REGISTERED NUMBER: 08230195 (England and Wales) |
MULTI SERV (GROUP) LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: 08230195 (England and Wales) |
MULTI SERV (GROUP) LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
MULTI SERV (GROUP) LIMITED (REGISTERED NUMBER: 08230195) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
MULTI SERV (GROUP) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
Station House |
North Street |
Havant |
Hampshire |
PO9 1QU |
MULTI SERV (GROUP) LIMITED (REGISTERED NUMBER: 08230195) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
The Directors present their group Strategic Report for the period ended 31 December 2023. The group consists of the parent company, Multi Serv (Group) Limited and its wholly owned subsidiaries, Comserv (UK) Limited, Multi Trade Supplies Limited (Dormant Company) and Comserv Projects Limited (Dormant Company). To present a balanced view we have accounted for the group formation using merger accounting, combining all results of the group for the period and previous year. |
Due to the nature of the work undertaken within the group company's profit margins are tight and it is therefore necessary for us to control costs and maintain a healthy cash flow. We therefore consider our key performance indicators are net profit margin and maintaining cash flow. |
The net profit margin has decreased slightly compared with prior years at a level of 3.5% (2022: 3.2%). Group turnover has decreased in the year but under the subsidiary company Comserv (UK) Limited's local authority contract, profits form part of a fixed fee arrangement and are therefore not impacted by turnover fluctuations giving stability to the group operations. |
The directors consider the level of cash maintained in the business adequate to manage any forecasted working capital requirements. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Business risks such as the reliance on key customers is being managed through ensuring a high level quality service is delivered to those customers. |
The group continues to pursue new opportunities with other clients, with whom the group can offer the same high levels of customer satisfaction, confidence and ability to deliver a high quality service. |
The majority of trade has been completed within the social housing sector. The group differentiates itself in the market place by offering a highly innovative solution that utilises a systems thinking approach to focus on what our customers want and to provide high quality at competitive prices. |
ON BEHALF OF THE BOARD: |
MULTI SERV (GROUP) LIMITED (REGISTERED NUMBER: 08230195) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
DIVIDENDS |
Interim dividends per share were paid as follows: |
40.00 | - 31 May 2023 |
20.00 | - 30 June 2023 |
20.00 | - 31 July 2023 |
20.00 | - 31 August 2023 |
20.00 | - 29 September 2023 |
20.00 | - 31 October 2023 |
20.00 | - 30 November 2023 |
354.00 | - 4 December 2023 |
1.77 | - 21 December 2023 |
20.00 | - 29 December 2023 |
535.77 |
The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 31 December 2023 will be £ 535,771 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 the group 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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 group'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 group's auditors are aware of that information. |
MULTI SERV (GROUP) LIMITED (REGISTERED NUMBER: 08230195) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
AUDITORS |
The auditors, Morris Crocker Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MULTI SERV (GROUP) LIMITED |
Opinion |
We have audited the financial statements of Multi Serv (Group) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 of the parent company affairs as at 31 December 2023 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 Auditors' 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 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the 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 in the Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MULTI SERV (GROUP) LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 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 three, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MULTI SERV (GROUP) 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: |
From discussion with management and those charged with governance information about the entity is documented to assess the activity within the organisation. We discuss management's assessment of risk in respect of irregularities, fraud and going concern. |
Based on these discussions and our own assessments we determined that the key risk areas were income recognition in respect of cut off issues, management override concerning the size of the organisation and payroll procedures. |
We set financial statement materiality level based on the level of profit. As a trading group, profit is its primary focus which is why profit was used to determine the level of materiality. Our overall assessment of risk was used to determine performance materiality at an appropriate level. |
Substantive audit tests were designed after assessing and testing systems and controls. The systems and controls which have been designed to act as a preventative measure against fraud and error were operating as documented. Substantive testing tested a sample of the population, representative of the population, to identify errors. The testing did not identify any material misstatements in areas tested. |
Audit substantive tests concluded no material errors over the key risk areas of income recognition and management override. |
The audit considers the organisation is not exposed to material risk of error as a result of assessing laws and regulations that are appropriate to the organisation. |
Management assessed there is no going concern risk. The audit undertook a review of budgets and management accounts and came to the same conclusion as management. |
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 |
MULTI SERV (GROUP) 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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
Station House |
North Street |
Havant |
Hampshire |
PO9 1QU |
MULTI SERV (GROUP) LIMITED (REGISTERED NUMBER: 08230195) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 18,436,545 | 19,419,114 |
Cost of sales | 13,285,275 | 14,528,560 |
GROSS PROFIT | 5,151,270 | 4,890,554 |
Administrative expenses | 4,849,722 | 4,266,136 |
OPERATING PROFIT | 4 | 301,548 | 624,418 |
Interest receivable and similar income | 26,319 | 2,745 |
327,867 | 627,163 |
Interest payable and similar expenses | 5 | 1,159 | - |
PROFIT BEFORE TAXATION | 326,708 | 627,163 |
Tax on profit | 6 | 79,234 | 157,452 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 247,474 | 469,711 |
MULTI SERV (GROUP) LIMITED (REGISTERED NUMBER: 08230195) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 247,474 | 469,711 |
OTHER COMPREHENSIVE INCOME |
Share based payment | 334,559 | 3,946 |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
334,559 |
3,946 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
582,033 |
473,657 |
Total comprehensive income attributable to: |
Owners of the parent | 582,033 | 473,657 |
MULTI SERV (GROUP) LIMITED (REGISTERED NUMBER: 08230195) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 | 811,183 | 854,582 |
Investments | 10 | - | - |
811,183 | 854,582 |
CURRENT ASSETS |
Stocks | 11 | 315,889 | 320,933 |
Debtors | 12 | 722,750 | 856,036 |
Cash at bank and in hand | 3,432,967 | 3,507,909 |
4,471,606 | 4,684,878 |
CREDITORS |
Amounts falling due within one year | 13 | 1,596,723 | 1,920,352 |
NET CURRENT ASSETS | 2,874,883 | 2,764,526 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
3,686,066 |
3,619,108 |
PROVISIONS FOR LIABILITIES | 15 | 188,608 | 191,299 |
NET ASSETS | 3,497,458 | 3,427,809 |
CAPITAL AND RESERVES |
Called up share capital | 16 | 1,058 | 1,004 |
Share premium | 17 | 23,333 | - |
Retained earnings | 17 | 3,473,067 | 3,426,805 |
SHAREHOLDERS' FUNDS | 3,497,458 | 3,427,809 |
The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by: |
N L Ralls - Director |
MULTI SERV (GROUP) LIMITED (REGISTERED NUMBER: 08230195) |
COMPANY BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 12 |
Cash in hand |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 165,699 | 400,000 |
The financial statements were approved by the Board of Directors and authorised for issue on |
MULTI SERV (GROUP) LIMITED (REGISTERED NUMBER: 08230195) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 | 1,004 | 3,353,148 | - | 3,354,152 |
Changes in equity |
Dividends | - | (400,000 | ) | - | (400,000 | ) |
Total comprehensive income | - | 473,657 | - | 473,657 |
Balance at 31 December 2022 | 1,004 | 3,426,805 | - | 3,427,809 |
Changes in equity |
Issue of share capital | 54 | - | 23,333 | 23,387 |
Dividends | - | (535,771 | ) | - | (535,771 | ) |
Total comprehensive income | - | 582,033 | - | 582,033 |
Balance at 31 December 2023 | 1,058 | 3,473,067 | 23,333 | 3,497,458 |
MULTI SERV (GROUP) LIMITED (REGISTERED NUMBER: 08230195) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 December 2022 |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 December 2023 |
MULTI SERV (GROUP) LIMITED (REGISTERED NUMBER: 08230195) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 660,064 | 660,183 |
Interest paid | (1,159 | ) | - |
Tax paid | (61,151 | ) | (118,919 | ) |
Net cash from operating activities | 597,754 | 541,264 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (265,358 | ) | (440,814 | ) |
Sale of tangible fixed assets | 78,724 | 31,801 |
Interest received | 26,322 | 2,745 |
Net cash from investing activities | (160,312 | ) | (406,268 | ) |
Cash flows from financing activities |
Share issue | 23,387 | - |
Equity dividends paid | (535,771 | ) | (400,000 | ) |
Net cash from financing activities | (512,384 | ) | (400,000 | ) |
Decrease in cash and cash equivalents | (74,942 | ) | (265,004 | ) |
Cash and cash equivalents at beginning of year |
2 |
3,507,909 |
3,772,913 |
Cash and cash equivalents at end of year |
2 |
3,432,967 |
3,507,909 |
MULTI SERV (GROUP) LIMITED (REGISTERED NUMBER: 08230195) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 326,708 | 627,163 |
Depreciation charges | 280,598 | 303,472 |
Profit on disposal of fixed assets | (50,565 | ) | (22,230 | ) |
Share-based payments | 334,559 | 3,946 |
Finance costs | 1,159 | - |
Finance income | (26,319 | ) | (2,745 | ) |
866,140 | 909,606 |
Decrease/(increase) in stocks | 5,044 | (13,838 | ) |
Decrease/(increase) in trade and other debtors | 133,286 | (121,182 | ) |
Decrease in trade and other creditors | (344,406 | ) | (114,403 | ) |
Cash generated from operations | 660,064 | 660,183 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 3,432,967 | 3,507,909 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 3,507,909 | 3,772,913 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,507,909 | (74,942 | ) | 3,432,967 |
3,507,909 | (74,942 | ) | 3,432,967 |
Total | 3,507,909 | (74,942 | ) | 3,432,967 |
MULTI SERV (GROUP) LIMITED (REGISTERED NUMBER: 08230195) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Multi Serv (Group) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated report and financial statements incorporate the report and financial statements of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the merger method. The results of companies acquired are included in the profit and loss account from the beginning of the financial year in which the combination occurred. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares. |
Trade and other debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities. |
Trade and other creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method |
MULTI SERV (GROUP) LIMITED (REGISTERED NUMBER: 08230195) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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. |
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. |
Leasing commitments |
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Share-based payments |
The group operates an equity settled share-based payment arrangement, under which the group receives services from employees of the group. Equity settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date is recognised as an expense on a straight line basis over the vesting period, based on the group's estimate of the options that will eventually vest and adjusted for the effect of non-market based vesting conditions. Fair value is measured using the earnings method. |
Service and performance conditions are vesting conditions. Any other conditions are non-vesting conditions which have to be taken into account to determine the fair value of equity instruments granted. In the case that an option does not vest as a result of a failure to meet a non-vesting condition that is within the control of either counterparty, this is accounted for as a cancellation. Cancellations are treated as accelerated vesting and all remaining future charges are immediately recognised in the income statement. Awards that lapse or are forfeited result in a credit to the income statement (reversing all previously recognised charges) in the year in which they lapse or are forfeited. |
The company does not incur a charge for share-based payments. However, the issuance by the company of share options to employees of its subsidiaries represents additional capital contributions to its subsidiaries. An addition to the company's investment in subsidiaries is recorded with a corresponding increase in equity shareholders' funds. The additional capital contribution is determined based on the fair value of options and awards at the date of grant and is recognised over the vesting period. |
MULTI SERV (GROUP) LIMITED (REGISTERED NUMBER: 08230195) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 5,576,895 | 5,250,329 |
Social security costs | 506,451 | 488,954 |
Other pension costs | 161,229 | 180,275 |
6,244,575 | 5,919,558 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Direct labour | 110 | 114 |
Administrative | 80 | 75 |
The average number of employees by undertakings that were proportionately consolidated during the year was 190 (2022 - 189 ) . |
2023 | 2022 |
£ | £ |
Directors' remuneration | - | - |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Other operating leases | 157,100 | 139,128 |
Depreciation - owned assets | 280,598 | 303,472 |
Profit on disposal of fixed assets | (50,565 | ) | (22,230 | ) |
Auditors' remuneration | 9,320 | 8,825 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
CIS interest | 1,159 | - |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 81,925 | 61,152 |
Deferred tax | (2,691 | ) | 96,300 |
Tax on profit | 79,234 | 157,452 |
MULTI SERV (GROUP) LIMITED (REGISTERED NUMBER: 08230195) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | TAXATION - continued |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Share based payment | 334,559 | - | 334,559 |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Share based payment | 3,946 | - | 3,946 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Interim | 535,771 | 400,000 |
9. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 | 62,012 | 14,959 | 209,957 | 2,139,139 | 2,426,067 |
Additions | - | - | 7,559 | 257,799 | 265,358 |
Disposals | - | - | - | (186,075 | ) | (186,075 | ) |
At 31 December 2023 | 62,012 | 14,959 | 217,516 | 2,210,863 | 2,505,350 |
DEPRECIATION |
At 1 January 2023 | 56,913 | 13,706 | 170,757 | 1,330,109 | 1,571,485 |
Charge for year | 2,659 | 313 | 9,533 | 268,093 | 280,598 |
Eliminated on disposal | - | - | - | (157,916 | ) | (157,916 | ) |
At 31 December 2023 | 59,572 | 14,019 | 180,290 | 1,440,286 | 1,694,167 |
NET BOOK VALUE |
At 31 December 2023 | 2,440 | 940 | 37,226 | 770,577 | 811,183 |
At 31 December 2022 | 5,099 | 1,253 | 39,200 | 809,030 | 854,582 |
MULTI SERV (GROUP) LIMITED (REGISTERED NUMBER: 08230195) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
Disposals | ( |
) |
Capital contribution in |
respect of share-based |
payments |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 10 Downley Road, Havant, Hampshire, PO9 2NJ |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 10 Downley Road, Havant, Hampshire, PO9 2NJ |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Multi Trade Supplies Limited is exempt from the requirements of S479A relating to the audit of individual financial statements, as it has been a dormant company throughout the financial year. |
MULTI SERV (GROUP) LIMITED (REGISTERED NUMBER: 08230195) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | FIXED ASSET INVESTMENTS - continued |
Registered office: 10 Downley Road, Havant, Hampshire, PO9 2NJ |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Comserv Projects Limited is exempt from the requirements of S479A relating to the audit of individual financial statements, as it has been a dormant company throughout the financial year. |
11. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | 315,889 | 320,933 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 641,466 | 788,042 |
Other debtors | 15,865 | 998 |
Prepayments | 65,419 | 66,996 |
722,750 | 856,036 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Trade creditors | 658,777 | 855,618 |
Amounts owed to group undertakings | 1,271 | 1,271 |
Corporation tax | 81,926 | 61,152 |
Social security and other taxes | 499,663 | 656,431 |
Accrued expenses | 355,086 | 345,880 |
1,596,723 | 1,920,352 |
14. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
MULTI SERV (GROUP) LIMITED (REGISTERED NUMBER: 08230195) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Group |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year | 70,517 | 89,162 |
Between one and five years | 54,568 | 172,105 |
125,085 | 261,267 |
15. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 188,608 | 191,299 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 191,299 |
Provided during year | (2,691 | ) |
Balance at 31 December 2023 | 188,608 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1,058 | 1,004 |
17. | RESERVES |
Group |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 January 2023 | 3,426,805 | - | 3,426,805 |
Profit for the year | 247,474 | 247,474 |
Dividends | (535,771 | ) | (535,771 | ) |
Bonus share issue | - | 23,333 | 23,333 |
Capital contribution in respect of share-based payments |
334,559 |
- |
334,559 |
At 31 December 2023 | 3,473,067 | 23,333 | 3,496,400 |
MULTI SERV (GROUP) LIMITED (REGISTERED NUMBER: 08230195) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
18. | RELATED PARTY DISCLOSURES |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Entities with control, joint control or significant influence over the entity |
2023 | 2022 |
£ | £ |
Management charges | 222,000 | 222,000 |
Rent | 72,648 | 72,648 |
Entities over which the entity has control, joint control or significant influence |
2023 | 2022 |
£ | £ |
Sales | - | 180 |
Purchases | 34,752 | 32,112 |
Key management personnel of the entity or its parent (in the aggregate) |
2023 | 2022 |
£ | £ |
Short term benefits | - | 257,035 |
Post employment benefits | - | 56,510 |
Other related parties |
2023 | 2022 |
£ | £ |
Sales | - | 1,034 |
Purchases | 303,539 | 655,293 |
Amount due to related party | 19,074 | 33,481 |
19. | ULTIMATE CONTROLLING PARTY |
The company has no ultimate controlling party |
20. | SHARE-BASED PAYMENT TRANSACTIONS |
During 2014 options were granted to employees to acquire 54 ordinary shares of £1 each in the capital of the company. |
The company operated an enterprise management incentive scheme, being an equity settled scheme. The vesting period is up to 10 years with the options being granted at a price of £433.09 per share. |
The above options were granted in 2014 and were excercised in the year ended 31st December 2023. The total amount vested was £39,460. |
In accordance with the accounting policy £3,946 was recognised as an expense in Comserv (UK) Limited. The difference between the market value of the shares and the amounts paid by the directors was also calculated and was recognised as a further expense in Multi Serv (Group) Limited at £330,613. |