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REGISTERED NUMBER: 07074661 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021

FOR

MIDWEST FORMWORK UK LTD

MIDWEST FORMWORK UK LTD (REGISTERED NUMBER: 07074661)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Statement of Cash Flows 14

Notes to the Financial Statements 15


MIDWEST FORMWORK UK LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2021







DIRECTORS: Mr M Corcoran
Mr S Corcoran





REGISTERED OFFICE: Jubilee House
Townsend Lane
London
Middlesex
NW9 8TZ





REGISTERED NUMBER: 07074661 (England and Wales)





AUDITORS: Ashford Louis
Chartered Certified Accountants
& Statutory Auditors
187 High Road Leyton
London
E15 2BY

MIDWEST FORMWORK UK LTD (REGISTERED NUMBER: 07074661)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2021

The directors present their strategic report for the year ended 30 November 2021.

REVIEW OF BUSINESS
The financial year ended 30 November 2021 saw a slight decrease in revenue to £12.17m (2020 : £16.04m). Our cash reserves also declined to £0.72m (2020 : £3.89m). Market conditions remain very competitive and with the added complexity of COVID-19 and post-Brexit.

We continually look for operational efficiencies across the business through effective use of our investment in our IT platforms, processes, and quality management systems. We have invested heavily in the research and development to optimise the construction processes and develop our processes for operational efficiencies across the business.The company's vision, mission and values statements continue to reflect the ever dynamic outlook of construction industry and filtered throughout the organisation. The company has always empathised with the need for adhering to its corporate social responsibilities in the heart of all its operations. Midwest is firmly committed to its social, economic and environmental sustainability.

Covid-19 Update
The well-being of the Company's workforce, customers and local communities remains a key priority. Effective
Covid-19 safe operating procedures, maintaining social distancing rules, are fully embedded across all operations.

Throughout the initial national lockdown period, we retained all of our staff on full pay, without recourse to Government assistance, and provided necessary support to our suppliers and subcontractors to ensure operational continuity and enable a safe and structured re-start to site operations. We are well prepared for this second lockdown and continue to work with our subcontractors and supply chain to maintain the Group's operations. We remain mindful, however, of the potential for further disruption from additional Government mandated measures to control the pandemic and the impact of ongoing uncertainty on the UK economy.

Outlook
The outlook is positive. We have a solid pipeline of confirmed contracts. Our strategic focus is aimed at meeting our clients' expectations and providing them with the quality service. Potential medium-term risks to demand associated with Covid-19, rising unemployment and Brexit remain but long-term construction market fundamentals continue to be strong. Midwest is well placed to navigate potential future challenges and deliver superior long-term sustainable returns.

PRINCIPAL RISKS AND UNCERTAINTIES
There are a number of potential risks and and uncertainties which could impact the company's performance and these are considered by the board on regular basis.The Board of Directors and the relevant management terms consider the risks of all significant business decisions and changes in the external environment and in the company's operations. The key risks affecting the business are as follows:

Operating Risk
The company's reputation and continued success depends on its ability to provide services which are valued by its clients. The company regularly reviews the quality of its services both internally and through formalised client feedback and evaluation.

Market Risk
The company operates in a specialised market and seeks to maintain a competitive advantage by offering an appropriate and relevant service range and providing a high level of client service from professional and dedicated staff.The company manages market risk by providing added value services to its customers.


MIDWEST FORMWORK UK LTD (REGISTERED NUMBER: 07074661)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2021

PRINCIPAL RISKS AND UNCERTAINTIES (CONTD)
Management Risk
The company is reliant on its high calibre team of operational managers and surveyors and board of directors. The company recruits and develops high calibre employees, many of whom have been with the company for a number of years. The board have tried to ensure that the knowledge base of the operational management team is shared as much as possible throughout the company.

Financial Risk
The company is principally funded from retained profits and is reliant on converting these profits into cash. Financial monitoring, forecasting and planning are continuous processes and emphasis is placed on balancing maintenance or growth of profit margin against investment in resources to maintain delivery of a high quality of service to its clients.

Economic risk
The directors have identified and evaluated risks and uncertainties and have controls in place to mitigate these. Responsibility for management of each key risk is identified and delegated. The company is exposed to the risks of the economic downturn that could lower the company's revenues and operating results in the future. However, actions continue to be taken to maximise the company's performance in alt aspects of the business.

Post Brexit
The impact of post-Brexit continues to create economic uncertainty across the UK and Ireland. The Company continues to monitor the risks and the impact that this will have in relation to our business environment including any regulatory changes and the potential financial impact.

Health And Safety
The Company's activities require the continuous monitoring and management of health, safety and environmental risks.The Company is committed to ensuring a safe working environment. These risks are managed by the Company through the strong promotion of a health and safety culture and well-defined health and safety policies and procedures.

Environment
The company recognises the importance of its environmental responsibilities, monitors its impact on the environment and designs and implements policies to reduce any damage that might be caused by the company's activities. Initiatives designed to minimise the company's impact on the environment include safe disposal of any product waste, recycling and reducing energy consumption.

Disabled employees
Disabled persons are employed by the company where a suitable vacancy occurs. The aptitudes and abilities of disabled persons are not easily met in those aspects of our business involving site work, however, they are given full and fair consideration where vacancies arise in more suitable areas. Every effort is made to ensure that employees who become injured or disabled in the course of their employment are given training so that they can continue employment with the company

ON BEHALF OF THE BOARD:





Mr M Corcoran - Director


12 August 2022

MIDWEST FORMWORK UK LTD (REGISTERED NUMBER: 07074661)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 NOVEMBER 2021

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of concrete formwork.

DIVIDENDS
No dividends were paid during the current year and none was paid in previous year.

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

Mr M Corcoran
Mr S Corcoran

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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 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.

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 company'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 company's auditors are aware of that information.

AUDITORS
The auditors, Ashford Louis, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr M Corcoran - Director


12 August 2022

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MIDWEST FORMWORK UK LTD

Opinion
We have audited the financial statements of Midwest Formwork UK Ltd (the 'company') for the year ended 30 November 2021 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 company's affairs as at 30 November 2021 and of its 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 company 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 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 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 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 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
MIDWEST FORMWORK UK LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 four, 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MIDWEST FORMWORK UK LTD


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:


- We obtained an understanding of the legal and regulatory requirements applicable to the company.

- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

- We inquired from management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. We designed our audit procedures to identify instances of non-compliance throughout the audit and remained alert to instances of non-compliance throughout the audit.

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. However, the primary responsibility for prevention and detection of fraud rests with both management and those charged with governance of the company.
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 company'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 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 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 (ie. gives a true and fair view).
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.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MIDWEST FORMWORK UK LTD

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.




Hayford Doh FCCA MBA BA (Hons) (Senior Statutory Auditor)
for and on behalf of Ashford Louis
Chartered Certified Accountants
& Statutory Auditors
187 High Road Leyton
London
E15 2BY

18 August 2022

MIDWEST FORMWORK UK LTD (REGISTERED NUMBER: 07074661)

INCOME STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2021

30.11.21 30.11.20
Notes £    £    £    £   

TURNOVER 3 12,166,203 16,035,786

Cost of sales 10,065,132 13,756,296
GROSS PROFIT 2,101,071 2,279,490

Distribution costs 79,688 64,151
Administrative expenses 2,090,276 1,582,253
2,169,964 1,646,404
(68,893 ) 633,086

Other operating income 100,000 55,621
OPERATING PROFIT 5 31,107 688,707

Interest receivable and similar income 21,476 20,996
52,583 709,703

Interest payable and similar expenses 6 95,547 118,745
(LOSS)/PROFIT BEFORE TAXATION (42,964 ) 590,958

Tax on (loss)/profit 7 (208,991 ) 111,078
PROFIT FOR THE FINANCIAL YEAR 166,027 479,880

MIDWEST FORMWORK UK LTD (REGISTERED NUMBER: 07074661)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2021

30.11.21 30.11.20
Notes £    £   

PROFIT FOR THE YEAR 166,027 479,880


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

166,027

479,880

MIDWEST FORMWORK UK LTD (REGISTERED NUMBER: 07074661)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2021

30.11.21 30.11.20
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 5,612,004 4,493,700

CURRENT ASSETS
Stocks 10 1,883,780 1,369,257
Debtors 11 2,890,319 2,601,682
Cash at bank and in hand 724,717 3,885,483
5,498,816 7,856,422
CREDITORS
Amounts falling due within one year 12 5,275,712 6,684,662
NET CURRENT ASSETS 223,104 1,171,760
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,835,108

5,665,460

CREDITORS
Amounts falling due after more than one
year

13

(12,387

)

(13,943

)

PROVISIONS FOR LIABILITIES 15 (29,669 ) (24,492 )
NET ASSETS 5,793,052 5,627,025

CAPITAL AND RESERVES
Called up share capital 16 2 2
Retained earnings 17 5,793,050 5,627,023
SHAREHOLDERS' FUNDS 5,793,052 5,627,025

The financial statements were approved by the Board of Directors and authorised for issue on 12 August 2022 and were signed on its behalf by:





Mr M Corcoran - Director


MIDWEST FORMWORK UK LTD (REGISTERED NUMBER: 07074661)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2021

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 December 2019 2 5,147,143 5,147,145

Changes in equity
Total comprehensive income - 479,880 479,880
Balance at 30 November 2020 2 5,627,023 5,627,025

Changes in equity
Total comprehensive income - 166,027 166,027
Balance at 30 November 2021 2 5,793,050 5,793,052

MIDWEST FORMWORK UK LTD (REGISTERED NUMBER: 07074661)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2021

30.11.21 30.11.20
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (1,986,440 ) 202,118
Interest paid (90,767 ) (115,592 )
Interest element of hire purchase payments
paid

(4,780

)

(3,153

)
Tax paid 214,168 (229 )
Net cash from operating activities (1,867,819 ) 83,144

Cash flows from investing activities
Purchase of tangible fixed assets (1,292,435 ) (719,474 )
Interest received 21,476 20,996
Net cash from investing activities (1,270,959 ) (698,478 )

Cash flows from financing activities
Capital repayments in year (21,988 ) 1,123
Net cash from financing activities (21,988 ) 1,123

Decrease in cash and cash equivalents (3,160,766 ) (614,211 )
Cash and cash equivalents at beginning of
year

2

3,885,483

4,499,694

Cash and cash equivalents at end of year 2 724,717 3,885,483

MIDWEST FORMWORK UK LTD (REGISTERED NUMBER: 07074661)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2021

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
30.11.21 30.11.20
£    £   
(Loss)/profit before taxation (42,964 ) 590,958
Depreciation charges 201,713 121,749
Finance costs 95,547 118,745
Finance income (21,476 ) (20,996 )
232,820 810,456
(Increase)/decrease in stocks (514,523 ) 457,979
Increase in trade and other debtors (288,637 ) (234,892 )
Decrease in trade and other creditors (1,416,100 ) (831,425 )
Cash generated from operations (1,986,440 ) 202,118

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 November 2021
30.11.21 1.12.20
£    £   
Cash and cash equivalents 724,717 3,885,483
Year ended 30 November 2020
30.11.20 1.12.19
£    £   
Cash and cash equivalents 3,885,483 4,499,694


3. ANALYSIS OF CHANGES IN NET FUNDS

Other
non-cash
At 1.12.20 Cash flow changes At 30.11.21
£    £    £    £   
Net cash
Cash at bank
and in hand 3,885,483 (3,160,766 ) 724,717
3,885,483 (3,160,766 ) 724,717
Debt
Finance leases (30,262 ) 21,988 - (35,856 )
(30,262 ) 21,988 - (35,856 )
Total 3,855,221 (3,138,778 ) - 688,861

MIDWEST FORMWORK UK LTD (REGISTERED NUMBER: 07074661)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

1. STATUTORY INFORMATION

Midwest Formwork UK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

Turnover
Turnover represents net invoiced value of goods and services supplied, excluding value added tax. The total turnover of the company for the year has been derived from the supply of goods and services falling within the company's principal activities. Retentions recognition is deferred until their receipt become virtually certain.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Government grants
Government grants received are credited to income and relevant portion credited deferred income where applicable. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

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.

MIDWEST FORMWORK UK LTD (REGISTERED NUMBER: 07074661)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transitions that results in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from bank and other third parties, loans to relate to parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year) including loans and other accounts receivables and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest rate method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or order consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at the market rates of interest for a similar debt instrument and subsequently at amortised cost, unless it quantifies as a loan from a director in the case of a small company or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the assets if it were to be sold at the reporting date.

Financial assets and liabilities are offsets and the net amount reported in the Statement of Financial Position where there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the assets and settle the liability simultaneously.

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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.

MIDWEST FORMWORK UK LTD (REGISTERED NUMBER: 07074661)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021

2. ACCOUNTING POLICIES - continued

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

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

3. TURNOVER

The total Turnover of the Company for the year has been derived from the Company's principal activity wholly undertaken in the UK. Sale of goods and services £12,166,203 (2020 : £16,035,786).

4. EMPLOYEES AND DIRECTORS
30.11.21 30.11.20
£    £   
Wages and salaries 1,328,059 853,564
Social security costs 170,417 103,059
Other pension costs 21,585 18,380
1,520,061 975,003

The average number of employees during the year was as follows:
30.11.21 30.11.20

Management 3 3
Admin & Production 12 13
15 16

30.11.21 30.11.20
£    £   
Directors' remuneration 514,488 200,000

Information regarding the highest paid director is as follows:
30.11.21 30.11.20
£    £   
Emoluments etc 257,775 100,000

5. OPERATING PROFIT

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

30.11.21 30.11.20
£    £   
Depreciation - owned assets 186,105 108,653
Depreciation - assets on hire purchase contracts 15,608 13,096
Auditors' remuneration 9,800 9,200
Foreign exchange differences 9,665 (76,629 )

MIDWEST FORMWORK UK LTD (REGISTERED NUMBER: 07074661)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.11.21 30.11.20
£    £   
Interest payable 90,767 115,592
Hire purchase 4,780 3,153
95,547 118,745

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
30.11.21 30.11.20
£    £   
Current tax:
UK corporation tax (214,168 ) 123,302

Deferred tax 5,177 (12,224 )
Tax on (loss)/profit (208,991 ) 111,078

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

Reconciliation of total tax (credit)/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:

30.11.21 30.11.20
£    £   
(Loss)/profit before tax (42,964 ) 590,958
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
0% (2020 - 19%)

-

112,282

Effects of:
Expenses not deductible for tax purposes - 3,465
Depreciation in excess of capital allowances - 17,055
Utilisation of tax losses - (9,500 )


Non-taxable R&D credit received (214,168 ) -
Deferred tax 5,177 (12,224 )
Total tax (credit)/charge (208,991 ) 111,078

8. GOING CONCERN

The Company meets its day to day working capital requirements and has significant cash reserves at year end. The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Company should be able to operate without the need for external facilities for the foreseeable future. Even with the coronavirus having a huge impact on human society and the economy, the Directors have a reasonable expectation and are optimistic that with the healthy financial position of the company, the company will continue in operational existence for the next foreseeable future.

MIDWEST FORMWORK UK LTD (REGISTERED NUMBER: 07074661)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 December 2020 4,182,156 1,129,211 37,348
Additions 969,396 284,003 -
At 30 November 2021 5,151,552 1,413,214 37,348
DEPRECIATION
At 1 December 2020 13,426 901,677 30,133
Charge for year 32,815 127,884 1,804
At 30 November 2021 46,241 1,029,561 31,937
NET BOOK VALUE
At 30 November 2021 5,105,311 383,653 5,411
At 30 November 2020 4,168,730 227,534 7,215

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 December 2020 196,493 33,409 5,578,617
Additions 49,582 17,036 1,320,017
At 30 November 2021 246,075 50,445 6,898,634
DEPRECIATION
At 1 December 2020 120,077 19,604 1,084,917
Charge for year 31,500 7,710 201,713
At 30 November 2021 151,577 27,314 1,286,630
NET BOOK VALUE
At 30 November 2021 94,498 23,131 5,612,004
At 30 November 2020 76,416 13,805 4,493,700

Included in cost of land and buildings is freehold land of £ 3,510,818 (2020 - £ 3,510,818 ) which is not depreciated.

MIDWEST FORMWORK UK LTD (REGISTERED NUMBER: 07074661)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021

9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 December 2020 72,128
Additions 27,582
Transfer to ownership (21,667 )
At 30 November 2021 78,043
DEPRECIATION
At 1 December 2020 28,136
Charge for year 15,608
Transfer to ownership (12,526 )
At 30 November 2021 31,218
NET BOOK VALUE
At 30 November 2021 46,825
At 30 November 2020 43,992

10. STOCKS
30.11.21 30.11.20
£    £   
Work-in-progress 1,883,780 1,369,257

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.21 30.11.20
£    £   
Trade debtors 92,749 190,763
Retentions 478,521 944,882
Other debtors 946,295 830,172
VAT 388,121 -
Accrued income 870,494 566,779
Prepayments 114,139 69,086
2,890,319 2,601,682

MIDWEST FORMWORK UK LTD (REGISTERED NUMBER: 07074661)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.21 30.11.20
£    £   
Hire purchase contracts (see note 14) 23,469 16,319
Trade creditors 1,479,972 1,374,064
Tax 268,201 268,201
Social security and other taxes 50,940 53,111
Pension liabilities 4,261 4,039
VAT - 249,342
Other creditors 3,391,341 4,318,927
Accrued expenses 46,288 388,791
Holiday pay accrued 11,240 11,868
5,275,712 6,684,662

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.21 30.11.20
£    £   
Hire purchase contracts (see note 14) 12,387 13,943

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.11.21 30.11.20
£    £   
Gross obligations repayable:
Within one year 26,594 18,088
Between one and five years 15,157 15,236
41,751 33,324

Finance charges repayable:
Within one year 3,125 1,769
Between one and five years 2,770 1,293
5,895 3,062

Net obligations repayable:
Within one year 23,469 16,319
Between one and five years 12,387 13,943
35,856 30,262

Non-cancellable operating leases
30.11.21 30.11.20
£    £   
Within one year 84,725 97,860

MIDWEST FORMWORK UK LTD (REGISTERED NUMBER: 07074661)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021

15. PROVISIONS FOR LIABILITIES
30.11.21 30.11.20
£    £   
Deferred tax 29,669 24,492

Deferred
tax
£   
Balance at 1 December 2020 24,492
Provided during year 5,177
Balance at 30 November 2021 29,669

16. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 30.11.21 30.11.20
value: £    £   
2 Ordinary £1 2 2

17. RESERVES
Retained
earnings
£   

At 1 December 2020 5,627,023
Profit for the year 166,027
At 30 November 2021 5,793,050

18. PENSION COMMITMENTS

The company operates a define contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost and charge represents contribution payable by the company to the fund and amounted to £24,222 (2020 : £21,008). There were no accrued or prepaid contribution at the current and previous year end.

MIDWEST FORMWORK UK LTD (REGISTERED NUMBER: 07074661)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021

19. RELATED PARTY DISCLOSURES

During the year, Midwest Formwork & Reinforcing Limited (Ireland) provided equipment rental services totalling £670,419 (2020 : £1,003,648) at a commercial rate to the company. At the balance sheet date, the company was owed £97,360 (2020 : £422,889 was owed to) by Midwest Formwork & Reinforcing Limited (Ireland).

During the year the company purchased goods and services totalling £1,245,269 (2020 : £2,088,893) from Midwest Precast Limited and received rent totalling £100,000 (2020 : £50,000) from same company. At the balance sheet date, the company owed £1,133,603 (2020 : £558,319) to the Midwest Precast Limited.

At the balance sheet date the company was owed £701,081 (2020 : £682,318) by Midwest Civil Engineering Limited, this relates to costs paid by the Company for and on behalf of Midwest Civil Engineering Limited.

These four companies are connected by a common ownership.

At the balance sheet date, the company owed £2,257,765 (2020 : £2,204,143) to Mr J Corcoran, a close associate of the directors.

These intercompany balances attract interest at a commercial rate.

20. ULTIMATE CONTROLLING PARTY

The company is wholly owned subsidiary of Midwest Formwork Holding Limited, a company registered in Ireland.