Company registration number 08689699 (England and Wales)
MEASOM HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
MEASOM HOLDINGS LIMITED
COMPANY INFORMATION
Directors
A R Measom
F Measom
S Measom
Company number
08689699
Registered office
1934 The Yard
Exploration Drive
Leicester
LE4 5JD
Auditor
Mayfield & Co.
2 Merus Court
Meridian Business Park
Leicester
LE19 1RJ
MEASOM HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 29
MEASOM HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Review of the business

A key strength of the group is its proven ability to undertake drylining schemes in a wide diversity of projects in hospital, commercial, retail, residential and hotel 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 various group companies install load bearing metal stud systems for external walls, internal elements and high bay separating walls, as well as complete frames. Our highly experienced project teams provide advice and guidance on contractual matters, programming, design aspects and optimum cost solutions.

 

The overall performance of the group in the year is broadly in line with expectations. Turnover increased in the year by £5.3m to £28.5m. The gross profit percentage decreased to 13.2% from 14.5% resulting in a profit before taxation of £527K which was comparable to 2022.

At the year end the group was still in a very strong position with total equity being £9.5m after paying a dividend of £250K.

Principal risks and uncertainties

The directors acknowledge that while construction volumes have remained strong in our sectors, the UK market will continue to be highly competitive for the foreseeable future due to inflationary pressures on raw materials and labour shortages and this presents a potential risk for the group. The group will manage this risk by continuing its philosophy of providing the highest quality of products and services to existing clients.

 

Economic Uncertainty

Although this presents a potential risk for the group, 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 group has been investing in an apprenticeship programme and training centre to mitigate impact of our workforce.

 

The group’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 business 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.

MEASOM HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
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 group’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 group’s aim to create a culture of learning and personal development where employees at every level and the group 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.

 

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 group has an environmental training programme and has introduced waste reduction and recycling initiatives at all locations. We also seek to use the most environmentally efficient modes of transport and reduce unnecessary travel.

On behalf of the board

A R Measom
Director
29 October 2024
MEASOM HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

Principal activities

The principal activity of the company continued to be that of a holding company.

 

The principal activity of the group continued to be that of erecting drylining and partitions in the building and construction industry.

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
Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £250,000. The directors do not recommend payment of a further dividend.

Auditor

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

MEASOM HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 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
A R Measom
Director
29 October 2024
MEASOM HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

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.

MEASOM HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MEASOM HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Measom Holdings 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:

MEASOM HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MEASOM HOLDINGS LIMITED
- 7 -
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.

MEASOM HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MEASOM HOLDINGS LIMITED
- 8 -
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.

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.

MEASOM HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MEASOM HOLDINGS LIMITED
- 9 -
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
MEASOM HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
28,579,958
23,191,088
Cost of sales
(24,807,173)
(19,814,733)
Gross profit
3,772,785
3,376,355
Administrative expenses
(3,273,046)
(2,826,272)
Other operating income
29,505
20,769
Operating profit
4
529,244
570,852
Interest receivable and similar income
7
10,784
3,658
Interest payable and similar expenses
8
(13,294)
(4,622)
Profit before taxation
526,734
569,888
Tax on profit
9
(143,720)
(108,506)
Profit for the financial year
383,014
461,382
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

MEASOM HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
414,951
-
0
Tangible assets
12
47,574
40,986
462,525
40,986
Current assets
Stocks
15
27,041
26,693
Debtors
16
12,290,434
13,324,750
Cash at bank and in hand
2,102,263
447,842
14,419,738
13,799,285
Creditors: amounts falling due within one year
17
(5,142,893)
(4,235,053)
Net current assets
9,276,845
9,564,232
Total assets less current liabilities
9,739,370
9,605,218
Creditors: amounts falling due after more than one year
18
(152,699)
(151,561)
Net assets
9,586,671
9,453,657
Capital and reserves
Called up share capital
21
340,253
340,253
Share premium account
4,893,413
4,893,413
Capital redemption reserve
100,000
100,000
Profit and loss reserves
4,253,005
4,119,991
Total equity
9,586,671
9,453,657

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

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 08689699 (England and Wales)
MEASOM HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
13
2,198,720
1,183,720
Current assets
Debtors
16
5,730,706
5,717,707
Creditors: amounts falling due within one year
17
(2,436,546)
(1,382,659)
Net current assets
3,294,160
4,335,048
Net assets
5,492,880
5,518,768
Capital and reserves
Called up share capital
21
340,253
340,253
Share premium account
4,893,413
4,893,413
Profit and loss reserves
259,214
285,102
Total equity
5,492,880
5,518,768

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 £224,112 (2022 - £210,185 profit).

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

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 08689699 (England and Wales)
MEASOM HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
340,253
4,893,413
100,000
3,783,609
9,117,275
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
461,382
461,382
Dividends
10
-
-
-
(125,000)
(125,000)
Balance at 31 December 2022
340,253
4,893,413
100,000
4,119,991
9,453,657
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
383,014
383,014
Dividends
10
-
-
-
(250,000)
(250,000)
Balance at 31 December 2023
340,253
4,893,413
100,000
4,253,005
9,586,671
MEASOM HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
340,253
4,893,413
199,917
5,433,583
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
210,185
210,185
Dividends
10
-
-
(125,000)
(125,000)
Balance at 31 December 2022
340,253
4,893,413
285,102
5,518,768
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
224,112
224,112
Dividends
10
-
-
(250,000)
(250,000)
Balance at 31 December 2023
340,253
4,893,413
259,214
5,492,880
MEASOM HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
24
2,565,965
(2,589,282)
Interest paid
(13,294)
(4,622)
Income taxes paid
(142,827)
(81,560)
Net cash inflow/(outflow) from operating activities
2,409,844
(2,675,464)
Investing activities
Purchase of intangible assets
(414,951)
-
Purchase of tangible fixed assets
(28,066)
(28,421)
Interest received
10,784
3,658
Net cash used in investing activities
(432,233)
(24,763)
Financing activities
Repayment of borrowings
1,138
(3,439)
Dividends paid to equity shareholders
(250,000)
(125,000)
Net cash used in financing activities
(248,862)
(128,439)
Net increase/(decrease) in cash and cash equivalents
1,728,749
(2,828,666)
Cash and cash equivalents at beginning of year
(522,078)
2,306,588
Cash and cash equivalents at end of year
1,206,671
(522,078)
Relating to:
Cash at bank and in hand
2,102,263
447,842
Bank overdrafts included in creditors payable within one year
(895,592)
(969,920)
MEASOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
1
Accounting policies
Company information

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

 

The group consists of Measom Holdings Limited and all of its subsidiaries.

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 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:

 

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Measom Holdings Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries are consolidated using the merger accounting method.

All financial statements are made up to 31 December 2021. 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.

MEASOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.3
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.

1.4
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.

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.

1.5
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 one year.

1.6
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:

Plant and machinery
25% on cost
Fixtures & fittings
25% on cost
Computer equipment
25% on cost
Office equipment
25% on cost

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.

1.7
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.

MEASOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.8
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.

1.9
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.

1.10
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.

1.11
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.

1.12
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.

 

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.

MEASOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
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.

1.13
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.

MEASOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.14
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.

1.15
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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

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

1.17
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.

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.

3
Turnover and other revenue

The whole of the turnover is attributable to the company's principal activity.

MEASOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 21 -
2023
2022
£
£
Other revenue
Interest income
10,784
3,658
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
15,250
17,815
Depreciation of owned tangible fixed assets
20,015
16,131
Loss on disposal of tangible fixed assets
1,463
-
Operating lease charges
27,571
11,025
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 company and it's subsidiaries
46,602
45,298
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
74
56
-
-
Administration
11
11
-
-
Directors
3
3
3
3
Total
88
70
3
3
MEASOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
4,685,191
3,641,535
-
0
-
0
Social security costs
221,713
224,512
-
-
Pension costs
54,330
171,351
-
0
-
0
4,961,234
4,037,398
-
0
-
0
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
10,784
3,658
8
Interest payable and similar expenses
2023
2022
£
£
Other interest on financial liabilities
12,102
4,622
Other interest
1,192
-
Total finance costs
13,294
4,622
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
136,847
108,506
Adjustments in respect of prior periods
6,873
-
0
Total current tax
143,720
108,506

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

MEASOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 23 -

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:

2023
2022
£
£
Profit before taxation
526,734
569,888
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
123,891
108,279
Tax effect of expenses that are not deductible in determining taxable profit
6,016
471
Gains not taxable
345
-
0
Adjustments in respect of prior years
19,713
-
0
Group relief
(4,331)
-
0
Permanent capital allowances in excess of depreciation
(1,914)
(244)
Taxation charge
143,720
108,506
10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
250,000
125,000
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2023
108,014
Additions
414,951
At 31 December 2023
522,965
Amortisation and impairment
At 1 January 2023 and 31 December 2023
108,014
Carrying amount
At 31 December 2023
414,951
At 31 December 2022
-
0
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
MEASOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
12
Tangible fixed assets
Group
Plant and machinery
Fixtures & fittings
Computer equipment
Office equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
18,000
52,839
1,000
14,334
86,173
Additions
-
0
1,109
14,740
12,217
28,066
Disposals
-
0
-
0
(1,850)
-
0
(1,850)
At 31 December 2023
18,000
53,948
13,890
26,551
112,389
Depreciation and impairment
At 1 January 2023
18,000
21,839
1,000
4,348
45,187
Depreciation charged in the year
-
0
13,856
1,587
4,572
20,015
Eliminated in respect of disposals
-
0
-
0
(387)
-
0
(387)
At 31 December 2023
18,000
35,695
2,200
8,920
64,815
Carrying amount
At 31 December 2023
-
0
18,253
11,690
17,631
47,574
At 31 December 2022
-
0
31,000
-
0
9,986
40,986
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
2,198,720
1,183,720
MEASOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
1,183,720
Additions
1,015,000
At 31 December 2023
2,198,720
Carrying amount
At 31 December 2023
2,198,720
At 31 December 2022
1,183,720
14
Subsidiaries

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

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
FourMDrywall Limited
1
Drylining
Ordinary
100.00
Kelbenton Limited
1
Drylining
Ordinary
100.00
Kingston Drywall Limited
1
Drylining
Ordinary
100.00
Simplicity Specialist Finishes Limited
1
Drylining
Ordinary
100.00
Kingston Drywall (South East) Limited
1
Dormant
Ordinary
100.00
NewRise Drylining Ltd
1
Drylining
Ordinary
100.00
Contego Fire & Acoustic Ltd
1
Drylining
Ordinary
100.00
Concept Ceilings Ltd
1
Drylining
Ordinary
100.00
Integrity Glass Ltd
1
Drylining
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
1934 The Yard, Exploration Drive, Leicester, LE4 5JD
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
23,638
20,045
-
-
Finished goods and goods for resale
3,403
6,648
-
0
-
0
27,041
26,693
-
-
MEASOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,232,436
1,683,570
-
0
-
0
Gross amounts owed by contract customers
823,385
274,933
-
0
-
0
Corporation tax recoverable
33,240
326
-
0
-
0
Amounts owed by group undertakings
-
(1)
13,000
-
Other debtors
9,138,329
11,315,202
5,717,706
5,717,707
Prepayments and accrued income
63,044
50,720
-
0
-
0
12,290,434
13,324,750
5,730,706
5,717,707
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
19
895,592
969,920
-
0
-
0
Trade creditors
2,330,850
1,961,154
-
0
-
0
Gross amounts owed to contract customers
709,844
442,994
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
2,269,621
1,373,734
Corporation tax payable
170,087
136,280
-
0
-
0
Other taxation and social security
156,052
112,182
-
-
Other creditors
489,938
187,505
145,000
-
0
Accruals and deferred income
390,530
425,018
21,925
8,925
5,142,893
4,235,053
2,436,546
1,382,659
18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Other borrowings
19
152,699
151,561
-
0
-
0
MEASOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
19
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank overdrafts
895,592
969,920
-
0
-
0
Loans from related parties
152,699
151,561
-
0
-
0
1,048,291
1,121,481
-
-
Payable within one year
895,592
969,920
-
0
-
0
Payable after one year
152,699
151,561
-
0
-
0
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
54,330
171,351

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.

21
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
340,253
340,253
340,253
340,253
22
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
20,642,906
14,626,503
1,497,393
750,625
MEASOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
22
Related party transactions
(Continued)
- 28 -
Other transactions
2023
2022
£
£
Group
Other related parties
-
4,622
Company
Entities over which the entity has control, joint control or significant influence
-
103,000

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Other related parties
457,777
134,655
Company
Entities over which the company has control, joint control or significant influence
2,269,621
1,373,733

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Other related parties
8,847,647
10,727,797
Company
Entities over which the company has control, joint control or significant influence
13,000
-
Other related parties
5,717,706
5,717,706
23
Controlling party

The company is a wholly owned subsidiary of Red Umbrella Limited, a company registered in the Isle of Man whose registered office is 8 St. George's Street, Douglas, Isle of Man, IM1 1AH.

 

The ultimate parent company is Riversands Limited, a company registered in the Isle of Man whose registered office is 8 St. George's Street, Douglas, Isle of Man, IM1 1AH.

MEASOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
24
Cash generated from/(absorbed by) group operations
2023
2022
£
£
Profit for the year after tax
383,014
461,382
Adjustments for:
Taxation charged
143,720
108,506
Finance costs
13,294
4,622
Investment income
(10,784)
(3,658)
Loss on disposal of tangible fixed assets
1,463
-
Depreciation and impairment of tangible fixed assets
20,015
16,131
Movements in working capital:
Increase in stocks
(348)
(3,828)
Decrease/(increase) in debtors
1,067,230
(3,505,861)
Increase in creditors
948,361
333,424
Cash generated from/(absorbed by) operations
2,565,965
(2,589,282)
25
Analysis of changes in net funds/(debt) - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
447,842
1,654,421
2,102,263
Bank overdrafts
(969,920)
74,328
(895,592)
(522,078)
1,728,749
1,206,671
Borrowings excluding overdrafts
(151,561)
(1,138)
(152,699)
(673,639)
1,727,611
1,053,972
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