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REGISTERED NUMBER: 05733637 (England and Wales)












REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

M & D FOUNDATIONS (MIDLANDS) LIMITED

M & D FOUNDATIONS (MIDLANDS) LIMITED (REGISTERED NUMBER: 05733637)






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




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


M & D FOUNDATIONS (MIDLANDS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: Mr R Wylie
Mr G Townsley
Mr M Jurevicius



SECRETARY: Mr A R Wykes



REGISTERED OFFICE: M&D House
Brooklands Road
Adwick-le-Street
Doncaster
DN6 7BA



REGISTERED NUMBER: 05733637 (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 (MIDLANDS) LIMITED (REGISTERED NUMBER: 05733637)

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
The total distribution of dividends for the year ended 28 February 2023 was £464,000.

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 R Wylie
Mr G Townsley
Mr M Jurevicius

Other changes in directors holding office are as follows:

Mr Z Aleksa ceased to be a director after 29 February 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing 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 (MIDLANDS) LIMITED (REGISTERED NUMBER: 05733637)

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, 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 (MIDLANDS) LIMITED

Opinion
We have audited the financial statements of M & D Foundations (Midlands) 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 (MIDLANDS) LIMITED


Other information
The directors are responsible for the other information. The other information comprises the information in 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has 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 Report of the Directors.

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

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 (MIDLANDS) 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 (MIDLANDS) 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 (MIDLANDS) LIMITED (REGISTERED NUMBER: 05733637)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £   

TURNOVER 4 7,642,388 9,138,662

Cost of sales 7,664,952 8,794,781
GROSS (LOSS)/PROFIT (22,564 ) 343,881

Administrative expenses 209,328 558,344
(231,892 ) (214,463 )

Other operating income 856,000 507,000
OPERATING PROFIT 6 624,108 292,537

Interest receivable and similar income 161 -
PROFIT BEFORE TAXATION 624,269 292,537

Tax on profit 7 152,862 55,582
PROFIT FOR THE FINANCIAL YEAR 471,407 236,955

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

471,407

236,955

M & D FOUNDATIONS (MIDLANDS) LIMITED (REGISTERED NUMBER: 05733637)

BALANCE SHEET
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £   
CURRENT ASSETS
Debtors 9 817,241 1,041,946
Cash at bank 15,286 42,796
832,527 1,084,742
CREDITORS
Amounts falling due within one year 10 817,317 1,076,939
NET CURRENT ASSETS 15,210 7,803
TOTAL ASSETS LESS CURRENT LIABILITIES 15,210 7,803

CAPITAL AND RESERVES
Called up share capital 11 8 8
Retained earnings 12 15,202 7,795
SHAREHOLDERS' FUNDS 15,210 7,803

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


M & D FOUNDATIONS (MIDLANDS) LIMITED (REGISTERED NUMBER: 05733637)

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 8 8,340 8,348

Changes in equity
Dividends - (237,500 ) (237,500 )
Total comprehensive income - 236,955 236,955
Balance at 28 February 2023 8 7,795 7,803

Changes in equity
Dividends - (464,000 ) (464,000 )
Total comprehensive income - 471,407 471,407
Balance at 29 February 2024 8 15,202 15,210

M & D FOUNDATIONS (MIDLANDS) LIMITED (REGISTERED NUMBER: 05733637)

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

1. STATUTORY INFORMATION

M & D Foundations (Midlands) 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.

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

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 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).

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

M & D FOUNDATIONS (MIDLANDS) LIMITED (REGISTERED NUMBER: 05733637)

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.

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.

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 159,340 167,800
Social security costs 18,817 20,579
Other pension costs 3,361 2,272
181,518 190,651

M & D FOUNDATIONS (MIDLANDS) LIMITED (REGISTERED NUMBER: 05733637)

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

5. EMPLOYEES AND DIRECTORS - continued

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

Management of operations 4 3

29.2.24 28.2.23
£    £   
Directors' remuneration 103,364 128,627
Directors' pension contributions to money purchase schemes 2,046 1,307

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

Money purchase schemes 1 1

6. OPERATING PROFIT

The operating profit is stated after charging:

29.2.24 28.2.23
£    £   
Auditors' remuneration 4,500 4,500

7. 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 152,886 55,582
Under provision of corporation
tax (24 ) -

Tax on profit 152,862 55,582

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

M & D FOUNDATIONS (MIDLANDS) LIMITED (REGISTERED NUMBER: 05733637)

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

8. DIVIDENDS
29.2.24 28.2.23
£    £   
A Ordinary shares of £1 each
Interim 348,000 179,000
B Ordinary share of £1
Interim 89,000 42,500
C Ordinary share of £1
Interim 27,000 16,000
464,000 237,500

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 816,300 1,031,709
Other debtors 940 7,249
Directors' current accounts 1 2,988
817,241 1,041,946

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade creditors (139 ) 71
Amounts owed to group undertakings 602,965 991,494
Corporation tax 152,886 55,582
Social security and other taxes 4,768 3,987
VAT 8,995 19,773
Other creditors 3,647 2,332
Accruals and deferred income 44,195 3,700
817,317 1,076,939

M & D FOUNDATIONS (MIDLANDS) LIMITED (REGISTERED NUMBER: 05733637)

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

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid: Nominal 28.2.24 28.2.23
Number: Class: Value: £    £
6 Ordinary A £1 6 6
1 Ordinary B £1 1 1
1 Ordinary C £1 1 1
8 8

12. RESERVES
Retained
earnings
£   

At 1 March 2023 7,795
Profit for the year 471,407
Dividends (464,000 )
At 29 February 2024 15,202

13. 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.

14. 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).

M & D FOUNDATIONS (MIDLANDS) LIMITED (REGISTERED NUMBER: 05733637)

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

15. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

29.2.24 28.2.23
£    £   
Mr M Jurevicius
Balance outstanding at start of year 2,988 12,931
Amounts repaid (2,987 ) (9,943 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1 2,988

Mr Z Aleksa
Balance outstanding at start of year - 9,373
Amounts repaid - (9,373 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Interest is accruing using official interest rates on appropriate balances. Advances are unsecured and there are no fixed terms for repayment.

16. RELATED PARTY DISCLOSURES

Amounts due to (from) related parties 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
£    £   
Dividends paid 348,000 179,000
Amount due to related party 571,900 248,900

Fellow group undertakings
29.2.24 28.2.23
£    £   
Purchases 7,664,953 8,794,781
Management Charges 856,000 507,000
Amount due to related party 31,065 752,594