Company registration number 00647988 (England and Wales)
F.C.MEASOM LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
F.C.MEASOM LIMITED
COMPANY INFORMATION
Directors
A R Measom
F Measom
S Measom
Secretary
V Cooper
Company number
00647988
Registered office
1934 The Yard
Exploration Drive
Leicester
LE4 5JD
Auditor
Mayfield & Co.
2 Merus Court
Meridian Business Park
Leicester
LE19 1RJ
F.C.MEASOM LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 7
Independent auditor's report
8 - 11
Group statement of comprehensive income
12
Group balance sheet
13 - 14
Company balance sheet
15 - 16
Group statement of changes in equity
17
Company statement of changes in equity
18
Group statement of cash flows
19
Notes to the financial statements
20 - 39
F.C.MEASOM LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

 

The group consists of a number of businesses operating nationally in different sectors. Although Drylining and partitioning remains the most significant part of the business, we have seen substantial growth in the vehicle hire markets.

Review of the business

 

MEASOM DRYLINE

Measom (Dryline) Limited continues to operate nationally through regional centres providing a complete range of high quality drylining, partitioning and fire protection systems in the building and construction industry.

 

Our strengths lie in our ability to collaborate with our partners. What makes us different is our capability to listen, understand and advise using our experience that can be traced back to 1934. A key strength of the company is its proven ability to undertake drylining schemes in a wide diversity of projects in education, healthcare, commercial, retail, residential and leisure sectors of the industry.

 

Systems are installed to meet both aesthetic and functional requirements as well as specific fire, acoustic, thermal, durability and structural criteria. Construction is not just confined to lightweight partitions - the company installs load bearing metal studs for external walls, internal elements and high bay separating walls, as well as complete building frames. Our highly experienced project teams provide advice and guidance on contractual matters, programming, design aspects and optimum cost solutions.

 

We delivered a wide range of projects across the UK during 2023. The overall performance of the business in the previous year exceeded expectations. Turnover increased by 35% in the year to £35m. Margins improved with gross profit increasing from 20.3% to 22.4%. Overheads decreased as a percentage of both direct costs and revenue and this resulted in a profit for the year before taxation of 3% or £1m. The business focus on productivity together with continued investment in new technologies helped to deliver improvements in gross profit performance decreases in overheads. The key business focus of improved productivity will continue in the short to medium term and management will strive to deliver greater efficiencies resulting in a decrease in overheads as a percentage of turnover.

 

Turnover for 2024 is forecast to decrease as a result of both the general economic uncertainty and some project start dates delayed. However, secured orders together with a strong sales pipeline indicate that 2025 will exceed revenue achieved in 2023.

 

The Balance sheet remains strong with cash balances increasing in the year to £1.9m. The company also paid a dividend in the year of £500,000. At the year end the company was in a very strong position with total equity of £3.7m.

F.C.MEASOM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

COMPELLO AUTOMOTIVE & LANESBOROUGH LEASING

The group continued to trade in the vehicle rental market through two brands. Compello Automotive Limited is an enlightened vehicle rental provider that gives customers the freedom to shape their own rental solution. Our approach is enlightened and consultative and built on transparent relationships that provides all types of vehicles to all kinds of organisations, anywhere in the UK by using our extensive supplier network

 

Lanesborough Leasing T/​A Paull's Vehicle Rental has been serving the local vehicle rental market in and around Leicestershire and the East Midlands since the 1970’s. We understand the needs of our partners and they rely on us understanding their needs and requirements.

 

The uncertainty and volatility affecting the motor manufacturing industry over the last five years has shown some improvement in the last year although still providing some challenges. This has enabled us to renew part of our fleet with expenditure of £0.8m on vehicle additions. We continue to benefit in terms of residual values of our fleet with profit on disposals and with our extensive supplier network we have been able to support our customers when our competitors have found fleet availability challenging.

 

Turnover increased in the year from £7.3m to £9.1m, comfortably exceeding plan. This growth was also reflected in the net results. Following a strategic review, we are repositioning our local vehicle hire business to concentrate on specialist and semi-specialist vehicles in 2024 and expect that this will affect the reported revenue in the short term.

 

The group remains in a very strong position with total equity of £1m.

Principle risks and uncertainties

Economic Uncertainty

Although this presents a potential risk for the company, we feel confident that we can secure projects in sectors that remain buoyant in the medium term and the group remains well placed to manage these uncertainties. The company has been investing in an apprenticeship programme and training centre to mitigate impact of our workforce.

 

The company’s business does involve a number of inherent risks which are captured in the risk register and these are monitored regularly by the management team who will manage this risk by continuing its philosophy of providing the highest quality of products and services to existing clients.

 

Financial Risk Management

The Management team have identified that the business does have credit and liquidity risk if we are unable to recover amounts receivable on a timely basis. We monitor key contracts on a weekly basis and obtain credit references.

 

Contract Delivery

The Measom Dryline delivers large, lengthy and complex projects which carry risks if these are delayed and do not meet client expectations which could threaten our reputation and profitability. The management team ensure robust tender and contract controls to ensure projects are delivered using the correct experience and expertise.

Key performance indicators

The group refers to key performance indicators in order to monitor business performance with reference to time, cost, quality and health and safety. Management also focuses on financial targets, being turnover, margin and return on capital employed. These have been mentioned above and are included in the Profit and Loss Account and Balance Sheet.

 

The group has maintained strong liquidity and has continued to do so during the following year. The business maintains a strong capital base to allow us to meet current contractual commitments, to enable us to deliver further growth and to ensure that the group can withstand the challenge of any macro-economic issues such as the Pandemic.

F.C.MEASOM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Sustainability and climate change

The Group recognises that some of its activities may have an impact on the environment and are committed to reducing and minimising that impact through continually seeking to improve environmental performance by ensuring that all our employees and manufacturing supply chain develop a sound understanding of any possible environmental impacts and what is expected of them. The company has an environmental training programme and has introduced waste reduction and recycling initiatives at all locations. Our Head Office and regional offices all endeavour to be 100% paperless. We also seek to use the most environmentally efficient modes of transport and reduce unnecessary travel.

Other information and explanations

Health and safety ranks equally with all other business objectives and is integrated into every part of our operations. Essential to this policy is the identification, management or elimination of risk, although we cannot do it alone. We collaborate at every level to gain co-operation and full support to guarantee effective implementation.

 

Making a positive contribution to the communities where we work has always been a central part of the company’s philosophy. Our community engagement activities range from promoting local employment and training on our projects to fundraising and sponsorship. We work with our clients to help build better futures for the next generation.

 

We recognise that our people are our most valuable resource. It is the company’s aim to create a culture of learning and personal development where employees at every level and the company take joint responsibility for on-going training and improvement. As a business we do everything we can to support each other and every employee with their Measom journey.

Section 172 statement

The director's priorities in the wellbeing of the stakeholders of the company are split into sub-groups below:

 

Section 172 of The Companies Act 2006 requires a Director of a company to act in a way they consider, in good faith, would most likely promote the success of the Company for the benefit of its members as a whole. In doing this, section 172 requires Directors to have regard to, amongst other matters, the:

 

In discharging our section 172 duties we have regard to the matters set out above. In addition, we also have regard to other factors which we consider relevant to the decision being made. By considering the Company’s purpose, vision and values together with its strategic priorities and having a process in place for decision making, we aim to make sure that our decisions are consistent and predictable.

 

We delegate authority for day to day management of the Company to senior leadership teams and then engage management in setting, approving and overseeing execution of the business strategy and related policies. Board meetings are held regularly in which Directors consider the Company’s activities and make decisions. As part of those meetings the Directors receive information in a range of different formats to ensure that they have regard to section 172 matters when making relevant decisions.

F.C.MEASOM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The Company’s key stakeholders are its workforce, customers, suppliers and local communities in which it operates. The views of and the impact of the Company’s activities on those stakeholders are an important consideration for the Directors when making decisions. The size and spread of both the Company’s stakeholders and F.C. Measom Group means that generally our stakeholder engagement takes place at an operational and group level. We find that as well as being a more efficient and effective approach, this also helps us achieve a greater positive impact on environmental, social and other issues than working alone as an individual Company.

 

We follow a general framework for corporate governance principles that encourages the Directors to make decisions for the long term success of the Company and its stakeholders and it also complies with the requirements of section 172 of the Companies Act 2006.

 

We set out below examples on how we have had regard to matters set out in section 172 when discharging our responsibilities:

 

By order of the board

V Cooper
Secretary
29 October 2024
F.C.MEASOM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company and group continued to be that of Dryling & Partitioning and the selling of tools.

 

Other activities have been undertaken by the group as shown in note 3.

Results and dividends

The results for the year are set out on page 12.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

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

A R Measom
F Measom
S Measom
Auditor

Mayfield & Co. were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

F. C. Measom Net Zero Strategy

Carbon emissions are Measom’s most significant sustainability impact. We recognise that global warming is a climate, ecological and social emergency and are committed to playing our part in mitigating global warming, and helping our customers do the same. We see this as an essential part of our vision to be the partner of choice and at the forefront of our chosen sector.

A number of steps have already been taken to reduce our carbon emissions, including designing to reduce waste, returning waste plasterboard direct to the manufacturer for reuse, installation of electric vehicle charging points and introduction of electric vehicles to our car fleet. This sets out our ambitious plans to build on this and achieve Net Zero, a goal which aligns with and supports delivery of the aspirations of many key organisations, including:

F.C.MEASOM LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

Greenhouse gas (GHG) emissions baseline

In 2023 we conducted our first full assessment of Measom’s direct (scope 1 and 2) and indirect (scope 3) GHG emissions for the year. Total GHG emissions were 27,614 tCO2e.

GHG emissions were measured by an independent carbon specialist in accordance with the GHG Protocol Corporate Standard, with emission factors sourced from UK Government Conversion factors for 2023. The operational consolidation (control) approach was used, and emissions from carbon dioxide, methane and nitrous oxide were calculated. Scope 2 emissions have been calculated using the market-based method. For scope 3 categories 1, 2 and 4 the spend-based method and industry emission factors were applied. A breakdown of emissions is shown in Table 1. These form the baseline against which future progress and targets will be assessed.

Scope 1 and 2 emissions for 2023 were 39.6 tCO2e. Scope 1 emissions relate to business travel in company owned/leased vehicles. Scope 2 emissions relate to electricity use in offices and for the two company owned/leased electric vehicles. These have been calculated using both the location based method (17.0 tCO2e) and the market-based method (12.4 tCO2e), with the latter forming the baseline for targets.

Scope 3 emissions for 2023 were 27,574 tCO2e. These account for over 99% of the company’s total GHG emissions. Scope 3 emissions were calculated for all relevant categories, which are categories 1 (purchased goods and services), 2 (capital goods), 3 (fuel- and energy- related activities), 4 (upstream transportation and distribution), 5 (waste generated in operations), 6 (business travel), 7 (employee commuting including working from home), and 12 (end of life treatment of sold products).

Targets and commitments

Measom’s ultimate carbon target is to achieve Net Zero scope 1, 2 and 3 emissions by 2050. In accordance with the Science-Based Target Initiative (SBTi) best practice for SMEs, this long-term goal is coupled with a near-term target to achieve a 42% reduction in scope 1 and 2 emissions by 2030. We also commit to measuring and reducing our scope 3 emissions. We will be seeking SBTi validation of our near-term and Net Zero targets in the coming months.

Net Zero strategy

Our net zero strategy is structured around seven goals which will enable delivery of our near- and long-term scope 1, 2 and 3 targets.

  1. We will measure, report and continuously improve our approach to energy and climate change mitigation.

  2. We will reduce our energy demand:

  3. We will transition to lower and zero carbon energy sources:

  4. We will reduce our scope 3 emissions:

  5. We will engage our stakeholders and advocate for climate change reduction.

Governance and reporting

The Board is ultimately responsible for delivery of this strategy and will be aided with strategy delivery on a day-to-day based by the Senior Management Team. Progress against the strategy will be monitored on a quarterly basis and we will report externally on progress on an annual basis.

F.C.MEASOM LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are 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. They are 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.

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.

By order of the board
V Cooper
Secretary
29 October 2024
F.C.MEASOM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF F.C.MEASOM LIMITED
- 8 -
Opinion

We have audited the financial statements of F.C.Measom Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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 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:

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 group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

F.C.MEASOM LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF F.C.MEASOM LIMITED
- 9 -
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 their 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

F.C.MEASOM LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF F.C.MEASOM LIMITED
- 10 -
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

 

 

 

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

F.C.MEASOM LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF F.C.MEASOM LIMITED
- 11 -

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.

Thomas Mayfield BA FCA (Senior Statutory Auditor)
For and on behalf of Mayfield & Co.
Chartered Accountants
Statutory Auditor
2 Merus Court
Meridian Business Park
Leicester
LE19 1RJ
29 October 2024
F.C.MEASOM LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
Turnover
3
43,077,936
45,335,310
Cost of sales
(33,024,449)
(33,465,052)
Gross profit
10,053,487
11,870,258
Administrative expenses
(10,004,659)
(15,014,618)
Other operating income
433,405
739,721
Operating profit/(loss)
4
482,233
(2,404,639)
Interest receivable and similar income
7
1,223,647
260,188
Interest payable and similar expenses
8
(309,729)
(174,265)
Profit/(loss) on disposal of operations
26
-
15,304,578
Profit before taxation
1,396,151
12,985,862
Tax on profit
9
(335,773)
(4,209,154)
Profit for the financial year
25
1,060,378
8,776,708
Profit for the financial year is attributable to:
- Owners of the parent company
524,136
10,137,815
- Non-controlling interests
536,242
(1,361,107)
1,060,378
8,776,708
Total comprehensive income for the year is attributable to:
- Owners of the parent company
524,136
10,137,815
- Non-controlling interests
536,242
(1,361,107)
1,060,378
8,776,708
F.C.MEASOM LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,123,537
1,546,973
Investment property
12
6,142,480
6,378,704
Investments
13
10,938
10,938
8,276,955
7,936,615
Current assets
Stocks
15
112,300
112,300
Debtors
16
22,285,084
19,711,012
Cash at bank and in hand
12,370,472
15,467,236
34,767,856
35,290,548
Creditors: amounts falling due within one year
17
(20,295,494)
(20,956,161)
Net current assets
14,472,362
14,334,387
Total assets less current liabilities
22,749,317
22,271,002
Creditors: amounts falling due after more than one year
18
(945,455)
(945,455)
Provisions for liabilities
Deferred tax liability
20
710,129
592,192
(710,129)
(592,192)
Net assets
21,093,733
20,733,355
Capital and reserves
Called up share capital
22
295,783
295,783
Share premium account
23
398,120
398,120
Revaluation reserve
24
1,462,283
1,500,925
Profit and loss reserves
25
17,644,085
17,781,307
Equity attributable to owners of the parent company
19,800,271
19,976,135
Non-controlling interests
1,293,462
757,220
21,093,733
20,733,355
F.C.MEASOM LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 14 -
The financial statements were approved by the board of directors and authorised for issue on 29 October 2024 and are signed on its behalf by:
29 October 2024
A R Measom
Director
Company registration number 00647988 (England and Wales)
F.C.MEASOM LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 15 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
84,921
63,546
Investment property
12
1,630,000
1,644,369
Investments
13
523,552
223,652
2,238,473
1,931,567
Current assets
Debtors
16
3,947,116
4,258,126
Cash at bank and in hand
677,976
255,505
4,625,092
4,513,631
Creditors: amounts falling due within one year
17
(1,633,144)
(1,578,757)
Net current assets
2,991,948
2,934,874
Total assets less current liabilities
5,230,421
4,866,441
Creditors: amounts falling due after more than one year
18
(945,455)
(945,455)
Provisions for liabilities
Deferred tax liability
20
119,651
117,900
(119,651)
(117,900)
Net assets
4,165,315
3,803,086
Capital and reserves
Called up share capital
22
295,483
295,483
Share premium account
23
398,120
398,120
Revaluation reserve
24
295,263
332,540
Profit and loss reserves
25
3,176,449
2,776,943
Total equity
4,165,315
3,803,086

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 £362,229 (2022 - £66,439 loss).

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

F.C.MEASOM LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 16 -
The financial statements were approved by the board of directors and authorised for issue on 29 October 2024 and are signed on its behalf by:
29 October 2024
A R Measom
Director
Company registration number 00647988 (England and Wales)
F.C.MEASOM LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 January 2022
295,483
398,120
1,164,475
7,979,942
9,838,020
2,118,327
11,956,347
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
10,137,815
10,137,815
(1,361,107)
8,776,708
Issue of share capital
22
300
-
0
-
-
300
-
300
Transfers
-
-
336,450
(336,450)
-
-
-
Balance at 31 December 2022
295,783
398,120
1,500,925
17,781,307
19,976,135
757,220
20,733,355
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
524,136
524,136
536,242
1,060,378
Dividends
-
-
-
(700,000)
(700,000)
-
(700,000)
Transfers
-
-
(38,642)
38,642
-
-
-
Balance at 31 December 2023
295,783
398,120
1,462,283
17,644,085
19,800,271
1,293,462
21,093,733
F.C.MEASOM LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2022
295,483
398,120
266,290
2,909,631
3,869,524
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
-
(66,438)
(66,438)
Transfers
-
-
66,250
(66,250)
-
Balance at 31 December 2022
295,483
398,120
332,540
2,776,943
3,803,086
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
362,229
362,229
Transfers
-
-
(37,277)
37,277
-
Balance at 31 December 2023
295,483
398,120
295,263
3,176,449
4,165,315
F.C.MEASOM LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
28
(2,703,526)
1,580,503
Interest paid
(309,729)
(174,265)
Income taxes paid
(21,907)
(3,945,923)
Net cash outflow from operating activities
(3,035,162)
(2,539,685)
Investing activities
Proceeds from disposal of business
-
15,304,578
Purchase of tangible fixed assets
(958,878)
(440,557)
Proceeds from disposal of tangible fixed assets
173,949
384,977
Purchase of investment property
-
(14,369)
Proceeds from disposal of investment property
198,675
-
Interest received
523,647
260,188
Dividends received
700,000
-
0
Net cash generated from investing activities
637,393
15,494,817
Financing activities
Dividends paid to equity shareholders
(700,000)
-
0
Net cash used in financing activities
(700,000)
-
Net (decrease)/increase in cash and cash equivalents
(3,097,769)
12,955,132
Cash and cash equivalents at beginning of year
15,467,236
2,512,104
Cash and cash equivalents at end of year
12,369,467
15,467,236
Relating to:
Cash at bank and in hand
12,370,472
16,700,342
Bank overdrafts included in creditors payable within one year
(1,005)
(1,233,106)
F.C.MEASOM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
1
Accounting policies
Company information

F.C.Measom Limited (“the company”) is a private limited company incorporated in England and Wales. The registered office is 1934 The Yard, Exploration Drive, Leicester, LE4 5JD.

 

The group consists of F.C.Measom Limited and all of its subsidiaries.

1.1
Reporting period

The comparative figures in these financial statements were prepared for a period longer than one year in order to align the year end of this company with that of it's subsidiary companies. For this reason, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
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, modified to include the revaluation of investment properties at fair value.

 

The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

F.C.MEASOM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company F.C.Measom 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 December 2023. 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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

F.C.MEASOM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -

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.

 

Revenue from contracts for the provision of construction 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.

Revenue from the hiring out of motor vehicles and equipment is recognised over the life of the hire agreement.

 

Rental income from the investment properties is recognised over the period to which it relates.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 2 to 5 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
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:

Freehold land and buildings
2% of costs
Plant and equipment
33% of costs or 25% of net book value
Fixtures and fittings
25% of costs or 10 to 25% of net book value
Computers
25 to 33 % of costs
Motor vehicles
20% of net book value

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 profit and loss account.

1.9
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

Property rented to a group entity is accounted for at fair value with changes in fair value recognised in profit or loss.

F.C.MEASOM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -

Fair value gains and losses on investment properties are recognised as a separate revaluation reserve within net assets.

1.10
Fixed asset investments

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.

1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.12
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.

1.13
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.14
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

F.C.MEASOM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 24 -
1.15
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 balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

 

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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.16
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

F.C.MEASOM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 25 -
1.17
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 profit and loss account 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.

1.18
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.19
Retirement benefits

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

1.20
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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.21
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

F.C.MEASOM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Drylining and partitioning
35,449,855
26,314,058
Selling of tools
-
12,393,170
Vehicle rental & sales
7,219,120
6,295,602
Management services
315,218
248,790
Property rental
93,743
83,690
43,077,936
45,335,310
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
43,077,936
32,942,140
USA
-
12,393,170
43,077,936
45,335,310
2023
2022
£
£
Other revenue
Interest income
523,647
260,188
Dividends received
700,000
-
4
Operating profit/(loss)
2023
2022
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange losses/(gains)
572,422
(591,227)
Depreciation of owned tangible fixed assets
246,009
112,973
Profit on disposal of tangible fixed assets
(37,644)
(45,631)
Operating lease charges
595,464
567,669
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
16,500
13,500
Audit of the financial statements of the company's subsidiaries
71,152
58,371
87,652
71,871
F.C.MEASOM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Auditor's remuneration
(Continued)
- 27 -
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Production staff
101
80
29
24
Administration staff
60
53
-
-
Management
1
3
-
-
Directors
3
3
3
3
Total
165
139
32
27

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
7,831,617
9,731,578
1,224,703
951,794
Social security costs
603,912
509,024
124,664
103,957
Pension costs
217,809
213,275
70,988
37,187
8,653,338
10,453,877
1,420,355
1,092,938
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
350,056
50,712
Other interest income
173,591
209,476
Total interest revenue
523,647
260,188
Income from fixed asset investments
Income from shares in group undertakings
700,000
-
0
Total income
1,223,647
260,188
F.C.MEASOM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
16
-
Other interest on financial liabilities
-
1,887
Interest on finance leases and hire purchase contracts
41,739
37,549
Other interest
267,974
134,829
Total finance costs
309,729
174,265
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
315,211
(1,689)
Adjustments in respect of prior periods
(1,907)
25,126
Total UK current tax
313,304
23,437
Foreign current tax on profits for the current period
-
0
3,946,300
Total current tax
313,304
3,969,737
Deferred tax
Origination and reversal of timing differences
22,469
239,417
Total tax charge
335,773
4,209,154

The rate of corporation tax changed from 19% to 25% from 1 April 2023.

F.C.MEASOM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 29 -

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

2023
2022
£
£
Profit before taxation
1,396,151
12,985,862
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
349,038
2,467,314
Tax effect of expenses that are not deductible in determining taxable profit
147,236
91,014
Tax effect of income not taxable in determining taxable profit
-
0
(7,116)
Tax effect of utilisation of tax losses not previously recognised
(30,867)
(57,957)
Unutilised tax losses carried forward
229,759
26,818
Adjustments in respect of prior years
(1,907)
-
0
Effect of change in corporation tax rate
(19,611)
-
Double tax relief
-
0
1,632,615
Group relief
(31,260)
-
0
Permanent capital allowances in excess of depreciation
(144,673)
(43,720)
Depreciation on assets not qualifying for tax allowances
-
0
13,988
Under/(over) provided in prior years
-
0
25,126
Dividend income
(175,000)
-
Deferred tax movements
22,469
239,417
Profit on disposal of assets
(9,411)
(104,352)
Fair value movements through profit & loss
-
0
(73,993)
Taxation charge
335,773
4,209,154
10
Intangible fixed assets
Group
Goodwill
Negative goodwill
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
894,414
(5,915,933)
(5,021,519)
Amortisation and impairment
At 1 January 2023 and 31 December 2023
894,414
(5,915,933)
(5,021,519)
Carrying amount
At 31 December 2023
-
0
-
0
-
0
At 31 December 2022
-
0
-
0
-
0
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
F.C.MEASOM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Intangible fixed assets
(Continued)
- 30 -
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
429,017
1,055
176,435
55,033
1,119,507
1,781,047
Additions
-
0
-
0
49,813
60,163
848,902
958,878
Disposals
-
0
-
0
-
0
-
0
(328,324)
(328,324)
At 31 December 2023
429,017
1,055
226,248
115,196
1,640,085
2,411,601
Depreciation and impairment
At 1 January 2023
35,277
610
71,893
35,444
90,850
234,074
Depreciation charged in the year
11,792
111
15,044
14,152
204,910
246,009
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(192,019)
(192,019)
At 31 December 2023
47,069
721
86,937
49,596
103,741
288,064
Carrying amount
At 31 December 2023
381,948
334
139,311
65,600
1,536,344
2,123,537
At 31 December 2022
393,740
445
104,542
19,589
1,028,657
1,546,973
Company
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
115,858
85
115,943
Additions
30,426
-
0
30,426
At 31 December 2023
146,284
85
146,369
Depreciation and impairment
At 1 January 2023
52,313
84
52,397
Depreciation charged in the year
9,051
-
0
9,051
At 31 December 2023
61,364
84
61,448
Carrying amount
At 31 December 2023
84,920
1
84,921
At 31 December 2022
63,545
1
63,546
F.C.MEASOM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Tangible fixed assets
(Continued)
- 31 -

In the consolidated group accounts the brought forward balances of motor vehicles have been restated due to a misstatement made in prior years on consolidation. The net effect of the misstatement on the accounts is £nil.

12
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 January 2023
6,378,704
1,644,369
Disposals
(198,675)
-
Net gains or losses through fair value adjustments
(37,549)
(14,369)
At 31 December 2023
6,142,480
1,630,000

Investment property comprises residential and non residential properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2023 by the directors. The directors have been advised by Deborah Beevers MRICS of OXO House Associates Ltd. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
523,552
223,652
Unlisted investments
10,938
10,938
-
0
-
0
10,938
10,938
523,552
223,652
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2023 and 31 December 2023
10,938
Carrying amount
At 31 December 2023
10,938
At 31 December 2022
10,938
F.C.MEASOM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Fixed asset investments
(Continued)
- 32 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
223,652
Additions
299,900
At 31 December 2023
523,552
Carrying amount
At 31 December 2023
523,552
At 31 December 2022
223,652
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Measom Design Ltd
1
Ordinary
100.00
-
Chance Brilliant Ltd
1
Ordinary
91.00
-
Lanesborough Leasing Ltd
1
Ordinary
100.00
-
Compello Automotive Ltd
1
Ordinary
0
100.00
Measom Fire Protection Ltd
1
Ordinary
100.00
-
1934 Ltd
1
Ordinary
100.00
-
Quality Social Housing Group Ltd
1
Ordinary
100.00
-
The Quality Social Housing Company Ltd
1
Ordinary
100.00
-
D R Measom Contractors Ltd
1
Ordinary
100.00
-
Measom (Dryline) Ltd
1
Ordinary
67.57
-
Measom Dryline (South) Ltd
1
Ordinary
100.00
-
Measom Drylining Ltd
1
Ordinary
100.00
-
Measom Drywall Ltd
1
Ordinary
100.00
-

Registered office addresses (all UK unless otherwise indicated):

1
1934 The Yard, Exploration Drive, Leicester, LE4 5JD
F.C.MEASOM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
2,000
2,000
-
-
Finished goods and goods for resale
110,300
110,300
-
0
-
0
112,300
112,300
-
-
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
10,700,260
8,431,599
-
0
45,240
Gross amounts owed by contract customers
4,610,129
7,950,706
-
0
-
0
Amounts owed by group undertakings
-
-
1,272,811
2,183,463
Other debtors
5,966,879
2,656,788
2,486,360
1,912,600
Prepayments and accrued income
642,998
402,569
187,945
116,823
21,920,266
19,441,662
3,947,116
4,258,126
Deferred tax asset (note 20)
364,818
269,350
-
0
-
0
22,285,084
19,711,012
3,947,116
4,258,126
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
19
1,005
-
0
-
0
-
0
Other borrowings
19
94,545
94,545
94,545
94,545
Trade creditors
5,965,122
5,492,725
247,986
292,369
Gross amounts owed to contract customers
4,865,923
2,828,181
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
18,412
46,306
Corporation tax payable
315,211
23,814
-
0
-
0
Other taxation and social security
471,964
1,822,429
108,866
75,193
Other creditors
7,581,789
10,101,717
997,351
975,073
Accruals and deferred income
999,935
592,750
165,984
95,271
20,295,494
20,956,161
1,633,144
1,578,757

Included within other creditors are loans totalling £4,627,021 (2022: £5,026,371) which are secured by a fixed and floating charge over all property or undertaking of the group.

F.C.MEASOM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Other borrowings
19
945,455
945,455
945,455
945,455
19
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank overdrafts
1,005
-
0
-
0
-
0
Preference shares
1,040,000
1,040,000
1,040,000
1,040,000
1,041,005
1,040,000
1,040,000
1,040,000
Payable within one year
95,550
94,545
94,545
94,545
Payable after one year
945,455
945,455
945,455
945,455
20
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
267,899
124,555
-
-
Tax losses
-
-
364,818
269,350
Revaluations
442,230
467,637
-
-
710,129
592,192
364,818
269,350
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Accelerated capital allowances
21,230
15,887
-
-
Revaluations
98,421
102,013
-
-
119,651
117,900
-
-
F.C.MEASOM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
20
Deferred taxation
(Continued)
- 35 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
322,842
117,900
Charge to profit or loss
22,469
1,751
Liability at 31 December 2023
345,311
119,651
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
217,809
213,275

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.

22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
35,483
35,483
35,483
35,483
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
1,300,000
1,300,000
1,300,000
1,300,000
Preference shares classified as equity
260,000
260,000
Preference shares classified as liabilities
1,040,000
1,040,000
1,300,000
1,300,000
Total equity share capital
295,483
295,483
F.C.MEASOM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 36 -
23
Share premium account
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning and end of the year
398,120
398,120
398,120
398,120
24
Revaluation reserve
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning of the year
1,500,925
1,164,475
332,540
266,290
Transfer from retained earnings
(38,642)
336,450
(37,277)
66,250
At the end of the year
1,462,283
1,500,925
295,263
332,540
The revaluation reserve is composed of the accumulated gains on the fair value valuation of the investment properties less the deferred tax liability expected to arise when the gains are crystallised.
25
Profit and loss reserves
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning of the year
17,781,307
7,979,942
2,776,943
2,909,631
Profit/(loss) for the year
524,136
10,137,815
362,229
(66,438)
Dividends
(700,000)
-
-
-
Transfer from revaluation reserve
38,642
(336,450)
37,277
(66,250)
At the end of the year
17,644,085
17,781,307
3,176,449
2,776,943
26
Disposals

On 31 May 2022 the group disposed of its 51% holding in Level 5 Tools LLC. Included in these consolidated financial statements are losses of £4,749,117 arising from the company's interests in Level 5 Tools LLC up to the date of its disposal.

 

F.C.MEASOM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 37 -
27
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2023
2022
2023
2022
£
£
£
£
Group
Other related parties
-
956,569
-
14,639,395
Company
Entities over which the company has control, joint control or significant influence
1,461,030
1,296,785
35,513
-
Other related parties
390,077
266,818
36,583
56,718
Rent receivable
Rent payable
2023
2022
2023
2022
£
£
£
£
Group
Other related parties
-
240,780
-
121,646
Company
Other related parties
348,821
240,780
159,341
121,646

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Other related parties
-
8,382,839
Company
Entities over which the company has control, joint control or significant influence
18,412
46,306
Other related parties
993,502
966,771
F.C.MEASOM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
27
Related party transactions
(Continued)
- 38 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Other related parties
-
2,443,062
Company
Entities over which the company has control, joint control or significant influence
1,272,811
2,182,336
Other related parties
2,287,231
1,804,895
28
Cash (absorbed by)/generated from group operations
2023
2022
£
£
Profit for the year after tax
1,060,378
8,776,708
Adjustments for:
Taxation charged
335,773
4,209,154
Finance costs
309,729
174,265
Investment income
(1,223,647)
(260,188)
Gain on disposal of tangible fixed assets
(37,644)
(45,631)
Gain on disposal of business
-
(15,304,578)
Fair value loss/(gain) on investment properties
37,549
(389,430)
Depreciation and impairment of tangible fixed assets
246,009
112,973
Movements in working capital:
Decrease in stocks
-
3,207,371
Increase in debtors
(2,478,604)
(5,386,122)
(Decrease)/increase in creditors
(953,069)
6,485,981
Cash (absorbed by)/generated from operations
(2,703,526)
1,580,503
F.C.MEASOM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 39 -
29
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
15,467,236
(3,096,764)
12,370,472
Bank overdrafts
-
0
(1,005)
(1,005)
15,467,236
(3,097,769)
12,369,467
Borrowings excluding overdrafts
(1,040,000)
-
(1,040,000)
14,427,236
(3,097,769)
11,329,467
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