Malin Group Limited - Limited company accounts 18.2

Malin Group Limited - Limited company accounts 18.2


IRIS Accounts Production v19.3.2.199 SC571623 Board of Directors 30.9.19 1.10.18 30.9.19 30.9.19 marine heavylift transportation and technical support. true true false true true false false false false false false false false false false false true false Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC5716232018-09-30SC5716232019-09-30SC5716232018-10-012019-09-30SC5716232017-09-30SC5716232017-10-012018-09-30SC5716232018-09-30SC571623ns15:Scotland2018-10-012019-09-30SC571623ns14:PoundSterling2018-10-012019-09-30SC571623ns10:Director12018-10-012019-09-30SC571623ns10:Consolidated2019-09-30SC571623ns10:ConsolidatedGroupCompanyAccounts2018-10-012019-09-30SC571623ns10:PrivateLimitedCompanyLtd2018-10-012019-09-30SC571623ns10:Consolidatedns10:FRS1022018-10-012019-09-30SC571623ns10:Consolidatedns10:Audited2018-10-012019-09-30SC571623ns10:SmallCompaniesRegimeForDirectorsReport2018-10-012019-09-30SC571623ns10:SmallCompaniesRegimeForAccounts2018-10-012019-09-30SC571623ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2018-10-012019-09-30SC571623ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForAccounts2018-10-012019-09-30SC571623ns10:FullAccounts2018-10-012019-09-30SC571623ns5:Subsidiary12018-10-012019-09-30SC571623ns5:Subsidiary22018-10-012019-09-30SC571623ns5:Subsidiary32018-10-012019-09-30SC571623ns5:Subsidiary42018-10-012019-09-30SC571623ns5:Subsidiary52018-10-012019-09-30SC571623ns5:Subsidiary62018-10-012019-09-30SC571623ns5:Subsidiary72018-10-012019-09-30SC571623ns5:Subsidiary82018-10-012019-09-30SC571623ns5:Subsidiary92018-10-012019-09-30SC571623ns10:OrdinaryShareClass12018-10-012019-09-30SC571623ns10:Consolidated2018-10-012019-09-30SC571623ns10:Director22018-10-012019-09-30SC571623ns10:Director32018-10-012019-09-30SC571623ns10:RegisteredOffice2018-10-012019-09-30SC571623ns10:Consolidated2017-10-012018-09-30SC571623ns5:CurrentFinancialInstruments2019-09-30SC571623ns5:CurrentFinancialInstruments2018-09-30SC571623ns5:ShareCapital2019-09-30SC571623ns5:ShareCapital2018-09-30SC571623ns5:SharePremium2019-09-30SC571623ns5:SharePremium2018-09-30SC571623ns5:RetainedEarningsAccumulatedLosses2019-09-30SC571623ns5:RetainedEarningsAccumulatedLosses2018-09-30SC571623ns5:ShareCapital2017-09-30SC571623ns5:RetainedEarningsAccumulatedLosses2017-09-30SC571623ns5:SharePremium2017-09-30SC571623ns5:ShareCapital2017-10-012018-09-30SC571623ns5:SharePremium2017-10-012018-09-30SC571623ns5:RetainedEarningsAccumulatedLosses2017-10-012018-09-30SC571623ns5:ShareCapital2018-10-012019-09-30SC571623ns5:SharePremium2018-10-012019-09-30SC571623ns5:RetainedEarningsAccumulatedLosses2018-10-012019-09-30SC571623ns5:LandBuildingsns5:OwnedOrFreeholdAssets2018-10-012019-09-30SC571623ns5:PlantMachinery2018-10-012019-09-30SC571623ns5:FurnitureFittings2018-10-012019-09-30SC571623ns5:MotorVehicles2018-10-012019-09-30SC571623ns5:ComputerEquipment2018-10-012019-09-30SC571623ns10:HighestPaidDirector2018-10-012019-09-30SC571623ns10:HighestPaidDirector2017-10-012018-09-30SC57162332018-10-012019-09-30SC57162332017-10-012018-09-30SC571623ns5:HirePurchaseContracts2018-10-012019-09-30SC571623ns5:HirePurchaseContracts2017-10-012018-09-30SC571623ns5:CostValuation2018-09-30SC571623ns5:AdditionsToInvestments2019-09-30SC571623ns5:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2019-09-30SC571623ns5:CostValuation2019-09-30SC5716231ns5:Subsidiary12018-10-012019-09-30SC5716233ns5:Subsidiary22018-10-012019-09-30SC571623ns5:Subsidiary352018-10-012019-09-30SC5716237ns5:Subsidiary42018-10-012019-09-30SC5716239ns5:Subsidiary52018-10-012019-09-30SC571623ns5:Subsidiary6112018-10-012019-09-30SC571623ns5:Subsidiary7132018-10-012019-09-30SC571623ns5:Subsidiary8152018-10-012019-09-30SC57162317ns5:Subsidiary92018-10-012019-09-30SC571623ns5:JointVenture12018-10-012019-09-30SC571623ns5:JointVenture112018-10-012019-09-30SC571623ns5:CurrentFinancialInstrumentsns5:WithinOneYear2019-09-30SC571623ns5:CurrentFinancialInstrumentsns5:WithinOneYear2018-09-30SC571623ns5:DeferredTaxation2018-10-012019-09-30SC571623ns5:DeferredTaxation2019-09-30SC571623ns10:OrdinaryShareClass12019-09-30


REGISTERED NUMBER: SC571623 (Scotland)
















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 September 2019

for

Malin Group Limited

Malin Group Limited (Registered number: SC571623)






Contents of the Consolidated Financial Statements
for the Year Ended 30 September 2019




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 7

Consolidated Balance Sheet 8

Company Balance Sheet 9

Consolidated Statement of Changes in Equity 10

Company Statement of Changes in Equity 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


Malin Group Limited

Company Information
for the Year Ended 30 September 2019







DIRECTORS: J A MacSween
L McDougall
S R Thornley





REGISTERED OFFICE: South Rotunda
100 Govan Road
Glasgow
G51 1AY





REGISTERED NUMBER: SC571623 (Scotland)





AUDITORS: McLay McAlister & McGibbon LLP
Chartered Accountants and Statutory Auditors
145 St Vincent Street
Glasgow
G2 5JF

Malin Group Limited (Registered number: SC571623)

Group Strategic Report
for the Year Ended 30 September 2019

The directors present their strategic report of the company and the group for the year ended 30 September 2019.

REVIEW OF BUSINESS
The directors are pleased to report a strong trading performance for the year with increases in the group's turnover, profit
before tax and net assets.

PRINCIPAL RISKS AND UNCERTAINTIES
Management continually monitor the key risks facing the company together with assessing the controls used for
managing these risks. The board of directors formally reviews and documents the principle risks facing the business at
least annually.

The principal risks and uncertainties facing the company are as follows:

Political Climate - The decision to leave the European Union by the UK, has led to some concerns over how the market
will react. Malin Group has not seen any adverse impact as a result of the change, and given the business predominantly
operates in the UK, it is not expected to have a major detrimental effect. Directors continue to monitor the landscape to
allow them to react if required.

Economic Downturn - the group acknowledges the importance of maintaining close relationships with its key customers
in order to be able to identify the early signs of potential financial difficulties.

KEY PERFORMANCE INDICATORS
The directors of Malin Group Limited, the ultimate holding company, manage operations on a group basis. For this
reason, the company's directors are of the opinion that analysis using KPI's is not necessary for an understanding of the
development or position of the business.

ON BEHALF OF THE BOARD:





J A MacSween - Director


20 December 2019

Malin Group Limited (Registered number: SC571623)

Report of the Directors
for the Year Ended 30 September 2019

The directors present their report with the financial statements of the company and the group for the year ended
30 September 2019.

DIVIDENDS
No dividends will be distributed for the year ended 30 September 2019.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2018 to the date of this
report.

J A MacSween
L McDougall
S R Thornley

DONATIONS
Donations to local charities totalling £8,113 were made by the group as a whole during the period.

LAND REMEDIATION
During the prior period the company purchased land at Carless. The land was previously the site of an oil fuel depot and
refinery. Work to remediate the land is underway. It is difficult to predict how long the project will take and the potential
cost. However our best estimate is that the cost will be between £300,000 and £350,000 and the likely time frame is 18 -
24 months.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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
company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the
directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the
company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the
company and the group 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 the group and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularities.

Malin Group Limited (Registered number: SC571623)

Report of the Directors
for the Year Ended 30 September 2019


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act
2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as
a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are
aware of that information.

ON BEHALF OF THE BOARD:




J A MacSween - Director


20 December 2019

Report of the Independent Auditors to the Members of
Malin Group Limited

Opinion
We have audited the financial statements of Malin Group Limited (the 'parent company') and its subsidiaries (the 'group')
for the year ended 30 September 2019 which comprise the Consolidated Statement of Comprehensive Income,
Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company
Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow
Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial
reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting
Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and
Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2019 and of
the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the
financial statements section of our report. We are independent of the group in accordance with the ethical requirements
that are relevant to our audit of the financial statements in the 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to
you where:
- the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or
- the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the group's ability to continue to adopt the going concern basis of accounting for a period of
at least twelve months from the date when the financial statements are authorised for issue.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group
Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the
Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or
apparent material misstatements, we are required to determine whether there is a material misstatement in the financial
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to
report in this regard.

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 Group Strategic Report and the Report of the Directors for the financial year for which
the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements.

Report of the Independent Auditors to the Members of
Malin Group Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in
the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the
Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you
if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not
been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




Allan G Ramsay (Senior Statutory Auditor)
for and on behalf of McLay McAlister & McGibbon LLP
Chartered Accountants and Statutory Auditors
145 St Vincent Street
Glasgow
G2 5JF

20 December 2019

Malin Group Limited (Registered number: SC571623)

Consolidated Statement of Comprehensive Income
for the Year Ended 30 September 2019

30.9.19 30.9.18
Notes £    £   

TURNOVER 11,838,607 9,903,563

Cost of sales (6,588,811 ) (5,927,169 )
GROSS PROFIT 5,249,796 3,976,394

Administrative expenses (4,055,462 ) (4,531,137 )
1,194,334 (554,743 )

Other operating income 15,115 136,794
OPERATING PROFIT/(LOSS) 4 1,209,449 (417,949 )

Income from fixed asset investments 81,814 77,288
Interest receivable and similar income 17,639 4,652
1,308,902 (336,009 )
Amounts written off investments 5 49,262 (38,578 )
1,358,164 (374,587 )

Interest payable and similar expenses 6 (2,431 ) (1,003 )
PROFIT/(LOSS) BEFORE TAXATION 1,355,733 (375,590 )

Tax on profit/(loss) 7 (160,442 ) (32,288 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

1,195,291

(407,878

)

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,195,291

(407,878

)

Profit/(loss) attributable to:
Owners of the parent 1,450,648 (131,284 )
Non-controlling interests (255,357 ) (276,594 )
1,195,291 (407,878 )

Total comprehensive income attributable to:
Owners of the parent 1,450,648 (131,284 )
Non-controlling interests (255,357 ) (276,594 )
1,195,291 (407,878 )

Malin Group Limited (Registered number: SC571623)

Consolidated Balance Sheet
30 September 2019

30.9.19 30.9.18
Notes £    £   
FIXED ASSETS
Tangible assets 9 4,337,585 4,171,291
Investments 10 2,058,597 1,913,707
6,396,182 6,084,998

CURRENT ASSETS
Stocks 11 20,785 3,272
Debtors 12 4,383,119 4,294,308
Cash at bank and in hand 6,669,391 5,806,329
11,073,295 10,103,909
CREDITORS
Amounts falling due within one year 13 (5,135,364 ) (4,974,508 )
NET CURRENT ASSETS 5,937,931 5,129,401
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,334,113

11,214,399

CREDITORS
Amounts falling due after more than one
year

14

-

(1,968

)

PROVISIONS FOR LIABILITIES 17 (13,715 ) (26,684 )
NET ASSETS 12,320,398 11,185,747

CAPITAL AND RESERVES
Called up share capital 18 1,513 1,513
Capital redemption reserve 19 100 100
Fair value reserve 19 - 65,999
Retained earnings 19 12,741,864 11,285,857
SHAREHOLDERS' FUNDS 12,743,477 11,353,469

NON-CONTROLLING INTERESTS 20 (423,079 ) (167,722 )
TOTAL EQUITY 12,320,398 11,185,747

The financial statements were approved by the Board of Directors on 20 December 2019 and were signed on its behalf
by:





J A MacSween - Director


Malin Group Limited (Registered number: SC571623)

Company Balance Sheet
30 September 2019

30.9.19 30.9.18
Notes £    £   
FIXED ASSETS
Tangible assets 9 31,890 1,050
Investments 10 25,848,138 12,523,407
25,880,028 12,524,457

CURRENT ASSETS
Debtors 12 5,928,861 1,782,468
Cash at bank 154,575 33,826
6,083,436 1,816,294
CREDITORS
Amounts falling due within one year 13 (17,299,718 ) (1,973,154 )
NET CURRENT LIABILITIES (11,216,282 ) (156,860 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,663,746

12,367,597

PROVISIONS FOR LIABILITIES 17 (5,740 ) -
NET ASSETS 14,658,006 12,367,597

CAPITAL AND RESERVES
Called up share capital 18 1,513 1,513
Share premium 12,120,640 12,392,430
Retained earnings 2,535,853 (26,346 )
SHAREHOLDERS' FUNDS 14,658,006 12,367,597

Company's profit/(loss) for the financial year 2,562,199 (26,346 )

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

The financial statements were approved by the Board of Directors on 20 December 2019 and were signed on its behalf
by:





J A MacSween - Director


Malin Group Limited (Registered number: SC571623)

Consolidated Statement of Changes in Equity
for the Year Ended 30 September 2019

Called up Capital
share Retained redemption
capital earnings reserve
£    £    £   

Balance at 1 October 2017 955 11,386,558 100

Changes in equity
Issue of share capital 558 - -
Total comprehensive income - (100,701 ) -
Balance at 30 September 2018 1,513 11,285,857 100

Changes in equity
Total comprehensive income - 1,456,007 -
Balance at 30 September 2019 1,513 12,741,864 100
Fair
value Non-controlling Total
reserve Total interests equity
£    £    £    £   

Balance at 1 October 2017 96,582 11,484,195 108,872 11,593,067

Changes in equity
Issue of share capital - 558 - 558
Total comprehensive income (30,583 ) (131,284 ) (276,594 ) (407,878 )
Balance at 30 September 2018 65,999 11,353,469 (167,722 ) 11,185,747

Changes in equity
Total comprehensive income (65,999 ) 1,390,008 (255,357 ) 1,134,651
Balance at 30 September 2019 - 12,743,477 (423,079 ) 12,320,398

Malin Group Limited (Registered number: SC571623)

Company Statement of Changes in Equity
for the Year Ended 30 September 2019

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Balance at 1 October 2017 955 - - 955

Changes in equity
Issue of share capital 558 - 12,392,430 12,392,988
Total comprehensive income - (26,346 ) - (26,346 )
Balance at 30 September 2018 1,513 (26,346 ) 12,392,430 12,367,597

Changes in equity
Issue of share capital - - (271,790 ) (271,790 )
Total comprehensive income - 2,562,199 - 2,562,199
Balance at 30 September 2019 1,513 2,535,853 12,120,640 14,658,006

Malin Group Limited (Registered number: SC571623)

Consolidated Cash Flow Statement
for the Year Ended 30 September 2019

30.9.19 30.9.18
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,235,577 (1,013,075 )
Interest paid (1,756 ) -
Interest element of hire purchase payments
paid

(675

)

(1,003

)
Tax paid (10,244 ) -
Taxation refund - 2,890
Net cash from operating activities 1,222,902 (1,011,188 )

Cash flows from investing activities
Purchase of tangible fixed assets (727,495 ) (1,401,073 )
Purchase of fixed asset investments (193,953 ) -
Sale of tangible fixed assets 366,779 -
Sale of fixed asset investments 98,750 158,756
Interest received 17,639 4,652
Dividends received 81,814 77,288
Net cash from investing activities (356,466 ) (1,160,377 )

Cash flows from financing activities
Capital repayments in year (3,374 ) (3,374 )
Net cash from financing activities (3,374 ) (3,374 )

Increase/(decrease) in cash and cash equivalents 863,062 (2,174,939 )
Cash and cash equivalents at beginning of
year

2

5,806,329

7,981,268

Cash and cash equivalents at end of year 2 6,669,391 5,806,329

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 September 2019

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
30.9.19 30.9.18
£    £   
Profit/(loss) before taxation 1,355,733 (375,590 )
Depreciation charges 197,563 177,438
Profit on disposal of fixed assets (3,283 ) (9,341 )
(Gain)/loss on revaluation of fixed assets (49,262 ) 254,814
Government grants - 172,824
Finance costs 2,431 1,003
Finance income (99,453 ) (81,940 )
1,403,729 139,208
(Increase)/decrease in stocks (17,513 ) 301,976
Increase in trade and other debtors (88,811 ) (1,295,457 )
Decrease in trade and other creditors (61,828 ) (158,802 )
Cash generated from operations 1,235,577 (1,013,075 )

2. CASH AND CASH EQUIVALENTS

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

Year ended 30 September 2019
30.9.19 1.10.18
£    £   
Cash and cash equivalents 6,669,391 5,806,329
Year ended 30 September 2018
30.9.18 1.10.17
£    £   
Cash and cash equivalents 5,806,329 7,981,268

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements
for the Year Ended 30 September 2019

1. STATUTORY INFORMATION

Malin Group Limited is a private company, limited by shares , registered in Scotland. The company's registered
number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.

Revenue recognition
Turnover in respect of heavy lift and logistics contracts is assessed on a contract by contract basis, whereby
turnover and related costs are reflected in the profit and loss account in accordance with the stage of completion
of the contract.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 100% on cost, 33% on cost and 15% on cost
Motor vehicles - 25% on cost and 15% on cost
Computer equipment - 33% on cost

The group's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an
on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual
value.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in
bringing stocks to their present location and condition.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash in hand and bank overdrafts.

Debtors
Trade debtors and other debtors are recognised at the settlement amount due with appropriate allowances for any
irrecoverable amounts when there is objective evidence the asset is impaired.

Creditors
Trade creditors and other creditors are recognised where the company has a present obligation resulting from a
past event and are recognised at the settlement amount due after allowing for any trade discounts due.

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2019

2. ACCOUNTING POLICIES - continued

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at
the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme
are charged to profit or loss in the period to which they relate.

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

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

Investments in subsidiaries
Investments in subsidiaries are stated at cost less provision for diminution in value.

Investments
Fixed asset investments are stated at market value.

3. EMPLOYEES AND DIRECTORS
30.9.19 30.9.18
£    £   
Wages and salaries 3,090,610 2,767,799
Social security costs 307,596 275,847
Other pension costs 141,309 112,086
3,539,515 3,155,732

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2019

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
30.9.19 30.9.18

Administration 15 12

The average number of employees by undertakings that were proportionately consolidated during the year was
83 (2018 - 84 ) .

30.9.19 30.9.18
£    £   
Directors' remuneration 248,200 248,200
Directors' pension contributions to money purchase schemes 6,842 19,369

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

Money purchase schemes 4 4

Information regarding the highest paid director is as follows:
30.9.19 30.9.18
£    £   
Emoluments etc 65,000 65,000
Pension contributions to money purchase schemes 552 6,258

4. OPERATING PROFIT/(LOSS)

The operating profit (2018 - operating loss) is stated after charging/(crediting):
30.9.1930.9.18
££
Depreciation - owned assets194,136174,849
Depreciation - leased assets3,4272,589
Profit on disposal of fixed assets(3,283)(9,341)
Auditors' remuneration48,52314,500
Foreign exchange differences(47,416)(8,885)

5. AMOUNTS WRITTEN OFF INVESTMENTS
30.9.19 30.9.18
£    £   
Fair value movements (49,262 ) 38,578

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.19 30.9.18
£    £   
Bank interest 36 -
Other interest 1,720 -
Hire purchase 675 1,003
2,431 1,003

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2019

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.9.19 30.9.18
£    £   
Current tax:
UK corporation tax 173,411 10,244
Adjustment re prior periods - (1,809 )
Total current tax 173,411 8,435

Deferred tax (12,969 ) 23,853
Tax on profit/(loss) 160,442 32,288

UK corporation tax has been charged at 19% .

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is
explained below:

30.9.19 30.9.18
£    £   
Profit/(loss) before tax 1,355,733 (375,590 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
19% (2018 - 19%)

257,589

(71,362

)

Effects of:
Expenses not deductible for tax purposes 2,376 30,206
Income not taxable for tax purposes (25,665 ) (16,504 )
Depreciation in excess of capital allowances 14,627 70,188
Utilisation of tax losses (564 ) (34,097 )
Adjustments to tax charge in respect of previous periods - (1,809 )
Land remediation relief (174,776 ) (46,073 )
Unused tax losses 99,824 77,886
Deferred tax (12,969 ) 23,853
Total tax charge 160,442 32,288

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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


Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2019

9. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 October 2018 1,824,035 2,491,793 42,336
Additions 613,250 - 54,718
Disposals (503,781 ) (7,756 ) -
At 30 September 2019 1,933,504 2,484,037 97,054
DEPRECIATION
At 1 October 2018 143,781 124,708 22,957
Charge for year - 124,535 19,619
Eliminated on disposal (143,781 ) (6,824 ) -
At 30 September 2019 - 242,419 42,576
NET BOOK VALUE
At 30 September 2019 1,933,504 2,241,618 54,478
At 30 September 2018 1,680,254 2,367,085 19,379

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 October 2018 195,806 109,022 81,953 4,744,945
Additions 12,287 - 47,240 727,495
Disposals - (60,655 ) (13,909 ) (586,101 )
At 30 September 2019 208,093 48,367 115,284 4,886,339
DEPRECIATION
At 1 October 2018 133,080 84,166 64,963 573,655
Charge for year 21,534 15,116 16,759 197,563
Eliminated on disposal - (57,950 ) (13,909 ) (222,464 )
At 30 September 2019 154,614 41,332 67,813 548,754
NET BOOK VALUE
At 30 September 2019 53,479 7,035 47,471 4,337,585
At 30 September 2018 62,726 24,856 16,990 4,171,290

Included within Motor Vehicles at 30 September 2019 are assets held under hire purchase contracts with a net
book value of £3,641 (2018: £7,068).

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2019

9. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 October 2018 930 230 1,160
Additions 4,892 31,261 36,153
At 30 September 2019 5,822 31,491 37,313
DEPRECIATION
At 1 October 2018 70 40 110
Charge for year 583 4,730 5,313
At 30 September 2019 653 4,770 5,423
NET BOOK VALUE
At 30 September 2019 5,169 26,721 31,890
At 30 September 2018 860 190 1,050

10. FIXED ASSET INVESTMENTS

Group
Listed Unlisted
investments investments Totals
£    £    £   
COST OR VALUATION
At 1 October 2018 1,904,494 9,213 1,913,707
Additions 193,953 - 193,953
Disposals (98,609 ) - (98,609 )
Revaluations 49,546 - 49,546
At 30 September 2019 2,049,384 9,213 2,058,597
NET BOOK VALUE
At 30 September 2019 2,049,384 9,213 2,058,597
At 30 September 2018 1,904,494 9,213 1,913,707

The fixed asset investments were valued at fair value by Adam & Company at 30 September 2019.

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2019

10. FIXED ASSET INVESTMENTS - continued

Group
Company
Shares in
group
undertakings
£   
COST
At 1 October 2018 12,523,407
Additions 23,026,533
Impairments (9,701,802 )
At 30 September 2019 25,848,138
NET BOOK VALUE
At 30 September 2019 25,848,138
At 30 September 2018 12,523,407

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

Subsidiaries

Henry Abram Projects Limited
Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00

Malin Marine Consultants (Glasgow) Limited
Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00

Henry Abram & Sons Limited
Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY
Nature of business: Sea and coastal freight water transport
%
Class of shares: holding
Ordinary 100.00

Malin Marine Consultants Limited
Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY
Nature of business: Engineering consultancy services
%
Class of shares: holding
Ordinary 100.00

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2019

10. FIXED ASSET INVESTMENTS - continued

Malin Group Properties Limited
Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY
Nature of business: Land remediation
%
Class of shares: holding
Ordinary 100.00

Malin Marine Limited
Registered office: Regent House, 36 Regent Quay, Aberdeen, AB11 5BE
Nature of business: Engineering consultancy services
%
Class of shares: holding
Ordinary 51.00

Malin Fabrication Ltd
Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY
Nature of business: Metal fabrication
%
Class of shares: holding
Ordinary 85.00

John Tracey Welding Limited
Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY
Nature of business: Welding
%
Class of shares: holding
Ordinary 100.00

Malin Heavylift Ltd
Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Joint venture

Malin Integrated Solutions
Registered office: Stags Court, 1B High Street, Thames Ditton, Surrey, KT7 0SD
Nature of business: Marine Heavylift, Salvage and Offshore projects
%
Class of shares: holding
Ordinary 33.33


11. STOCKS

Group
30.9.19 30.9.18
£    £   
Stocks 3,272 3,272
Work-in-progress 17,513 -
20,785 3,272

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2019

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.9.19 30.9.18 30.9.19 30.9.18
£    £    £    £   
Trade debtors 1,091,621 2,709,251 - -
Amounts owed by group undertakings - - 4,202,502 1,410,636
Other debtors 1,601,047 964,730 1,567,415 310,821
Directors' current accounts - 245 - 245
Prepayments and accrued income 1,690,451 620,082 158,944 60,766
4,383,119 4,294,308 5,928,861 1,782,468

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.9.19 30.9.18 30.9.19 30.9.18
£    £    £    £   
Hire purchase contracts (see note 15) 1,968 3,374 - -
Trade creditors 146,711 638,410 5,046 2,315
Amounts owed to group undertakings - - 14,179,595 1,824,783
Tax 173,411 10,244 - -
Social security and other taxes 121,193 114,713 121,037 114,879
VAT 144,852 202,567 110,407 -
Other creditors 63,580 3,634,949 21,981 16,373
Directors' current accounts 2,806,351 - 2,806,351 -
Accrued expenses 1,677,298 370,251 55,301 14,804
5,135,364 4,974,508 17,299,718 1,973,154

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
30.9.19 30.9.18
£    £   
Hire purchase contracts (see note 15) - 1,968

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.9.19 30.9.18
£    £   
Net obligations repayable:
Within one year 1,968 3,374
Between one and five years - 1,968
1,968 5,342

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2019

16. SECURED DEBTS

The following secured debts are included within creditors:

Group
30.9.19 30.9.18
£    £   
Hire purchase contracts 1,968 5,342

Hire purchase creditors are secured over the assets to which they relate.

17. PROVISIONS FOR LIABILITIES

Group Company
30.9.19 30.9.18 30.9.19 30.9.18
£    £    £    £   
Deferred tax 13,715 26,684 5,740 -

Group
Deferred
tax
£   
Balance at 1 October 2018 26,684
Credit to Statement of Comprehensive Income during year (12,969 )
Balance at 30 September 2019 13,715

Company
Deferred
tax
£   
Charge to Income Statement during year 5,740
Balance at 30 September 2019 5,740

18. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 30.9.19 30.9.18
value: £    £   
1,513 Ordinary £1 1,513 1,513

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2019

19. RESERVES

Group
Capital Fair
Retained redemption value
earnings reserve reserve Totals
£    £    £    £   

At 1 October 2018 11,285,857 100 65,999 11,351,956
Profit for the year 1,450,648 1,450,648
Fair value 65,999 - (65,999 ) -
Transfer (60,640 ) - - (60,640 )
At 30 September 2019 12,741,864 100 - 12,741,964


20. NON-CONTROLLING INTERESTS

G Tait owns 49% of the issued share capital of Malin Marine Limited and 15% of the issued share capital of
Malin Fabrication Limited.