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REGISTERED NUMBER: 03717980 (England and Wales)












STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

M & D FOUNDATIONS & BUILDING SERVICES
LIMITED

M & D FOUNDATIONS & BUILDING SERVICES
LIMITED (REGISTERED NUMBER: 03717980)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 14

Notes to the Financial Statements 15


M & D FOUNDATIONS & BUILDING SERVICES
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: Mr S Steel
Mr G Townsley
Mr R Wylie
Mrs S L Townsley
Mr B Iyengar
Mr T P Stollery
Mr T J F Rowse



SECRETARY: Mr A R Wykes



REGISTERED OFFICE: M&D House
Brooklands Road
Adwick Le Street
Doncaster
South Yorkshire
DN6 7BA



REGISTERED NUMBER: 03717980 (England and Wales)



SENIOR STATUTORY AUDITOR: Robert Watson FCA



AUDITORS: Gibson Booth Limited
Statutory Auditor
12 Victoria Road
Barnsley
South Yorkshire
S70 2BB

M & D FOUNDATIONS & BUILDING SERVICES
LIMITED (REGISTERED NUMBER: 03717980)

STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their strategic report for the year ended 29 February 2024.

REVIEW OF BUSINESS ACTIVITIES AND KEY PERFORMANCE INDICATORS
Trading results have seen a downturn this year with turnover falling by 6.7% compared to 2023 results.

Gross profit has also decreased by 8.5% this year. In common with many businesses, gross profit has been affected by the inflationary pressures on consumable materials in particular. Despite this, the company has shown strong results for the year ended 28 February 2024.

Establishment costs have increased by 15.5% as a direct result of higher business insurance premiums in the current year.

Administration expenses (excluding management charges) have fallen by 2.6% this year. Motor, haulage and legal and professional costs saw the most significant reductions in the year.

Profit before tax decreased by 15.9% this year.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors take a pragmatic view with respect to risk management. The company is well managed by its board of directors and a prudent approach is adopted in all financial aspects.

All company policies are subject to continual assessment and review in line with changing legislation and industry guidelines.

The directors remain mindful of cyclical trends and the overarching political backdrop of the construction industry. Inflationary pressures continue to be monitored and mitigated but nevertheless present ongoing risks and uncertainties across all market sectors including the construction industry.

As with all companies within the industry the company is subject to bad debt and financial risk. The company has improved its measures at the contract stage and has implemented stronger credit control procedures. The company also invests in capital expenditure strategically to avoid significant impact on cashflow.

The company is maintaining strong reserves to mitigate any risk of a downturn in productivity during the latter summer months and into winter due to increased interest rates and associated economic impact on housing market.


M & D FOUNDATIONS & BUILDING SERVICES
LIMITED (REGISTERED NUMBER: 03717980)

STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

KEY PERFORMANCE INDICATORS
The company monitors its performance using a number of measures.

These include key performance indicators for gross profit margin, direct labour as a percentage of turnover and EBIT. KPI's are regularly monitored by the board.

During the year to 28 February 2024, gross profit margins remained consistent returning to levels prior to 2022. The consistent gross profit margin, turnover, establishment and admin costs has consequently resulted in a healthy EBIT. Management are happy with the current year results and are expecting the strong results to continue.

FUTURE
The market conditions present during the year have continued post year end. Such conditions include price increases for materials, procurement delays and staff absences all of which are being managed. Tender pricing models are being monitored and updated where necessary, within achievable tendering parameters, to minimise the effect on profits.

The company continues to perform well and is achieving its objectives which includes winning new tenders. In the mid to short term, business is expected to stay at a consistent level.

ON BEHALF OF THE BOARD:





Mr R Wylie - Director


30 August 2024

M & D FOUNDATIONS & BUILDING SERVICES
LIMITED (REGISTERED NUMBER: 03717980)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their report with the financial statements of the company for the year ended 29 February 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of specialist foundation and piling services.

DIVIDENDS
No dividends will be distributed for the year ended 29 February 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report.

Mr S Steel
Mr G Townsley
Mr R Wylie
Mrs S L Townsley
Mr B Iyengar
Mr T P Stollery
Mr T J F Rowse

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

M & D FOUNDATIONS & BUILDING SERVICES
LIMITED (REGISTERED NUMBER: 03717980)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29 FEBRUARY 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Gibson Booth Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr R Wylie - Director


30 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
M & D FOUNDATIONS & BUILDING SERVICES
LIMITED

Opinion
We have audited the financial statements of M & D Foundations & Building Services Limited (the 'company') for the year ended 29 February 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 company's affairs as at 29 February 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
M & D FOUNDATIONS & BUILDING SERVICES
LIMITED


Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
M & D FOUNDATIONS & BUILDING SERVICES
LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
M & D FOUNDATIONS & BUILDING SERVICES
LIMITED


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

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

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We design audit procedures to respond to the risk, recognising that 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 misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to the Companies Act 2006. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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 or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
M & D FOUNDATIONS & BUILDING SERVICES
LIMITED


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




Robert Watson FCA (Senior Statutory Auditor)
for and on behalf of Gibson Booth Limited
Statutory Auditor
12 Victoria Road
Barnsley
South Yorkshire
S70 2BB

30 August 2024

M & D FOUNDATIONS & BUILDING SERVICES
LIMITED (REGISTERED NUMBER: 03717980)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £   

TURNOVER 4 20,066,859 21,518,658

Cost of sales 15,328,687 16,337,256
GROSS PROFIT 4,738,172 5,181,402

Administrative expenses 4,585,459 5,015,191
152,713 166,211

Other operating income 10,800 30,372
OPERATING PROFIT 6 163,513 196,583

Interest receivable and similar income 1,398 299
164,911 196,882

Interest payable and similar expenses 7 3,788 5,234
PROFIT BEFORE TAXATION 161,123 191,648

Tax on profit 8 48,202 72,484
PROFIT FOR THE FINANCIAL YEAR 112,921 119,164

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

112,921

119,164

M & D FOUNDATIONS & BUILDING SERVICES
LIMITED (REGISTERED NUMBER: 03717980)

BALANCE SHEET
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 825,317 657,553

CURRENT ASSETS
Stocks 10 135,701 210,473
Debtors 11 3,655,915 3,885,585
Cash at bank 32,456 455,729
3,824,072 4,551,787
CREDITORS
Amounts falling due within one year 12 2,045,071 3,007,592
NET CURRENT ASSETS 1,779,001 1,544,195
TOTAL ASSETS LESS CURRENT LIABILITIES 2,604,318 2,201,748

CREDITORS
Amounts falling due after more than one
year

13

(252,319

)

(10,895

)

PROVISIONS FOR LIABILITIES 17 (206,329 ) (158,104 )
NET ASSETS 2,145,670 2,032,749

CAPITAL AND RESERVES
Called up share capital 18 1,000 1,000
Retained earnings 19 2,144,670 2,031,749
SHAREHOLDERS' FUNDS 2,145,670 2,032,749

M & D FOUNDATIONS & BUILDING SERVICES
LIMITED (REGISTERED NUMBER: 03717980)

BALANCE SHEET - continued
29 FEBRUARY 2024


The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:




Mr R Wylie - Director Mr G Townsley - Director




Mrs S L Townsley - Director


M & D FOUNDATIONS & BUILDING SERVICES
LIMITED (REGISTERED NUMBER: 03717980)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 March 2022 1,000 1,912,585 1,913,585

Changes in equity
Total comprehensive income - 119,164 119,164
Balance at 28 February 2023 1,000 2,031,749 2,032,749

Changes in equity
Total comprehensive income - 112,921 112,921
Balance at 29 February 2024 1,000 2,144,670 2,145,670

M & D FOUNDATIONS & BUILDING SERVICES
LIMITED (REGISTERED NUMBER: 03717980)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

M & D Foundations & Building Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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

The financial statements are prepared in sterling which is the functional currency of the entity and rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements have been set out below.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d).

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
No judgements have been made in the process of applying the below accounting policies that have had the most significant effect on amounts recognised in the financial statements.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year

M & D FOUNDATIONS & BUILDING SERVICES
LIMITED (REGISTERED NUMBER: 03717980)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

3. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the value of the work performed.

Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery- 20%/25% on reducing balance & 25% straight line
Computer equipment - 20% on reducing balance
Motor vehicles- 25% on reducing balance

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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

Current or deferred taxation assets and liabilities are not discounted.

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

M & D FOUNDATIONS & BUILDING SERVICES
LIMITED (REGISTERED NUMBER: 03717980)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

3. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual, as arrangement either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

M & D FOUNDATIONS & BUILDING SERVICES
LIMITED (REGISTERED NUMBER: 03717980)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

5. EMPLOYEES AND DIRECTORS
29.2.24 28.2.23
£    £   
Wages and salaries 3,068,744 3,106,867
Social security costs 386,557 332,960
Other pension costs 68,113 61,609
3,523,414 3,501,436

The average number of employees during the year was as follows:
29.2.24 28.2.23

Management and office administration 27 28
Site and yard operations 48 50
75 78

29.2.24 28.2.23
£    £   
Directors' remuneration 417,451 344,589
Directors' pension contributions to money purchase schemes 5,361 5,347

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

Money purchase schemes 7 7

Information regarding the highest paid director is as follows:
29.2.24 28.2.23
£    £   
Emoluments etc 115,738 90,699
Pension contributions to money purchase schemes 1,347 1,321

M & D FOUNDATIONS & BUILDING SERVICES
LIMITED (REGISTERED NUMBER: 03717980)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

6. OPERATING PROFIT

The operating profit is stated after charging:

29.2.24 28.2.23
£    £   
Hire of plant and machinery 1,660,806 1,843,373
Depreciation - owned assets 153,844 177,386
Depreciation - assets on hire purchase contracts 40,827 41,338
Loss on disposal of fixed assets 4,604 3,083
Auditors' remuneration 14,389 18,000

7. INTEREST PAYABLE AND SIMILAR EXPENSES
29.2.24 28.2.23
£    £   
Hire purchase interest 3,788 5,234

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
29.2.24 28.2.23
£    £   
Current tax:
UK corporation tax - 56,720
Adjustments to tax charge in
respect of prior periods. (23 ) 239
Total current tax (23 ) 56,959

Deferred tax 48,225 15,525
Tax on profit 48,202 72,484

UK corporation tax has been charged at 25% (2023 - 19%).

M & D FOUNDATIONS & BUILDING SERVICES
LIMITED (REGISTERED NUMBER: 03717980)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

8. TAXATION - continued

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

29.2.24 28.2.23
£    £   
Profit before tax 161,123 191,648
Profit multiplied by the standard rate of corporation tax in the UK of
24.491% (2023 - 19%)

39,461

36,413

Effects of:
Expenses not deductible for tax purposes 1,475 747
Capital allowances in excess of depreciation (48,371 ) -
Depreciation in excess of capital allowances - 18,975
Adjustments to tax charge in respect of previous periods (23 ) 239
Profit/loss on disposal of assets 1,128 585
Deferred tax movement 48,225 15,525
Group relief 6,307 -
Total tax charge 48,202 72,484

M & D FOUNDATIONS & BUILDING SERVICES
LIMITED (REGISTERED NUMBER: 03717980)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

9. TANGIBLE FIXED ASSETS
Plant and Computer Motor
machinery equipment vehicles Totals
£    £    £    £   
COST
At 1 March 2023 405,127 154,241 1,237,232 1,796,600
Additions 52,940 18,823 414,687 486,450
Disposals - - (499,749 ) (499,749 )
At 29 February 2024 458,067 173,064 1,152,170 1,783,301
DEPRECIATION
At 1 March 2023 269,480 99,312 770,255 1,139,047
Charge for year 61,932 13,948 118,791 194,671
Eliminated on disposal - - (375,734 ) (375,734 )
At 29 February 2024 331,412 113,260 513,312 957,984
NET BOOK VALUE
At 29 February 2024 126,655 59,804 638,858 825,317
At 28 February 2023 135,647 54,929 466,977 657,553

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 March 2023
and 29 February 2024 171,085
DEPRECIATION
At 1 March 2023 97,069
Charge for year 40,827
At 29 February 2024 137,896
NET BOOK VALUE
At 29 February 2024 33,189
At 28 February 2023 74,016

M & D FOUNDATIONS & BUILDING SERVICES
LIMITED (REGISTERED NUMBER: 03717980)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

10. STOCKS
29.2.24 28.2.23
£    £   
Raw materials 135,701 210,473

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 1,658,115 2,153,263
Amounts owed by group undertakings 1,094,533 835,961
Amounts recoverable on contract 551,743 327,785
Other debtors - 1,500
VAT 230,534 453,144
Prepayments and accrued income 120,990 113,932
3,655,915 3,885,585

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts (see note 14) 134,282 -
Hire purchase contracts (see note 15) 137,428 65,371
Trade creditors 1,127,006 1,282,189
Amounts owed to group undertakings - 889,644
Corporation tax - 56,720
Social security and other taxes 88,745 79,822
Other creditors 61,461 48,646
Accruals and deferred income 496,149 585,200
2,045,071 3,007,592

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
29.2.24 28.2.23
£    £   
Hire purchase contracts (see note 15) 252,319 10,895

M & D FOUNDATIONS & BUILDING SERVICES
LIMITED (REGISTERED NUMBER: 03717980)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

14. LOANS

An analysis of the maturity of loans is given below:

29.2.24 28.2.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 134,282 -

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
29.2.24 28.2.23
£    £   
Gross obligations repayable:
Within one year 152,011 67,986
Between one and five years 280,614 11,331
432,625 79,317

Finance charges repayable:
Within one year 14,583 2,615
Between one and five years 28,295 436
42,878 3,051

Net obligations repayable:
Within one year 137,428 65,371
Between one and five years 252,319 10,895
389,747 76,266

M & D FOUNDATIONS & BUILDING SERVICES
LIMITED (REGISTERED NUMBER: 03717980)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

15. LEASING AGREEMENTS - continued

Non-cancellable operating leases
29.2.24 28.2.23
£    £   
Within one year 147,251 101,880
Between one and five years 249,562 14,438
396,813 116,318

16. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Bank overdraft 134,282 -
Hire purchase contracts 389,747 76,266
524,029 76,266

Bank loans and overdrafts are secured by;

A debenture including a fixed charge over all present freehold and leasehold property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets and undertakings both present and future.

A first legal charge over freehold property, Brooklands Road, Carcroft.

Hire purchase liabilities are secured on the assets concerned. Interest is charged at normal commercial rates.

17. PROVISIONS FOR LIABILITIES
29.2.24 28.2.23
£    £   
Deferred tax 206,329 158,104

M & D FOUNDATIONS & BUILDING SERVICES
LIMITED (REGISTERED NUMBER: 03717980)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

17. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 March 2023 158,104
Charge to Statement of Comprehensive Income during year 48,225
Balance at 29 February 2024 206,329

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
1,000 Ordinary £1 1,000 1,000

19. RESERVES
Retained
earnings
£   

At 1 March 2023 2,031,749
Profit for the year 112,921
At 29 February 2024 2,144,670

20. ULTIMATE PARENT COMPANY

The directors consider that the ultimate parent company is DSS Group Limited. The largest group of undertakings for which group financial statements have been drawn up is that headed by DSS Group Limited, and the smallest such group of undertakings, including the company, is headed by Bessacarr Properties Limited.

Copies of the consolidated financial statements of DSS Group Limited are available from the company secretary at the registered office; M & D House, Brooklands Road, Adwick-Le-Street, Doncaster, South Yorkshire, DN6 7BA.

M & D FOUNDATIONS & BUILDING SERVICES
LIMITED (REGISTERED NUMBER: 03717980)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

21. CONTINGENT LIABILITIES

A composite company unlimited multilateral guarantee is given to the bank by DSS Group Limited, Bessacarr Properties Limited, M & D Foundations & Building Services Limited, M & D Foundations (Midlands) Limited and M & D Foundations Eastern Limited. As at 28 February 2024 the total group loan balances due to the bank were £Nil (2023: £751,915).

22. RELATED PARTY DISCLOSURES

During the year the company paid for services provided by an entity under the control of a common director but is not part of the group of £70,490 and a balance of £39,690 was due to the related party at the year-end.

Amounts due to (from) group entities are provided on an unsecured, interest free basis and there are no fixed terms for repayment.

Entities with control, joint control or significant influence over the entity
29.2.24 28.2.23
£    £   
Purchases 1,030,968 -
Rental costs 3,840 -
Amount due from related party 1,047,576 -

Fellow subsidiary undertakings
29.2.24 28.2.23
£    £   
Sales 8,884,284 10,281,369
Management charges 1,104,000 745,000
Amount due from related parties 46,956 835,961