Company registration number 02071827 (England and Wales)
MINTER INTERNATIONAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
MINTER INTERNATIONAL LIMITED
COMPANY INFORMATION
Director
Mr F J Minter
Secretary
Mr F H J Minter
Company number
02071827
Registered office
31 The Broadway
Cheam
Sutton
Surrey
SM3 8BL
Auditor
Crossley Financial Accounting Limited
Star House
Star Hill
Rochester
Kent
ME1 1UX
MINTER INTERNATIONAL LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 7
Group statement of comprehensive income
8
Group statement of financial position
9
Company statement of financial position
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 27
MINTER INTERNATIONAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The director presents the strategic report for the year ended 31 March 2023.

 

During the year under review, the group's principal trading activity has continued to be that of building contractors.

The group's client base remains entirely in the following sectors;

1.    Education

2.    Healthcare/laboratories/life science

3.    Commercial

4.    Residential and other fit out

Review of the business

The company remains profitable with improvements in all departments.

We continue to focus on reducing time taken to value our works and agree final accounts.

Tender opportunities remain constant especially within the Education and Healthcare sectors.

We expect trading to continue at satisfactory levels. The expectation is that inflation will fall.

The company maintains good cash balances with no borrowings and the directors maintain strong leadership.

Principal risks and uncertainties

The principal risk is a reduction in customer spending.

We have built the firm on good working and long-term client relationships and this would minimise uncertainty in the event of any reduction in customer spending.

We have exclusive relationships with some customers.

There are no significant changes in legislation that affect our market position.

Key performance indicators

Individual contract performance is reviewed weekly with daily accounting updates and costings.

Sub contractor applications are reviewed weekly with monthly liability reports at valuation submission.

Cash flow and financial data is produced and reviewed by the directors each week.

Tender results are reviewed all the time.

ISO accreditation

We hold ISO 9001, ISO 14001 and ISO 4500.

We are working towards ISO 5001 (Energy/sustainability) and ISO 27001 (Information Security).

We hold CHAS Premium Plus, Constructionline Gold Standard and Safecontractor.

On behalf of the board

Mr F J Minter
Director
5 October 2023
MINTER INTERNATIONAL LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

The director presents his annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the company and group continued to be that of building contractors.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £774,500. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr F J Minter
Auditor

The auditor, Crossley Financial Accounting Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of director's responsibilities

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

MINTER INTERNATIONAL LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
On behalf of the board
Mr F J Minter
Director
5 October 2023
MINTER INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MINTER INTERNATIONAL LIMITED
- 4 -
Opinion

We have audited the financial statements of Minter International Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

MINTER INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MINTER INTERNATIONAL LIMITED
- 5 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

MINTER INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MINTER INTERNATIONAL LIMITED
- 6 -

Risks

Based on our understanding of the company and industry, we identified that the principle risks of non-compliance with laws and regulations related to compliance with Health and Safety Executive (HSE) and the Gross Status the company holds in relation to the Construction Industry Scheme and we considered the extent to which non-compliance might have a material effect on the financial statements of the company.

 

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

 

In addition, we considered provisions of other laws and regulations that do not have a direct impact on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These include data protection, employment and environmental.

 

We evaluated managements incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to revenue recognition, posting inappropriate journals entries to increase turnover or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements such as the recognition of profit and losses on construction contracts.

 

Audit response

Audit procedures performed by the engagement team included:

 

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, by for example, forgery, or intentional misrepresentation, or though collusion.

 

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

MINTER INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MINTER INTERNATIONAL LIMITED
- 7 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

S Meah FCCA (Senior Statuatory Auditor)
For and on behalf of Crossley Financial Accounting Limited
17 October 2023
Chartered Accountants
Statutory Auditor
Star House
Star Hill
Rochester
Kent
ME1 1UX
MINTER INTERNATIONAL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
2023
2022
Notes
£
£
Turnover
30,290,611
27,229,756
Cost of sales
(25,945,506)
(21,915,878)
Gross profit
4,345,105
5,313,878
Administrative expenses
(3,423,102)
(3,265,267)
Other operating income
9,188
45,109
Operating profit
931,191
2,093,720
Interest receivable and similar income
6
7,116
964
Amounts written off investments
7
-
1,395
Profit before taxation
938,307
2,096,079
Tax on profit
8
(183,648)
(409,227)
Profit for the financial year
754,659
1,686,852
Profit for the financial year is attributable to:
- Owners of the parent company
441,336
906,853
- Non-controlling interests
313,323
779,999
754,659
1,686,852
Total comprehensive income for the year is attributable to:
- Owners of the parent company
441,336
906,853
- Non-controlling interests
313,323
779,999
754,659
1,686,852
MINTER INTERNATIONAL LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
126,380
148,678
Current assets
Stocks
13
1,082
1,082
Debtors
14
7,178,458
5,197,799
Cash at bank and in hand
4,594,127
5,816,370
11,773,667
11,015,251
Creditors: amounts falling due within one year
15
(9,956,145)
(8,496,114)
Net current assets
1,817,522
2,519,137
Total assets less current liabilities
1,943,902
2,667,815
Provisions for liabilities
Deferred tax liability
16
21,664
26,836
(21,664)
(26,836)
Net assets
1,922,238
2,640,979
Capital and reserves
Called up share capital
18
10,400
10,400
Revaluation reserve
827
827
Distributable profit and loss reserves
1,012,703
1,345,867
Equity attributable to owners of the parent company
1,023,930
1,357,094
Non-controlling interests
898,308
1,283,885
1,922,238
2,640,979
The financial statements were approved and signed by the director and authorised for issue on 5 October 2023
05 October 2023
Mr F J Minter
Director
Company registration number 02071827 (England and Wales)
MINTER INTERNATIONAL LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
31 March 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
14,551
8,177
Investments
11
7,500
7,500
22,051
15,677
Current assets
Debtors
14
29,049
6,746
Cash at bank and in hand
86,548
59,001
115,597
65,747
Creditors: amounts falling due within one year
15
(42,074)
(54,073)
Net current assets
73,523
11,674
Net assets
95,574
27,351
Capital and reserves
Called up share capital
18
10,400
10,400
Revaluation reserve
827
827
Distributable profit and loss reserves
84,347
16,124
Total equity
95,574
27,351

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £842,723 (2022 - £822,517 profit).

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

The financial statements were approved and signed by the director and authorised for issue on 5 October 2023
05 October 2023
Mr F J Minter
Director
Company registration number 02071827 (England and Wales)
MINTER INTERNATIONAL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
Share capital
Non-distributable reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
Balance at 1 April 2021
10,400
827
1,305,360
1,316,587
1,202,786
2,519,373
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
906,853
906,853
779,999
1,686,852
Dividends
9
-
-
(866,346)
(866,346)
(698,900)
(1,565,246)
Balance at 31 March 2022
10,400
827
1,345,867
1,357,094
1,283,885
2,640,979
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
441,336
441,336
313,323
754,659
Dividends
9
-
-
(774,500)
(774,500)
(698,900)
(1,473,400)
Balance at 31 March 2023
10,400
827
1,012,703
1,023,930
898,308
1,922,238
MINTER INTERNATIONAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2021
10,400
827
59,952
71,179
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
822,518
822,518
Dividends
9
-
-
(866,346)
(866,346)
Balance at 31 March 2022
10,400
827
16,124
27,351
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
842,723
842,723
Dividends
9
-
-
(774,500)
(774,500)
Balance at 31 March 2023
10,400
827
84,347
95,574
MINTER INTERNATIONAL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
727,976
2,041,235
Income taxes paid
(450,714)
(458,923)
Net cash inflow from operating activities
277,262
1,582,312
Investing activities
Purchase of tangible fixed assets
(7,333)
(22,887)
Proceeds from disposal of investments
-
7,337
Repayment of loans
(25,888)
30,845
Interest received
7,116
964
Net cash (used in)/generated from investing activities
(26,105)
16,259
Financing activities
Payment of finance leases obligations
-
(6,069)
Dividends paid to equity shareholders
(774,500)
(866,346)
Dividends paid to non-controlling interests
(698,900)
(698,900)
Net cash used in financing activities
(1,473,400)
(1,571,315)
Net (decrease)/increase in cash and cash equivalents
(1,222,243)
27,256
Cash and cash equivalents at beginning of year
5,816,370
5,789,114
Cash and cash equivalents at end of year
4,594,127
5,816,370
MINTER INTERNATIONAL LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
125,722
142,854
Income taxes paid
(25,312)
(22,663)
Net cash inflow from operating activities
100,410
120,191
Investing activities
Proceeds from disposal of investments
-
0
7,337
Repayment of loans
(25,888)
30,845
Interest received
25
661
Dividends received
727,500
727,500
Net cash generated from investing activities
701,637
766,343
Financing activities
Payment of finance leases obligations
-
(6,069)
Dividends paid to equity shareholders
(774,500)
(866,346)
Net cash used in financing activities
(774,500)
(872,415)
Net increase in cash and cash equivalents
27,547
14,119
Cash and cash equivalents at beginning of year
59,001
44,882
Cash and cash equivalents at end of year
86,548
59,001
MINTER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 15 -
1
Accounting policies
Company information

Minter International Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 31 The Broadway, Cheam, Sutton, Surrey, SM3 8BL.

 

 

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The consolidated group financial statements consist of the financial statements of the parent company Minter International Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.2
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

MINTER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
25% straight line
Plant and equipment
25% straight line
Fixtures and fittings
25% and 33% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.5
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

MINTER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MINTER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 18 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.12

Long-term contracts

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

MINTER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 19 -
2
Judgements and key sources of estimation uncertainty

In preparing these financial statements, the directors have made the following judgements:

 

Determine whether there are indicators of impairment of the group's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

 

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

 

The directors have made key assumptions regarding the state of completion, future costs to complete and collectability of billings of some construction contracts. The amount receivable from customers on such construction contracts at the end of the reporting period has been estimated at £556,727.

3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,990
2,737
Audit of the financial statements of the company's subsidiaries
17,830
16,450
20,820
19,187
4
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Administrative staff and directors
21
21
1
1
Direct staff
27
29
-
-
Directors
1
1
1
1
Total
49
51
2
2
MINTER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
4
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,532,872
3,421,644
4,292
6,518
Social security costs
314,293
390,979
-
2,627
Pension costs
80,389
76,932
-
0
-
0
3,927,554
3,889,555
4,292
9,145
5
Director's remuneration
2023
2022
£
£
Remuneration for qualifying services
11,984
14,486
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
7,116
964
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
7,116
964
7
Amounts written off investments
2023
2022
£
£
Gain on disposal of investments held at fair value
-
1,395
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
184,872
406,131
Adjustments in respect of prior periods
-
0
242
Total current tax
184,872
406,373
MINTER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
8
Taxation
2023
2022
£
£
(Continued)
- 21 -
Deferred tax
Origination and reversal of timing differences
(1,224)
2,854
Total tax charge
183,648
409,227

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
938,307
2,096,079
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
178,278
398,255
Tax effect of expenses that are not deductible in determining taxable profit
10,188
4,245
Tax effect of income not taxable in determining taxable profit
(812)
-
0
Adjustments in respect of prior years
-
0
241
Permanent capital allowances in excess of depreciation
(2,782)
3,631
Deferred tax adjustments in respect of prior years
(1,224)
2,855
Taxation charge
183,648
409,227
9
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
774,500
866,346
MINTER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 22 -
10
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
272,608
24,797
85,310
139,183
521,898
Additions
-
0
-
0
7,333
-
0
7,333
At 31 March 2023
272,608
24,797
92,643
139,183
529,231
Depreciation and impairment
At 1 April 2022
181,856
24,797
69,555
97,012
373,220
Depreciation charged in the year
22,688
-
0
4,819
2,124
29,631
At 31 March 2023
204,544
24,797
74,374
99,136
402,851
Carrying amount
At 31 March 2023
68,064
-
0
18,269
40,047
126,380
At 31 March 2022
90,752
-
0
15,755
42,171
148,678
Company
Motor vehicles
£
Cost
At 1 April 2022 and 31 March 2023
49,054
Depreciation and impairment
At 1 April 2022
40,877
Depreciation charged in the year
(6,374)
At 31 March 2023
34,503
Carrying amount
At 31 March 2023
14,551
At 31 March 2022
8,177
MINTER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 23 -
11
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
7,500
7,500
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022 and 31 March 2023
7,500
Carrying amount
At 31 March 2023
7,500
At 31 March 2022
7,500
12
Subsidiaries
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Russell Cawberry Limited
31 The Broadway Cheam Surrey SM3 8BL
Building contractors
Ordinary
51.00
13
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
1,082
1,082
-
0
-
0
MINTER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 24 -
14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
6,124,089
4,604,327
360
-
0
Gross amounts owed by contract customers
986,812
556,727
-
0
-
0
Other debtors
32,089
2,959
28,689
2,798
Prepayments and accrued income
35,468
29,838
-
0
-
0
7,178,458
5,193,851
29,049
2,798
Amounts falling due after more than one year:
Deferred tax asset (note 16)
-
0
3,948
-
0
3,948
Total debtors
7,178,458
5,197,799
29,049
6,746
15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
3,762,198
3,847,064
-
0
7,223
Corporation tax payable
(5,536)
260,306
27,233
25,313
Other taxation and social security
1,108,801
888,193
8,891
8,225
Other creditors
48,712
64,370
859
8,611
Accruals and deferred income
5,041,970
3,436,181
5,091
4,701
9,956,145
8,496,114
42,074
54,073
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
21,664
26,836
-
3,948
MINTER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
16
Deferred taxation
(Continued)
- 25 -
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Accelerated capital allowances
-
-
-
3,948
Group
Company
2023
2023
Movements in the year:
£
£
Liability/(Asset) at 1 April 2022
22,888
(3,948)
(Credit)/charge to profit or loss
(1,224)
3,948
Liability at 31 March 2023
21,664
-
17
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
80,389
76,932

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

18
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
10,400
10,400
10,400
10,400
MINTER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 26 -
19
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
67,650
75,163
-
-
Between two and five years
218,704
270,600
-
-
In over five years
-
15,754
-
-
286,354
361,517
-
-
20
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
819,819
1,051,621
21
Directors' transactions

Dividends totalling £774,500 (2022 - £866,346) were paid in the year in respect of shares held by the company's directors.

22
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
754,659
1,686,852
Adjustments for:
Taxation charged
183,648
409,227
Investment income
(7,116)
(964)
Depreciation and impairment of tangible fixed assets
29,631
54,420
Other gains and losses
-
(1,395)
Movements in working capital:
(Increase)/decrease in debtors
(1,958,719)
1,515,307
Increase/(decrease) in creditors
1,725,873
(1,622,211)
Cash generated from operations
727,976
2,041,236
MINTER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 27 -
23
Cash generated from operations - company
2023
2022
£
£
Profit for the year after tax
842,723
822,518
Adjustments for:
Taxation charged
31,180
23,382
Investment income
(727,525)
(728,161)
Depreciation and impairment of tangible fixed assets
(6,374)
12,263
Other gains and losses
-
(1,395)
Movements in working capital:
(Increase)/decrease in debtors
(363)
2,202
(Decrease)/increase in creditors
(13,919)
12,045
Cash generated from operations
125,722
142,854
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