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REGISTERED NUMBER: 12417975 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JANUARY 2024

FOR

MICKLEWRIGHTS HOLDINGS LIMITED

MICKLEWRIGHTS HOLDINGS LIMITED (REGISTERED NUMBER: 12417975)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 30th January 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


MICKLEWRIGHTS HOLDINGS LIMITED

COMPANY INFORMATION
for the Year Ended 30th January 2024







DIRECTORS: A Micklewright
S Micklewright





REGISTERED OFFICE: Unit 33 Thornleigh Trading Estate
Blowers Green
Dudley
West Midlands
DY2 8UB





REGISTERED NUMBER: 12417975 (England and Wales)





AUDITORS: M.T.Manley & Co Limited (Statutory Auditor)
696 Yardley Wood Road
Billesley
Birmingham
West Midlands
B13 0HY

MICKLEWRIGHTS HOLDINGS LIMITED (REGISTERED NUMBER: 12417975)

GROUP STRATEGIC REPORT
for the Year Ended 30th January 2024


The directors present their strategic report of the company and the group for the year ended 30th January 2024.

REVIEW OF BUSINESS
The results of the financial position of the company are shown in the annexed financial statements. The directors consider that the company has returned to pre-pandemic trading levels.

PRINCIPAL RISKS AND UNCERTAINTIES
The company is exposed to risks and uncertainties which could impact its financial performance. The directors apply their considerable experience in the trade to balance risk against business opportunities.

The company is exposed to market and price risk due to steel prices which have continued to increase throughout the year. The company has increased loans to assist in the short term, however there is no immediate issue with liquidity.

There are no other material exposure of the company relating to credit risk, foreign exchange risk and cash flow risk which are material for the assessment of the assets, liabilities, and financial performance of the company.

KEY PERFORMANCE INDICATORS
The company uses KPI's to monitor and measure performance. These include monitoring of sales, EBITDA and profit before tax as well as more detailed KPI's such as sales margins and service standards.

Turnover for the year has increased this year by 15.07% from £14.71M to £16.93M which generated profit after tax of of £607k compared to £395k last year. Net assets have increased from £1.24M to £1.75M

ON BEHALF OF THE BOARD:





A Micklewright - Director


30th October 2024

MICKLEWRIGHTS HOLDINGS LIMITED (REGISTERED NUMBER: 12417975)

REPORT OF THE DIRECTORS
for the Year Ended 30th January 2024


The directors present their report with the financial statements of the company and the group for the year ended 30th January 2024.

DIVIDENDS
Ordinary dividends were paid amounting to £100,000. The Directors do not recommend payment of a further dividend.

DIRECTORS
The directors shown below have held office during the whole of the period from 31st January 2023 to the date of this report.

A Micklewright
S Micklewright

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

MICKLEWRIGHTS HOLDINGS LIMITED (REGISTERED NUMBER: 12417975)

REPORT OF THE DIRECTORS
for the Year Ended 30th January 2024


AUDITORS
The auditors, M.T.Manley & Co Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



A Micklewright - Director


30th October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MICKLEWRIGHTS HOLDINGS LIMITED


Opinion
We have audited the financial statements of Micklewrights Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th January 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30th January 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MICKLEWRIGHTS HOLDINGS LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MICKLEWRIGHTS HOLDINGS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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:

We design our procedures so as to obtain sufficient appropriate audit evidence that the financial statements are not materially misstated due to non-compliance with laws and regulations or due to fraud or error.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with laws and regulations - this responsibility lies with management with the oversight of the directors.

Based on our understanding of the company and industry and discussions with management we identified financial reporting standards and Companies Act 2006 as having a direct effect on the amounts and disclosures in the financial statements.

As part of the engagement team discussion about how and where the company's financial statements may be materially misstated due to fraud, we did not identify any areas with an increased risk of fraud.

Our audit procedures included:
- Enquiry of management about the company's policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance
- Examining supporting documents for all material balances, transactions and disclosures
- Review of board of directors minutes
- Enquiry of management and review and inspection of relevant correspondence with any legal firms
- Evaluation of the selection and application of accounting policies related to the subjective measurements and complex transactions
- Analytical procedures to identify any unusual or unexpected relationships
- Testing the appropriateness of journal entries recorded in the nominal ledger and other adjustments made in the preparation of the financial statements
- Review of accounting estimates for biases

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organized schemes designed to conceal it, including deliberate failure to records transactions, collusion or intentional misrepresentations being made to us.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MICKLEWRIGHTS HOLDINGS LIMITED


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 a Report of the Auditors 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.




Mr Graham Collins (Senior Statutory Auditor)
for and on behalf of M.T.Manley & Co Limited (Statutory Auditor)
696 Yardley Wood Road
Billesley
Birmingham
West Midlands
B13 0HY

30th October 2024

MICKLEWRIGHTS HOLDINGS LIMITED (REGISTERED NUMBER: 12417975)

CONSOLIDATED INCOME STATEMENT
for the Year Ended 30th January 2024

30/1/24 30/1/23
Notes £    £   

TURNOVER 16,928,993 14,711,973

Cost of sales 11,772,754 10,902,515
GROSS PROFIT 5,156,239 3,809,458

Administrative expenses 4,341,551 3,285,343
814,688 524,115

Other operating income 4,000 4,984
OPERATING PROFIT 4 818,688 529,099

Interest receivable and similar income 6,103 553
824,791 529,652

Interest payable and similar expenses 5 184,224 108,531
PROFIT BEFORE TAXATION 640,567 421,121

Tax on profit 6 57,931 35,054
PROFIT FOR THE FINANCIAL YEAR 582,636 386,067
Profit attributable to:
Owners of the parent 582,636 386,067

MICKLEWRIGHTS HOLDINGS LIMITED (REGISTERED NUMBER: 12417975)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
for the Year Ended 30th January 2024

30/1/24 30/1/23
Notes £    £   

PROFIT FOR THE YEAR 582,636 386,067


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

582,636

386,067

Total comprehensive income attributable to:
Owners of the parent 582,636 386,067

MICKLEWRIGHTS HOLDINGS LIMITED (REGISTERED NUMBER: 12417975)

CONSOLIDATED BALANCE SHEET
30th January 2024

30/1/24 30/1/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 821,562 775,843
Investments 10 - -
821,562 775,843

CURRENT ASSETS
Stocks 11 132,071 114,323
Debtors 12 2,761,917 2,868,018
Cash at bank and in hand 2,082,877 1,195,792
4,976,865 4,178,133
CREDITORS
Amounts falling due within one year 13 3,059,950 2,380,466
NET CURRENT ASSETS 1,916,915 1,797,667
TOTAL ASSETS LESS CURRENT LIABILITIES 2,738,477 2,573,510

CREDITORS
Amounts falling due after more than one
year

14

(827,809

)

(1,155,558

)

PROVISIONS FOR LIABILITIES 17 (159,041 ) (148,961 )
NET ASSETS 1,751,627 1,268,991

CAPITAL AND RESERVES
Called up share capital 18 1,000 1,000
Revaluation reserve 19 75,015 75,015
Retained earnings 19 1,675,612 1,192,976
SHAREHOLDERS' FUNDS 1,751,627 1,268,991

The financial statements were approved by the Board of Directors and authorised for issue on 30th October 2024 and were signed on its behalf by:





A Micklewright - Director


MICKLEWRIGHTS HOLDINGS LIMITED (REGISTERED NUMBER: 12417975)

COMPANY BALANCE SHEET
30th January 2024

30/1/24 30/1/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 120,000 180,000
Investments 10 500 500
120,500 180,500

CURRENT ASSETS
Debtors 12 - 30,000
Cash at bank 101,220 5,208
101,220 35,208
CREDITORS
Amounts falling due within one year 13 122,120 73,098
NET CURRENT LIABILITIES (20,900 ) (37,890 )
TOTAL ASSETS LESS CURRENT LIABILITIES 99,600 142,610

CREDITORS
Amounts falling due after more than one
year

14

(70,833

)

(115,058

)

PROVISIONS FOR LIABILITIES 17 (25,745 ) -
NET ASSETS 3,022 27,552

CAPITAL AND RESERVES
Called up share capital 18 1,000 1,000
Retained earnings 19 2,022 26,552
SHAREHOLDERS' FUNDS 3,022 27,552

Company's profit for the financial year 75,470 126,552

The 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 30th October 2024 and were signed on its behalf by:





A Micklewright - Director


MICKLEWRIGHTS HOLDINGS LIMITED (REGISTERED NUMBER: 12417975)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30th January 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 31st January 2022 1,000 906,909 75,015 982,924

Changes in equity
Dividends - (100,000 ) - (100,000 )
Total comprehensive income - 386,067 - 386,067
Balance at 30th January 2023 1,000 1,192,976 75,015 1,268,991

Changes in equity
Dividends - (100,000 ) - (100,000 )
Total comprehensive income - 582,636 - 582,636
Balance at 30th January 2024 1,000 1,675,612 75,015 1,751,627

MICKLEWRIGHTS HOLDINGS LIMITED (REGISTERED NUMBER: 12417975)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30th January 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 31st January 2022 1,000 - 1,000

Changes in equity
Dividends - (100,000 ) (100,000 )
Total comprehensive income - 126,552 126,552
Balance at 30th January 2023 1,000 26,552 27,552

Changes in equity
Dividends - (100,000 ) (100,000 )
Total comprehensive income - 75,470 75,470
Balance at 30th January 2024 1,000 2,022 3,022

MICKLEWRIGHTS HOLDINGS LIMITED (REGISTERED NUMBER: 12417975)

CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 30th January 2024

30/1/24 30/1/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,874,895 677,869
Interest paid (127,869 ) (104,877 )
Interest element of hire purchase payments
paid

(10,568

)

(3,654

)
Tax paid (51,475 ) -
Taxation refund - 6,636
Net cash from operating activities 1,684,983 575,974

Cash flows from investing activities
Purchase of tangible fixed assets (254,534 ) (354,330 )
Sale of tangible fixed assets - 240,863
Sale of fixed asset investments - 4,984
Interest received 6,103 553
Net cash from investing activities (248,431 ) (107,930 )

Cash flows from financing activities
New loans in year - 450,000
Loan repayments in year (346,517 ) (260,563 )
Capital repayments in year (30,520 ) 53,153
Amount introduced by directors 13,160 -
Amount withdrawn by directors (85,590 ) -
Equity dividends paid (100,000 ) (100,000 )
Net cash from financing activities (549,467 ) 142,590

Increase in cash and cash equivalents 887,085 610,634
Cash and cash equivalents at beginning of
year

2

1,195,792

585,158

Cash and cash equivalents at end of year 2 2,082,877 1,195,792

MICKLEWRIGHTS HOLDINGS LIMITED (REGISTERED NUMBER: 12417975)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 30th January 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
30/1/24 30/1/23
£    £   
Profit before taxation 640,567 421,121
Depreciation charges 208,815 202,310
Profit on disposal of fixed assets - (4,984 )
Finance costs 184,224 108,531
Finance income (6,103 ) (553 )
1,027,503 726,425
(Increase)/decrease in stocks (17,748 ) 128,279
Decrease in trade and other debtors 14,700 546,713
Increase/(decrease) in trade and other creditors 850,440 (723,548 )
Cash generated from operations 1,874,895 677,869

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30th January 2024
30/1/24 31/1/23
£    £   
Cash and cash equivalents 2,082,877 1,195,792
Year ended 30th January 2023
30/1/23 31/1/22
£    £   
Cash and cash equivalents 1,195,792 585,158


MICKLEWRIGHTS HOLDINGS LIMITED (REGISTERED NUMBER: 12417975)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 30th January 2024


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 31/1/23 Cash flow At 30/1/24
£    £    £   
Net cash
Cash at bank and in hand 1,195,792 887,085 2,082,877
1,195,792 887,085 2,082,877
Debt
Finance leases (272,113 ) 30,520 (241,593 )
Debts falling due within 1 year (329,127 ) (8,285 ) (337,412 )
Debts falling due after 1 year (999,890 ) 309,016 (690,874 )
(1,601,130 ) 331,251 (1,269,879 )
Total (405,338 ) 1,218,336 812,998

MICKLEWRIGHTS HOLDINGS LIMITED (REGISTERED NUMBER: 12417975)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 30th January 2024


1. STATUTORY INFORMATION

Micklewrights Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance and 10% on cost
Motor vehicles - 25% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

MICKLEWRIGHTS HOLDINGS LIMITED (REGISTERED NUMBER: 12417975)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30th January 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
30/1/24 30/1/23
£    £   
Wages and salaries 2,873,264 2,719,954
Social security costs 251,596 135,096
Other pension costs 302,451 68,889
3,427,311 2,923,939

The average number of employees during the year was as follows:
30/1/24 30/1/23

Directors 2 2

The average number of employees by undertakings that were proportionately consolidated during the year was 58 (2023 - 78 ) .

30/1/24 30/1/23
£    £   
Directors' remuneration 369,548 327,364

Information regarding the highest paid director is as follows:
30/1/24 30/1/23
£    £   
Emoluments etc 99,365 327,364

MICKLEWRIGHTS HOLDINGS LIMITED (REGISTERED NUMBER: 12417975)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30th January 2024


4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30/1/24 30/1/23
£    £   
Hire of plant and machinery - 100,751
Depreciation - owned assets 208,784 202,309
Profit on disposal of fixed assets - (4,984 )
Auditors' remuneration 12,750 15,250

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30/1/24 30/1/23
£    £   
Bank loan interest 170,998 104,877
Hire purchase 13,226 3,654
184,224 108,531

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30/1/24 30/1/23
£    £   
Current tax:
UK corporation tax 47,851 (9,446 )

Deferred tax 10,080 44,500
Tax on profit 57,931 35,054

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
30/1/24 30/1/23
£    £   
Ordinary shares of 1 each
Final 100,000 100,000

MICKLEWRIGHTS HOLDINGS LIMITED (REGISTERED NUMBER: 12417975)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30th January 2024


9. TANGIBLE FIXED ASSETS

Group
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 31st January 2023 798,143 526,821 1,324,964
Additions 170,388 84,115 254,503
At 30th January 2024 968,531 610,936 1,579,467
DEPRECIATION
At 31st January 2023 253,962 295,159 549,121
Charge for year 125,948 82,836 208,784
At 30th January 2024 379,910 377,995 757,905
NET BOOK VALUE
At 30th January 2024 588,621 232,941 821,562
At 30th January 2023 544,181 231,662 775,843

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 84,115
At 30th January 2024 84,115
NET BOOK VALUE
At 30th January 2024 84,115

MICKLEWRIGHTS HOLDINGS LIMITED (REGISTERED NUMBER: 12417975)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30th January 2024


9. TANGIBLE FIXED ASSETS - continued

Company
Plant and
machinery
£   
COST
At 31st January 2023
and 30th January 2024 240,000
DEPRECIATION
At 31st January 2023 60,000
Charge for year 60,000
At 30th January 2024 120,000
NET BOOK VALUE
At 30th January 2024 120,000
At 30th January 2023 180,000

10. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 31st January 2023
and 30th January 2024 500
NET BOOK VALUE
At 30th January 2024 500
At 30th January 2023 500

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Structural Steelwork Limited
Registered office: UK
Nature of business: Steelwork
%
Class of shares: holding
Ordinary £1 100.00


MICKLEWRIGHTS HOLDINGS LIMITED (REGISTERED NUMBER: 12417975)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30th January 2024


11. STOCKS

Group
30/1/24 30/1/23
£    £   
Stocks 37,700 61,010
Work-in-progress 94,371 53,313
132,071 114,323

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30/1/24 30/1/23 30/1/24 30/1/23
£    £    £    £   
Trade debtors 3,330,067 2,683,259 - -
Provision for bad debts (801,148 ) (158,390 ) - -
Other debtors 49,478 62,953 - -
VAT 179,688 256,941 - 30,000
Prepayments 3,832 23,255 - -
2,761,917 2,868,018 - 30,000

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30/1/24 30/1/23 30/1/24 30/1/23
£    £    £    £   
Bank loans and overdrafts (see note 15) 337,412 329,127 50,000 50,000
Hire purchase contracts (see note 16) 104,658 116,445 - -
Trade creditors 1,228,242 969,675 - -
Amounts owed to group undertakings - 44,820 24,300 6,938
Tax 48,565 52,189 - -
Social security and other taxes 65,475 43,864 - -
VAT - - 18,000 -
Other creditors 13,246 331,948 - -
Net wages 43,226 - - -
Directors' loan accounts 40,480 13,660 27,320 13,660
Deferred income 36,000 - - -
Accrued expenses 1,142,646 478,738 2,500 2,500
3,059,950 2,380,466 122,120 73,098

MICKLEWRIGHTS HOLDINGS LIMITED (REGISTERED NUMBER: 12417975)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30th January 2024


14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
30/1/24 30/1/23 30/1/24 30/1/23
£    £    £    £   
Bank loans (see note 15) 690,874 999,890 70,833 115,058
Hire purchase contracts (see note 16) 136,935 155,668 - -
827,809 1,155,558 70,833 115,058

15. LOANS

An analysis of the maturity of loans is given below:

Group Company
30/1/24 30/1/23 30/1/24 30/1/23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 337,412 329,127 50,000 50,000
Amounts falling due between one and two years:
Bank loans - 1-2 years 670,041 934,832 50,000 50,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 20,833 65,058 20,833 65,058

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30/1/24 30/1/23
£    £   
Net obligations repayable:
Within one year 104,658 116,445
Between one and five years 136,935 155,668
241,593 272,113

MICKLEWRIGHTS HOLDINGS LIMITED (REGISTERED NUMBER: 12417975)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30th January 2024


17. PROVISIONS FOR LIABILITIES

Group Company
30/1/24 30/1/23 30/1/24 30/1/23
£    £    £    £   
Deferred tax
Accelerated capital allowances 159,041 148,961 25,745 -

Group
Deferred
tax
£   
Balance at 31st January 2023 148,961
Provided during year 10,080
Balance at 30th January 2024 159,041

Company
Deferred
tax
£   
Provided during year 25,745
Balance at 30th January 2024 25,745

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/1/24 30/1/23
value: £    £   
1,000 Ordinary 1 1,000 1,000

19. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 31st January 2023 1,192,976 75,015 1,267,991
Profit for the year 582,636 582,636
Dividends (100,000 ) (100,000 )
At 30th January 2024 1,675,612 75,015 1,750,627

MICKLEWRIGHTS HOLDINGS LIMITED (REGISTERED NUMBER: 12417975)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30th January 2024


19. RESERVES - continued

Company
Retained
earnings
£   

At 31st January 2023 26,552
Profit for the year 75,470
Dividends (100,000 )
At 30th January 2024 2,022