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Miken Holdings Limited

Annual Report and Consolidated Financial Statements
Year Ended 31 March 2024

Registration number: 12913199

 

Miken Holdings Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 10

Consolidated Profit and Loss Account

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Financial Statements

17 to 32

 

Miken Holdings Limited

Company Information

Directors

T M Payne

A Walton

A J Britten

C R Lovell

Company secretary

M Johnson

Registered office

Millbrook Depot
Yelling Mill Lane
Shepton Mallet
United Kingdom
BA4 4JT

Auditors

PKF Francis Clark
Statutory Auditor
Ground Floor
90 Victoria Street
Bristol
BS1 6DP

 

Miken Holdings Limited

Strategic Report

Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

Principal activity

The principal activity of the group is that of utility reinstatement and surfacing contractors relating to utility projects.

Fair review of the business

Following a strong start to the financial year, certain long term contracts came to an end, but has since been replaced with various multi utility contract and project work thus offering a better mix of clients as the year progressed. This has lowered our reliance from one or two Tier one contractors to help reduce risk and offer a more balanced turnover mix.

As the group moved into the new financial year of 2024/2025 we already had the upfront knowledge that we were successful with new tenders on electric and gas contracts in the south and east of our operating region (which includes backfill operations and R&M reinstatement activities also). In addition, we have moved into backfill activities on our principal gas contract in the southwest as well.

The year ending 2024 offered us the benefit from a gradual ‘slowing’ of the rapid and ever changing price increases from the years directly following the pandemic.

The group has continued to reinvest and have maintained a sensible balance with general infrastructure, vehicles and IT systems.

The group is continuing to pay the deferred consideration loan notes to the exiting shareholders at rates exceeding the minimal requirement and should clear the balance years in front of the long stop end date, if current trading trends and profitability continue. At present we see no significant risk to the business due to our client mix, profitability, renewed staffing structure, overhead control and long term contract sustainability. We only see the potential of major political and economic instability at a global level to be our major risk into the year ending 2025.

During the close out period of the year ending 2024 the company brought in two new directors to the company in the commercial and operational departments. In addition, we have changed the company secretary. Furthermore, group re-structure planning and future proofing has meant that group is now less reliant on the former shareholders/directors/family members and is moving proudly and strongly into a new era of senior management and directorship.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£'000

10,692

12,856

Gross profit

£'000

3,289

3,939

Gross profit margin

%

31

31

Operating profit

£'000

1,334

2,084

Net assets

£'000

1,746

2,422

Cash generated from operations

£'000

1,964

2,457

As described below, the future development of the group is subject to a number of principal business risks. Notwithstanding those risks, the directors are satisfied that the financial year to March 2025 will continue to be a successful period for the group.

 

Miken Holdings Limited

Strategic Report

Year Ended 31 March 2024

Principal risks and uncertainties

At present we see no significant risk to the business due to our client mix, profitability, renewed staffing structure, overhead control and long term contract sustainability. We only see the potential of major political and economic instability at a global level to be our major risk into the year ended 2025.

Approved and authorised by the Board on 15 August 2024 and signed on its behalf by:
 

.........................................
T M Payne
Director

 

Miken Holdings Limited

Directors' Report

Year Ended 31 March 2024

The directors present their report and the for the year ended 31 March 2024.

Directors of the group

The directors who held office during the year were as follows:

T M Payne

A Walton

The following directors were appointed after the year end:

A J Britten (appointed 1 May 2024)

C R Lovell (appointed 1 May 2024)

Financial instruments

Objectives and policies

The group's principal financial instruments comprise bank balances (including cash and bank loans), trade debtors and creditors, and hire purchase / finance lease obligations. The group's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The group's approach to dealing with these risks is shown below.

Credit risk, liquidity risk and cash flow risk

Credit risk
The group's credit risk is primarily attributable to its trade debtors. Trade debtors are recognised and carried at the lower of their original invoiced value and their recoverable amount. To manage this risk, the group performs credit checks on new customers, puts credit limits in place and actively manages its customer ledger and has credit insurance in place.

Liquidity risk
In order to maintain liquidity and ensure that sufficient funds are available for ongoing operations and future developments, the group has an invoice financing facility for certain customers, as well as external bank borrowings and finance lease obligations. The group actively manages its total net debt from such obligations against its current assets and future projections.

Cash flow risk
In the current financial year the net cash position has increased from £936k at 1 April 2023 to £1.04m as at 31 March 2024, improving the group's liquidity position.

Information included in the Strategic Report

Matters concerning results of the company, future developments and particulars of any significant events which have occurred since the end of the financial year have been included in the Strategic Report.

 

Miken Holdings Limited

Directors' Report

Year Ended 31 March 2024

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 15 August 2024 and signed on its behalf by:
 

.........................................
T M Payne
Director

 

Miken Holdings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Miken Holdings Limited

Independent Auditor's Report to the Members of Miken Holdings Limited

Opinion

We have audited the financial statements of Miken Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2024 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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.

 

Miken Holdings Limited

Independent Auditor's Report to the Members of Miken Holdings Limited

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 6, 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 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 directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

 

Miken Holdings Limited

Independent Auditor's Report to the Members of Miken Holdings Limited

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detcting irregularities, including fraud is detailed below:

As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the company. We gained an understanding of the industry in which the group operates as part of this assessment to identify the key laws and regulations affecting the company. As part of this, we reviewed the group's website for indication of any regulations and certification in place and discussed these with the relevant individuals responsible for compliance. The key regulations we identified were the The New Roads an Street Works Act, as well as health and safety regulations, tax legislation and employment law. We also considered those laws and regulation that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the company’s ability to continue operating and the risk of material misstatement to the accounts. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

Enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements.

Enquiries of management regarding their knowledge of any breaches of health and safety regulations, and review of Board meeting minutes for relevant matters identified.

Reviewed legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance.

As part of our enquiries, we discussed with management whether there had been any instances of known or alleged fraud, of which management confirmed there were none.

We assessed the susceptibility of the financial statements to material misstatement through management override or fraud and obtained an understanding of the controls in place to mitigate the risk of fraud. We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements. The key risks we identified were the reduction of tax liabilities and/or the overstatement of the financial position of the company for commercial purposes. Based upon our understanding we designed and conducted audit procedures including:

 

Miken Holdings Limited

Independent Auditor's Report to the Members of Miken Holdings Limited

Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.

Performed cut off procedures for revenue recognition both before the year end and after.

Investigated the rationale behind significant or unusual transactions.

Because of 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. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. 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, collusion, omission or misrepresentation.

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 auditor's report.

Use of our report

This report is made solely to the group'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 group'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 group and the group's members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Robert Whitehead FCCA (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor

Ground Floor
90 Victoria Street
Bristol
BS1 6DP

20 August 2024

 

Miken Holdings Limited

Consolidated Profit and Loss Account

Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

3

10,692,393

12,856,051

Cost of sales

 

(7,403,775)

(8,917,132)

Gross profit

 

3,288,618

3,938,919

Administrative expenses

 

(2,035,301)

(1,933,693)

Other operating income

4

80,200

78,881

Operating profit

6

1,333,517

2,084,107

Other interest receivable and similar income

10

9,367

1,550

Interest payable and similar expenses

11

(37,943)

(24,002)

   

(28,576)

(22,452)

Profit before tax

 

1,304,941

2,061,655

Tax on profit

12

(299,660)

(374,818)

Profit for the financial year

 

1,005,281

1,686,837

Profit/(loss) attributable to:

 

Owners of the group

 

1,005,281

1,686,837

The above results were derived from continuing operations.

The group has no recognised gains or losses for the year other than the results above.

 

Miken Holdings Limited

Consolidated Balance Sheet

31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

13

1,074,481

1,244,306

Current assets

 

Stocks

15

14,111

13,061

Debtors

16

1,898,816

2,723,137

Cash at bank and in hand

 

1,039,581

936,721

 

2,952,508

3,672,919

Creditors: Amounts falling due within one year

19

(1,514,241)

(1,686,321)

Net current assets

 

1,438,267

1,986,598

Total assets less current liabilities

 

2,512,748

3,230,904

Creditors: Amounts falling due after more than one year

19

(537,538)

(530,754)

Provisions for liabilities

22

(229,000)

(277,264)

Net assets

 

1,746,210

2,422,886

Capital and reserves

 

Called up share capital

24

100,029

100,029

Share premium reserve

9,914

9,914

Capital redemption reserve

356

356

Profit and loss account

1,635,911

2,312,587

Equity attributable to owners of the company

 

1,746,210

2,422,886

Shareholders' funds

 

1,746,210

2,422,886

Approved and authorised by the Board on 15 August 2024 and signed on its behalf by:
 

.........................................
T M Payne
Director

Company Registration Number: 12913199

 

Miken Holdings Limited

Balance Sheet

31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

14

5,939,000

5,939,000

Capital and reserves

 

Called up share capital

24

100,029

100,029

Merger reserve

5,838,971

5,838,971

Shareholders' funds

 

5,939,000

5,939,000

Approved and authorised by the Board on 15 August 2024 and signed on its behalf by:
 

.........................................
T M Payne
Director

Company Registration Number: 12913199

 

Miken Holdings Limited

Consolidated Statement of Changes in Equity

Year Ended 31 March 2024

Share capital
£

Share premium
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

Total equity
£

At 1 April 2023

100,029

9,914

356

2,312,587

2,422,886

2,422,886

Profit for the year

-

-

-

1,005,281

1,005,281

1,005,281

Total comprehensive income

-

-

-

1,005,281

1,005,281

1,005,281

Gift to employee ownership trust

-

-

-

(1,681,957)

(1,681,957)

(1,681,957)

At 31 March 2024

100,029

9,914

356

1,635,911

1,746,210

1,746,210

Share capital
£

Share premium
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

Total equity
£

At 1 April 2022

100,029

9,914

356

3,263,498

3,373,797

3,373,797

Prior period adjustment

-

-

-

44,792

44,792

44,792

At 1 April 2022 (As restated)

100,029

9,914

356

3,308,290

3,418,589

3,418,589

Profit for the year

-

-

-

1,686,837

1,686,837

1,686,837

Gift to employee ownership trust

-

-

-

(2,682,540)

(2,682,540)

(2,682,540)

At 31 March 2023 (As restated)

100,029

9,914

356

2,312,587

2,422,886

2,422,886

 

Miken Holdings Limited

Statement of Changes in Equity

Year Ended 31 March 2024

Share capital
£

Merger reserve
£

Profit and loss account
£

Total
£

At 1 April 2023

100,029

5,838,971

-

5,939,000

Profit for the year

-

-

1,681,957

1,681,957

Total comprehensive income

-

-

1,681,957

1,681,957

Gift to employee ownership trust

-

-

(1,681,957)

(1,681,957)

At 31 March 2024

100,029

5,838,971

-

5,939,000

Share capital
£

Merger reserve
£

Profit and loss account
£

Total
£

At 1 April 2022

100,029

5,838,971

-

5,939,000

Profit for the year

-

-

2,682,540

2,682,540

-

-

-

-

Gift to employee ownership trust

-

-

(2,682,540)

(2,682,540)

At 31 March 2023

100,029

5,838,971

-

5,939,000

 

Miken Holdings Limited

Consolidated Statement of Cash Flows

Year Ended 31 March 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

1,005,281

1,686,837

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

375,564

371,354

Profit on disposal of tangible assets

5

(23,986)

(14,859)

Loss from disposals of investments

5

-

1

Finance income

10

(9,367)

(1,550)

Finance costs

11

37,943

24,002

Income tax expense

12

299,660

374,818

 

1,685,095

2,440,603

Working capital adjustments

 

Increase in stocks

15

(1,050)

(182)

Decrease in trade debtors

16

824,321

200,234

Decrease in trade creditors

19

(271,130)

(296,017)

(Decrease)/increase in provisions

22

(48,264)

112,743

Cash generated from operations

 

2,188,972

2,457,381

Income taxes paid

12

(225,099)

(347,227)

Net cash flow from operating activities

 

1,963,873

2,110,154

Cash flows from investing activities

 

Interest received

9,367

1,550

Acquisitions of tangible assets

(48,987)

(743,620)

Proceeds from sale of tangible assets

 

95,263

30,141

Net cash flows from investing activities

 

55,643

(711,929)

Cash flows from financing activities

 

Interest paid

11

(37,943)

(24,002)

Receipts from finance lease debtors

 

-

525,034

Payments to finance lease creditors

 

(196,756)

(148,546)

Gift to employee ownership trust

 

(1,681,957)

(2,682,540)

Net cash flows from financing activities

 

(1,916,656)

(2,330,054)

Net increase/(decrease) in cash and cash equivalents

 

102,860

(931,829)

Cash and cash equivalents at 1 April

 

936,721

1,868,550

Cash and cash equivalents at 31 March

 

1,039,581

936,721

 

Miken Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Millbrook Depot
Yelling Mill Lane
Shepton Mallet
United Kingdom
BA4 4JT

These financial statements were authorised for issue by the Board on 15 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The group's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. There are no material departures from FRS102.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Summary of disclosure exemptions

The company has taken advantage of disclosure exemptions available in FRS 102 in respect of key management personnel compensation, financial instruments and the presentation of its individual cashflow statement..

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2024.

As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

The group was formed as a result of a share exchange by Miken Holdings Limited and Walton Civil Engineering and Surfacing Contractor Limited. As this constitutes a group restructure under FRS102, the financial statements have been prepared using merger accounting principles as if the group had been in existence for the current and previous financial periods.

 

Miken Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2024

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

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The financial statements have been prepared on a going concern basis. In forming this opinion, and in particular, the directors have considered the performance of the group both during the year and subsequent to the year end, and the forecasted financial performance.

 

Miken Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2024

Key sources of estimation uncertainty

In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key judgement that has a significant impact on the financial statements is in respect of going concern, as described above.

The key estimates that have a significant effect on the amounts recognised in the financial statements are in respect of accrued income and the carrying value of tangible fixed assets, investment property valuation, trade debtor valuation and fiscal liabilities.

Accrued income is recognised with reference to the stage of completion of the job, which requires estimation as to the value of the work performed which has not yet been invoiced. The carrying amount is £37,243 (2023 - £94,057).

Tangible fixed assets are carried at cost, less accumulated depreciation and any subsequent accumulated impairment loss. This requires an estimation in the depreciation rates used as well as assessment of the ongoing economic contribution of the assets of the company as to whether an indicator of impairment has occurred. The carrying amount is £1,074,481 (2023 - £1,244,306).

Trade debtors are recognised and carried at the lower of their original invoiced value and their recoverable amount. The group actively manages its customer ledger and has credit insurance in place for the majority of their customers. The carrying amount is £1,860,810 (2023 - £2,553,449).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Revenue in respect of civil engineering services supplied is recognised with reference to the stage of completion of the contract. Stage of completion is measured with reference to the value of the work performed.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

 

Miken Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2024

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the consolidated profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and assets under constructions, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2-3.3% straight line

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in subsidiaries and other investments are measured at cost less impairment.

Stocks

Stock is measured at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Leases

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. The treatment of finance leases is as set out in the accounting policy for financial instruments detailed below.

Rental income from operating leases (net of any incentives given to the lesees) is recognised on a straight-line basis over the lease term.

 

Miken Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2024

Defined contribution pension obligation

The group operates a defined contribution pension scheme for eligible staff. Contributions are charged to the profit and loss account when they become payable in accordance with the rules of the scheme.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Hire purchase and finance lease obligations; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The group has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the group becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for hire purchase and finance lease obligations, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Assets held under hire purchases and finance lease are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. The asset is subsequently measured as discussed in the tangible fixed asset accounting policy above. Finance lease obligations are subsequently measured at amortised cost using the effective interest method.

 

3

Turnover

The group's turnover arises solely in the UK and relates to the group's principal activity.

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Rental income

80,200

78,881


 

 

Miken Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2024

5

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2024
£

2023
£

Gain on disposal of Tangible assets

23,986

14,859

Loss from disposals of investments

-

(1)

23,986

14,858

6

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation - owned assets

127,591

127,275

Depreciation of plant and machinery (finance leases)

247,973

244,079

Profit on disposal of property, plant and equipment

(23,986)

(14,859)

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,946,574

2,033,446

Social security costs

202,444

218,199

Pension costs, defined contribution scheme

283,001

244,857

2,432,019

2,496,502

 

Miken Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2024

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

35

38

Administration and support

29

29

64

67

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

37,177

45,000

Contributions paid to money purchase schemes

-

28,968

37,177

73,968

9

Auditor's remuneration

2024
£

2023
£

Audit of these financial statements

1,500

1,400

Audit of the financial statements of subsidiaries of the company pursuant to legislation

17,450

15,700

18,950

17,100


 

10

Other interest receivable and similar income

2024
£

2023
£

Bank interest

9,367

1,550

11

Interest payable and similar expenses

2024
£

2023
£

Interest on obligations under finance leases and hire purchase contracts

37,943

24,002

 

Miken Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2024

12

Taxation

Tax charged/(credited) in the profit and loss account

2024
 £

2023
 £

Current taxation

UK corporation tax

339,414

269,221

UK corporation tax adjustment to prior periods

8,510

(6,541)

347,924

262,680

Deferred taxation

Arising from origination and reversal of timing differences

(10,810)

112,138

Arising from changes in tax rates and laws

(37,454)

-

Total deferred taxation

(48,264)

112,138

Tax expense in the income statement

299,660

374,818

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,304,941

2,061,655

Corporation tax at standard rate

326,235

395,458

Effect of expense not deductible in determining taxable profit (tax loss)

2,369

1,375

Deferred tax credit relating to changes in tax rates or laws

(37,454)

-

UK deferred tax expense relating to changes in tax rates or laws

-

26,913

Deferred tax expense from unrecognised temporary difference from a prior period

8,510

605

Decrease in UK and foreign current tax from adjustment for prior periods

-

(7,146)

Tax decrease from effect of capital allowances and depreciation

-

(42,386)

Tax decrease arising from overseas tax suffered/expensed

-

(1)

Total tax charge

299,660

374,818

 

Miken Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2024

Deferred tax

Group

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and capital allowances

229,000

2023

Liability
£

Difference between accumulated depreciation and capital allowances

277,264

13

Tangible assets

Group

Fixtures and fittings
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

111,025

50,381

3,132,044

3,293,450

Additions

-

790

276,226

277,016

Disposals

-

-

(294,158)

(294,158)

At 31 March 2024

111,025

51,171

3,114,112

3,276,308

Depreciation

At 1 April 2023

97,345

13,707

1,938,092

2,049,144

Charge for the year

1,105

8,868

365,591

375,564

Eliminated on disposal

-

-

(222,881)

(222,881)

At 31 March 2024

98,450

22,575

2,080,802

2,201,827

Carrying amount

At 31 March 2024

12,575

28,596

1,033,310

1,074,481

At 31 March 2023

13,680

36,674

1,193,952

1,244,306

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

 

2024
£

2023
£

Property, plant and equipment

743,929

847,396

Motor vehicles

11,600

15,346

 

755,529

862,742

 

Miken Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2024

14

Investments

Company

2024
£

2023
£

Investments in subsidiaries

5,939,000

5,939,000

Subsidiaries

£

Cost or valuation

At 1 April 2023 and 31 March 2024

5,939,000

Carrying amount

At 31 March 2024

5,939,000

At 31 March 2023

5,939,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Walton Civil Engineering and Surfacing Contractors Limited

Mill Brook Depot, Yellingmill Lane, Shepton Mallet, BA4 4JT

England and Wales

Ordinary shares

100%

100%

Subsidiary undertakings

Walton Civil Engineering and Surfacing Contractors Limited

The principal activity of Walton Civil Engineering and Surfacing Contractors Limited is that of utility reinstatement and surfacing contractors.

 

Miken Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2024

15

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Raw materials and consumables

14,111

13,061

-

-

16

Debtors

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Trade debtors

1,860,810

2,643,033

-

-

Other debtors

13,206

13,206

-

-

Prepayments

24,800

66,898

-

-

 

1,898,816

2,723,137

-

-

Less non-current portion

(7,268)

(47,349)

-

-

1,891,548

2,675,788

-

-

Details of non-current trade and other debtors

Group

£7,268 (2023 - £47,349) of customer retentions is classified as non current.

17

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

287

287

-

-

Cash at bank

1,039,294

936,434

-

-

1,039,581

936,721

-

-

 

Miken Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2024

18

Analysis of changes in net debt

Group

At 1 April 2023
£

Financing cash flows
£

New finance leases
£

Other non-cash changes
£

At 31 March 2024
£

Cash and cash equivalents

Cash

936,721

102,860

-

-

1,039,581

Borrowings

Finance leases due within one year

(156,309)

(196,756)

165,484

6,784

(180,797)

Finance leases due in more than one year

(530,754)

-

-

(6,784)

(537,538)

(687,063)

(196,756)

165,484

-

(718,335)

 

249,658

(93,896)

165,484

-

321,246

 

Miken Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2024

19

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

20

180,797

156,309

-

-

Trade creditors

 

713,053

970,228

-

-

Social security and other taxes

 

28,534

74,953

-

-

Other creditors

 

89,180

97,961

-

-

Accrued expenses

 

156,882

115,636

-

-

Corporation tax

 

345,795

271,234

-

-

 

1,514,241

1,686,321

-

-

Due after one year

 

Loans and borrowings

20

537,538

530,754

-

-

20

Loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Non-current loans and borrowings

Finance lease liabilities

537,538

530,754

-

-

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Current loans and borrowings

Hire purchase contracts

180,797

156,309

-

-

Group

Hire purchase contracts

Hire purchase contracts are denominated in sterling with a nominal interest rate of 10.2%, and the final instalment is due on 21 October 2027. The carrying amount at year end is £718,335 (2023 - £687,063).

Hire purchase liabilities are secured on the assets to which they relate.

 

Miken Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2024

21

Obligations under leases and hire purchase contracts

Group

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

180,797

106,310

Later than one year and not later than five years

537,538

530,754

718,335

637,064

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

82,400

94,900

Later than one year and not later than five years

329,600

329,600

Later than five years

247,200

329,600

659,200

754,100

The amount of non-cancellable operating lease payments recognised as an expense during the year was £123,711 (2023 - £115,941).

Operating leases - lessor

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

47,715

52,965

Later than one year and not later than five years

87,082

119,367

Later than five years

18,500

36,500

153,297

208,832

22

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 April 2023

277,264

277,264

Increase (decrease) in existing provisions

(48,264)

(48,264)

At 31 March 2024

229,000

229,000

 

Miken Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2024

23

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £283,001 (2023 - £244,857).

Contributions totalling £5,129 (2023 - £3,176) were payable to the scheme at the end of the year and are included in creditors.

24

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

"A" Ordinary of £1 each

50,000

50,000

50,000

50,000

"B" Ordinary of £1 each

50,000

50,000

50,000

50,000

"C" Ordinary of £1 each

25

25

25

25

"G" Ordinary of £1 each

2

2

2

2

"H" Ordinary of £1 each

2

2

2

2

 

100,029

100,029

100,029

100,029

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
The A, B, C, G and H ordinary shares all of £1.00 each rank pari passu except that the directors have the right to declare dividends on each class of share separately.

25

Commitments

Group

Capital commitments

Items of motor vehicles, acquired under hire purchase pre year end, are scheduled to be delivered until post year end.
The total amount contracted for but not provided in the financial statements was £95,775 (2023 - £Nil).

 

Miken Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2024

26

Gift to Walton Employee Ownership Trust

In the year ending 31 March 2022, the shares in Miken Holdings Limited were acquired into the Employee Ownership Trust, Walton Trustees Limited.

During the year gifts were made to the Trust by Walton Civil Engineering and Surfacing Contractors Limited. Gifts totalling £1,681,957 (2023 - £2,682,540) have been made in the year. The funds have been treated as a gift from equity.

Payments to the Waltons Employee Ownership Trust are treated as distributions by Walton Civil Engineering and Surfacing Contractors Limited, and therefore the group, and presented in the Statement of Changes in Equity. As a result, the payments are accounted for when made. This treatment has been adopted on the basis that such payments are transfers of value to the group’s shareholders.
 

27

Related party transactions

Group

Summary of transactions with other related parties

Walton Civil Engineering and Surfacing Contractors Limited paid £93,448 (2023 - £13,733) in rent to Millbrook Property Limited. Amounts receivable under common control as at 31 March 2024 were £nil (2023 - £nil).
 

28

Parent and ultimate parent undertaking

The ultimate controlling party is Walton Trustees Limited.