Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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LONDON MEP GROUP LTD
COMPANY INFORMATION
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LONDON MEP GROUP LTD
CONTENTS
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LONDON MEP GROUP LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The principal activities of the Company continued to be that of the design, build and installation of mechanical, electrical and public health services for residential and commercial buildings.
The Company and its directors are committed to continuous evolution and innovative thinking in reshaping the delivery of our services. Leveraging our industry-first digital solutions, we exceed expectations to assist clients in achieving their goals.
The London Way. Balance – Our people are our most significant asset. We are committed to our goals and mission, whilst recognising the importance of work-life balance and wellbeing. Connection – Communication drives connection between clients, colleagues and new ideas. We strive to always drive connections for ourselves and our clients to facilitate growth. Integrity – We conduct ourselves with integrity and professionalism. We have strong ethics and are true to our word. In respect and trust of ourselves and others, we engender an environment which elevates people and ideas to continually raise standards. Levelling Up – We recognise our place in an industry which depends upon innovation and discovery to achieve its vision. It is with this spirit that we commit to creating a culture of constant development not only as professionals but also as people. The directors consider the results for the year and the financial position of the Company at the end of the year satisfactory and they feel that they demonstrate resilience despite adverse trading conditions. The company continues to explore diversification of its client base, work sectors, geographical spread and protects its liquidity and profitability by careful contract selection, enhancing its quality control and vetting suppliers and subcontractors financial risk.
The key business risks and uncertainties affecting the company include;
• Credit risk associated with upstream insolvency; • Increased potential for failures in our supply chain; • Contractual risks including contract disputes, mispricing of contracts, managing changes to contracts, and poor project delivery; • Lack of availability of sufficiently skilled people in the marketplace; • Continuous threat to health and safety of our people; • Increased competition in securing contracts; • Inflation risk association with fixed price contracts; • Inflationary material costs and delays in delivery caused by production problems, increased delivery costs and transport delays; • The continuing effect of the Ukrainian war affecting decision making and costs in 2022 and beyond. The Directors are confident that these risks and uncertainties are and will continue to be appropriately managed and mitigated by the company's strategies, procedures, and commercial diligence, with constant monitoring and stringent risk management.
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LONDON MEP GROUP LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
In its 7th Year of trading the company continued to experience substantial revenue growth whilst maintaining a healthy balance sheet. The reduced gross profit margin and net profit margin ratios have been deemed as satisfactory by the directors as a consequence of the enhanced level of growth (an increase of 52.96%).
The company completed the financial year with a strong balance sheet, with healthy cash reserves to facilitate further growth and add protection going forward into FY24 and a continuing turbulent financial climate. The company considers its KPIs to be: • Revenue – £22,240,524 (2022: £14,539,208, increase of £7.7m) • Gross Profit Margin – £3,524,950, 16% (2022: £2,734,389, 19%) • EBITDA - £1,727,941, 8% (2022: £1,445,081, 10%)
The company considers Health and Safety, Environmental Impact and Client, Supplier and Sub-Contractor Relationships to be their key non-financial performance indicators. These KPIs are achieved and aided by the Company’s success in obtaining ISO 9001, 14001, and 45001 certifications.
• Quality Control – the company has developed an innovative solution to track all QA activities to ensure high quality across all of its projects. • Customers – We aim to build long outstanding relationships with our customers. We believe service delivery is core to successful project delivery and relish opportunities to help our clients overcome difficulties in their construction project. • Sub- Contractors – Good relationships help us provide the best service on a project and the company fosters a environment to help our sub-contractors produce and excel in their delivery. We understand that their success is our success and promote an environment to help them excel whilst maintaining tight controls on quality, cost and delivery. • Supply chain management – by monitoring supplier lead times, perfect order rate and supplier quality indicators we ensure our supply chain is as effective as possible. The business understands that the supply chain is vital to the company’s operations and encourages an open and fair relationship. • Employees – At London MEP we recognise that our employees are the cornerstone of our success. We are committed to creating a work environment that fosters growth, innovation, and a sense of belonging. Our people-first approach ensures that every employee feels valued, supported, and empowered to reach their full potential. • Environment - Environmental risks are managed effectively through the implementation and strict enforcement of comprehensive health and safety policies and environmental procedures. The company has established a Sustainable Procurement Strategy in collaboration with our Supply Chain, focusing on the following key objectives: o Minimizing resource usage and energy consumption by adopting innovative solutions and designs. o Prioritizing the procurement of materials that adhere to recognized responsible sourcing standards. o Balancing socio-economic and environmental considerations in procurement decisions to benefit both the economy and society. o Selecting resource-efficient products with careful consideration of their end-of-life uses, future deconstruction, and resource recovery. o Whenever possible, sourcing materials locally and ensuring that fair contract prices and terms are applied.
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LONDON MEP GROUP LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
This report was approved by the board on 4 October 2024 and signed on its behalf.
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LONDON MEP GROUP LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙make judgments 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 to 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.
The profit for the year, after taxation, amounted to £1,583,814 (2022 - £1,474,936).
The directors who served during the year were:
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LONDON MEP GROUP LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
There have been no significant events affecting the Company since the year end.
The auditors, Halsers, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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LONDON MEP GROUP LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON MEP GROUP LTD
We have audited the financial statements of London MEP Group Ltd (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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.
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LONDON MEP GROUP LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON MEP GROUP LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
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LONDON MEP GROUP LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON MEP GROUP LTD (CONTINUED)
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 an Auditors' report 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:
Based on our understanding of the legal and regulatory frameworks that are applicable to the entity we have considered those that have a direct and indirect material impact on the financial statements and operations of the company. These include but are not limited to the Companies Act 2006, GDPR, Employment and Health & Safety legislation and tax legislation. We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of documentation generated and assessing the extent of compliance with the relevant laws and regulations. We discussed among the audit engagement team regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. As a result of performing the above, we identified the greatest potential for material misstatements due to fraud are in the following areas, and our specific procedures performed to address these are described below: The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to the existence of inappropriate journal entries to impact the profit for the year and management bias in accounting estimates. Procedures performed to address these were as follows: • Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud, including known or suspected instances of non-compliance with laws and regulations, and fraud, • Identifying and assessing the effectiveness of controls management has in place for stock and how fraud is detected and prevented. • Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process, • Challenging assumptions and judgements made by management in its significant accounting estimates; and • Identifying and testing journal entries, in particular any unusual journal entries posted around the year-end and journal entries with no descriptions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
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LONDON MEP GROUP LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON MEP GROUP LTD (CONTINUED)
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' 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 an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Loughton
Old Station Road
Essex
IG10 4PL
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LONDON MEP GROUP LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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LONDON MEP GROUP LTD
REGISTERED NUMBER: 10536587
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 32 form part of these financial statements.
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LONDON MEP GROUP LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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LONDON MEP GROUP LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LONDON MEP GROUP LTD
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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LONDON MEP GROUP LTD
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
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LONDON MEP GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
London MEP Group Ltd is a private company, limited by shares and incorporated in England & Wales, United Kingdom, with a registration number 10536587. The address of the registered office is Haslers, Old Station Road, Loughton, Essex, IG10 4PL.
The nature of the company's operations and principal activities are the installation of mechanical and electrical units.
The presentation currency of the financial statements is the Pound Sterling (£).
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Long Term Contracts
Revenue relates to amounts from long term contracts in relation to mechanical and electrical works on commercial and residential projects.
The company uses the percentage of completion method to recognise revenue for long term contracts. This method requires the directors to estimate the level of services performed at each reporting date as a proportion of the total services to be performed to complete the contract. Variations to estimates could result in the over or under recognition of revenue.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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LONDON MEP GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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LONDON MEP GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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LONDON MEP GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the
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LONDON MEP GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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LONDON MEP GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. The directors do not believe that there have been judgements (apart from those involving estimates) made in the process of applying the above accounting policies that have had a significant effect on amounts recognised in the financial statements.
The whole of the turnover is attributable to income from long term contracts.
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LONDON MEP GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LONDON MEP GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LONDON MEP GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
11.Taxation (continued)
There were no factors that may affect future tax charges.
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LONDON MEP GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LONDON MEP GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 26
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LONDON MEP GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
14.Tangible fixed assets (continued)
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LONDON MEP GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 28
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LONDON MEP GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 29
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LONDON MEP GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 30
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LONDON MEP GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Profit and loss account
adjustments.
The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £25,437 (2022: £19,696). Contributions totalling £10,205 (2022: £4,185) were payable to the fund at the balance sheet date and are included in creditors.
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LONDON MEP GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The ultimate controlling parties are S R Green and M D Smith by virtue of their shareholding.
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