Company registration number 10144805 (England and Wales)
10M GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
10M GROUP LIMITED
COMPANY INFORMATION
Directors
Mr R V Townsend
Mr B M Braithwaite
Company number
10144805
Registered office
Kingsnorth House
Blenheim Way
Kingstanding
Birmingham
West Midlands
United Kingdom
B44 8LS
Accountants
Malcolm Piper & Company Limited
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
10M GROUP LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
10M GROUP LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF 10M GROUP LIMITED FOR THE YEAR ENDED 30 DECEMBER 2022
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 10M Group Limited for the year ended 30 December 2022 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of 10M Group Limited, as a body, in accordance with the terms of our engagement letter dated 7 December 2022. Our work has been undertaken solely to prepare for your approval the financial statements of 10M Group Limited and state those matters that we have agreed to state to the board of directors of 10M Group Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 10M Group Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that 10M Group Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of 10M Group Limited. You consider that 10M Group Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of 10M Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Malcolm Piper & Company Limited
19 April 2024
Chartered Accountants
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
10M GROUP LIMITED
BALANCE SHEET
AS AT
30 DECEMBER 2022
30 December 2022
- 2 -
2022
2021 As re-stated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,093
2,550
Investments
4
985
985
3,078
3,535
Current assets
Debtors
6
4,165,949
3,400,016
Cash at bank and in hand
111,873
2,280
4,277,822
3,402,296
Creditors: amounts falling due within one year
7
(3,940,788)
(2,535,991)
Net current assets
337,034
866,305
Total assets less current liabilities
340,112
869,840
Creditors: amounts falling due after more than one year
8
(228,830)
(339,751)
Net assets
111,282
530,089
Capital and reserves
Called up share capital
10
2
2
Profit and loss reserves
111,280
530,087
Total equity
111,282
530,089
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
10M GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 DECEMBER 2022
30 December 2022
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 19 April 2024 and are signed on its behalf by:
Mr R V Townsend
Director
Company Registration No. 10144805
10M GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2022
- 4 -
1
Accounting policies
Company information
10M Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kingsnorth House, Blenheim Way, Kingstanding, Birmingham, West Midlands, United Kingdom, B44 8LS.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The financial statements have continued to be prepared on a 'going concern basis', because the company continues to be supported by its directors, subsidiaries and bankers, and continues to trade, and is able to meet its liabilities, as and when they fall due. No provision has therefore been made for the difference between asset values appearing in the balance sheet, and their realisable values were the company to be wound up, nor for any costs of liquidation.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
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.
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:
Fixtures and fittings
15% on reducing balance
Computers
33% on reducing balance
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 credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
10M GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.6
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 profit and loss account 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
1.7
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 leases asset are consumed.
1.8
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021 As re-stated
Number
Number
Total
4
5
10M GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
- 6 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 31 December 2021 and 30 December 2022
4,035
999
5,034
Depreciation and impairment
At 31 December 2021
1,896
588
2,484
Depreciation charged in the year
321
136
457
At 30 December 2022
2,217
724
2,941
Carrying amount
At 30 December 2022
1,818
275
2,093
At 30 December 2021
2,139
411
2,550
4
Fixed asset investments
2022
2021 As re-stated
£
£
Shares in group undertakings
885
885
Shares in other participating interests
100
100
985
985
5
Subsidiaries
Details of the company's subsidiaries at 30 December 2022 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
44NS Limited
Kingsnorth House, Blenheim Way, Birmingham, West Midlands, B44 8LS
Ordinary shares
100.00
00HH Limited
Kingsnorth House, Blenheim Way, Birmingham, West Midlands, B44 8LS
Ordinary shares
100.00
01BS Limited
Kingsnorth House, Blenheim Way, Birmingham, West Midlands, B44 8LS
Ordinary shares
100.00
00HF Limited
Kingsnorth House, Blenheim Way, Birmingham, West Midlands, B44 8LS
Ordinary shares
95.00
4755AS Limited
Kingsnorth House, Blenheim Way, Birmingham, West Midlands, B44 8LS
Ordinary shares
100.00
215BS Limited
Kingsnorth House, Blenheim Way, Birmingham, West Midlands, B44 8LS
Ordinary shares
100.00
50WS Limited
Kingsnorth House, Blenheim Way, Birmingham, West Midlands, B44 8LS
Ordinary shares
100.00
77GSN Limited
Kingsnorth House, Blenheim Way, Birmingham, West Midlands, B44 8LS
Ordinary shares
90.00
10MH2 Limited
Kingsnorth House, Blenheim Way, Birmingham, West Midlands, B44 8LS
Ordinary shares
100.00
10M GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
- 7 -
6
Debtors
2022
2021 As re-stated
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,844,547
3,347,152
Other debtors
1,321,402
52,864
4,165,949
3,400,016
7
Creditors: amounts falling due within one year
2022
2021 As re-stated
£
£
Bank loans and overdrafts
9
210,798
158,013
Other borrowings
9
10,000
48,125
Trade creditors
41,144
63,130
Amounts owed to group undertakings
157,689
158,793
Taxation and social security
139,630
178,551
Other creditors
3,381,527
1,929,379
3,940,788
2,535,991
8
Creditors: amounts falling due after more than one year
2022
2021 As re-stated
Notes
£
£
Bank loans and overdrafts
9
228,830
339,751
9
Loans and overdrafts
2022
2021 As re-stated
£
£
Bank loans
416,222
478,559
Bank overdrafts
23,406
19,205
Other loans
10,000
48,125
449,628
545,889
Payable within one year
220,798
206,138
Payable after one year
228,830
339,751
10M GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
9
Loans and overdrafts
(Continued)
- 8 -
Included in bank loans are CBILS loans totalling £416,221 (2021 £478,559) which are partly secured by a government guarantee.
Included within other loans is a loan of £10,000 (2021 - £27,500) which is secured by the personal indemnity provided by a director.
10
Called up share capital
2022
2021 As re-stated
2022
2021 As re-stated
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
12
Contingent liability
The company has provided security for a loan to a subsidiary. The security provided is limited to a fixed charge over the shares held by 10M Group Limited in the subsidiary to which this loan relates. The loan outstanding at the year end in the books of the subsidiary is £9.883,929 (2021 - £4,373,828).