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REGISTERED NUMBER: 12707028 (England and Wales)















MIDA Civil Engineering Limited

Strategic Report, Report of the Directors and

Financial Statements For The Year Ended 31st March 2024






MIDA Civil Engineering Limited (Registered number: 12707028)






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




Page

Company Information 1

Strategic Report 2 to 3

Report of the Directors 4 to 5

Report of the Independent Auditors 6 to 9

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14 to 21


MIDA Civil Engineering Limited

Company Information
For The Year Ended 31st March 2024







DIRECTORS: M R Clorley
D D Murphy
J D Brown



REGISTERED OFFICE: 310 Wellingborough Road
Northampton
Northamptonshire
NN1 4EP



REGISTERED NUMBER: 12707028 (England and Wales)



SENIOR STATUTORY AUDITOR: Paul Sparks FCA FCCA



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

MIDA Civil Engineering Limited (Registered number: 12707028)

Strategic Report
For The Year Ended 31st March 2024

The directors present their strategic report for the year 1st April 2023 to 31st March 2024

REVIEW OF BUSINESS
The company has had a successful financial period with turnover achieved in the twelve month period to 31st March 2024 of £50.58 million and a profit before taxation of £3.82 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 Civil Engineering takes to its supply chain, and its clients take to MIDA Civil Engineering.

In the period, the company balance sheet net assets have increased by £5.53 million, demonstrating the continued strengthening of the balance sheet.

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
KPI's £   s £   s £   s £   s

Sales 50,582 33,033 33,314 10,221

Gross profit 5,371 3,640 3,526 1,281

Net profit before tax 3,763 2,937 2,645 871

Trade debtors 6,508 5,036 6,102 2,604

Trade creditors 5,587 3,321 5,830 2,034

Trade purchases 43,154 27,911 28,891 8,615

RATIOS Percentage Percentage Percentage Percentage

Gross profit percentage 10.62 11.02 10.58 12.53

Net profit before tax percentage 7.44 8.63 7.94 8.53

Net profit after tax percentage 5.84 6.98 7.47 6.84

Trade creditors/ trade purchases 12.95 11.90 20.18 23.60

Current assets / current liabilities 193.69 148.35 126.90 147.68

Days Days Days Days

Trade debtors/ sales 47.09 41.78 66.86 93.24

Trade creditors/ trade purchases 47.39 32.60 73.65 86.39





MIDA Civil Engineering Limited (Registered number: 12707028)

Strategic Report
For The Year Ended 31st March 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Demand for housebuilding ,and for the civil engineering relating to this, was steady at 31st March 2024. Though an uncertain domestic and global political landscape, elevated interest rates and an unpredictable planning system may subdue residential housing 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.

Since the year end various new contracts have been won, and the recent change in Government and their policy for housebuilding is favourable if they deliver on the targets set out.

RESEARCH & DEVELOPMENT
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.Also working through various obstacles to achieve the desired project completion for their clients in the difficulties that can occur when a new site starts.

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

FUTURE DEVELOPMENTS
The company 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 Civil Engineering Limited (Registered number: 12707028)

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

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of being a civil engineering construction company .

DIVIDENDS
During the period to 31st March 2024 there were various interim dividends paid to the holding company amounting to £950,000 (2023 - £773,333).

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
J D Brown

Other changes in directors holding office are as follows:

S A Quinn - resigned 8th May 2023

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
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 company has chosen in accordance with s.414C (11) Companies Act 2006 to set out in the 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, research and development and future developments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

MIDA Civil Engineering Limited (Registered number: 12707028)

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 Civil Engineering Limited

Opinion
We have audited the financial statements of MIDA Civil Engineering Limited (the 'company') for the year ended 31st March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31st March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
MIDA Civil Engineering Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
MIDA Civil Engineering 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. 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.

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 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 Civil Engineering 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 Civil Engineering Limited (Registered number: 12707028)

Income Statement
For The Year Ended 31st March 2024

Period
1.7.22
Year ended to
31.3.24 31.3.23
Notes £    £   

TURNOVER 4 50,582,153 33,033,876

Cost of sales (45,210,999 ) (29,392,935 )
GROSS PROFIT 5,371,154 3,640,941

Administrative expenses (1,609,169 ) (789,009 )
3,761,985 2,851,932

Other operating income 1,158 -
OPERATING PROFIT and
PROFIT BEFORE TAXATION 3,763,143 2,851,932

Tax on profit 7 (811,583 ) (544,898 )
PROFIT FOR THE FINANCIAL YEAR 2,951,560 2,307,034

MIDA Civil Engineering Limited (Registered number: 12707028)

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 2,951,560 2,307,034


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,951,560

2,307,034

MIDA Civil Engineering Limited (Registered number: 12707028)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 68,346 85,808

CURRENT ASSETS
Stocks 10 205,394 144,413
Debtors 11 13,656,433 8,242,789
Cash at bank 6,547,569 5,314,079
20,409,396 13,701,281
CREDITORS
Amounts falling due within one year 12 10,537,321 9,304,788
NET CURRENT ASSETS 9,872,075 4,396,493
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,940,421

4,482,301

CREDITORS
Amounts falling due after more than one
year

13

(3,460,260

)

-

PROVISIONS FOR LIABILITIES 15 (17,000 ) (20,700 )
NET ASSETS 6,463,161 4,461,601

CAPITAL AND RESERVES
Called up share capital 16 1 1
Retained earnings 17 6,463,160 4,461,600
SHAREHOLDERS' FUNDS 6,463,161 4,461,601

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 Civil Engineering Limited (Registered number: 12707028)

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 1 2,927,899 2,927,900

Changes in equity
Dividends - (773,333 ) (773,333 )
Total comprehensive income - 2,307,034 2,307,034
Balance at 31st March 2023 1 4,461,600 4,461,601

Changes in equity
Dividends - (950,000 ) (950,000 )
Total comprehensive income - 2,951,560 2,951,560
Balance at 31st March 2024 1 6,463,160 6,463,161

MIDA Civil Engineering Limited (Registered number: 12707028)

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

1. STATUTORY INFORMATION

MIDA Civil Engineering Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared for the nine months to 31st March 2023, to align the company to the fiscal year for corporation tax. Therefore, the figures for the nine months to 31st March 2023, will not be directly comparable to the previous financial statements for the twelve months to the 30th June 2022.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirement of paragraph 33.7.

Turnover
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 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

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 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 Civil Engineering Limited (Registered number: 12707028)

Notes to the 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
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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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.

MIDA Civil Engineering Limited (Registered number: 12707028)

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

3. 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.

4. 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 Civil Engineering Limited (Registered number: 12707028)

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

5. EMPLOYEES AND DIRECTORS
Period
1.7.22
Year ended to
31.3.24 31.3.23
£    £   
Wages and salaries 2,035,382 1,411,691
Social security costs 223,470 139,673
Other pension costs 213,819 167,651
2,472,671 1,719,015

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 3 4
Staff 35 28
38 32

Period
1.7.22
Year ended to
31.3.24 31.3.23
£    £   
Directors' remuneration 152,608 149,603
Directors' pension contributions to money purchase schemes 178,229 145,937

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

Money purchase schemes 3 4

6. OPERATING PROFIT

The operating profit is stated after charging:

Period
1.7.22
Year ended to
31.3.24 31.3.23
£    £   
Other operating leases 136,627 60,696
Depreciation - owned assets 46,857 27,215
Auditors' remuneration 28,000 27,500

MIDA Civil Engineering Limited (Registered number: 12707028)

Notes to the 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:
Group relief cross charge 815,283 545,198

Deferred tax (3,700 ) (300 )
Tax on profit 811,583 544,898

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 3,763,143 2,851,932
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

940,786

541,867

Effects of:
Expenses not deductible for tax purposes 71,715 -
Income not taxable for tax purposes - 5,311
Capital allowances in excess of depreciation - (1,980 )
Depreciation in excess of capital allowances 4,365 -
Deferred Tax (3,700 ) (300 )
Research & development claim (201,583 ) -
Total tax charge 811,583 544,898

8. DIVIDENDS
Period
1.7.22
Year ended to
31.3.24 31.3.23
£    £   
Interim 950,000 773,333

MIDA Civil Engineering Limited (Registered number: 12707028)

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

9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1st April 2023 3,083 145,143 148,226
Additions - 29,395 29,395
Disposals - (16,225 ) (16,225 )
At 31st March 2024 3,083 158,313 161,396
DEPRECIATION
At 1st April 2023 1,920 60,498 62,418
Charge for year 768 46,089 46,857
Eliminated on disposal - (16,225 ) (16,225 )
At 31st March 2024 2,688 90,362 93,050
NET BOOK VALUE
At 31st March 2024 395 67,951 68,346
At 31st March 2023 1,163 84,645 85,808

10. STOCKS

The value of stock at the year end is comprised of raw materials. All other items in connection with the long term contracts are treated as items within debtors and creditors, as appropriate.

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 6,508,108 5,036,552
Amounts owed by group undertakings 6,712,687 2,740,511
Other debtors 19,432 19,431
VAT 375,319 312,908
Prepayments and accrued income 40,887 133,387
13,656,433 8,242,789

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 5,587,416 3,320,930
Amounts owed to group undertakings 680,209 23,534
Social security and other taxes 43,757 30,518
Other creditors - 228
Accruals and deferred income 4,225,939 5,929,578
10,537,321 9,304,788

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Accruals and deferred income 3,460,260 -

MIDA Civil Engineering Limited (Registered number: 12707028)

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

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
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

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 17,000 20,700

Deferred
tax
£   
Balance at 1st April 2023 20,700
Provided during year (3,700 )
Balance at 31st March 2024 17,000

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1

17. RESERVES
Retained
earnings
£   

At 1st April 2023 4,461,600
Profit for the year 2,951,560
Dividends (950,000 )
At 31st March 2024 6,463,160

18. ULTIMATE PARENT COMPANY

MIDA Holdings Limited is regarded by the directors as being the company's ultimate parent company.

19. CONTINGENT LIABILITIES

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

20. CAPITAL COMMITMENTS

There were no capital commitments as at 31st March 2024 or 31st March 2023.

21. 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.

MIDA Civil Engineering Limited (Registered number: 12707028)

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

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling party are the shareholders of the parent company, MIDA Holdings limited. This is the direct and ultimate parent company and a copy of the parent company consolidated financial statements can be obtained from the business address as shown on the company information on request.