Malin Group Limited - Limited company accounts 20.1

Malin Group Limited - Limited company accounts 20.1


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REGISTERED NUMBER: SC571623 (Scotland)
















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 September 2021

for

Malin Group Limited

Malin Group Limited (Registered number: SC571623)






Contents of the Consolidated Financial Statements
for the Year Ended 30 September 2021




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


Malin Group Limited

Company Information
for the Year Ended 30 September 2021







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 2021

The directors present their strategic report of the company and the group for the year ended 30 September 2021.

REVIEW OF BUSINESS
The directors report a loss for the year, before taxation, of £704,936. This includes the write off of a loan made to a connected company of £1,138,137. If this were to be excluded, the group would report a profit before tax of £433,201. This result was significantly behind expectation due to incurring additional costs to complete a fixed price scope of project work. This project has now been completed and the outlook for financial year 2021-22 is positive.

The loan written off was made to a connected company through majority shareholding by the director J A MacSween. The loan had to be written off due to the company being forced in to liquidation as a result of the collapse of their market due to the ongoing effects of the COVID-19 pandemic.This is an exceptional and non-recurring item.

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:

Commodity prices - the price of commodities and raw materials continues to be extremely volatile with significant price increases experienced in recent months. When quoting for work the Group caveats the price of commodities, such as steel, in order to pass on any price increase to customers to minimise exposure to this risk.

Gas, electricity and fuel prices - the Group, as a large-scale fabricator, consumes significant amounts to electricity therefore the price increases in the provision of these utilities is a concern. The Group continue to monitor price increases and pass them on to the customer where possible to minimise Group exposure.

KEY PERFORMANCE INDICATORS
The directors of Malin Group Limited have considered the issue of key performance indicators (KPI's) as a measure of performance and have concluded that operating profit is the most appropriate measure.

ON BEHALF OF THE BOARD:





J A MacSween - Director


23 June 2022

Malin Group Limited (Registered number: SC571623)

Report of the Directors
for the Year Ended 30 September 2021

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2021.

DIVIDENDS
No dividends will be distributed for the year ended 30 September 2021.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2020 to the date of this report.

J A MacSween
S R Thornley

Other changes in directors holding office are as follows:

L McDougall - appointed 5 October 2020

DONATIONS
Donations to local charities totalling £12,886 were made by the group as a whole during the period.

LAND REMEDIATION
During the year ended 30 September 2018 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 at this time to predict how long the project will take and the potential cost.

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 2021


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


23 June 2022

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 2021 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 2021 and of the group's loss 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
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 and 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 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 this gives rise to a material misstatement in the financial statements themselves. 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.

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

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
- the nature of the industry and sector, control environment and business performance;
- results of our enquiries of management about their own identification and assessment of the risks and irregularities;
- any matters we identified having reviewed the company's internal controls established to mitigate risks of fraud or non- compliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

We obtained an understanding of the legal and regulatory framework that the company operates in. The key laws and regulations we considered included the UK Companies Act and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In addition we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate. These included health and safety, GDPR and employment laws. Auditing standards limit the required audit procedures to identify non - compliance with these laws and regulations to enquiry of the directors, inspection of regulatory and legal correspondence, if any, and review of minutes of meetings.These limited procedures did not identify actual or suspected non-compliance.

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.

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


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.




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

24 June 2022

Malin Group Limited (Registered number: SC571623)

Consolidated Statement of Comprehensive Income
for the Year Ended 30 September 2021

30.9.21 30.9.20
Notes £    £   

TURNOVER 25,995,832 7,303,624

Cost of sales (23,395,079 ) (6,173,043 )
GROSS PROFIT 2,600,753 1,130,581

Administrative expenses (2,403,005 ) (2,357,028 )
197,748 (1,226,447 )

Other operating income 45,350 294,327
OPERATING PROFIT/(LOSS) 4 243,098 (932,120 )

Write-off connected party loan 5 (1,138,137 ) -
(895,039 ) (932,120 )

Income from fixed asset investments 85,219 76,003
Interest receivable and similar income 140 7,593
(809,680 ) (848,524 )
Share of profit/(loss) of JV 6 (121,978 ) -
Gain/(loss) on revaluation of investments 226,722 (257,239 )
(704,936 ) (1,105,763 )

Interest payable and similar expenses 7 - (394 )
LOSS BEFORE TAXATION (704,936 ) (1,106,157 )

Tax on loss 8 28,793 369,951
LOSS FOR THE FINANCIAL YEAR (676,143 ) (736,206 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(676,143

)

(736,206

)

Loss attributable to:
Owners of the parent (676,143 ) (781,835 )
Non-controlling interests - 45,629
(676,143 ) (736,206 )

Total comprehensive income attributable to:
Owners of the parent (676,143 ) (781,835 )
Non-controlling interests - 45,629
(676,143 ) (736,206 )

Malin Group Limited (Registered number: SC571623)

Consolidated Balance Sheet
30 September 2021

30.9.21 30.9.20
Notes £    £   
FIXED ASSETS
Tangible assets 10 4,915,006 4,438,461
Investments 11
Interest in joint venture
Share of gross assets - 4,258
Share of gross liabilities (116,978 ) -
(116,978 ) 4,258
Other investments 2,361,930 2,110,108
7,159,958 6,552,827

CURRENT ASSETS
Stocks 12 430,035 299,547
Debtors 13 7,828,654 4,344,193
Cash at bank and in hand 3,962,869 5,238,263
12,221,558 9,882,003
CREDITORS
Amounts falling due within one year 14 (8,473,658 ) (4,832,194 )
NET CURRENT ASSETS 3,747,900 5,049,809
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,907,858

11,602,636

PROVISIONS FOR LIABILITIES 15 (44,920 ) (18,444 )
NET ASSETS 10,862,938 11,584,192

CAPITAL AND RESERVES
Called up share capital 16 1,513 1,513
Capital redemption reserve 17 100 100
Retained earnings 17 10,861,325 11,960,029
SHAREHOLDERS' FUNDS 10,862,938 11,961,642

NON-CONTROLLING INTERESTS - (377,450 )
TOTAL EQUITY 10,862,938 11,584,192

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2022 and were signed on its behalf by:





J A MacSween - Director


Malin Group Limited (Registered number: SC571623)

Company Balance Sheet
30 September 2021

30.9.21 30.9.20
Notes £    £   
FIXED ASSETS
Tangible assets 10 2,037,672 2,163,654
Investments 11 26,302,063 25,506,817
28,339,735 27,670,471

CURRENT ASSETS
Debtors 13 4,741,217 5,509,192
Cash at bank 183,878 577,343
4,925,095 6,086,535
CREDITORS
Amounts falling due within one year 14 (21,918,531 ) (21,111,155 )
NET CURRENT LIABILITIES (16,993,436 ) (15,024,620 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,346,299

12,645,851

PROVISIONS FOR LIABILITIES 15 - (8,848 )
NET ASSETS 11,346,299 12,637,003

CAPITAL AND RESERVES
Called up share capital 16 1,513 1,513
Share premium 12,120,640 12,120,640
Retained earnings (775,854 ) 514,850
SHAREHOLDERS' FUNDS 11,346,299 12,637,003

Company's loss for the financial year (1,290,704 ) (2,021,003 )

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

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2022 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 2021

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

Balance at 1 October 2019 1,513 12,741,864 100

Changes in equity
Total comprehensive income - (781,835 ) -
Balance at 30 September 2020 1,513 11,960,029 100

Changes in equity
Total comprehensive income - (1,098,704 ) -
1,513 10,861,325 100
Acquisition of non-controlling
interest

-

-

-
Balance at 30 September 2021 1,513 10,861,325 100
Non-controlling Total
Total interests equity
£    £    £   

Balance at 1 October 2019 12,743,477 (423,079 ) 12,320,398

Changes in equity
Total comprehensive income (781,835 ) 45,629 (736,206 )
Balance at 30 September 2020 11,961,642 (377,450 ) 11,584,192

Changes in equity
Total comprehensive income (1,098,704 ) - (1,098,704 )
10,862,938 (377,450 ) 10,485,488
Acquisition of non-controlling
interest

-

377,450

377,450
Balance at 30 September 2021 10,862,938 - 10,862,938

Malin Group Limited (Registered number: SC571623)

Company Statement of Changes in Equity
for the Year Ended 30 September 2021

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

Balance at 1 October 2019 1,513 2,535,853 12,120,640 14,658,006

Changes in equity
Total comprehensive income - (2,021,003 ) - (2,021,003 )
Balance at 30 September 2020 1,513 514,850 12,120,640 12,637,003

Changes in equity
Total comprehensive income - (1,290,704 ) - (1,290,704 )
Balance at 30 September 2021 1,513 (775,854 ) 12,120,640 11,346,299

Malin Group Limited (Registered number: SC571623)

Consolidated Cash Flow Statement
for the Year Ended 30 September 2021

30.9.21 30.9.20
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (488,654 ) (961,380 )
Interest element of hire purchase or finance
lease rental payments paid

-

(394

)
Tax paid - (90,551 )
Taxation refund 26,707 230,007
Net cash from operating activities (461,947 ) (822,318 )

Cash flows from investing activities
Purchase of tangible fixed assets (788,243 ) (321,968 )
Purchase of fixed asset investments (132,151 ) (548,761 )
Sale of tangible fixed assets - 23,174
Sale of fixed asset investments 36,582 202,117
Interest received 140 7,593
Dividends received 85,219 76,003
Net cash from investing activities (798,453 ) (561,842 )

Cash flows from financing activities
Capital repayments in year - (1,968 )
Amount withdrawn by directors (14,994 ) (45,000 )
Net cash from financing activities (14,994 ) (46,968 )

Decrease in cash and cash equivalents (1,275,394 ) (1,431,128 )
Cash and cash equivalents at beginning of
year

2

5,238,263

6,669,391

Cash and cash equivalents at end of year 2 3,962,869 5,238,263

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 September 2021

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
30.9.21 30.9.20
£    £   
Loss before taxation (704,936 ) (1,106,157 )
Depreciation charges 311,700 203,221
Loss on disposal of fixed assets 25,469 28,335
(Gain)/loss on revaluation of fixed assets (226,722 ) 257,239
Connected party loan written off 1,138,137 -
Share of loss on joint venture 121,977 -
Finance costs - 394
Finance income (85,359 ) (83,596 )
580,266 (700,564 )
Increase in stocks (130,488 ) (278,762 )
(Increase)/decrease in trade and other debtors (4,594,890 ) 80,741
Increase/(decrease) in trade and other creditors 3,656,458 (62,795 )
Cash generated from operations (488,654 ) (961,380 )

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 2021
30.9.21 1.10.20
£    £   
Cash and cash equivalents 3,962,869 5,238,263
Year ended 30 September 2020
30.9.20 1.10.19
£    £   
Cash and cash equivalents 5,238,263 6,669,391


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.20 Cash flow At 30.9.21
£    £    £   
Net cash
Cash at bank and in hand 5,238,263 (1,275,394 ) 3,962,869
5,238,263 (1,275,394 ) 3,962,869
Total 5,238,263 (1,275,394 ) 3,962,869

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements
for the Year Ended 30 September 2021

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
Improvements to property - over the term of the lease
Plant and machinery - 20% on cost, 10% on cost and Straight line over 10 years
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.

Government grants
Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity
recognises expenses for the related costs for which the grants are intended to compensate.

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.

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2021

2. ACCOUNTING POLICIES - continued

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

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.

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.

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2021

2. ACCOUNTING POLICIES - continued

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

Investments in joint ventures
Investments in joint ventures are stated at cost.

Investments
Fixed asset investments are stated at market value.

3. EMPLOYEES AND DIRECTORS
30.9.21 30.9.20
£    £   
Wages and salaries 4,392,312 3,050,488
Social security costs 465,060 349,930
Other pension costs 186,490 153,966
5,043,862 3,554,384

The average number of employees during the year was as follows:
30.9.21 30.9.20

Administration 17 18

The average number of employees by undertakings that were proportionately consolidated during the year was 113 (2020 - 86 ) .

30.9.21 30.9.20
£    £   
Directors' remuneration 151,982 235,797
Directors' pension contributions to money purchase schemes 16,158 22,901

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

Money purchase schemes 3 4

4. OPERATING PROFIT/(LOSS)

The operating profit (2020 - operating loss) is stated after charging/(crediting):

30.9.21 30.9.20
£    £   
Depreciation - owned assets 311,698 203,221
Loss on disposal of fixed assets 25,469 28,335
Auditors' remuneration 40,600 22,376
Auditors' remuneration for non audit work 8,200 -
Foreign exchange differences 31,530 (46,290 )

5. EXCEPTIONAL ITEMS
30.9.21 30.9.20
£    £   
Write-off connected party loan (1,138,137 ) -

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2021

The loan written off was made to a connected company through majority shareholding by the director J A MacSween. The loan had to be written off due to the company being forced in to liquidation as a result of the collapse of their market due to COVID-19.

6. SHARE OF PROFIT/(LOSS) OF JV
30.9.21 30.9.20
£    £   
Share of profit/(loss) of JV 121,978 -

7. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.21 30.9.20
£    £   
Hire purchase - 394

8. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
30.9.21 30.9.20
£    £   
Current tax:
Adjustment re prior periods - (141,920 )
R&D Tax Credit claimed (55,269 ) (232,760 )
Total current tax (55,269 ) (374,680 )

Deferred tax 26,476 4,729
Tax on loss (28,793 ) (369,951 )

UK corporation tax has been charged at 19 % (2020 - 19 %).

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2021

8. TAXATION - continued

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

30.9.21 30.9.20
£    £   
Loss before tax (704,936 ) (1,106,157 )
Loss multiplied by the standard rate of corporation tax in the UK of 19 %
(2020 - 19 %)

(133,938

)

(210,170

)

Effects of:
Expenses not deductible for tax purposes 182,790 60,418
Income not taxable for tax purposes (16,192 ) (15,436 )
Capital allowances in excess of depreciation (76,781 ) -
Depreciation in excess of capital allowances - 28,829
Utilisation of tax losses (5,314 ) 70,364
Adjustments to tax charge in respect of previous periods - (209,862 )
R&D Tax Credits claimed (55,269 ) (164,818 )
Land remediation relief - (35,853 )
Unused tax losses 49,435 101,848
Deferred tax 26,476 4,729
Total tax credit (28,793 ) (369,951 )

9. 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.


10. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 October 2020 2,059,304 2,522,523 167,982
Additions 83,467 58,202 564,204
At 30 September 2021 2,142,771 2,580,725 732,186
DEPRECIATION
At 1 October 2020 - 370,068 49,259
Charge for year - 154,648 97,514
At 30 September 2021 - 524,716 146,773
NET BOOK VALUE
At 30 September 2021 2,142,771 2,056,009 585,413
At 30 September 2020 2,059,304 2,152,455 118,723

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2021

10. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 October 2020 212,775 15,631 166,189 5,144,404
Additions 28,942 - 53,428 788,243
At 30 September 2021 241,717 15,631 219,617 5,932,647
DEPRECIATION
At 1 October 2020 172,502 14,695 99,419 705,943
Charge for year 24,851 220 34,465 311,698
At 30 September 2021 197,353 14,915 133,884 1,017,641
NET BOOK VALUE
At 30 September 2021 44,364 716 85,733 4,915,006
At 30 September 2020 40,273 936 66,770 4,438,461

Company
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 October 2020 2,490,687 8,181 58,982 2,557,850
Additions - - 23,354 23,354
At 30 September 2021 2,490,687 8,181 82,336 2,581,204
DEPRECIATION
At 1 October 2020 373,603 1,631 18,962 394,196
Charge for year 124,534 1,227 23,575 149,336
At 30 September 2021 498,137 2,858 42,537 543,532
NET BOOK VALUE
At 30 September 2021 1,992,550 5,323 39,799 2,037,672
At 30 September 2020 2,117,084 6,550 40,020 2,163,654

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2021

11. FIXED ASSET INVESTMENTS

Group
Interest
in joint Listed Unlisted
venture investments investments Totals
£    £    £    £   
COST OR VALUATION
At 1 October 2020 4,258 2,100,895 9,213 2,114,366
Additions 5,000 87,151 - 92,151
Disposals (4,258 ) (62,051 ) - (66,309 )
Share of profit/(loss) (121,978 ) - - (121,978 )
Revaluations - 226,722 - 226,722
At 30 September 2021 (116,978 ) 2,352,717 9,213 2,244,952
NET BOOK VALUE
At 30 September 2021 (116,978 ) 2,352,717 9,213 2,244,952
At 30 September 2020 4,258 2,100,895 9,213 2,114,366

The fixed asset investments were valued at fair value by Adam & Company at 30 September 2021.
Company
Shares in
group
undertakings
£   
COST
At 1 October 2020 25,506,817
Additions 795,246
At 30 September 2021 26,302,063
NET BOOK VALUE
At 30 September 2021 26,302,063
At 30 September 2020 25,506,817

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

Subsidiaries

Malin Group Investments Limited
Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY
Nature of business: Non-trading
%
Class of shares: holding
Ordinary 100.00

Malin Marine Equipment Limited
Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY
Nature of business: Supply of marine equipment
%
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 2021

11. FIXED ASSET INVESTMENTS - continued

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

On 1 October 2020 the 49 shares held by the minority interest, were purchased by Malin Group Limited resulting in a 100% holding of the company's issued share capital.

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

On 1 October 2020 the 15 shares held by the minority interest, were purchased by Malin Group Limited resulting in a 100% holding of the company's issued share capital.

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

Malin Newbuild Limited
Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY
Nature of business: Manufacture of metal structures
%
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 2021

11. FIXED ASSET INVESTMENTS - continued

Malin SPV 2 Limited
Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY
Nature of business: Development of investment in Land
%
Class of shares: holding
Ordinary 100.00

Joint ventures

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

Malin Augustea UK Limited
Registered office: South Rotunda, 100 Govan Road, Glasgow, G51 1AY
Nature of business: Water transportation services
%
Class of shares: holding
Ordinary 50.00


12. STOCKS

Group
30.9.21 30.9.20
£    £   
Stocks 27,819 80,058
Work-in-progress 402,216 219,489
430,035 299,547

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.9.21 30.9.20 30.9.21 30.9.20
£    £    £    £   
Trade debtors 1,188,701 875,696 49,555 171,187
Amounts owed by group undertakings - - 3,475,306 3,246,048
Amounts owed by participating interests 1,612,590 - - -
Other debtors 890,999 1,939,207 819,516 1,932,408
Tax 89,523 61,815 - -
VAT - - 94,729 -
Prepayments and accrued income 4,046,841 1,467,475 302,111 159,549
7,828,654 4,344,193 4,741,217 5,509,192

Malin Group Limited (Registered number: SC571623)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2021

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.9.21 30.9.20 30.9.21 30.9.20
£    £    £    £   
Trade creditors 1,277,582 493,615 162,758 66,008
Amounts owed to group undertakings - - 18,737,716 18,062,135
Social security and other taxes 168,155 110,958 168,155 111,166
VAT 154,967 123,469 - 42,124
Other creditors 34,540 26,841 32,052 23,681
Directors' current accounts 2,726,357 2,741,351 2,726,357 2,741,351
Accrued expenses 4,112,057 1,335,960 91,493 64,690
8,473,658 4,832,194 21,918,531 21,111,155

15. PROVISIONS FOR LIABILITIES

Group Company
30.9.21 30.9.20 30.9.21 30.9.20
£    £    £    £   
Deferred tax 44,920 18,444 - 8,848

Group
Deferred
tax
£   
Balance at 1 October 2020 18,444
Charge to Statement of Comprehensive Income during year 26,476
Balance at 30 September 2021 44,920

Company
Deferred
tax
£   
Balance at 1 October 2020 8,848
Credit to Income Statement during year (8,848 )
Balance at 30 September 2021 -

16. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 30.9.21 30.9.20
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 2021

17. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 October 2020 11,960,029 100 11,960,129
Deficit for the year (676,143 ) (676,143 )
Acquisition of minority int. (422,561 ) - (422,561 )
At 30 September 2021 10,861,325 100 10,861,425