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Registered number: 10536587









LONDON MEP GROUP LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
LONDON MEP GROUP LTD
 
 
COMPANY INFORMATION


Directors
S R Green 
M D Smith 




Registered number
10536587



Registered office
Haslers
Old Station Road

Loughton

Essex

IG10 4PL




Independent auditors
Halsers
Chartered Accountants & Statutory Auditor

Loughton

Old Station Road

Loughton

Essex

IG10 4PL





 
LONDON MEP GROUP LTD
 

CONTENTS



Page
Strategic report
 
1 - 3
Directors' report
 
4 - 5
Independent auditors' report
 
6 - 9
Statement of comprehensive income
 
10
Balance sheet
 
11
Statement of changes in equity
 
12
Statement of cash flows
 
13 - 14
Analysis of net debt
 
15
Notes to the financial statements
 
16 - 32


 
LONDON MEP GROUP LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
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. 

Business review
 
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.

Principal risks and uncertainties
 
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.

Page 1

 
LONDON MEP GROUP LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
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%) 

Other key performance indicators
 
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.

Page 2

 
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.



S R Green
Director

Page 3

 
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.

Directors' responsibilities statement

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 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,583,814 (2022 - £1,474,936).

Directors

The directors who served during the year were:

S R Green 
M D Smith 




Page 4

 
LONDON MEP GROUP LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsHalserswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 4 October 2024 and signed on its behalf.
 





S R Green
Director

Page 5

 
LONDON MEP GROUP LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON MEP GROUP LTD
 

Opinion


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 policiesThe 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 31 December 2023 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 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.


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.


Page 6

 
LONDON MEP GROUP LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON MEP GROUP LTD (CONTINUED)


Other information


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 ReportOur 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.


Opinion 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 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.


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 Directors' report.


We have nothing to report in respect of the following matters in relation to which 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.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, 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 is 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.


Page 7

 
LONDON MEP GROUP LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON MEP GROUP LTD (CONTINUED)


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 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.
Page 8

 
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.


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 2006Our 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.





Charalambos Patsalides ACA FCCA (Senior statutory auditor)
  
for and on behalf of
Halsers
 
Chartered Accountants
Statutory Auditor
  
Loughton
Old Station Road
Loughton
Essex
IG10 4PL

4 October 2024
Page 9

 
LONDON MEP GROUP LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
22,240,524
14,539,208

Cost of sales
  
(18,715,574)
(11,804,819)

Gross profit
  
3,524,950
2,734,389

Administrative expenses
  
(1,868,128)
(1,315,826)

Operating profit
 5 
1,656,822
1,418,563

Interest receivable and similar income
 9 
12,446
1,308

Interest payable and similar expenses
 10 
(58,082)
(69,065)

Profit before tax
  
1,611,186
1,350,806

Tax on profit
 11 
(27,372)
124,130

Profit for the financial year
  
1,583,814
1,474,936

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 16 to 32 form part of these financial statements.

Page 10

 
LONDON MEP GROUP LTD
REGISTERED NUMBER: 10536587

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
424,759
325,050

Tangible assets
 14 
1,175,599
1,091,311

Investments
 15 
102,500
90,000

  
1,702,858
1,506,361

Current assets
  

Stocks
 16 
350,000
303,874

Debtors: amounts falling due within one year
 17 
6,486,084
4,483,561

Cash at bank and in hand
 18 
2,184,359
694,710

  
9,020,443
5,482,145

Creditors: amounts falling due within one year
 19 
(4,876,893)
(2,690,038)

Net current assets
  
 
 
4,143,550
 
 
2,792,107

Total assets less current liabilities
  
5,846,408
4,298,468

Creditors: amounts falling due after more than one year
 20 
(494,206)
(557,452)

Provisions for liabilities
  

Deferred taxation
  
(60,319)
(32,947)

  
 
 
(60,319)
 
 
(32,947)

Net assets
  
5,291,883
3,708,069


Capital and reserves
  

Called up share capital 
 24 
100
100

Profit and loss account
 25 
5,291,783
3,707,969

  
5,291,883
3,708,069


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 October 2024.




S R Green
Director

The notes on pages 16 to 32 form part of these financial statements.

Page 11

 
LONDON MEP GROUP LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
100
3,707,969
3,708,069


Comprehensive income for the year

Profit for the year
-
1,583,814
1,583,814
Total comprehensive income for the year
-
1,583,814
1,583,814


At 31 December 2023
100
5,291,783
5,291,883


The notes on pages 16 to 32 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
100
2,311,033
2,311,133


Comprehensive income for the year

Profit for the year
-
1,474,936
1,474,936
Total comprehensive income for the year
-
1,474,936
1,474,936


Contributions by and distributions to owners

Dividends: Equity capital
-
(78,000)
(78,000)


Total transactions with owners
-
(78,000)
(78,000)


At 31 December 2022
100
3,707,969
3,708,069


The notes on pages 16 to 32 form part of these financial statements.

Page 12

 
LONDON MEP GROUP LTD
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,583,814
1,474,936

Adjustments for:

Amortisation of intangible assets
-
(16,996)

Depreciation of tangible assets
71,065
43,514

Loss on disposal of tangible assets
594
-

Interest paid
58,082
69,064

Interest received
(12,446)
(1,308)

Taxation charge
27,371
(124,130)

(Increase)/decrease in stocks
(46,126)
81,988

(Increase) in debtors
(1,931,192)
(2,159,346)

(Increase)/decrease in amounts owed by participating ints
(71,330)
-

Increase in creditors
2,189,073
587,352

Corporation tax received
-
133,130

Net cash generated from operating activities

1,868,905
88,204


Cash flows from investing activities

Purchase of intangible fixed assets
(99,709)
(246,850)

Purchase of tangible fixed assets
(157,167)
(90,884)

Sale of tangible fixed assets
1,221
-

Purchase of unlisted and other investments
(50,000)
(52,500)

Sale of unlisted and other investments
37,500
-

Interest received
12,446
1,308

Net cash from investing activities

(255,709)
(388,926)

Cash flows from financing activities

Repayment of loans
(65,465)
(70,356)

Dividends paid
-
(78,000)

Interest paid
(58,082)
(69,064)

Net cash used in financing activities
(123,547)
(217,420)

Net increase/(decrease) in cash and cash equivalents
1,489,649
(518,142)
Page 13

 
LONDON MEP GROUP LTD
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£



Cash and cash equivalents at beginning of year
694,710
1,212,852

Cash and cash equivalents at the end of year
2,184,359
694,710


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,184,359
694,710

2,184,359
694,710


The notes on pages 16 to 32 form part of these financial statements.

Page 14

 
LONDON MEP GROUP LTD
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

694,710

1,489,649

2,184,359

Debt due after 1 year

(557,452)

63,246

(494,206)

Debt due within 1 year

(66,873)

2,218

(64,655)


70,385
1,555,113
1,625,498

The notes on pages 16 to 32 form part of these financial statements.

Page 15

 
LONDON MEP GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

  
2.2

Revenue

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.

 
2.3

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
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.

Page 16

 
LONDON MEP GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 17

 
LONDON MEP GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Long-term leasehold property
-
Nil
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
25%
reducing balance

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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 18

 
LONDON MEP GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.12

Stocks

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.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Financial instruments

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
Page 19

 
LONDON MEP GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (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.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 20

 
LONDON MEP GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the directors are required to make judgements, estimates
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.


4.


Turnover

The whole of the turnover is attributable to income from long term contracts.

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Research & development charged as an expense
2,255
-


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
15,500
-
Page 21

 
LONDON MEP GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
1,849,638
1,364,016

Social security costs
214,362
181,674

Cost of defined contribution scheme
25,437
19,696

2,089,437
1,565,386


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Admin
41
35



Directors
2
2

43
37


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
112,520
33,502

Company contributions to defined contribution pension schemes
2,348
-

114,868
33,502


During the year retirement benefits were accruing to 1 director (2022 - NIL) in respect of defined contribution pension schemes.


9.


Interest receivable

2023
2022
£
£


Other interest receivable
12,446
1,308

12,446
1,308

Page 22

 
LONDON MEP GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
44,061
26,894

Other interest payable
14,021
42,171

58,082
69,065


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
(133,130)


-
(133,130)


Total current tax
-
(133,130)

Deferred tax


Origination and reversal of timing differences
27,372
9,000

Total deferred tax
27,372
9,000


Tax on profit
27,372
(124,130)
Page 23

 
LONDON MEP GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%) . The differences are explained below:

The corporation tax rate increased from 19% to 25% with effect from 1 April 2023. This results in the increase in tax rate shown above. Next year the Company’s rate will be the full 25%.
The deferred taxation balances have been measured using 25%, which is the enacted rate applicable in the reporting periods when the timing differences reverse.

2023
2022
£
£


Profit on ordinary activities before tax
1,611,186
1,350,807


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
378,629
256,653

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
15,793
-

Capital allowances for year in excess of depreciation
(14,265)
-

Utilisation of tax losses
(380,490)
-

Adjustments to tax charge in respect of prior periods
-
(133,130)

Other differences leading to an increase (decrease) in the tax charge
333
(247,653)

Deferred tax
27,372
-

Total tax charge for the year
27,372
(124,130)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2023
2022
£
£


Dividends paid
-
78,000

-
78,000

Page 24

 
LONDON MEP GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Intangible assets




Computer software

£



Cost


At 1 January 2023
325,050


Additions
99,709



At 31 December 2023

424,759






Net book value



At 31 December 2023
424,759



At 31 December 2022
325,050



Page 25

 
LONDON MEP GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment

£
£
£
£
£



Cost or valuation


At 1 January 2023
917,904
115,566
57,578
34,867
63,439


Additions
-
82,821
31,475
10,401
32,470


Disposals
-
-
(5,860)
-
-



At 31 December 2023

917,904
198,387
83,193
45,268
95,909



Depreciation


At 1 January 2023
-
44,385
14,402
14,490
24,766


Charge for the year on owned assets
-
34,935
17,402
6,393
12,334


Disposals
-
-
(4,045)
-
-



At 31 December 2023

-
79,320
27,759
20,883
37,100



Net book value



At 31 December 2023
917,904
119,067
55,434
24,385
58,809



At 31 December 2022
917,904
71,181
43,176
20,377
38,674
Page 26

 
LONDON MEP GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           14.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 January 2023
1,189,354


Additions
157,167


Disposals
(5,860)



At 31 December 2023

1,340,661



Depreciation


At 1 January 2023
98,043


Charge for the year on owned assets
71,064


Disposals
(4,045)



At 31 December 2023

165,062



Net book value



At 31 December 2023
1,175,599



At 31 December 2022
1,091,312




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Long leasehold
917,904
917,904

917,904
917,904


Page 27

 
LONDON MEP GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Fixed asset investments





Other fixed asset investments

£



Cost or valuation


At 1 January 2023
90,000


Additions
50,000


Disposals
(37,500)



At 31 December 2023
102,500





16.


Stocks

2023
2022
£
£

Finished goods and goods for resale
350,000
303,874

350,000
303,874



17.


Debtors

2023
2022
£
£


Trade debtors
1,375,007
929,912

Amounts owed by joint ventures and associated undertakings
71,330
-

Other debtors
987,065
141,773

Prepayments and accrued income
32,819
33,428

Amounts recoverable on long-term contracts
4,019,863
3,378,448

6,486,084
4,483,561


Page 28

 
LONDON MEP GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,184,359
694,710

2,184,359
694,710



19.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
64,655
66,873

Trade creditors
3,958,452
1,921,593

Other taxation and social security
648,472
647,098

Other creditors
189,814
48,274

Accruals and deferred income
15,500
6,200

4,876,893
2,690,038



20.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
494,206
557,452

494,206
557,452


Page 29

 
LONDON MEP GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
64,655
66,873


64,655
66,873

Amounts falling due 1-2 years

Bank loans
64,655
-


64,655
-

Amounts falling due 2-5 years

Bank loans
72,751
191,734


72,751
191,734

Amounts falling due after more than 5 years

Bank loans
356,800
365,718

356,800
365,718

558,861
624,325



22.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
2,184,359
694,710




Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.

Page 30

 
LONDON MEP GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Deferred taxation




2023


£






At beginning of year
(32,947)


Provided during year
(27,372)



At end of year
(60,319)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(60,319)
(32,947)

(60,319)
(32,947)


24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



50 (2022 - 50) Ordinary - X shares of £1.00 each
50
50
50 (2022 - 50) Ordinary - Y shares of £1.00 each
50
50

100

100



25.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other
adjustments.


26.


Pension commitments

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.

Page 31

 
LONDON MEP GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

27.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
-
17,000

Later than 1 year and not later than 5 years
-
11,333

-
28,333


28.


Related party transactions

At the year-end the following amounts were due from / (to) related parties.


2023
2022
£
£

Key Management Personnel
785,090
14,272
Other Related Parties
71,330
-
856,420
14,272


29.


Controlling party

The ultimate controlling parties are S R Green and M D Smith by virtue of their shareholding.

 
Page 32