Company Registration No. 02071827 (England and Wales)
MINTER INTERNATIONAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
MINTER INTERNATIONAL LIMITED
COMPANY INFORMATION
Director
Mr F J Minter
Secretary
Mr F H J Minter
Company number
02071827
Registered office
31 The Broadway
Cheam
Sutton
Surrey
SM3 8BL
Auditor
TC Group
Star House
Star Hill
Rochester
Kent
ME1 1UX
MINTER INTERNATIONAL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
11 - 12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 30
MINTER INTERNATIONAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The director presents the strategic report for the year ended 31 March 2024.

 

During the year under review, the group’s principal trading activity has continued to be that of building contractors.

The group client base remains entirely in the following sectors;

1.    Education

2.    Healthcare/laboratories/life science

3.    Commercial

4.    Residential and other fit out     

Fair review of the business

The group remains profitable with improvements in all departments.

We continue to focus on reducing time taken to value our works and agree final accounts.

Tender opportunities remain constant especially within the Education and Healthcare sectors.

We expect trading to continue at satisfactory levels. The expectation is that inflation and interest rates will fall.

The group maintains good cash balances with no borrowings and the directors maintain strong leadership.

Principal risks and uncertainties

The principal risk is a reduction in customer spending. There is a current risk of reduced overseas student intakes which would affect capital spending.

We have built the firm on good working and long-term client relationships and this would minimise uncertainty in the event of any reduction in customer spending.

We have exclusive relationships with some customers.

There are no significant changes in legislation that affect our market position.

Key performance indicators

Individual contract performance is reviewed weekly with daily accounting updates and costings.

Sub contractor applications are reviewed weekly with monthly liability reports at valuation submission.

Cash flow and financial data is produced and reviewed by the directors each week.

Tender results are reviewed all the time.

ISO accreditation

We hold ISO 9001, ISO 14001 and ISO 45001.

We are working towards ISO 5001 (Energy/sustainability) and ISO 27001 (Information Security).

We hold CHAS Premium Plus, Constructionline Gold Standard and Safecontractor.

MINTER INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

On behalf of the board

Mr F J Minter
Director
2 October 2024
MINTER INTERNATIONAL LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The director presents his annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company and group continued to be that of building contractors.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £200,388. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr F J Minter
Auditor

The auditor, TC Group, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of director's responsibilities

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

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

MINTER INTERNATIONAL LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr F J Minter
Director
2 October 2024
MINTER INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MINTER INTERNATIONAL LIMITED
- 5 -
Opinion

We have audited the financial statements of Minter International Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

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 Auditor's 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 director's use of the an alternative basis to going concern in the preparation of the financial statements is appropriate.

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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.

MINTER INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MINTER INTERNATIONAL LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the director's report.

 

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:

 

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 auditor's 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.

MINTER INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MINTER INTERNATIONAL LIMITED
- 7 -

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.

 

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

 

 

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

MINTER INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MINTER INTERNATIONAL LIMITED
- 8 -

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 an auditor's 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.

Sally Meah FCCA (Senior Statutory Auditor)
For and on behalf of TC Group
17 October 2024
Statutory Auditor
Star House
Star Hill
Rochester
Kent
ME1 1UX
MINTER INTERNATIONAL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
Notes
£
£
Turnover
32,803,774
30,290,611
Cost of sales
(26,847,382)
(25,945,506)
Gross profit
5,956,392
4,345,105
Administrative expenses
(5,066,342)
(3,423,102)
Other operating income
26,183
9,188
Operating profit
916,233
931,191
Interest receivable and similar income
6
90,759
7,116
Interest payable and similar expenses
7
(2,305)
-
0
Profit before taxation
1,004,687
938,307
Tax on profit
8
(264,790)
(183,648)
Profit for the financial year
739,897
754,659
Profit for the financial year is attributable to:
- Owners of the parent company
427,528
441,336
- Non-controlling interests
312,369
313,323
739,897
754,659
Total comprehensive income for the year is attributable to:
- Owners of the parent company
427,528
441,336
- Non-controlling interests
312,369
313,323
739,897
754,659
MINTER INTERNATIONAL LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
183,586
126,380
Current assets
Stocks
13
-
1,082
Debtors
14
9,025,202
7,178,458
Cash at bank and in hand
7,252,506
4,594,127
16,277,708
11,773,667
Creditors: amounts falling due within one year
15
(14,093,935)
(9,956,145)
Net current assets
2,183,773
1,817,522
Total assets less current liabilities
2,367,359
1,943,902
Provisions for liabilities
Deferred tax liability
16
28,112
21,664
(28,112)
(21,664)
Net assets
2,339,247
1,922,238
Capital and reserves
Called up share capital
18
10,400
10,400
Revaluation reserve
827
827
Distributable profit and loss reserves
1,239,843
1,012,703
Equity attributable to owners of the parent company
1,251,070
1,023,930
Non-controlling interests
1,088,177
898,308
2,339,247
1,922,238
The financial statements were approved and signed by the director and authorised for issue on 2 October 2024
02 October 2024
Mr F J Minter
Director
MINTER INTERNATIONAL LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
68,375
14,551
Investments
11
7,500
7,500
75,875
22,051
Current assets
Debtors
14
47,489
29,049
Cash at bank and in hand
58,187
86,548
105,676
115,597
Creditors: amounts falling due within one year
15
(52,364)
(42,074)
Net current assets
53,312
73,523
Total assets less current liabilities
129,187
95,574
Provisions for liabilities
Deferred tax liability
16
4,092
-
0
(4,092)
-
Net assets
125,095
95,574
Capital and reserves
Called up share capital
18
10,400
10,400
Revaluation reserve
827
827
Distributable profit and loss reserves
113,868
84,347
Total equity
125,095
95,574

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £229,909 (2023 - £842,723 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

MINTER INTERNATIONAL LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 12 -
The financial statements were approved and signed by the director and authorised for issue on 2 October 2024
02 October 2024
Mr F J Minter
Director
Company Registration No. 02071827
MINTER INTERNATIONAL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Non-distributable reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
Balance at 1 April 2022
10,400
827
1,345,867
1,357,094
1,283,885
2,640,979
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
441,336
441,336
313,323
754,659
Dividends
9
-
-
(774,500)
(774,500)
(698,900)
(1,473,400)
Balance at 31 March 2023
10,400
827
1,012,703
1,023,930
898,308
1,922,238
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
427,528
427,528
312,369
739,897
Dividends
9
-
-
(200,388)
(200,388)
(122,500)
(322,888)
Balance at 31 March 2024
10,400
827
1,239,843
1,251,070
1,088,177
2,339,247
MINTER INTERNATIONAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
10,400
827
16,124
27,351
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
842,723
842,723
Dividends
9
-
-
(774,500)
(774,500)
Balance at 31 March 2023
10,400
827
84,347
95,574
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
229,909
229,909
Dividends
9
-
-
(200,388)
(200,388)
Balance at 31 March 2024
10,400
827
113,868
125,095
MINTER INTERNATIONAL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
3,052,635
727,976
Interest paid
(2,305)
-
0
Income taxes paid
(49,736)
(450,714)
Net cash inflow from operating activities
3,000,594
277,262
Investing activities
Purchase of tangible fixed assets
(102,199)
(7,333)
Proceeds on disposal of tangible fixed assets
10,913
-
Receipts arising from loans made
(18,800)
(25,888)
Interest received
90,759
7,116
Net cash used in investing activities
(19,327)
(26,105)
Financing activities
Dividends paid to equity shareholders
(200,388)
(774,500)
Dividends paid to non-controlling interests
(122,500)
(698,900)
Net cash used in financing activities
(322,888)
(1,473,400)
Net increase/(decrease) in cash and cash equivalents
2,658,379
(1,222,243)
Cash and cash equivalents at beginning of year
4,594,127
5,816,370
Cash and cash equivalents at end of year
7,252,506
4,594,127
MINTER INTERNATIONAL LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
149,419
125,722
Income taxes paid
(27,232)
(25,312)
Net cash inflow from operating activities
122,187
100,410
Investing activities
Purchase of tangible fixed assets
(69,830)
-
0
Proceeds on disposal of tangible fixed assets
10,913
-
0
Receipts arising from loans made
(18,800)
(25,888)
Interest received
57
25
Dividends received
127,500
727,500
Net cash generated from investing activities
49,840
701,637
Financing activities
Dividends paid to equity shareholders
(200,388)
(774,500)
Net cash used in financing activities
(200,388)
(774,500)
Net (decrease)/increase in cash and cash equivalents
(28,361)
27,547
Cash and cash equivalents at beginning of year
86,548
59,001
Cash and cash equivalents at end of year
58,187
86,548
MINTER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
1
Accounting policies
Company information

Minter International Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 31 The Broadway, Cheam, Sutton, Surrey, SM3 8BL.

 

 

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The consolidated group financial statements consist of the financial statements of the parent company Minter International Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.2
Going concern

The directors have decided to put Minter International Limited into voluntary members liquidation by October 2024. The directors intend to ensure the company has sufficient reserves to cover management, administration and support costs up until this date. The financial statements therefore are prepared on a basis other than going concern, which includes, where appropriate, writing down the company's assets to net realisable value. A provision has also been made for any contractual commitments that have become onerous at the balance sheet date, if necessary. The financial statements do not include any provision for future costs of terminating the activities of the company, except to the extent that such costs were committed at the balance sheet date.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

MINTER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -

Revenue from contracts for the provision of professional 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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
25% straight line
Plant and equipment
25% straight line
Fixtures and fittings
25% and 33% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.5
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

MINTER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.7
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

MINTER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

MINTER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
1.11

Long-term contracts

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

2
Judgements and key sources of estimation uncertainty

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

 

Determine whether there are indicators of impairment of the company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

 

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where 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.

 

The directors have made key assumptions regarding the stage of completion, of future costs to complete and collectability of billings of some construction contracts. The amount receivable from customers on such construction contracts at the end of the reporting period has been estimated at £1,346,953.

3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,080
2,990
Audit of the financial statements of the company's subsidiaries
18,400
17,830
21,480
20,820
MINTER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
4
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administrative staff and directors
14
21
1
1
Direct staff
32
27
-
-
Directors
1
1
1
1
Total
47
49
2
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,004,145
3,532,872
707,545
4,292
Social security costs
597,884
314,293
96,907
-
Pension costs
61,275
80,389
-
0
-
0
5,663,304
3,927,554
804,452
4,292
5
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
732,900
11,984
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
87,341
7,116
Other interest income
3,418
-
Total income
90,759
7,116
MINTER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Interest receivable and similar income
(Continued)
- 23 -
Interest on financial assets not measured at fair value through profit or loss
87,341
7,116
7
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
2,305
-
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
258,342
184,872
Deferred tax
Origination and reversal of timing differences
6,448
(1,224)
Total tax charge
264,790
183,648

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,004,687
938,307
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
251,172
178,278
Tax effect of expenses that are not deductible in determining taxable profit
16,269
10,188
Tax effect of income not taxable in determining taxable profit
1,940
(812)
Permanent capital allowances in excess of depreciation
(11,039)
(2,782)
Deferred tax adjustments in respect of prior years
6,448
(1,224)
Taxation charge
264,790
183,648
MINTER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
200,388
774,500
10
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
272,608
24,797
92,643
139,183
529,231
Additions
5,522
-
0
4,887
91,790
102,199
Disposals
-
0
-
0
-
0
(49,054)
(49,054)
At 31 March 2024
278,130
24,797
97,530
181,919
582,376
Depreciation and impairment
At 1 April 2023
204,544
24,797
74,374
99,136
402,851
Depreciation charged in the year
17,016
-
0
5,139
11,925
34,080
Eliminated in respect of disposals
-
0
-
0
-
0
(38,141)
(38,141)
At 31 March 2024
221,560
24,797
79,513
72,920
398,790
Carrying amount
At 31 March 2024
56,570
-
0
18,017
108,999
183,586
At 31 March 2023
68,064
-
0
18,269
40,047
126,380
MINTER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Tangible fixed assets
(Continued)
- 25 -
Company
Motor vehicles
£
Cost
At 1 April 2023
49,054
Additions
69,830
Disposals
(49,054)
At 31 March 2024
69,830
Depreciation and impairment
At 1 April 2023
34,503
Depreciation charged in the year
5,093
Eliminated in respect of disposals
(38,141)
At 31 March 2024
1,455
Carrying amount
At 31 March 2024
68,375
At 31 March 2023
14,551
MINTER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
7,500
7,500
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
7,500
Carrying amount
At 31 March 2024
7,500
At 31 March 2023
7,500
12
Subsidiaries
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Russell Cawberry Limited
31 The Broadway Cheam Surrey SM3 8BL
Building contractors
Ordinary
51.00
13
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
-
0
1,082
-
0
-
0
MINTER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
7,572,154
6,124,089
-
0
360
Gross amounts owed by contract customers
1,346,953
986,812
-
0
-
0
Other debtors
67,970
32,089
47,489
28,689
Prepayments and accrued income
38,125
35,468
-
0
-
0
9,025,202
7,178,458
47,489
29,049
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
4,510,111
3,762,198
1,480
-
0
Corporation tax payable
203,069
(5,536)
36,137
27,233
Other taxation and social security
1,947,572
1,108,801
9,089
8,891
Other creditors
46,655
48,712
195
859
Accruals and deferred income
7,386,528
5,041,970
5,463
5,091
14,093,935
9,956,145
52,364
42,074
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
28,112
21,664
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
4,092
-
MINTER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
16
Deferred taxation
(Continued)
- 28 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
21,664
-
Charge to profit or loss
6,448
4,092
Liability at 31 March 2024
28,112
4,092
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
61,275
80,389

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

18
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
10,400
10,400
10,400
10,400
MINTER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
19
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
70,250
67,650
-
-
Between two and five years
156,860
218,704
-
-
227,110
286,354
-
-
20
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
933,288
819,819
21
Directors' transactions

Dividends totalling £200,388 (2023 - £774,500) were paid in the year in respect of shares held by the company's directors.

22
Post balance sheet events

As disclosed in the accounting policies note 2.2, Minter International Limited will be put into voluntary members liquidation by October 2024. The going concern basis is not appropriate and the directors have therefore not prepared the financial statements on this basis.

MINTER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
23
Cash generated from operations - company
2024
2023
£
£
Profit for the year after tax
229,909
842,723
Adjustments for:
Taxation charged
40,228
31,180
Investment income
(127,557)
(727,525)
Depreciation and impairment of tangible fixed assets
5,093
(6,374)
Movements in working capital:
Decrease/(increase) in debtors
360
(363)
Increase/(decrease) in creditors
1,386
(13,919)
Cash generated from operations
149,419
125,722
24
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
739,897
754,659
Adjustments for:
Taxation charged
264,790
183,648
Finance costs
2,305
-
0
Investment income
(90,759)
(7,116)
Depreciation and impairment of tangible fixed assets
34,080
29,631
Movements in working capital:
Decrease in stocks
1,082
-
Increase in debtors
(1,827,944)
(1,958,719)
Increase in creditors
3,929,184
1,725,873
Cash generated from operations
3,052,635
727,976
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