IRIS Accounts Production v24.2.0.383 12702837 Board of Directors Board of Directors 31.3.24 1.4.23 31.3.24 31.3.24 construction work in connection with groundworks relating to civil engineering and environmental civil engineering. true true false true true false false true false Ordinary A shares 0 Ordinary B Shares 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh127028372023-03-31127028372024-03-31127028372023-04-012024-03-31127028372022-06-30127028372022-07-012023-03-31127028372023-03-3112702837ns15:EnglandWales2023-04-012024-03-3112702837ns14:PoundSterling2023-04-012024-03-3112702837ns10:Director12023-04-012024-03-3112702837ns10:Director22023-04-012024-03-3112702837ns10:Consolidated2024-03-3112702837ns10:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3112702837ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3112702837ns10:Consolidatedns10:FRS1022023-04-012024-03-3112702837ns10:Consolidatedns10:Audited2023-04-012024-03-3112702837ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3112702837ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3112702837ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3112702837ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-04-012024-03-3112702837ns10:FullAccounts2023-04-012024-03-3112702837ns10:OrdinaryShareClass12023-04-012024-03-3112702837ns10:OrdinaryShareClass22023-04-012024-03-3112702837ns10:Consolidated2023-04-012024-03-3112702837ns10:RegisteredOffice2023-04-012024-03-3112702837ns10:Consolidated2022-07-012023-03-3112702837ns5:CurrentFinancialInstruments2024-03-3112702837ns5:CurrentFinancialInstruments2023-03-3112702837ns5:ShareCapital2024-03-3112702837ns5:ShareCapital2023-03-3112702837ns5:RetainedEarningsAccumulatedLosses2024-03-3112702837ns5:RetainedEarningsAccumulatedLosses2023-03-3112702837ns5:ShareCapital2022-06-3012702837ns5:RetainedEarningsAccumulatedLosses2022-06-3012702837ns5:RetainedEarningsAccumulatedLosses2022-07-012023-03-3112702837ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-311270283712023-04-012024-03-3112702837ns5:LandBuildings2023-03-3112702837ns5:LandBuildings2023-04-012024-03-3112702837ns5:LandBuildings2024-03-3112702837ns5:LandBuildings2023-03-3112702837ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3112702837ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3112702837ns5:DeferredTaxation2023-04-012024-03-3112702837ns5:DeferredTaxation2024-03-3112702837ns10:OrdinaryShareClass12024-03-3112702837ns10:OrdinaryShareClass22024-03-3112702837ns5:RetainedEarningsAccumulatedLosses2023-03-31
REGISTERED NUMBER: 12702837 (England and Wales)















MIDA Holdings Limited

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

For The Year Ended 31st March 2024






MIDA Holdings Limited (Registered number: 12702837)






Contents of the Consolidated Financial Statements
For The Year Ended 31st March 2024




Page

Company Information 1

Group Strategic Report 2 to 4

Report of the Directors 5 to 6

Report of the Independent Auditors 7 to 10

Consolidated Income Statement 11

Consolidated Other Comprehensive Income 12

Consolidated Balance Sheet 13

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18 to 29


MIDA Holdings Limited

Company Information
For The Year Ended 31st March 2024







DIRECTORS: M R Clorley
D D Murphy





REGISTERED OFFICE: 310 Wellingborough Road
Northampton
Northamptonshire
NN1 4EP





REGISTERED NUMBER: 12702837 (England and Wales)





AUDITORS: Cheney & Co
Statutory Auditor
310 Wellingborough Road
Northampton
NN1 4EP

MIDA Holdings Limited (Registered number: 12702837)

Group Strategic Report
For The Year Ended 31st March 2024

The directors present their strategic report of the company and the group for the year ended 31st March 2024.

REVIEW OF BUSINESS
The MIDA Group of companies has had a successful financial period with consolidated turnover achieved in the twelve month period to 31 March 2024 of £60.80 million and a profit before taxation of £5.23 million

The directors regard the profit before taxation and the gross profit percentage achieved on contract work as key performance indicators. These were maintained in line with prior financial periods.

The group's debtor and creditor days were consistent with the prior reporting period, highlighting the mutually beneficial approach MIDA takes to its supply chain, and its clients take to MIDA.

In the period, the group balance sheet fixed assets have increased by £5.17 million and net assets have increased by £3.32 million, demonstrating the continued strengthening of the balance sheet as we invested in new state-of-the-art head office premises.

All of the below ratios and key performance indicators show sustainable growth in the business, indicating the continued growth and strength of the group.




12 months to
31.03.2024
9 months to
31.03.2023
12 months to
30.06.2022
12 months to
30.06.2021
STATISTICS Thousands £'s Thousand £'s Thousand £'s Thousand £'s

Sales 60,796 34,222 33,374 10,221

Gross profit 8,378 4,846 4,251 1,416

Net profit before tax 5,179 3,086 2,834 917

Trade debtors 8,216 5,865 6,285 2,606

Trade creditors 6,219 3,885 5,872 1,980

Trade purchases 49,765 27,789 28,205 8,480

RATIOS Percentage Percentage Percentage Percentage

Gross profit 13.78 14.16 12.74 13.86

Net profit before tax 8.52 9.02 8.49 8.97

Net profit after tax 7.10 7.24 8.07 7.19

Trade creditors/ trade purchases 12.50 13.98 20.82 23..34

Current assets / current liabilities 116.32 114.16 112.92 140.17

Days Days Days Days

Trade debtors/ sales 49.47 46.96 68.74 93.58

Trade creditors/ trade purchases 45.74 38.33 75.99 85.67


PRINCIPAL RISKS AND UNCERTAINTIES
Demand for housebuilding and public infrastructure, and civil engineering relating to these, was steady at 31 March 2024. Though an uncertain domestic and global political landscape, elevated interest rates and an unpredictable planning system may subdue residential housing and public infrastructure investment until the economic situation is more favourable. The directors are confident that the group has enough contracts in progress to cope with potential market headwinds and existing commercial relationships will deliver a continued inflow of new contracts.


MIDA Holdings Limited (Registered number: 12702837)

Group Strategic Report
For The Year Ended 31st March 2024

SECTION 172(1) STATEMENT
Directors' statement of compliance with duty to promote the success of the company and the group of which it is the parent company

During the year , the directors have had regard to the matters set out in S172 (1) (a) to (f) of the Companies Act 2006
whilst performing their duties. Whilst making decisions the directors ensure that they have acted in good faith, in a way they believe would promote the success of the Group and the Company for the benefit of its members. Specifically, the directors have considered the following:-
a. The likely consequences of any decision in the long term;
b. The interests of the Group and the Company's employees;
c. The need to foster the Group and the Company's business relationships with suppliers , customers and others;
d. The impact of the operations of the company on the community and the environment;
e. The desirability of the Group and the Company maintaining a reputation for high standards of business conduct; and
f. The need to act fairly between members of the company.

S172(1) (a) The Likely consequences of any decision in the long term
The Directors understand the business and the environment in which it operates. This is key to understanding the likely consequences of any long-term decisions . There is a plan for increased growth in the company's business in a cautious and risk -averse manner.

S172(1) (b) The interests of the group and company's employees
The directors recognise that the group and company's employees are key to the business and its success.Staff retention is achieved by the prioritizing of employee wellbeing such that employees work in a humane, safe and healthy environment which aims to encourage that employees develop to the best of their potential.

S172(1) (c) The need to foster the Group and Company's business relationships with suppliers , customers and others

The directors recognise the important of relationships with our supply chain and the need to continue to build relationships with our key suppliers. We actively engage with suppliers throughout the year to ensure our respective plans align with one -another.
The Group and Company is committed to maintaining good customer relations and continues to spend considerable time to ensure customer satisfaction.

S172(1) (d) The impact of the Company's operations on the community and the environment
The Company recognise the importance of minimizing the impact of our operations on the community and environment, which is why it is core to our strategy.


S172 (1) (e) The desirability of the Company maintaining a reputation for high standards of business conduct
The Group and Company take health and safety and construction industry regulations extremely seriously because of the need to have a good reputation in the construction industry .

S172(1) (f) The need to act fairly between members of Company
The parent company has only four shareholders who are on good terms with each other. Two of the majority shareholders are the directors of the parent company.. The other two shareholders helped finance the group and the company when they were set up in 2020 and continue to offer their experience the the construction sector .

RESEARCH & DEVELOPMENTS
The company is always looking into new and innovative ways of carrying out civil engineering and aims to be in the forefront of any new methods or efficiencies which raise the industry standard.

HEALTH & SAFETY
The group takes the physical and mental health of its employees seriously and aims to make working for the all of the group companies a safe and fulfilling experience. It has its own dedicated health and safety team which aim to ensure that the group companies' trading activities on site and elsewhere are carried out in compliance with UK health and safety legislation and best practice.


MIDA Holdings Limited (Registered number: 12702837)

Group Strategic Report
For The Year Ended 31st March 2024

GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION & ENERGY EFFICIENCY
The companies that comprise the Mida Group (Mida Holdings Limited , Mida Civil Engineering Limited, Mida Plant Hire Limited and Environ Civil Engineering Limited) take their responsibilities for greenhouse gas emissions and their mitigation very seriously. During the year our activities contributed towards the following Co2 emissions:

Co2 Emissions
in metric tonnes

Gas & electricity usage 11.59
Plant on construction sites 2,229.41
Transport 726.47

The method used to calculate the metric tonnes of Co2 is the volume of energy or fuel usage in kwh or litres respectively multiplied by the appropriate conversion rate to kg of Co2 and then divided by 1000 to arrive at metric tonnes of Co2.

The group has taken steps to mitigate these Co2 emissions by using technology to reduce transport time and distance, reducing idling time on plant and motor vehicles and adopting renewable energy generators on projects. There is an on-going examination of plant and vehicles across the group to replace older higher emitting equipment with newer more efficient plant and vehicles.

Solar panels, heat exchangers and large scale planting of trees and shrubs at the new group trading premises are part of the group's strategy to mitigate its carbon footprint. It is estimated that these investments have saved 208 tonnes of Co2 emissions for the year. Additionally, the group has estimated that over 2,500 tress have been planted annually on its construction sites which absorb Co2 gas emissions during their lifetime.

FUTURE DEVELOPMENTS
The group is looking towards the future and to enable further sustainable growth, it plans to invest in additional staff and improved processes to achieve this is in the following year.

ON BEHALF OF THE BOARD:





M R Clorley - Director


27th September 2024

MIDA Holdings Limited (Registered number: 12702837)

Report of the Directors
For The Year Ended 31st March 2024

The directors present their report with the financial statements of the company and the group for the year ended 31st March 2024.

DIVIDENDS
During the year to 31st March 2024 interim dividends paid by the holding company amounted to £885,345 (2023 - £773,333). The directors do not recommend the payment of a final dividend.

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

M R Clorley
D D Murphy

FINANCIAL INSTRUMENTS
The financial risks relating to the company are closely related to those risks identified in the Strategic Report of the company. The company is proactive when managing working capital and liquid funds to meet cash outflows as well as monitoring profitability. It does this by producing quarterly management accounts to keep a check on key liquidity and profitability ratios as well as monitoring the actual results against the budget both for the quarter in question and the cumulative period to date. In this way management control can be exercised by the directors to ensure that risks are anticipated and their potential effects subjected to planned mitigation.

POLITICAL DONATIONS AND EXPENDITURE
There were no political donations made in the period, all donations were for charitable purposes.

STRATEGIC REPORT
The group has chosen in accordance with s.414C (11) Companies Act 2006 to set out in the group and company's strategic report information required by Schedule 7 of the Large and Medium sized Companies and Group's (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in relation to review of the business and research & development and future developments.

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;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- 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.

MIDA Holdings Limited (Registered number: 12702837)

Report of the Directors
For The Year Ended 31st March 2024


AUDITORS
The auditors, Cheney & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M R Clorley - Director


27th September 2024

Report of the Independent Auditors to the Members of
MIDA Holdings Limited

Opinion
We have audited the financial statements of MIDA Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st March 2024 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 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 31st March 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

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.

Report of the Independent Auditors to the Members of
MIDA Holdings Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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
MIDA Holdings 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:

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatements due to fraud or error; and to respond appropriately to those risks.

Irregularities , including fraud , are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities , outlined above, to detect material misstatements in respect of irregularities , including fraud.

Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sectors in which it operates. We determine that the following laws and regulations were most significant: the Companies Act 2006, UK taxation laws, UK GAAP and health & safety legislation applicable to the construction industry.

We obtained an understanding on how the company is complying with those legal and regulatory frameworks by making inquiries of management. We have discussed with management the specific risk to the company of the liabilities arising from disputes relating to work undertaken by the company, leading to legal liabilities, and have concluded that this risk is small. There has been nothing that has come to light and no instances of legal action against this company in this regard.

The major critical judgement in relation to the company's financial statements is the valuation of the applications for payment, and provisions against these amounts, which are a components of the balance sheet items of trade debtors or trade creditors, as accrued or deferred income, as appropriate, and also reflected in turnover figure in the income statement.

We have undertaken high levels of testing of balances included in the balance sheet and have performed a detailed analytical review of the income statement.

Prior to commencement of the audit staff were briefed on the risk assessment of the susceptibility of the company's financial statements to material misstatement, including how fraud could occur.

At the completion stage of the audit the results of audit tests were re-examined to ensure that they were consistent with our knowledge of the client and did not warrant further investigation of transactions and balances.

We have assessed the susceptibility of the financial statements of the company to material misstatement, including how fraud might occur. Audit procedures performed for the company's accounts and its subsidiaries included:

- identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
- understanding how those charged with governance considered and addressed the potential for the override of controls or other inappropriate influence over the financial reporting process;
- challenging assumptions and judgements made by the management in its significant accounting estimates;
- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and
- assessing the extent of the compliance with the relevant laws and regulations.

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
MIDA Holdings 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 Sparks FCA FCCA (Senior Statutory Auditor)
for and on behalf of Cheney & Co
Statutory Auditor
310 Wellingborough Road
Northampton
NN1 4EP

27th September 2024

MIDA Holdings Limited (Registered number: 12702837)

Consolidated
Income Statement
For The Year Ended 31st March 2024

Period
1.7.22
Year ended to
31.3.24 31.3.23
Notes £    £   

TURNOVER 3 60,796,636 34,222,770

Cost of sales (52,417,656 ) (29,376,758 )
GROSS PROFIT 8,378,980 4,846,012

Administrative expenses (3,014,937 ) (1,678,089 )
5,364,043 3,167,923

Other operating income 1,158 -
OPERATING PROFIT 5 5,365,201 3,167,923

Interest receivable and similar income 1,903 1,421
5,367,104 3,169,344

Interest payable and similar expenses 6 (187,572 ) (82,377 )
PROFIT BEFORE TAXATION 5,179,532 3,086,967

Tax on profit 7 (865,936 ) (610,918 )
PROFIT FOR THE FINANCIAL YEAR 4,313,596 2,476,049
Profit attributable to:
Owners of the parent 4,069,001 2,446,350
Non-controlling interests 244,595 29,699
4,313,596 2,476,049

MIDA Holdings Limited (Registered number: 12702837)

Consolidated
Other Comprehensive Income
For The Year Ended 31st March 2024

Period
1.7.22
Year ended to
31.3.24 31.3.23
Notes £    £   

PROFIT FOR THE YEAR 4,313,596 2,476,049


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

4,313,596

2,476,049

Total comprehensive income attributable to:
Owners of the parent 4,229,289 2,446,350
Non-controlling interests 84,307 29,699
4,313,596 2,476,049

MIDA Holdings Limited (Registered number: 12702837)

Consolidated Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 11,867,970 6,699,373
Investments 11 - -
11,867,970 6,699,373

CURRENT ASSETS
Stocks 12 205,394 144,413
Debtors 13 8,801,012 6,688,694
Cash at bank and in hand 7,339,605 5,705,084
16,346,011 12,538,191
CREDITORS
Amounts falling due within one year 14 14,052,310 10,987,547
NET CURRENT ASSETS 2,293,701 1,550,644
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,161,671

8,250,017

CREDITORS
Amounts falling due after more than one
year

15

(4,520,745

)

(2,471,654

)

PROVISIONS FOR LIABILITIES 17 (1,500,250 ) (905,650 )
NET ASSETS 8,140,676 4,872,713

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 19 8,019,608 4,835,952
SHAREHOLDERS' FUNDS 8,019,708 4,836,052

NON-CONTROLLING INTERESTS 20 120,968 36,661
TOTAL EQUITY 8,140,676 4,872,713

The financial statements were approved by the Board of Directors and authorised for issue on 27th September 2024 and were signed on its behalf by:




M R Clorley - Director



D D Murphy - Director


MIDA Holdings Limited (Registered number: 12702837)

Company Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 6,018,085 1,362,551
Investments 11 72 72
6,018,157 1,362,623

CURRENT ASSETS
Debtors 13 1,561,499 1,386,534
Cash at bank and in hand 62,282 3,902
1,623,781 1,390,436
CREDITORS
Amounts falling due within one year 14 7,318,936 2,716,117
NET CURRENT LIABILITIES (5,695,155 ) (1,325,681 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

323,002

36,942

PROVISIONS FOR LIABILITIES 17 247,000 -
NET ASSETS 76,002 36,942

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 19 75,902 36,842
SHAREHOLDERS' FUNDS 76,002 36,942

Company's profit for the financial year 924,405 777,666

The financial statements were approved by the Board of Directors and authorised for issue on 27th September 2024 and were signed on its behalf by:




M R Clorley - Director



D D Murphy - Director


MIDA Holdings Limited (Registered number: 12702837)

Consolidated Statement of Changes in Equity
For The Year Ended 31st March 2024

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   
Balance at 1st July 2022 100 3,162,935 3,163,035 6,962 3,169,997

Changes in equity
Dividends - (773,333 ) (773,333 ) - (773,333 )
Total comprehensive income - 2,446,350 2,446,350 29,699 2,476,049
Balance at 31st March 2023 100 4,835,952 4,836,052 36,661 4,872,713

Changes in equity
Dividends - (885,345 ) (885,345 ) - (885,345 )
Total comprehensive income - 4,069,001 4,069,001 84,307 4,153,308
Balance at 31st March 2024 100 8,019,608 8,019,708 120,968 8,140,676

MIDA Holdings Limited (Registered number: 12702837)

Company Statement of Changes in Equity
For The Year Ended 31st March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st July 2022 100 32,509 32,609

Changes in equity
Dividends - (773,333 ) (773,333 )
Total comprehensive income - 777,666 777,666
Balance at 31st March 2023 100 36,842 36,942

Changes in equity
Dividends - (885,345 ) (885,345 )
Total comprehensive income - 924,405 924,405
Balance at 31st March 2024 100 75,902 76,002

MIDA Holdings Limited (Registered number: 12702837)

Consolidated Cash Flow Statement
For The Year Ended 31st March 2024

Period
1.7.22
Year ended to
31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 24 9,043,580 4,090,348
Interest element of hire purchase payments
paid

(187,572

)

(82,377

)
Tax paid (30,752 ) -
Net cash from operating activities 8,825,256 4,007,971

Cash flows from investing activities
Purchase of tangible fixed assets (6,289,029 ) (3,980,873 )
Sale of tangible fixed assets 61,749 81,748
Interest received 1,903 1,421
Net cash from investing activities (6,225,377 ) (3,897,704 )

Cash flows from financing activities
New Hire Purchase in year 1,501,303 1,226,517
Capital repayments in year (1,581,316 ) (713,165 )
Amount withdrawn by directors - (50,000 )
Equity dividends paid (885,345 ) (773,333 )
Net cash from financing activities (965,358 ) (309,981 )

Increase/(decrease) in cash and cash equivalents 1,634,521 (199,714 )
Cash and cash equivalents at beginning
of year

25

5,705,084

5,904,798

Cash and cash equivalents at end of year 25 7,339,605 5,705,084

MIDA Holdings Limited (Registered number: 12702837)

Notes to the Consolidated Financial Statements
For The Year Ended 31st March 2024

1. STATUTORY INFORMATION

MIDA Holdings 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
The financial statements have been prepared for the twelve months to 31st March 2024, to align the company to the fiscal year for corporation tax. Therefore, the figures for the twelve months to 31st March 2024, will not be directly comparable to the previous financial statements for the nine months to the 31st March 2023

Basis of consolidation
The parent company together with its three subsidiaries constitute a medium group. The consolidated group financial statements include the results and balance sheet items of the parent company and its subsidiaries after allowing for consolidation adjustments relating intra-group transactions and intra-group balances.

Critical accounting judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The directors are also required to exercise judgement in the process of applying the company`s accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

In preparing these financial statements, the directors have made the following judgements:

Recognition of profit on long - term contracts

Profit recognition is based on an assessment of the overall profitability forecast on individual contracts. Losses are recognised as soon as they are foreseen. Profits are recognised by the directors when the outcome of the contract can be assessed within reasonable certainty. The profit recognised reflects that part of the total profit currently estimated to arise over the duration of the contract that fairly represents the profit attributable to work performed at the accounting date.

Recoverability of trade and other debtors

Trade and other debtors are recognised to the extent that they are judged recoverable. The directors' reviews are performed to estimate the level of provision required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain.

The directors make allowances for doubtful debts based on an assessment of the recoverability of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. The directors specifically analyse historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when making a judgement to evaluate the adequacy of the provision for doubtful debts. Where the expectation is different from the original estimate, such a difference will impact the carrying value of debtors and the charge in the profit and loss account.

Provisions

A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow that reflects the time value of money and the risks specific to the liability.

Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ, the directors' judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

MIDA Holdings Limited (Registered number: 12702837)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st March 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.


Turnover arises from increases in valuations on contracts and is the gross value of work carried out for the period to the balance sheet date, including contract variations and claims.


Variations in contract work, on both groundworks and environmental groundworks, are only included to the extent that it is probable that they will result in revenue and that they are capable of being reliably measured.


Where the total income of a contract cannot be estimated reliably, contract revenue is recognised to the extent that it is probable contract costs will be recovered.


Profit on contracts is calculated in accordance with the accounting standards and industry practice. Profit recognition is based on an assessment of the overall profitability forecast on individual contracts and is recognised when the outcome of the contract can be assessed with reasonable certainty. The profit recognised reflects that part of the total profit currently estimated to arise over the duration of the contract that fairly represents the profit attributable to work performed at the balance sheet date. The assessment of the final outcome of each contract is determined by regular review of the revenues and costs to complete that contract.


Provisions are made for losses incurred or foreseen in bringing the contract to completion as soon as they become apparent.


Applications income received in advance of that relating to the appropriate proportion of the cost relating to the stage reached on the overall contract, determined by reference to the anticipated profitability of the overall contract when completed, is treated as deferred income and carried forward in other creditors at the balance sheet date.

Tangible fixed assets
Depreciation is provided at the following annual rates, in order to write off each asset over its estimated useful life:


Plant and machinery - 25% on cost

Fixtures and fittings - 25% on cost


The land and buildings relate to premises for use of the group companies. The freehold land and the element of the building having an estimated residual balance in 25 years' time are not depreciated. The resulting depreciable amount is being written off evenly over 25 years on the straight line basis.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


MIDA Holdings Limited (Registered number: 12702837)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st March 2024

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

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

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

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

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

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

Pension costs and other post-retirement benefits
The 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.

Long-term contracts
Amounts recoverable on long term contracts represent the gross unbilled amounts for contract work performed to date. They are measured at cost plus profit recognised to date (see turnover accounting policy) less a provision for foreseeable losses and less progress billings.

Amounts recoverable on contracts is presented in debtors as part of the amounts recoverable on contracts in the balance sheet. If payments received from customers exceed the income recognised, then the difference is presented in payments on account included within creditors on the balance sheet.

Depreciation, amortisation and residual values
The directors have reviewed the asset lives and associated residual values of all fixed asset classes, and have concluded that asset lives and residual values are appropriate.


The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

3. TURNOVER

All the turnover is generated from activities carried out in the UK.

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents applied for sales and net invoiced sale of goods, excluding value added tax.

On sales applications revenue is recognised as follows: Measured works - 100%

Variations: Priced and agreed - 100%

Revenue from contracts for the provision of groundwork services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

MIDA Holdings Limited (Registered number: 12702837)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st March 2024

4. EMPLOYEES AND DIRECTORS
Period
1.7.22
Year ended to
31.3.24 31.3.23
£    £   
Wages and salaries 2,565,992 1,608,715
Social security costs 268,483 161,402
Other pension costs 222,783 172,251
3,057,258 1,942,368

The average number of employees during the year was as follows:
Period
1.7.22
Year ended to
31.3.24 31.3.23

Directors of the parent company 2 2
Staff 46 37
48 39

Period
1.7.22
Year ended to
31.3.24 31.3.23
£    £   
Directors' remuneration 33,060 26,934
Directors' pension contributions to money purchase schemes 170,000 140,000

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

Money purchase schemes 2 2

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period
1.7.22
Year ended to
31.3.24 31.3.23
£    £   
Hire of plant and machinery 2,389 3,717
Other operating leases 155,543 70,120
Depreciation - owned assets 255,261 256,323
Depreciation - assets on hire purchase contracts 774,777 282,182
Loss/(profit) on disposal of fixed assets 28,645 (21,002 )
Auditors' remuneration 48,550 41,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.7.22
Year ended to
31.3.24 31.3.23
£    £   
Hire purchase 187,572 82,377

MIDA Holdings Limited (Registered number: 12702837)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st March 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1.7.22
Year ended to
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 271,336 26,268

Deferred tax 594,600 584,650
Tax on profit 865,936 610,918

UK corporation tax was charged at 19 %) in 2023.

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

Period
1.7.22
Year ended to
31.3.24 31.3.23
£    £   
Profit before tax 5,179,532 3,086,967
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

1,294,883

586,524

Effects of:
Expenses not deductible for tax purposes 82,281 108,399
Capital allowances in excess of depreciation (342,795 ) (668,655 )
Utilisation of tax losses (554,974 ) -
Adjustments to tax charge in respect of previous periods (6,476 ) -
Deferred tax 594,600 584,650
Research & development claim (201,583 ) -
Total tax charge 865,936 610,918

8. 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.


9. DIVIDENDS
Period
1.7.22
Year ended to
31.3.24 31.3.23
£    £   
Ordinary A shares shares of £1 each each
Interim 702,228 593,333
Ordinary B Shares shares of £1 each each
Interim 183,117 180,000
885,345 773,333



MIDA Holdings Limited (Registered number: 12702837)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st March 2024

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st April 2023 1,362,551 4,721,218 145,143 1,401,507 7,630,419
Additions 4,677,121 1,198,362 29,395 384,151 6,289,029
Disposals - (29,750 ) (16,225 ) (79,640 ) (125,615 )
At 31st March 2024 6,039,672 5,889,830 158,313 1,706,018 13,793,833
DEPRECIATION
At 1st April 2023 - 626,793 60,498 243,755 931,046
Charge for year 21,587 727,562 46,089 234,800 1,030,038
Eliminated on disposal - (4,938 ) (16,225 ) (14,058 ) (35,221 )
At 31st March 2024 21,587 1,349,417 90,362 464,497 1,925,863
NET BOOK VALUE
At 31st March 2024 6,018,085 4,540,413 67,951 1,241,521 11,867,970
At 31st March 2023 1,362,551 4,094,425 84,645 1,157,752 6,699,373

The land and buildings relate to premises for use of the group companies.

The freehold land and the element of the building having an estimated residual balance in 25 years' time are not depreciated. The resulting depreciable amount is being written off evenly over 25 years on the straight line basis.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st April 2023 4,191,286 1,111,094 5,302,380
Additions 1,074,625 357,151 1,431,776
Disposals (29,750 ) - (29,750 )
At 31st March 2024 5,236,161 1,468,245 6,704,406
DEPRECIATION
At 1st April 2023 321,748 182,369 504,117
Charge for year 571,580 203,197 774,777
Eliminated on disposal (4,938 ) - (4,938 )
At 31st March 2024 888,390 385,566 1,273,956
NET BOOK VALUE
At 31st March 2024 4,347,771 1,082,679 5,430,450
At 31st March 2023 3,869,538 928,725 4,798,263

MIDA Holdings Limited (Registered number: 12702837)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st March 2024

10. TANGIBLE FIXED ASSETS - continued

Company
Freehold
property
£   
COST
At 1st April 2023 1,362,551
Additions 4,677,121
At 31st March 2024 6,039,672
DEPRECIATION
Charge for year 21,587
At 31st March 2024 21,587
NET BOOK VALUE
At 31st March 2024 6,018,085
At 31st March 2023 1,362,551

The freehold land and the element of the building having an estimated residual balance in 25 years' time are not depreciated. The resulting depreciable amount is being written off evenly over 25 years on the straight line basis.The freehold land and buildings are used by the parent company and its subsidiary companies.

11. FIXED ASSET INVESTMENTS

Mida Civil Engineering Ltd and MIDA Plant Hire Ltd are wholly owned by MIDA Holdings Limited. Environ Civil Engineering Ltd is 70% owned by MIDA Holdings Limited.

They were all incorporated in England and Wales and have the same registered office as the parent company.

The details are as follows:



Number 2024 2023
Held £ £
MIDA Civil Engineering Limited Ordinary Shares of £1 each 1 1 1

MIDA Plant Hire Limited Ordinary Shares of £1 each 1 1 1

Environ Civil Engineering Ltd Ordinary Shares of £1 each 70 70 70
72 72



12. STOCKS

Group
2024 2023
£    £   
Stocks 205,394 144,413

The value of stock held is representative of raw materials.

MIDA Holdings Limited (Registered number: 12702837)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st March 2024

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 8,216,814 5,865,157 - -
Amounts owed by group undertakings - - 1,561,499 1,386,534
Other debtors 277,364 50,900 - -
VAT 243,753 576,100 - -
Prepayments and accrued income 63,081 196,537 - -
8,801,012 6,688,694 1,561,499 1,386,534

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts (see note 16) 1,709,302 731,098 - -
Trade creditors 6,219,323 3,884,699 - -
Amounts owed to group undertakings - - 6,691,087 2,714,117
Tax 272,772 32,188 - -
Social security and other taxes 67,316 33,718 - -
VAT - - 24,849 -
Other creditors 11,064 114,883 - -
Accruals and deferred income 5,718,866 6,190,961 603,000 2,000
Accrued expenses 53,667 - - -
14,052,310 10,987,547 7,318,936 2,716,117

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2024 2023
£    £   
Hire purchase contracts (see note 16) 1,060,485 2,471,654
Accruals and deferred income 3,460,260 -
4,520,745 2,471,654

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 1,709,302 731,098
Between one and five years 1,060,485 2,471,654
2,769,787 3,202,752

MIDA Holdings Limited (Registered number: 12702837)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st March 2024

16. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 29,750 46,875
Between one and five years 119,000 187,500
In more than five years - 93,750
148,750 328,125

17. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 1,500,250 905,650 247,000 -

Group
Deferred
tax
£   
Balance at 1st April 2023 905,650
Provided during year 594,600
Balance at 31st March 2024 1,500,250

Company
Deferred
tax
£   
Provided during year 247,000
Balance at 31st March 2024 247,000

The deferred tax is provided on the excess of accelerated capital allowances net of the tax losses carried forward as a result of the claim for the accelerated capital allowances.

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
70 Ordinary A shares £1 each 70 70
30 Ordinary B Shares £1 each 30 30
100 100

Both A & B Shares rank pari-passu with regards to the rights to voting, dividends and participation in a capital distribution.

MIDA Holdings Limited (Registered number: 12702837)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st March 2024

19. RESERVES

Group
Retained
earnings
£   

At 1st April 2023 4,835,952
Profit for the year 4,069,001
Dividends (885,345 )
At 31st March 2024 8,019,608

Company
Retained
earnings
£   

At 1st April 2023 36,842
Profit for the year 924,405
Dividends (885,345 )
At 31st March 2024 75,902


20. NON-CONTROLLING INTERESTS

Since 15th March 2022, 30% of Environ Civil Engineering Limited is beneficially owned by external interests.

21. CONTINGENT LIABILITIES

Group and Company

There were no contingent liabilities as at 31st March 2024 & 31st March 2023.

22. CAPITAL COMMITMENTS


Company

There were the following capital commitments for the below and in addition to this there is additional work on the construction of new offices amounting to approximately £100,000 (2023 - £2,000,000) relating to ongoing building work in relation to land and buildings disclosed under fixed assets.


This is also included in the total group disclosure below



Group 2024 2023
£ £


Contracted but not provided for in the financial statements 350,000 3,067,480


MIDA Holdings Limited (Registered number: 12702837)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st March 2024

23. 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.

There are various commercial transactions between Blakeney Estates limited and the MIDA group of companies, the directors of Blakeney Estates Limited have a 30% interest in the shares of the holding company.

All of these transactions were on an arms length basis and for commercially agreed contracts.

The value of sales during the year were £902,809 (2023 - £670,546).

The balance outstanding at the period end was £154,767 (2023 - £101,075).

24. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
Period
1.7.22
Year ended to
31.3.24 31.3.23
£    £   
Profit before taxation 5,179,532 3,086,967
Depreciation charges 1,030,038 538,503
Loss/(profit) on disposal of fixed assets 28,645 (21,002 )
Finance costs 187,572 82,377
Finance income (1,903 ) (1,421 )
6,423,884 3,685,424
Increase in stocks (60,981 ) (24,069 )
(Increase)/decrease in trade and other debtors (2,112,319 ) 423,488
Increase in trade and other creditors 4,792,996 5,505
Cash generated from operations 9,043,580 4,090,348

25. 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 31st March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 7,339,605 5,705,084
Period ended 31st March 2023
31.3.23 1.7.22
£    £   
Cash and cash equivalents 5,705,084 5,904,798


MIDA Holdings Limited (Registered number: 12702837)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31st March 2024

26. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 5,705,084 1,634,521 7,339,605
5,705,084 1,634,521 7,339,605
Debt
Finance leases (3,202,752 ) 432,965 (2,769,787 )
(3,202,752 ) 432,965 (2,769,787 )
Total 2,502,332 2,067,486 4,569,818