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MINES RESCUE SERVICE LIMITED
(A company limited by guarantee)









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
COMPANY INFORMATION


DIRECTORS
Dr B Jones CBE (resigned 6 November 2023)
D Walford 
S Hoult 
J Wall 
R Anderson (appointed 1 June 2023, resigned 5 April 2024)
P Wilson (appointed 11 December 2023)
W Masterson (appointed 25 April 2024)




COMPANY SECRETARY
Mrs S Barron



REGISTERED NUMBER
03147253



REGISTERED OFFICE
Leeming Lane South
Mansfield Woodhouse

Mansfield

Nottinghamshire

NG19 9AQ




INDEPENDENT AUDITORS
Barnett & Turner Accountants Ltd
Chartered Accountants & Registered Auditor

Cromwell House

68 West Gate

Mansfield

Nottinghamshire

NG18 1RR





 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 

CONTENTS



Page
Chairman's statement
1
Strategic report
2 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Analysis of net debt
14
Notes to the financial statements
15 - 33


 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

The chairman presents his statement for the period.

This report represents my first as Executive Chairman for Mines Rescue Service Limited (MRS) and, before moving on to look at the business performance, I would firstly like to recognise the contribution that Dr B Jones CBE has made to our business.  From 1995 to 2016 (21 years) Dr Jones acted as Chief Operating Officer, steering the business through those changes within the industry that it was formed to support.  It was in 2016 that Dr Jones became the Chairman of MRS, a role that he continued until his retirement in October 2023.  The business, its employees and the wider mining community are extremely grateful to Dr Jones and his role in supporting the transition to the business it has become today.
The financial year 2023/24 has continued to deliver a strong operational and financial performance, continuing the trend of strong growth seen in recent years.  I am pleased to confirm an increase in turnover to £16.9m (2022/23: £16m), an increase of almost 6%.
 
In the previous report there was comment made that the operating profit of the business was impacted by a combination of scheduled maintenance activities and other inflationary pressures.  In 2023/24 the business benefited from the completion of these activities, along with other measures, resulting in operating profit of £1.7m (2022/23: £1.1m), an increase of 54%. The cash position of the business also improved to £3.0m (2022/23: £1.8m).
During the last financial year, the business undertook a broad review of its operations and future development strategy.  This strategy review benefited from input and challenge from the widest group, and it is important that we take time to recognise the contribution and support of the Employee Council as part of that review.  The Board signed off on the updated strategy in October 2023, and implementation commenced on the back of that agreement.  
The core of the strategy remains the development of the training offer, and the expansion of the national network of sites to support the delivery of that offer.  It is therefore pleasing to report that, as part of that strategy delivery, a new site was opened in Warrington on 1 June 2024.

Although the year was extremely positive, we experienced similar challenges to those that have impacted all businesses and their employees, many of which are directly attributable to inflationary pressures.  It is therefore pleasing to report that the strategy, whilst focusing on growth, put its employees at the centre of that review, with an ongoing commitment to growing long term benefits of employees as part of that review.  MRS has also gone on to become an accredited real living wage employer. 

Over the coming years the business will continue to focus on delivery of its strategic objectives.

Finally, I would like to recognise the contribution of Richard Anderson, who represented the Employee Council on the Board of MRS.  Richard provided great insight and challenge from an operator’s perspective.  I would also like to formally welcome Paul Wilson to the Board of MRS.  Paul will act as non-executive director, and member of the Remuneration Committee.
 


NameS Hoult
Chairman

Date24 July 2024

Page 1

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

INTRODUCTION
 
The directors present their strategic report for year ended 31st March 2024.  This report, together with the chairman's statement and the audited financial statements, will be laid before members at the Annual General Meeting on 23 October 2024.
The company was established in 1996 to provide the rescue services specified in the National Mines Rescue Scheme 1995 to its members.  In recent years, the company has diversified to provide rescue services and health and safety training to many industries.  The National Mines Rescue Scheme ceased in April 2015 and the company is now owned by its employees.

BUSINESS REVIEW
 
The company has continued to deliver growth in 2023/24 with turnover of £16.9m, up 6% year on year.  This growth is slower than the previous five years, where growth has averaged just over 11%.  The 3-year anniversary of COVID lockdown explains most of the slowdown, with the majority of training offered by MRS being on a 3-year renewal cycle.  As a result, training income was down 0.8% year on year.  In contrast, demand for Rescue Services was strong and growth of 13.9% was achieved.
   
It has been pleasing to see that, despite the slowdown in training, which is generally higher-margin than rescue services, gross margin has increased by 1.4%pts year on year, benefitting from improved resource utilisation.
 
Expenses were up by only 1.8%, despite significant inflationary pressure, particularly in the first half of the year.  This modest increase is due to a year on year reduction in maintenance projects undertaken.
 
The year-end cash balance benefitted from strong cash generation from trading and improved management of working capital, resulting in an increase to £3.0m from £1.8m a year earlier.
 
Following a strategy review, geographic expansion in the UK continues to be a priority but will now focus on establishing new training-only centres, which are a new concept for MRS.  These will located in areas of the country that are not adequately served by the existing network of sites.  A new training centre in Warrington was purchased just before the close of the financial year and opened on 1 June 2024. 

Over the coming years the company will look to further enhance its reputation as a leading authority on confined spaces training and leverage this to drive further growth.  In addition, the company will strive to grow its reputation as a provider of working at height training and seek to gain market share in this area.  In all areas the company will aim to lead on quality and be competitive on price. 

The company will continue to invest in its existing facilities with modernisation and enhancement where possible to provide the best possible training experience for delegates.  Marketing will continue to be internet focused and seek to convey the company’s expertise in the markets it operates in.

Page 2

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

PRINCIPAL RISKS AND UNCERTAINTIES
 
The deficit on the IWCSSS Defined Benefit Pension Scheme continues to be a risk to the business, although it is expected that changes to gilt and bond yields will reveal an improved position at the next formal valuation (December 2024).  Whilst an improved position is hoped, for the company continues to mitigate the risk by paying down (£0.5m paid in 2023/24) the deficit of £8.7m, identified at the last triannual valuation.  It should be noted that the deficit on the balance sheet, calculated in accordance with FRS102, is significantly less at only £0.9m.
Inflationary risks have subsided.  However, there is now uncertainty about how the policies of a new government my impact the economy.  The company will see how this evolves and respond accordingly.  The current level of cash reserves and good business performance give confidence that the company has sufficient resilience to deal with any shifts in the economic environment. 
The company’s growth strategy and the introduction of training-only sites present a new risk.  The performance of these site will be carefully monitored, and the roll out programme adjusted accordingly, with a focus on ensuring new sites are clearly on a path to cash generation before significant commitment to further roll out is made. 

FINANCIAL KEY PERFORMANCE INDICATORS
 
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OTHER KEY PERFORMANCE INDICATORS
 
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This report was approved by the board on 24 July 2024 and signed on its behalf.




S Hoult
Director


Page 3

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

PRINCIPAL ACTIVITY

The principal activity of the company is the provision of health and safety training.

DIRECTORS

The directors who served during the year were:

Dr B Jones CBE (resigned 6 November 2023)
D Walford 
S Hoult 
J Wall 
R Anderson (appointed 1 June 2023, resigned 5 April 2024)
P Wilson (appointed 11 December 2023)

FUTURE DEVELOPMENTS

The company's future plans are discussed in the Chairman's statement and the strategic report on pages 1 to 3.

Page 4

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

DISCLOSURE OF INFORMATION TO AUDITORS

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

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

POST BALANCE SHEET EVENTS

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

AUDITORS

The auditorsBarnett & Turner Accountants Ltdwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 24 July 2024 and signed on its behalf.
 





S Hoult
Director
D Walford
Director

Page 5

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MINES RESCUE SERVICE LIMITED
 

OPINION


We have audited the financial statements of Mines Rescue Service Limited (the 'company') for the year ended 31 March 2024, which comprise the statement of comprehensive income, the balance sheet, the statement of cash flows, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


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


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


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


Page 6

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MINES RESCUE SERVICE LIMITED (CONTINUED)

OTHER INFORMATION


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


We have nothing to report in this regard.


OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

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


the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

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


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MINES RESCUE SERVICE LIMITED (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our planning process:

We enquired of management regarding the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.  The company did not inform us of any known, suspected or alleged fraud.

We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006 and current tax legislation. 

We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to the defined benefit pension scheme liability.

Testing key revenue lines, in particular cut-off, for evidence of management bias.

Performing a physical verification of key assets.

Obtaining third-party confirmation of material bank and loan balances.

 
Page 8

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MINES RESCUE SERVICE LIMITED (CONTINUED)

Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.
 
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with management.


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


USE OF OUR REPORT
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Jonathan Wilson FCA CTA (senior statutory auditor)
  
for and on behalf of
Barnett & Turner Accountants Ltd
 
Chartered Accountants
Registered Auditor
  
Cromwell House
68 West Gate
Mansfield
Nottinghamshire
NG18 1RR

25 July 2024
Page 9

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£000
£000

  

Turnover
 4 
16,910
15,993

Cost of sales
  
(7,747)
(7,553)

Gross profit
  
9,163
8,440

Administrative expenses
  
(7,474)
(7,344)

Operating profit
 5 
1,689
1,096

Interest receivable and similar income
 9 
67
26

Interest payable and similar expenses
 10 
(12)
(12)

Other finance income
  
(26)
(3)

Profit before tax
  
1,718
1,107

Tax on profit
 12 
(495)
(245)

Profit for the financial year
  
1,223
862

Other comprehensive income:
  

Items that will not be reclassified to profit or loss:
  

Actuarial loss on defined benefit schemes
  
(786)
(932)

Movements of deferred tax relating to pension surplus
  
197
233

Movement on deferred tax on revalued properties
  
(5)
(76)

  
(594)
(775)

Total comprehensive income for the year
  
629
87

The notes on pages 15 to 33 form part of these financial statements.

Page 10

 
MINES RESCUE SERVICE LIMITED
  
(A company limited by guarantee)
REGISTERED NUMBER:03147253

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2024
2023
2023
Note
£000
£000
£000
£000

  

Fixed assets
  

Tangible assets
 13 
4,209
3,763

Current assets
  

Stocks
 14 
4
4

Debtors: amounts falling due within one year
 15 
3,268
3,630

Cash at bank and in hand
 16 
3,019
1,781

  
6,291
5,415

Creditors: amounts falling due within one year
 17 
(2,266)
(1,816)

Net current assets
  
 
 
4,025
 
 
3,599

Total assets less current liabilities
  
8,234
7,362

  

Creditors: amounts falling due after more than one year
 18 
(387)
(406)

  
7,847
6,956

Provisions for liabilities
  

Deferred taxation
 21 
(649)
(647)

  

Net assets excluding pension liability
  
7,198
6,309

Pension liability
  
(873)
(623)

Net assets
  
6,325
5,686


Capital and reserves
  

Revaluation reserve
 22 
1,283
1,325

Profit and loss account
 22 
5,042
4,361

  
6,325
5,686


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 July 2024.



S Hoult
D Walford
Director
Director

The notes on pages 15 to 33 form part of these financial statements

Page 11

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Revaluation reserve
Profit and loss account
Total equity

£000
£000
£000


At 1 April 2022
1,448
4,151
5,599



Profit for the year
-
862
862

Actuarial loss on defined benefit pension scheme
-
(932)
(932)

Deferred tax on pension liabilty
-
233
233

Movement on deferred tax on revalued properties
(76)
-
(76)

Transfer to/from profit and loss account
(47)
47
-



At 1 April 2023
1,325
4,361
5,686



Profit for the year
-
1,223
1,223

Actuarial loss on defined benefit pension scheme
-
(786)
(786)

Deferred tax on pension liability
-
197
197

Movement on deferred tax on revalued properties
5
-
5

Transfer to/from profit and loss account
(47)
47
-


At 31 March 2024
1,283
5,042
6,325


The notes on pages 15 to 33 form part of these financial statements.

Page 12

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£000
£000

Cash flows from operating activities

Profit for the financial year
1,689
1,096

Adjustments for:

Depreciation of tangible assets
465
445

Loss on disposal of tangible assets
(3)
3

Decrease/(increase) in stocks
-
(2)

Decrease/(increase) in debtors
361
(597)

Increase/(decrease) in creditors
202
(70)

(Decrease) in net pension assets/liabs
(453)
(536)

Pension finance charge
(26)
(3)

Corporation tax (paid)
(123)
(138)

Net cash generated from operating activities

2,112
198


Cash flows from investing activities

Purchase of tangible fixed assets
(917)
(766)

Sale of tangible fixed assets
6
192

Interest received
67
26

Net cash from investing activities

(844)
(548)

Cash flows from financing activities

Repayment of loans
(18)
(18)

Interest paid
(12)
(12)

Net cash used in financing activities
(30)
(30)

Net increase/(decrease) in cash and cash equivalents
1,238
(380)

Cash and cash equivalents at beginning of year
1,781
2,161

Cash and cash equivalents at the end of year
3,019
1,781


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,019
1,781


The notes on pages 15 to 33 form part of these financial statements.

Page 13

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£000

£000

£000

Cash at bank and in hand

1,781

1,238

3,019

Debt due after 1 year

(406)

19

(387)

Debt due within 1 year

(17)

(1)

(18)


1,358
1,256
2,614

The notes on pages 15 to 33 form part of these financial statements.

Page 14

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


GENERAL INFORMATION

Mines Rescue Service Limited is a private company limited by guarantee that is incorporated and domiciled in England.  Its registered office and principal place of business is situated at Leeming Lane South, Mansfield Woodhouse, Mansfield, Nottinghamshire NG19 9AQ.
The principal activity of the company is the provision of health and safety training and rescue services across all industries throughout the UK and overseas.
The company trades as MRS Training & Rescue.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The company’s business activities, together with the factors likely to affect its future development and financial position, are set out in the Chairman's statement, strategic report and directors' report on pages 1 to 5.
The company’s forecasts and projections, taking account of reasonably possible changes in operational performance as a result of general economic conditions, show that the company is expected to generate positive cash flows for the foreseeable future.
On the basis of their assessment of the company’s financial position, the directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future.  Hence, the directors believe it is appropriate to adopt the going concern basis of preparation of the financial statements.

Page 15

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

OPERATING LEASES: THE COMPANY AS LESSEE

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

 
2.5

SALE AND LEASEBACK

When a sale and leaseback transaction results in an operating lease, and it is clear that the transition is established at fair value any profit or loss is recognised immediately. If the sale price is below fair value, any profit or loss is recognised immediately unless the loss is compensated for by the future lease payments at below market price. In that case any such loss is amortised in proportion to the lease payments over the period for which the asset is expected to be used. If the sale price is above fair value, the excess over fair value is amortised over the period for which the asset is expected to be used.

Page 16

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

FINANCE COSTS

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

 
2.7

PENSIONS

Defined contribution pension plan

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

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

Defined benefit pension plan

The company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.


 
Page 17

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.7
PENSIONS (continued)

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

 
2.8

CURRENT AND DEFERRED TAXATION

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

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

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

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

 
2.9

TANGIBLE FIXED ASSETS

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

Assets costing less than £500 are not capitalised and are treated as revenue expenditure.

Page 18

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.9
TANGIBLE FIXED ASSETS (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
straight line over 5 to 50 years
Plant and machinery
-
straight line over 3 to 10 years
Motor vehicles
-
straight line over 5 years
Office equipment
-
straight line over 2 to 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

REVALUATION OF TANGIBLE FIXED ASSETS

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.11

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Page 19

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.12
FINANCIAL INSTRUMENTS (continued)

Financial assets and liabilities are offset, with 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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




 
Page 20

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.12
FINANCIAL INSTRUMENTS (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Preparation of the financial statements requires management to make significant judgements and estimates.  The items in the financial statements where these judgements and estimates have been made include:
Valuation of freehold properties
Freehold properties are valued at fair values, determined from market based evidence.  Professionally qualified valuers are engaged periodically, with directors assessing values in the intervening years.  Directors' valuations are based on an estimate of any perceived changes in market conditions in each locality, bearing in mind the specific nature of each property.  Professional valuations are undertaken when the directors' assessment is that a material change in value has occured, or on the fifth anniversary of the last professional valution.
Depreciation of tangible fixed assets
Determining the appropriate rate of depreciation of tangible fixed assets requires an estimation of the useful economic life and ultimate net realisable value.  The useful economic life is determined to be the period during which each asset will generate positive cash flows for the company.
Stock valuation 
Stock is valued at the lower of cost and net realisable value.  Cost is determined on a first in, first out basis.  Provision is made to reduce the value of stock for slow moving and obsolete stock.  Each stock line is individually considered in light of its previous patterns of usage and, where management considers it appropriate, the value is written down accordingly.    
Valuation of defined benefit scheme assets and liabilities
Because of the degree of estimation involved in calculating the value of the defined benefit scheme assets and liabilities at the balance sheet date, a professionally qualified actuary is appointed to calculate the company's share of the multi-employee fund to which the company's employees belong.

Page 21

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


TURNOVER

2024
2023
£000
£000

United Kingdom
16,904
15,993

Rest of Europe
6
-

16,910
15,993



5.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£000
£000

Depreciation of tangible fixed assets
465
445

Defined contribution pension cost
599
548


6.


AUDITORS' REMUNERATION

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


2024
2023
£000
£000



Fees payable to the company's auditors for the audit of the company's financial statements
10
10

Assurance services other than the audit of the company's financial statements
10
10

20
20

Page 22

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


EMPLOYEES

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


2024
2023
£000
£000

Wages and salaries
8,556
8,224

Social security costs
841
833

Cost of defined contribution scheme
599
548

9,996
9,605


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


        2024
        2023
            No.
            No.







Operational
143
136



Other
44
42

187
178


8.


DIRECTORS' REMUNERATION

2024
2023
£000
£000

Directors' emoluments
458
421

Company contributions to defined contribution pension schemes
33
33

491
454


During the year retirement benefits were accruing to 5 directors (2023 - 5) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £155,000 (2023 - £172,000).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £15,000 (2023 - £14,000).


9.


INTEREST RECEIVABLE

2024
2023
£000
£000


Other interest receivable
67
26

Page 23

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£000
£000


Bank interest payable
12
12


11.


OTHER FINANCE COSTS

2024
2023
£000
£000

Net interest on net defined benefit liability
26
3


Page 24

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


TAXATION


2024
2023
£000
£000

Corporation tax


Current tax on profits for the year
375
123

Adjustments in respect of previous periods
-
(73)


Deferred tax


Origination and reversal of timing differences in respect of the pension liability
113
108

Origination and reversal of other timing differences
7
87


Taxation on profit on ordinary activities
495
245

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£000
£000


Profit on ordinary activities before tax
1,718
1,107


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
430
210

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(94)
(100)

Capital allowances for year in excess of depreciation
39
13

Adjustments to tax charge in respect of prior periods
-
(73)

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
113
108

Short term timing difference leading to an increase (decrease) in taxation
-
(6)

Book profit on chargeable assets
7
93

Total tax charge for the year
495
245

Page 25

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


TANGIBLE FIXED ASSETS





Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£000
£000
£000
£000
£000



Cost or valuation


At 1 April 2023
4,217
1,825
356
425
6,823


Additions
619
97
139
62
917


Disposals
(97)
(164)
(67)
(117)
(445)



At 31 March 2024

4,739
1,758
428
370
7,295



Depreciation


At 1 April 2023
1,021
1,487
260
293
3,061


Charge for the year on owned assets
200
148
48
70
466


Disposals
(96)
(162)
(67)
(116)
(441)



At 31 March 2024

1,125
1,473
241
247
3,086



Net book value



At 31 March 2024
3,614
285
187
123
4,209



At 31 March 2023
3,196
338
96
133
3,763

Freehold land and buildings were valued by external valuers Lambert Smith Hampton on an existing use basis in October 2021.  
These properties were originally transferred from British Coal Corporation under a restructuring scheme at a cost of £NIL. 


14.


STOCKS

2024
2023
£000
£000

Finished goods and goods for resale
4
4


Page 26

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


DEBTORS

2024
2023
£000
£000


Trade debtors
2,727
3,168

Prepayments and accrued income
541
462

3,268
3,630



16.


CASH AND CASH EQUIVALENTS

2024
2023
£000
£000

Cash at bank and in hand
3,019
1,781



17.


CREDITORS: Amounts falling due within one year

2024
2023
£000
£000

Bank loans
18
17

Trade creditors
353
297

Corporation tax
375
123

Other taxation and social security
433
837

Other creditors
101
108

Accruals and deferred income
986
434

2,266
1,816



18.


CREDITORS: Amounts falling due after more than one year

2024
2023
£000
£000

Bank loans
387
406


Page 27

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£000
£000

Amounts falling due within one year

Bank loans
18
17

Amounts falling due 1-2 years

Bank loans
19
18

Amounts falling due 2-5 years

Bank loans
60
58

Amounts falling due after more than 5 years

Bank loans
308
330

405
423


The bank loan is secured by a fixed charge over the premises occupied by the Knottingley Training and Rescue Centre.


20.


FINANCIAL INSTRUMENTS

2024
2023
£000
£000

Financial assets


Financial assets measured at fair value through profit or loss
3,019
1,781

Financial assets that are debt instruments measured at amortised cost
2,727
3,168

5,746
4,949


Financial liabilities


Financial liabilities measured at amortised cost
1,846
1,261


Financial assets measured at fair value through profit or loss comprise cash and bank balances.


Financial assets that are debt instruments measured at amortised cost comprise trade and other debtors.


Financial liabilities measured at amortised cost comprise bank loans, trade and other creditors, and accruals.

Page 28

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

21.


DEFERRED TAXATION




2024


£000






At beginning of year
647


Charged to profit or loss
7


Charged to other comprehensive income
(5)



At end of year
649

The provision for deferred taxation is made up as follows:

2024
2023
£000
£000


Accelerated capital allowances
664
662

Other timing differences
(15)
(15)

649
647


22.


RESERVES

Revaluation reserve

Unrealised gains and losses on revaluation of properties are held separately in the revaluation reserve.  The difference between depreciation calculated on the valuation of the properties and on their historical cost is released to the profit and loss account each year.

Profit and loss account

Total comprehensive income for the year is retianed and carried forward in the profit and loss account.



23.


COMPANY STATUS

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

Page 29

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

24.


CAPITAL COMMITMENTS


At 31 March 2024 the company had capital commitments as follows:

2024
2023
£000
£000


Contracted for but not provided in these financial statements
81
162

Page 30

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

25.


PENSION COMMITMENTS

The company operates defined contributions pension schemes for those employees who are not members of the industry-wide scheme described below.  The assets of these schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £599,000 (2023 - £548,000). Contributions totalling £52,000 (2023 - £52,000) were payable to the fund at the balance sheet date.

The company operates a defined benefit pension scheme.

The employer fund of the defined benefit scheme closed to future accrual on 31 March 2017.



Reconciliation of present value of plan liabilities:


2024
2023
£000
£000

Reconciliation of present value of plan liabilities


At the beginning of the year
17,617
22,439

Interest cost
809
618

Actuarial gains/losses
(211)
(4,680)

Benefits paid
(820)
(760)

At the end of the year
17,395
17,617



Reconciliation of present value of plan assets:


2024
2023
£000
£000



At the beginning of the year
16,786
22,004

Interest income
783
615

Actuarial gains/losses
(997)
(5,612)

Contributions
570
663

Benefits paid
(820)
(760)

Administration expenses
(91)
(124)

At the end of the year
16,231
16,786

Page 31

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
25.PENSION COMMITMENTS (CONTINUED)




Composition of plan assets:


2024
2023
£000
£000



Equities
1,353
1,602

Corporate bonds
1,030
1,309

UK government bonds
12,111
11,614

Multi asset credit
804
997

Property
816
940

Cash/other
117
324

Total plan assets
16,231
16,786

2024
2023
£000
£000



Fair value of plan assets
16,231
16,786

Present value of plan liabilities
(17,395)
(17,617)

Deferred tax on net pension scheme liability
291
208

Net pension scheme liability
(873)
(623)


The amounts recognised in profit or loss are as follows:

2024
2023
£000
£000


Interest on obligation
(26)
(3)

Administration expenses
91
124

Total
65
121



The company expects to contribute £NIL to its defined benefit pension scheme in 2025.




Page 32

 
MINES RESCUE SERVICE LIMITED
 
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
25.PENSION COMMITMENTS (CONTINUED)


Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2024
2023
%
%
Discount rate


4.8

4.7
 
Future salary increases


2.6

2.65
 
Future pension increases


2.85

2.95
 
Mortality rates



 
- for a male aged 60 now


24.3

24.5
 
- at 60 for a male aged 45 now


25.2

25.4
 

26.


COMMITMENTS UNDER OPERATING LEASES

At 31 March 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£000
£000


Not later than 1 year
21
81

Later than 1 year and not later than 5 years
1,219
530

Later than 5 years
-
443

1,240
1,054

 
Page 33