John Martin-Hoyes (Holdings) Limited Group accounts (Group and Company)

JOHN MARTIN-HOYES (HOLDINGS) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04590955

John Martin-Hoyes (Holdings) Limited

Financial Statements

For the year ended

30 April 2023

John Martin-Hoyes (Holdings) Limited

Financial Statements

Year ended 30 April 2023

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	3

Independent auditor's report to the member	5

Consolidated statement of income and retained earnings	10

Company statement of income and retained earnings	11

Consolidated statement of financial position	12

Company statement of financial position	13

Consolidated statement of cash flows	14

Notes to the financial statements	15

John Martin-Hoyes (Holdings) Limited

Officers and Professional Advisers

The board of directors	J Martin-Hoyes
	T Bourne

Company secretary	T Bourne

Registered office	Martin House
	Exchange Road
	Doddington Road
	Lincoln
	LN6 3JZ

Auditor	Streets Audit LLP
	Chartered Accountants & statutory auditor
	Tower House
	Lucy Tower Street
	Lincoln
	LN1 1XW

Bankers	Lloyds Bank plc
	70 High Street
	Lincoln
	LN5 8AD

John Martin-Hoyes (Holdings) Limited

Strategic Report

Year ended 30 April 2023

The company is the parent of 3 subsidiary trading companies: John Martin-Hoyes Limited - the principal activity was building and civil engineering Abba Plant Hire Limited - the principal activity was plant, crane and access hire JMH Directional Drilling Limited -the principal activity was directional drilling The directors believe that turnover and gross profit margins are the key performance indicators of the business. Turnover for the group increased to £10,234,641 (2022: £7,871,651) which was growth of 30%. The gross profit for the group was £2,162,908 (2022: £1,194,747) and the gross margin was 21.1% for the year which was a significant increase from 15.1% in the prior year. The group report a better performance again this year with the many challenges facing the construction industry being successfully managed and overcome by the directors and company. There have been a number of significant contracts particularly undertaken by JMH Directional Drilling Limited which have led to higher turnover and better margins in the year. The group had to absorb a significant bad debt when a customer went in to liquidation in the prior year, with a write off amounting to £378,223 in the prior year accounts. The group operates in a highly competitive market with continuing pressure on margins. The directors continue to monitor our costs and seek operating efficiencies in order to mitigate this risk. Credit risk The company seeks to manage its credit risk by dealing with established customers or otherwise checking the credit-worthiness of new customers, establishing clear contractual relationships with those customers and by identifying and addressing any credit issues arising in a timely manner. Liquidity risk The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short-term flexibility is achieved by overdraft facilities.

This report was approved by the board of directors on 18 December 2023 and signed on behalf of the board by:

J Martin-Hoyes

Director

Registered office:

Martin House

Exchange Road

Doddington Road

Lincoln

LN6 3JZ

John Martin-Hoyes (Holdings) Limited

Directors' Report

Year ended 30 April 2023

The directors present their report and the financial statements of the group for the year ended 30 April 2023 .

Directors

The directors who served the company during the year were as follows:

J Martin-Hoyes
T Bourne

Dividends

The directors do not recommend the payment of a dividend.

Employment of disabled persons

(a) for giving full and fair consideration to applications for employment by the company made by disabled persons, having regard to their particular aptitudes and abilities, (b) for continuing the employment of, and for arranging appropriate training for, employees of the company who have become disabled persons during the period when they were employed by the company, and (c) otherwise for the training, career development and promotion of disabled persons employed by the company.

Employee involvement

(a) providing employees systematically with information on matters of concern to them as employees, (b) consulting employees or their representatives on a regular basis so that the views of employees can be taken into account in making decisions which are likely to affect their interests, (c) encouraging the involvement of employees in the company’s performance through an employees’ share scheme or by some other means, (d) achieving a common awareness on the part of all employees of the financial and economic factors affecting the performance of the company.

Disclosure of information in the strategic report

The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

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 18 December 2023 and signed on behalf of the board by:

J Martin-Hoyes

Director

Registered office:

Martin House

Exchange Road

Doddington Road

Lincoln

LN6 3JZ

John Martin-Hoyes (Holdings) Limited

Independent Auditor's Report to the Member of John Martin-Hoyes (Holdings) Limited

Year ended 30 April 2023

Opinion

We have audited the financial statements of John Martin-Hoyes (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2023 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, 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 2023 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and sector in which it operates; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 1 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - obtaining third party confirmation of material creditor balances in the financial statements. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to inquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve 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 member, 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 member 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 member as a body, for our audit work, for this report, or for the opinions we have formed.

LINDA LORD

(Senior Statutory Auditor)

For and on behalf of

Streets Audit LLP

Chartered Accountants & statutory auditor

Tower House

Lucy Tower Street

Lincoln

LN1 1XW

24 January 2024

John Martin-Hoyes (Holdings) Limited

Consolidated Statement of Income and Retained Earnings

Year ended 30 April 2023

		2023	2022
Note		£	£
Turnover	4	10,234,641	7,871,651

Cost of sales	8,071,733	6,676,904
	--------------	-------------
Gross profit	2,162,908	1,194,747

Administrative expenses		728,177	755,927
Other operating income	5	13,225	19,335
Exceptional item- bad debt		–	378,223
		-------------	-------------
Operating profit	6	1,447,956	79,932

Interest payable and similar expenses	10	140,608	131,214
		-------------	-------------
Profit/(loss) before taxation		1,307,348	( 51,282)

Tax on profit/(loss)	11	348,940	72,812
		-------------	----------
Profit/(loss) for the financial year and total comprehensive income		958,408	( 124,094)
		-------------	----------

Retained earnings at the start of the year	8,185,544	8,309,638
	-------------	-------------
Retained earnings at the end of the year	9,143,952	8,185,544
	-------------	-------------

All the activities of the group are from continuing operations.

John Martin-Hoyes (Holdings) Limited

Company Statement of Income and Retained Earnings

Year ended 30 April 2023

	2023	2022
Note	£	£
Profit/(loss) for the financial year and total comprehensive income	( 8,867)	( 8,783)
Retained earnings at the start of the year	167,151	175,934
	----------	----------
Retained earnings at the end of the year	158,284	167,151
	----------	----------

John Martin-Hoyes (Holdings) Limited

Consolidated Statement of Financial Position

30 April 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	13		14,442,460	13,860,954

Current assets

Debtors	15	2,080,619	1,525,863
Cash at bank and in hand		180,428	1,317
		-------------	-------------
		2,261,047	1,527,180

Creditors: amounts falling due within one year	17	3,817,784		3,682,134
		-------------		-------------
Net current liabilities			1,556,737	2,154,954
			--------------	--------------
Total assets less current liabilities			12,885,723	11,706,000

Creditors: amounts falling due after more than one year	18		2,024,751	2,152,376

Provisions

Taxation including deferred tax	20	1,371,917	1,022,977
		--------------	--------------
Net assets		9,489,055	8,530,647
		--------------	--------------

Capital and reserves

Called up share capital	25	178	178
Share premium account	26	344,925	344,925
Profit and loss account	26	9,143,952	8,185,544
		-------------	-------------
Shareholder funds		9,489,055	8,530,647
		-------------	-------------

These financial statements were approved by the board of directors and authorised for issue on 18 December 2023 , and are signed on behalf of the board by:

J Martin-Hoyes

Director

Company registration number: 04590955

John Martin-Hoyes (Holdings) Limited

Company Statement of Financial Position

30 April 2023

	2023	2022
Note	£	£

Fixed assets

Investments	14		460,102	460,102

Current assets

Debtors	15	492,528	492,828
Cash at bank and in hand		208	150
		----------	----------
		492,736	492,978

Creditors: amounts falling due within one year	17	449,451		440,826
		----------		----------
Net current assets			43,285	52,152
			----------	----------
Total assets less current liabilities			503,387	512,254
			----------	----------
Net assets			503,387	512,254
			----------	----------

Capital and reserves

Called up share capital	25	178	178
Share premium account	26	344,925	344,925
Profit and loss account	26	158,284	167,151
		----------	----------
Shareholder funds		503,387	512,254
		----------	----------

The loss for the financial year of the parent company was £ 8,867 (2022: £ 8,783 ).

These financial statements were approved by the board of directors and authorised for issue on 18 December 2023 , and are signed on behalf of the board by:

J Martin-Hoyes

Director

Company registration number: 04590955

John Martin-Hoyes (Holdings) Limited

Consolidated Statement of Cash Flows

Year ended 30 April 2023

	2023	2022
Note	£	£

Cash flows from operating activities

Profit/(loss) for the financial year	958,408	( 124,094)

Adjustments for:
Depreciation of tangible assets	1,096,800	1,193,823
Government grant income	( 876)	( 8,379)
Interest payable and similar expenses	140,608	131,214
Gains on disposal of tangible assets	( 189,717)	( 129,955)
Tax on loss	348,940	72,812
Accrued (income)/expenses	( 75,391)	69,505

Changes in:
Trade and other debtors	( 554,756)	( 200,897)
Trade and other creditors	132,593	198,385
	-------------	-------------
Cash generated from operations	1,856,609	1,202,414

Interest paid	( 140,608)	( 131,214)
	-------------	-------------
Net cash from operating activities	1,716,001	1,071,200
	-------------	-------------

Cash flows from investing activities

Purchase of tangible assets	( 171,516)	( 72,050)
Proceeds from sale of tangible assets	423,159	530,097
	-------------	-------------
Net cash from investing activities	251,643	458,047
	-------------	-------------

Cash flows from financing activities

Proceeds from borrowings	205,537	294,477
Government grant income	876	8,379
Payments of finance lease liabilities	( 1,827,828)	( 1,820,944)
	-------------	-------------
Net cash used in financing activities	( 1,621,415)	( 1,518,088)
	-------------	-------------

Net increase in cash and cash equivalents		346,229	11,159
Cash and cash equivalents at beginning of year		(165,801)	(176,960)
		----------	----------
Cash and cash equivalents at end of year	16	180,428	( 165,801)
		----------	----------

John Martin-Hoyes (Holdings) Limited

Notes to the Financial Statements

Year ended 30 April 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Martin House, Exchange Road, Doddington Road, Lincoln, LN6 3JZ.

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. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The group has net current liabilities, which necessitates the directors to consider whether the financial statements should be prepared on a going concern basis. The nature of the group is such that a significant amount of the group assets are items of plant and machinery. These could be realised quickly should the need arise without impacting operations. The directors are committed to the ongoing support of the group and do not consider there to be any material uncertainty regarding the company's ability to continue as a going concern. Accordingly, the directors have adopted the going concern basis for the preparation of these financial statements.

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.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The consolidated financial statements incorporate the financial statements of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

Judgements and key sources of estimation uncertainty

The directors make estimates and assumptions about the future. These estimates and assumptions impact recognised assets and liabilities, as well as revenue and expenses and other disclosures. These estimates are based on historical experience and on various assumptions considered reasonable under the prevailing conditions. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. The estimates and assumptions that may have a significant effect on the carrying amounts of assets and liabilities within financial year include: Tangible fixed assets are recognised at cost, less accumulated depreciation and any impairments. Depreciation takes place over the estimated useful life, down to the assessed residual value. The carrying amount of the company's fixed assets is tested as soon as changed conditions show that a need for impairment has arisen. The recoverability of trade debtors and associated provisioning is considered on a regular basis. When calculating the debtor provision, the directors consider the age of the debts and the financial position of its customers.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

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 material 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.

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	-	5% straight line

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.

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:

Freehold Land & Buildings	-	5% straight line
Plant & Machinery	-	7.5%-25% reducing balance
Fixtures & Equipment	-	20%-33% reducing balance
Motor Vehicles	-	25% reducing balance
Computer Equipment	-	33% reducing balance

Freehold Land is not depreciated.

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.

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.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Financial instruments

Financial instruments are classified, according to the substance of the contractual arrangements entered into, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

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:

	2023	2022
	£	£
Construction contracts	10,234,641	7,871,651
	--------------	-------------

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

5. Other operating income

	2023	2022
	£	£
Rental income	12,349	10,926
Government grant income	876	8,379
Other operating income	–	30
	---------	---------
	13,225	19,335
	---------	---------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2023	2022
	£	£
Depreciation of tangible assets	1,096,800	1,193,823
Gains on disposal of tangible assets	( 189,717)	( 129,955)
Impairment of trade debtors	10,591	40,352
	-------------	-------------

7. Auditor's remuneration

	2023	2022
	£	£
Fees payable for the audit of the financial statements	21,750	15,610
	---------	---------

Fees payable to the company's auditor and its associates for other services:

Taxation advisory services	2,500	1,800
Other non-audit services	7,250	5,300
	---------	---------
	9,750	7,100
	---------	---------

8. Staff costs

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

	2023	2022
	No.	No.
Management staff	5	5
Number of contracting staff	63	49
Number of office and administrative staff	6	6
	----	----
	74	60
	----	----

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

	2023	2022
	£	£
Wages and salaries	2,291,151	2,121,270
Social security costs	193,678	175,491
Other pension costs	37,506	8,638
	-------------	-------------
	2,522,335	2,305,399
	-------------	-------------

9. Directors' remuneration

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

	2023	2022
	£	£
Remuneration	101,019	149,077
	----------	----------

10. Interest payable and similar expenses

	2023	2022
	£	£
Interest on debenture loans	8,625	8,625
Interest on obligations under finance leases and hire purchase contracts	119,953	121,045
Other interest payable and similar charges	12,030	1,544
	----------	----------
	140,608	131,214
	----------	----------

11. Tax on loss

Major components of tax income

	2023	2022
	£	£

Deferred tax:

Origination and reversal of timing differences	348,940	( 227,240)
Impact of change in tax rate	–	300,052
	----------	----------
Total deferred tax	348,940	72,812
	----------	---------
Tax on loss	348,940	72,812
	----------	---------

Reconciliation of tax expense

The tax assessed on the profit/(loss) on ordinary activities for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 19.50 % (2022: 19 %).

	2023	2022
	£	£
Profit/(loss) on ordinary activities before taxation	1,307,348	( 51,282)
	-------------	---------
Profit/(loss) on ordinary activities by rate of tax	254,933	( 9,746)
Effect of expenses not deductible for tax purposes	( 179)	–
Effect of capital allowances and depreciation	( 22,318)	9,746
Utilisation of tax losses	( 232,436)	–
Deferred tax	348,940	72,812
	-------------	---------
Tax on loss	348,940	72,812
	-------------	---------

12. Intangible assets

Group	Goodwill
	£
Cost
At 1 May 2022 and 30 April 2023	72,838
	---------
Amortisation
At 1 May 2022 and 30 April 2023	72,838
	---------
Carrying amount
At 1 May 2022 and 30 April 2023	–
	---------
At 30 April 2022	–
	---------

The company has no intangible assets.

Goodwill relates to the acquisition of the subsidiary company JMH Directional Drilling Limited on 5 January 2004. The directors agreed that the value of goodwill should be amortised to £nil in the year ended 30 April 2019.

13. Tangible assets

Group	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 May 2022	1,864,424	29,543,586	18,530	274,069	24,166	31,724,775
Additions	–	1,857,559	–	54,189	–	1,911,748
Disposals	–	( 1,098,496)	–	–	–	( 1,098,496)
	-------------	--------------	---------	----------	---------	--------------
At 30 Apr 2023	1,864,424	30,302,649	18,530	328,258	24,166	32,538,027
	-------------	--------------	---------	----------	---------	--------------
Depreciation
At 1 May 2022	552,696	17,092,875	16,729	179,464	22,057	17,863,821
Charge for the year	34,965	1,040,989	361	19,824	661	1,096,800
Disposals	–	( 865,054)	–	–	–	( 865,054)
	-------------	--------------	---------	----------	---------	--------------
At 30 Apr 2023	587,661	17,268,810	17,090	199,288	22,718	18,095,567
	-------------	--------------	---------	----------	---------	--------------
Carrying amount
At 30 Apr 2023	1,276,763	13,033,839	1,440	128,970	1,448	14,442,460
	-------------	--------------	---------	----------	---------	--------------
At 30 Apr 2022	1,311,728	12,450,711	1,801	94,605	2,109	13,860,954
	-------------	--------------	---------	----------	---------	--------------

The company has no tangible assets.

The net carrying amount of assets held under finance leases included in the net book value above is £5,960,775 (2022 - £6,285,349). The depreciation charge for the year on those assets was £516,192 (2022 - £545,471). Freehold land and buildings includes non - depreciable land totalling £1,151,016 (2022 - £1,151,016).

Capital commitments

	Group		Company
	2023	2022	2023	2022
	£	£	£	£
Contracted for but not provided for in the financial statements	–	367,009	–	–
	----	----------	----	----

14. Investments

The group has no investments.

Company	Other investments other than loans
	£
Cost
At 1 May 2022 and 30 April 2023	460,102
	----------
Impairment
At 1 May 2022 and 30 April 2023	–
	----------

Carrying amount
At 1 May 2022 and 30 April 2023	460,102
	----------
At 30 April 2022	460,102
	----------

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
JMH Directional Drilling Limited	Ordinary	100
John Martin-Hoyes Limited	Ordinary	100
Abba Plant Hire Limited	Ordinary	100

15. Debtors

	Group		Company
	2023	2022	2023	2022
	£	£	£	£
Trade debtors	1,918,957	1,441,208	–	–
Amounts owed by group undertakings	–	–	492,528	492,828
Prepayments and accrued income	88,045	78,242	–	–
Other debtors	73,617	6,413	–	–
	-------------	-------------	----------	----------
	2,080,619	1,525,863	492,528	492,828
	-------------	-------------	----------	----------

16. Cash and cash equivalents

Cash and cash equivalents comprise the following:

	2023	2022
	£	£
Cash at bank and in hand	180,428	1,317
Bank overdrafts	–	( 167,118)
	----------	----------
	180,428	( 165,801)
	----------	----------

17. Creditors: amounts falling due within one year

	Group		Company
	2023	2022	2023	2022
	£	£	£	£
Debenture loans	115,000	115,000	115,000	115,000
Bank loans and overdrafts	–	167,118	–	–
Trade creditors	1,422,447	1,160,719	–	–
Amounts owed to group undertakings	–	–	167,835	167,835
Accruals and deferred income	304,201	379,592	166,616	157,991
Social security and other taxes	82,735	201,088	–	–
Obligations under finance leases and hire purchase contracts	1,619,518	1,449,533	–	–
Director loan accounts	273,883	198,302	–	–
Other creditors	–	10,782	–	–
	-------------	-------------	----------	----------
	3,817,784	3,682,134	449,451	440,826
	-------------	-------------	----------	----------

Bank loans and overdrafts falling due within one year are secured by way of a fixed and floating charge over all current and future assets of the group.

Hire purchase liabilities falling due within one year are secured on the assets to which they relate.

At the balance sheet date, a debenture loan of £115,000 (2022 - £115,000) was owed to the director T Bourne . The loan note is unsecured and redeemable within one days notice at face value.

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

	Group		Company
	2023	2022	2023	2022
	£	£	£	£
Obligations under finance leases and hire purchase contracts	2,024,751	2,152,376	–	–
	-------------	-------------	----	----

Bank loans and overdrafts falling due within one year are secured by way of a fixed and floating charge over all current and future assets of the group.

Hire purchase liabilities falling due after more than one year are secured on the assets to which they relate.

19. Finance leases and hire purchase contracts

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

	Group		Company
	2023	2022	2023	2022
	£	£	£	£
Not later than 1 year	1,619,518	1,449,533	–	–
Later than 1 year and not later than 5 years	2,024,751	2,152,376	–	–
	-------------	-------------	----	----
	3,644,269	3,601,909	–	–
	-------------	-------------	----	----

20. Provisions

Group	Deferred tax (note 21)
	£
At 1 May 2022	1,022,977
Additions	348,940
	-------------
At 30 April 2023	1,371,917
	-------------

The company does not have any provisions.

21. Deferred tax

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

	Group		Company
	2023	2022	2023	2022
	£	£	£	£
Included in provisions (note 20)	1,371,917	1,022,977	–	–
	-------------	-------------	----	----

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

	Group		Company
	2023	2022	2023	2022
	£	£	£	£
Accelerated capital allowances	2,598,677	2,043,491	–	–
Unused tax losses	( 1,226,760)	( 1,020,514)	–	–
	-------------	-------------	----	----
	1,371,917	1,022,977	–	–
	-------------	-------------	----	----

22. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 36,185 (2022: £ 8,638 ).

23. Government grants

The amounts recognised in the financial statements for government grants are as follows:

Group		Company
2023	2022	2023	2022
£	£	£	£

Recognised in other operating income:

Government grants recognised directly in income	876	8,379	–	–
	----	-------	----	----

24. Financial instruments

The carrying amount for each category of financial instrument is as follows:

Financial assets that are debt instruments measured at amortised cost

	Group
	2023	2022
	£	£
Financial assets that are debt instruments measured at amortised cost	1,970,853	1,448,938
	-------------	-------------

Financial liabilities measured at amortised cost

	Group
	2023	2022
	£	£
Financial liabilities measured at amortised cost	5,485,917	5,294,019
	-------------	-------------

25. Called up share capital

Issued, called up and fully paid

	2023		2022
	No.	£	No.	£
Ordinary shares of £ 1 each	178	178	178	178
	----	----	----	----

26. Reserves

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.

27. Analysis of changes in net debt

	At 1 May 2022	Cash flows	At 30 Apr 2023
	£	£	£
Cash at bank and in hand	1,317	179,111	180,428
Bank overdrafts	(167,118)	167,118	–
Debt due within one year	(1,762,835)	(245,566)	(2,008,401)
Debt due after one year	(2,152,376)	127,625	(2,024,751)
	-------------	----------	-------------
	( 4,081,012)	228,288	( 3,852,724)
	-------------	----------	-------------

28. Related party transactions

Group

At the year end, the company had accrued debenture loan interest owing to the director, T Bourne , of £166,616 (2022: £157,991). The directors are considered to be the only key management staff. No further transactions with related parties arose, such as are required to be disclosed under Financial Reporting Standard 102.

29. Controlling party

The company and group was under the control of J Martin-Hoyes throughout the current and previous year.