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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Statutory Auditor |
310 Wellingborough Road |
Northampton |
NN1 4EP |
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 |
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 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 17 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31st March 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31st March 2024 |
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 |
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 |
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 |
Additions |
At 31st March 2024 |
DEPRECIATION |
Charge for year |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
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 | - | - |
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 |
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 | - | - |
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 |
Accrued expenses | 53,667 | - |
14,052,310 | 10,987,547 |
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 |
Balance at 31st March 2024 |
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: | £ | £ |
Ordinary A shares | £1 each | 70 | 70 |
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 |
Profit for the year |
Dividends | ( |
) |
At 31st March 2024 |
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 |