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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: T B Jacobs
N L Ralls





REGISTERED OFFICE: 10 Downley Road
Havant
Hampshire
PO9 2NJ





REGISTERED NUMBER: 08230195 (England and Wales)





AUDITORS: Morris Crocker Limited
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:





N L Ralls - Director


16 September 2024

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.

T B Jacobs
N L Ralls

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:





N L Ralls - Director


16 September 2024

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.




Paul Underwood (Senior Statutory Auditor)
for and on behalf of Morris Crocker Limited
Chartered Accountants
Statutory Auditors
Station House
North Street
Havant
Hampshire
PO9 1QU

24 September 2024

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 247,474 469,711
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 1,002 36,515
1,002 36,515

CURRENT ASSETS
Debtors 12 23,387 -
Cash in hand 2 2
23,389 2
NET CURRENT ASSETS 23,389 2
TOTAL ASSETS LESS CURRENT
LIABILITIES

24,391

36,517

CAPITAL AND RESERVES
Called up share capital 16 1,058 1,004
Share premium 23,333 -
Retained earnings - 35,513
SHAREHOLDERS' FUNDS 24,391 36,517

Company's profit for the financial year 165,699 400,000

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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)

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 1,004 31,567 - 32,571

Changes in equity
Dividends - (400,000 ) - (400,000 )
Total comprehensive income - 403,946 - 403,946
Balance at 31 December 2022 1,004 35,513 - 36,517

Changes in equity
Issue of share capital 54 - 23,333 23,387
Dividends - (535,771 ) - (535,771 )
Total comprehensive income - 500,258 - 500,258
Balance at 31 December 2023 1,058 - 23,333 24,391

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance and 15% on reducing balance
Motor vehicles - 25% on reducing balance

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
190 189

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 36,515
Disposals (39,459 )
Capital contribution in
respect of share-based
payments 3,946
At 31 December 2023 1,002
NET BOOK VALUE
At 31 December 2023 1,002
At 31 December 2022 36,515

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Comserv (UK) Limited
Registered office: 10 Downley Road, Havant, Hampshire, PO9 2NJ
Nature of business: Maintenance services to local authorities
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 3,509,815 3,463,552
Profit for the year 578,088 469,712

Multi Trade Supplies Limited
Registered office: 10 Downley Road, Havant, Hampshire, PO9 2NJ
Nature of business: Wholesale builders merchants
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves (771 ) (771 )

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

Comserv Projects Limited
Registered office: 10 Downley Road, Havant, Hampshire, PO9 2NJ
Nature of business: Construction projects
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves (1,271 ) (1,271 )

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 23,387 -
Prepayments 65,419 66,996 - -
722,750 856,036 23,387 -

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: £    £   
1,004 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.