ | £
Cash generated from operations | 30 | 4,419,551 | ( 823,156)

Interest paid | ( 73,686) | ( 108,757)
Interest received | 69,994 | 57,019
Tax paid | ( 149,762) | ( 249,938)
| ------------ | ------------
Net cash from/(used in) operating activities | 4,266,097 | ( 1,124,832)
| ------------ | ------------

Cash flows from investing activities

Purchase of tangible assets | ( 120,366) | ( 477,000)
Proceeds from sale of tangible assets | 90,329 | 26,256
Purchases of other investments | ( 1,750,000) | –
| ------------ | ------------
Net cash used in investing activities | ( 1,780,037) | ( 450,744)
| ------------ | ------------

Cash flows from financing activities

Proceeds from borrowings | ( 282,500) | ( 282,500)
Payments of finance lease liabilities | ( 72,478) | 228,860
Equity payments | ( 365,500) | ( 358,000)
| ------------ | ------------
Net cash used in financing activities | ( 720,478) | ( 411,640)
| ------------ | ------------

Net increase/(decrease) in cash and cash equivalents | 1,765,582 | ( 1,987,216)
Cash and cash equivalents at beginning of year | 1,797,169 | 3,784,385
|  | ------------ | ------------
Cash and cash equivalents at end of year | 20 | 3,562,751 | 1,797,169
|  | ------------ | ------------

H.Malone and Sons Ltd

Notes to the Financial Statements

Year ended 30 April 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Gosforth Industrial Estate, Newcastle upon Tyne, NE3 1XL.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of H.Malone and Sons Ltd and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: - Bad debts Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: - Amounts recoverable on contracts - Work in progress - Cost provision
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods and services rendered, net of discounts and Value Added Tax and excluding retentions. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually upon despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be reliably measured. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is only recognised to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

| Goodwill | - | Amortised over ten years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Short leasehold property | - | Amortised over five years
| Fixtures and fittings | - | 25% straight line
| Motor vehicles | - | 25.00% Straight line

Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:

| 2025 | 2024
| £ | £
Construction contracts | 41,868,190 | 37,544,400
| ------------- | -------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income

| 2025 | 2024
| £ | £
Rental income | 27,866 | 58,019
| -------- | --------

6. Operating profit
Operating profit or loss is stated after charging/crediting:

| 2025 | 2024
| £ | £
Amortisation of intangible assets | 25,844 | 25,844
Depreciation of tangible assets | 164,108 | 126,947
Gains on disposal of tangible assets | ( 13,500) | ( 18,507)
Impairment of trade debtors | (9,796) | (2,162)
Operating lease rentals | 126,495 | 52,286
| --------- | ---------

7. Auditor's remuneration

| 2025 | 2024
| £ | £
Fees payable for the audit of the financial statements | 25,500 | 24,000
| -------- | --------

8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:

| 2025 | 2024
| No. | No.
Production staff | 139 | 139
Administrative staff | 36 | 33
Management staff | 9 | 8
| ---- | ----
| 184 | 180
| ---- | ----

The aggregate payroll costs incurred during the year, relating to the above, were:

| 2025 | 2024
| £ | £
Wages and salaries | 9,088,708 | 7,862,348
Social security costs | 975,844 | 830,002
Other pension costs | 308,439 | 267,452
| ------------- | ------------
| 10,372,991 | 8,959,802
| ------------- | ------------

9.
The directors' aggregate remuneration in respect of qualifying services was:

| 2025 | 2024
| £ | £

10. Other interest receivable and similar income

| 2025 | 2024
| £ | £
Interest on cash and cash equivalents | 69,441 | 53,739
Interest on bank deposits | – | 3,263
Other interest receivable and similar income | 553 | 17
| -------- | --------
| 69,994 | 57,019
| -------- | --------

11. Interest payable and similar expenses

| 2025 | 2024
| £ | £
Interest on banks loans and overdrafts | 49,341 | 78,432
Interest on obligations under finance leases and hire purchase contracts | 24,251 | 29,666
Interest payable on overdue taxation | – | 659
Other interest payable and similar charges | 94 | –
| -------- | ---------
| 73,686 | 108,757
| -------- | ---------

12. Tax on profit
Major components of tax expense

| 2025 | 2024
| £ | £

Current tax:

UK current tax expense | 195,776 | 149,750
Adjustments in respect of prior periods | – | 2,720
| --------- | ---------
Total current tax | 195,776 | 152,470
| --------- | ---------

Deferred tax:

Origination and reversal of timing differences | ( 25,340) | 77,874
| --------- | ---------
Tax on profit | 170,436 | 230,344
| --------- | ---------

Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

| 2025 | 2024
| £ | £
Profit on ordinary activities before taxation | 545,071 | 1,035,828
| --------- | ------------
Profit on ordinary activities by rate of tax | 175,299 | 206,225
Adjustment to tax charge in respect of prior periods | – | 2,720
Effect of expenses not deductible for tax purposes | 35,283 | 20,954
Effect of capital allowances and depreciation | ( 14,806) | ( 77,429)
Deferred tax movement | ( 25,340) | 77,874
| --------- | ------------
Tax on profit | 170,436 | 230,344
| --------- | ------------

13.

| 2025 | 2024
| £ | £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) | 365,500 | 358,000
| --------- | ---------

14. Intangible assets

Group | Goodwill
| £
Cost |
At 1 May 2024 and 30 April 2025 | 258,440
| ---------
Amortisation |
At 1 May 2024 | 49,534
Charge for the year | 25,844
| ---------
At 30 April 2025 | 75,378
| ---------
Carrying amount |
At 30 April 2025 | 183,062
| ---------
At 30 April 2024 | 208,906
| ---------

The company has no intangible assets.
15. Tangible assets

Group | Freehold property | Short leasehold property | Plant and machinery | Fixtures and fittings | Motor vehicles | Total
| £ | £ | £ | £ | £ | £
Cost |  |  |  |  |  |
At 1 May 2024 | 63,350 | 116,715 | 141,430 | 202,066 | 883,494 | 1,407,055
Additions | – | – | – | 17,537 | 102,829 | 120,366
Disposals | – | – | – | – | ( 241,849) | ( 241,849)
| -------- | --------- | --------- | --------- | --------- | ------------
At 30 Apr 2025 | 63,350 | 116,715 | 141,430 | 219,603 | 744,474 | 1,285,572
| -------- | --------- | --------- | --------- | --------- | ------------
Depreciation |  |  |  |  |  |
At 1 May 2024 | – | 26,254 | 141,430 | 99,387 | 543,197 | 810,268
Charge for the year | – | 23,352 | – | 37,041 | 103,716 | 164,109
Disposals | – | – | – | – | ( 165,020) | ( 165,020)
| -------- | --------- | --------- | --------- | --------- | ------------
At 30 Apr 2025 | – | 49,606 | 141,430 | 136,428 | 481,893 | 809,357
| -------- | --------- | --------- | --------- | --------- | ------------
Carrying amount |  |  |  |  |  |
At 30 Apr 2025 | 63,350 | 67,109 | – | 83,175 | 262,581 | 476,215
| -------- | --------- | --------- | --------- | --------- | ------------
At 30 Apr 2024 | 63,350 | 90,461 | – | 102,679 | 340,297 | 596,787
| -------- | --------- | --------- | --------- | --------- | ------------

Company | Freehold property | Short leasehold property | Plant and machinery | Fixtures and fittings | Motor vehicles | Total
| £ | £ | £ | £ | £ | £
Cost |  |  |  |  |  |
At 1 May 2024 | 63,350 | 113,232 | 141,430 | 117,788 | 595,570 | 1,031,370
Additions | – | – | – | 17,537 | 102,829 | 120,366
| -------- | --------- | --------- | --------- | --------- | ------------
At 30 Apr 2025 | 63,350 | 113,232 | 141,430 | 135,325 | 698,399 | 1,151,736
| -------- | --------- | --------- | --------- | --------- | ------------
Depreciation |  |  |  |  |  |
At 1 May 2024 | – | 22,771 | 141,430 | 55,629 | 390,187 | 610,017
Charge for the year | – | 23,352 | – | 22,063 | 78,267 | 123,682
| -------- | --------- | --------- | --------- | --------- | ------------
At 30 Apr 2025 | – | 46,123 | 141,430 | 77,692 | 468,454 | 733,699
| -------- | --------- | --------- | --------- | --------- | ------------
Carrying amount |  |  |  |  |  |
At 30 Apr 2025 | 63,350 | 67,109 | – | 57,633 | 229,945 | 418,037
| -------- | --------- | --------- | --------- | --------- | ------------
At 30 Apr 2024 | 63,350 | 90,461 | – | 62,159 | 205,383 | 421,353
| -------- | --------- | --------- | --------- | --------- | ------------

16. Investments
The group has no investments.

Company | Shares in group undertakings
| £
Cost |
At 1 May 2024 and 30 April 2025 | 1,553,250
| ------------
Impairment |
At 1 May 2024 and 30 April 2025 | –
| ------------

Carrying amount |
At 1 May 2024 and 30 April 2025 | 1,553,250
| ------------
At 30 April 2024 | 1,553,250
| ------------

Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:

| Registered office | Class of share | Percentage of shares held
Subsidiary undertakings |  |  |
McNally and Thompson (UK Contracts) Ltd | Gosforth Industrial Estate | Ordinary | 100
| Newcastle upon Tyne |  |
| Tyne and Wear |  |
| NE3 1XL |  |

17. Stocks

| Group | Company
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Raw materials and consumables | – | 5,500 | – | –
Work in progress | 601,813 | 891,287 | 562,051 | 875,614
| --------- | --------- | --------- | ---------
| 601,813 | 896,787 | 562,051 | 875,614
| --------- | --------- | --------- | ---------

18. Debtors

| Group | Company
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Trade debtors | 4,954,994 | 8,246,334 | 4,407,868 | 5,151,095
Prepayments and accrued income | 315,815 | 350,921 | 292,138 | 266,249
Directors loan account | 2,004 | 1,306 | 2,004 | 1,306
Other debtors | 726,394 | 715,829 | 671,993 | 453,625
| ------------ | ------------ | ------------ | ------------
| 5,999,207 | 9,314,390 | 5,374,003 | 5,872,275
| ------------ | ------------ | ------------ | ------------

19. Investments

| Group | Company
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Short-term deposits | 1,750,000 | – | 1,000,000 | –
| ------------ | ---- | ------------ | ----

20. Cash and cash equivalents
Cash and cash equivalents comprise the following:

| 2025 | 2024
| £ | £
Cash at bank and in hand | 3,562,751 | 1,797,169
Short-term deposits | 1,750,000 | –
| ------------ | ------------
| 5,312,751 | 1,797,169
| ------------ | ------------

21. Creditors: amounts falling due within one year

| Group | Company
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Bank loans and overdrafts | 282,500 | 282,500 | 282,500 | 282,500
Trade creditors | 4,403,104 | 4,248,858 | 4,550,445 | 2,959,001
Amounts owed to group undertakings | – | – | 495,931 | 520,169
Accruals and deferred income | 3,358,269 | 3,200,828 | 2,726,782 | 2,514,842
Corporation tax | 195,745 | 149,731 | 191,593 | 80,038
Social security and other taxes | 193,078 | 265,991 | 192,530 | 117,395
Obligations under finance leases and hire purchase contracts | 57,616 | 74,416 | 45,311 | 45,311
Other creditors | 40,754 | 30,143 | 40,988 | 30,143
Other short term creditors | 165,000 | 155,000 | 165,000 | 155,000
| ------------ | ------------ | ------------ | ------------
| 8,696,066 | 8,407,467 | 8,691,080 | 6,704,399
| ------------ | ------------ | ------------ | ------------

22. Creditors: amounts falling due after more than one year

| Group | Company
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Bank loans and overdrafts | 47,083 | 329,583 | 47,083 | 329,583
Obligations under finance leases and hire purchase contracts | 220,152 | 275,830 | 199,689 | 168,715
Other creditors | – | 175,206 | – | 165,473
| --------- | --------- | --------- | ---------
| 267,235 | 780,619 | 246,772 | 663,771
| --------- | --------- | --------- | ---------

23. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

| Group | Company
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Not later than 1 year | 57,616 | 74,416 | 57,616 | 74,416
Later than 1 year and not later than 5 years | 220,152 | 275,830 | 220,152 | 275,830
| --------- | --------- | --------- | ---------
| 277,768 | 350,246 | 277,768 | 350,246
| --------- | --------- | --------- | ---------

24. Provisions

Group | Deferred tax (note 25)
| £
At 1 May 2024 | 90,855
Other movements 1 | ( 25,340)
| --------
At 30 April 2025 | 65,515
| --------

Company | Deferred tax (note 25)
| £
At 1 May 2024 | 59,196
Other movements 1 | ( 9,012)
| --------
At 30 April 2025 | 50,184
| --------

25. Deferred tax
The deferred tax included in the statement of financial position is as follows:

| Group | Company
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Included in provisions (note 24) | 65,515 | 90,855 | 50,184 | 59,196
| -------- | -------- | -------- | --------

The deferred tax account consists of the tax effect of timing differences in respect of:

| Group | Company
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Accelerated capital allowances | 65,515 | 90,855 | 65,515 | 59,196
| -------- | -------- | -------- | --------

26. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 308,439 (2024: £ 267,452 ).
27. Financial instruments
The carrying amount for each category of financial instrument is as follows:
Financial liabilities measured at fair value through profit or loss

| Group | Company
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Financial liabilities measured at fair value through profit or loss | 329,583 | 612,083 | 329,583 | 612,083
| --------- | --------- | --------- | ---------

28. Called up share capital
Issued, called up and fully paid

| 2025 | 2024
| No. | £ | No. | £
A Ordinary shares shares of £ 1 each | 2,450 | 2,450 | 2,450 | 2,450
B Ordinary shares shares of £ 1 each | 200 | 200 | 200 | 200
C Ordinary shares shares of £ 1 each | 500 | 500 | 500 | 500
D Ordinary shares shares of £ 1 each | 1,650 | 1,650 | 1,650 | 1,650
| ------- | ------- | ------- | -------
| 4,800 | 4,800 | 4,800 | 4,800
| ------- | ------- | ------- | -------

29. Reserves
Capital redemption reserve: This reserve records the nominal value of shares repurchased by the company. Profit and loss account: This reserve records retained earnings and accumulated losses.
30. Cash generated from operations

| 2025 | 2024
| £ | £
Profit for the financial year | 374,635 | 805,484

Adjustments for: |  |
Depreciation of tangible assets | 164,108 | 126,949
Amortisation of intangible assets | 25,844 | 25,844
Other interest receivable and similar income | ( 69,994) | ( 57,019)
Interest payable and similar expenses | 73,686 | 108,757
Gains on disposal of tangible assets | ( 13,500) | ( 18,507)
Tax on profit | 170,436 | 230,344
Accrued expenses/(income) | 157,441 | ( 187,072)

Changes in: |  |
Stocks | 294,974 | ( 81,801)
Trade and other debtors | 3,315,183 | ( 842,312)
Trade and other creditors | ( 73,262) | ( 933,823)
| ------------ | ---------
| 4,419,551 | ( 823,156)
| ------------ | ---------

31. Analysis of changes in net debt

| At 1 May 2024 | Cash flows | At 30 Apr 2025
| £ | £ | £
Cash at bank and in hand | 1,797,169 | 1,765,582 | 3,562,751
Debt due within one year | (356,916) | 16,800 | (340,116)
Debt due after one year | (605,413) | 338,178 | (267,235)
Current asset investments | – | 1,750,000 | 1,750,000
| ------------ | ------------ | ------------
| 834,840 | 3,870,560 | 4,705,400
| ------------ | ------------ | ------------

32.
During the year the directors entered into the following advances and credits with the company and its subsidiary undertakings:

| 2025
|  | Balance brought forward | Advances/ (credits) to the directors | Amounts repaid | Balance outstanding
|  | £ | £ | £ | £
| W Malone | 1,306 | 2,004 | 1,306 | 4,616
|  | ------- | ------- | ------- | -------

| 2024
|  | Balance brought forward | Advances/ (credits) to the directors | Amounts repaid | Balance outstanding
|  | £ | £ | £ | £
| W Malone | – | 1,306 | – | 1,306
|  | ---- | ------- | ---- | -------

H.Malone and Sons Ltd

Notes to the Financial Statements (continued)

Year ended 30 April 2025
33. Related party transactions
Group
During the year the group entered into the following transactions with related parties:

| Transaction value | Balance owed by/(owed to)
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Premises leased from self-administered pension scheme | 65,000 | 65,000 | – | –
| -------- | -------- | ---- | ----

Company
During the year the company entered into the following transactions with related parties:

| Transaction value | Balance owed by/(owed to)
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Premises leased from self-administered pension scheme | 65,000 | 65,000 | – | –
| -------- | -------- | ---- | ----