Acorah Software Products - Accounts Production 16.0.110 false true true 30 September 2023 1 October 2022 false 31 October 2024 true true 1 October 2023 31 March 2024 31 March 2024 12207056 Mr P S Khaira Mr C Keen Mrs S L Johnson Mr A J Dear Mr S Best Mrs A N Badel Mr S Ali Mr B N Morrill Mrs A N Badel true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12207056 frs-core:Non-currentFinancialInstruments frs-core:BetweenOneFiveYears 2024-03-31 12207056 2023-09-30 12207056 2024-03-31 12207056 2023-10-01 2024-03-31 12207056 frs-core:CurrentFinancialInstruments 2024-03-31 12207056 frs-core:Non-currentFinancialInstruments 2024-03-31 12207056 frs-core:SharePremium 2024-03-31 12207056 frs-core:ShareCapital 2024-03-31 12207056 frs-core:RetainedEarningsAccumulatedLosses 2023-10-01 2024-03-31 12207056 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 12207056 frs-bus:PrivateLimitedCompanyLtd 2023-10-01 2024-03-31 12207056 frs-bus:FullAccounts 2023-10-01 2024-03-31 12207056 frs-bus:MediumEntities 2023-10-01 2024-03-31 12207056 frs-bus:Audited 2023-10-01 2024-03-31 12207056 frs-bus:Medium-sizedCompaniesRegimeForAccounts 2023-10-01 2024-03-31 12207056 frs-bus:Medium-sizedCompaniesRegimeForDirectorsReport 2023-10-01 2024-03-31 12207056 frs-bus:OrdinaryShareClass2 2023-10-01 2024-03-31 12207056 frs-bus:OrdinaryShareClass2 2024-03-31 12207056 frs-bus:OrdinaryShareClass3 2023-10-01 2024-03-31 12207056 frs-bus:OrdinaryShareClass3 2024-03-31 12207056 frs-bus:OrdinaryShareClass4 2023-10-01 2024-03-31 12207056 frs-bus:OrdinaryShareClass4 2024-03-31 12207056 frs-bus:OrdinaryShareClass5 2023-10-01 2024-03-31 12207056 frs-bus:OrdinaryShareClass5 2024-03-31 12207056 1 2023-10-01 2024-03-31 12207056 frs-core:CostValuation 2023-09-30 12207056 frs-core:CostValuation 2024-03-31 12207056 frs-core:ProvisionsForImpairmentInvestments 2023-09-30 12207056 frs-core:ProvisionsForImpairmentInvestments 2024-03-31 12207056 frs-bus:Director1 2023-10-01 2024-03-31 12207056 frs-bus:Director1 2024-03-31 12207056 frs-bus:Director2 2023-10-01 2024-03-31 12207056 frs-bus:Director2 2024-03-31 12207056 frs-bus:Director3 2023-10-01 2024-03-31 12207056 frs-bus:Director3 2024-03-31 12207056 frs-bus:Director4 2023-10-01 2024-03-31 12207056 frs-bus:Director5 2023-10-01 2024-03-31 12207056 frs-bus:Director6 2023-10-01 2024-03-31 12207056 frs-bus:Director6 2024-03-31 12207056 frs-bus:Director7 2023-10-01 2024-03-31 12207056 frs-bus:Director8 2023-10-01 2024-03-31 12207056 frs-bus:Director8 2024-03-31 12207056 frs-bus:Director9 2023-10-01 2024-03-31 12207056 frs-bus:Director9 2024-03-31 12207056 frs-bus:Director10 2023-10-01 2024-03-31 12207056 frs-bus:Director10 2024-03-31 12207056 frs-bus:CompanySecretary1 2023-10-01 2024-03-31 12207056 frs-bus:CompanySecretary2 2023-10-01 2024-03-31 12207056 frs-countries:EnglandWales 2023-10-01 2024-03-31 12207056 frs-core:Subsidiary1 2023-10-01 2024-03-31 12207056 frs-core:Subsidiary1 1 2023-10-01 2024-03-31 12207056 frs-core:Subsidiary2 2023-10-01 2024-03-31 12207056 frs-core:Subsidiary2 2 2023-10-01 2024-03-31 12207056 frs-core:Subsidiary3 2023-10-01 2024-03-31 12207056 frs-core:Subsidiary3 3 2023-10-01 2024-03-31 12207056 frs-core:Subsidiary4 2023-10-01 2024-03-31 12207056 frs-core:Subsidiary4 4 2023-10-01 2024-03-31 12207056 frs-core:Non-currentFinancialInstruments frs-core:BetweenOneFiveYears 2023-09-30 12207056 2022-09-30 12207056 2023-09-30 12207056 2022-10-01 2023-09-30 12207056 frs-core:CurrentFinancialInstruments 2023-09-30 12207056 frs-core:Non-currentFinancialInstruments 2023-09-30 12207056 frs-core:SharePremium 2022-09-30 12207056 frs-core:SharePremium 2023-09-30 12207056 frs-core:ShareCapital 2022-09-30 12207056 frs-core:ShareCapital 2023-09-30 12207056 frs-core:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 12207056 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2022-09-30 12207056 frs-core:RetainedEarningsAccumulatedLosses 2023-09-30 12207056 frs-bus:OrdinaryShareClass2 2022-10-01 2023-09-30 12207056 frs-bus:OrdinaryShareClass3 2022-10-01 2023-09-30 12207056 frs-bus:OrdinaryShareClass4 2022-10-01 2023-09-30 12207056 frs-bus:OrdinaryShareClass5 2022-10-01 2023-09-30
Registered number: 12207056
Agility Impact Holdings Limited
Strategic Report, Directors' Report and
Financial Statements
For the Period 1 October 2023 to 31 March 2024
Contents
Page
Strategic Report 1—2
Directors' Report 3—4
Independent Auditor's Report 5—6
Statement of Comprehensive Income 7
Balance Sheet 8
Statement of Changes in Equity 9
Notes to the Financial Statements 10—14
Page 1
Strategic Report
The directors present their strategic report for the period ended 31 March 2024.
Principal Activity
The principal activity of the Company is that of a holding company. The principal activities of the subsidiaries of the Company is the support of energy companies in meeting their environmental and social obligations, the provision of community-based programmes to provide advice, support to vulnerable and fuel poor households and the provision of funded retrofit energy efficiency interventions to qualifying households.  In delivering these services we work hand in hand with energy companies, our network of installation partners, local authorities, housing providers, charities, and other delivery partners.  
Review of the Business
The directors are pleased with the performance of the Company in the 6 month period which saw turnover of £66k (2023 full year £132k) and profit before tax of £2.0m (2023 full year £2.2m).
As a holding company, performance is principally determined by the performance of the trading subsidiary companies especially Agility Eco Services Ltd and the availability of distributable profits to remit dividends to Agility Impact Holdings Ltd as the parent company.
Within Agility Eco Services Ltd, ECO4, the fourth phase of the Energy Company Obligation has continued to gather momentum which has resulted in increased delivery of ECO measures.  The Company has also secured significant contracts with UK energy companies to deliver fuel poverty programmes under the Warm Home Discount legislation and the Greater South East Net Zero Hub framework while continuing to successfully deploy Local Authority grant funding through the Home Upgrade Grant (Phase 2) with key Local Authority partners.
The directors are confident in the future prospects of Agility Eco Services Ltd given that both ECO and WHD legislation will run to at least March 2026 and the government continues to commit further funding into domestic energy efficiency retrofit through Local Authority routes.
With additional funding required to be committed by government to work towards the achievement of the two key legislative targets of net zero by 2050, and eliminating fuel poverty by 2030, the directors have confidence in the growth prospects of the Company over the medium to long term. 
Change of Ownership
On 22nd December 2023 the Group of Companies headed by Agility Impact Holdings Limited, and including this Company, was acquired by M Group Services, a leading infrastructure services provider in the UK.  Joining M Group Services will give the Company a platform to support and accelerate its growth over the coming years.  Further details are available from the AgilityEco website or the M Group services website.
Agility Impact Holdings Limited previously prepared consolidated financial statements incorporating all its subsidiaries. As these subsidiaries are now included in the consolidated financial statements of the ultimate parent company, Minerva Equity Limited, Agility Impact Holdings Limited is exempt from preparing consolidated financial statements for the current financial year, in accordance with Section 400 of the Companies Act 2006.
Page 1
Page 2
Principal Risks and Uncertainties
The directors are ultimately responsible for the management of risk. Risk is managed from the perspective of the Group in which the Company resides. A risk framework exists for the Group and is regularly reviewed by the directors and management team. Day-to-day responsibility for managing this overall risk framework is devolved to the Finance Director of the Company whilst Managers are responsible for monitoring, managing, and reporting risks in their respective business areas.
The following are the principal risks applicable to the business activity of the subsidiary companies:
Principal Risks
Nature and Impact
Mitigation
Strategic risk
Government regulation changes to the effect that a different funding model is developed for tackling fuel poverty and energy efficiency that does not play to the Company’s strengths, or funding is ceased or withdrawn in key areas.
Continuous communication with government and relevant stakeholders including DESNZ and Ofgem, as well as diversification of funding partners and operations.

Key-person dependency in senior management and other critical areas of the business.
Active succession planning, resource planning, investment in training and development.
Commercial risk
Key customer goes out of business or ceases to work with the Group.

Diversification of customer base, diversification of operations, strong relationship management, robust contractual terms.
Supplier market price  movements result in margin pressure.

Back-to-back contracting, monitoring market intelligence, ensuring contracts are appropriate length.
Operational risk
Data breach or mishandling of customer data.

Clear data handling policy established and regularly reviewed, and compliance monitoring.
IT security or systems failure.
Staff training, investment in IT
support, penetration testing, external reviews.
Future developments
Looking ahead the directors are optimistic about the prospects for further growth in the subsidiary companies. Environmental and social challenges in our society are growing and as such we are uniquely placed to offer services to a wide range of stakeholders. Energy suppliers, local authorities and social landlords have traditionally been our core business partners and we continue to maintain and develop strong strategic relationships across our partner base.
Our supply chain are critical to our success and we are pleased to have maintained strong relationships with key partners as well as founding relationships with new partners.
In the coming year the subsidiary companies expect to continue to leverage strong relationships with its clients and supply chain partners to deliver across all its core business areas.  With a proven model for deployment of large scale retrofit funding in conjunction with Local Authority and other funding partners we are also positive about our prospects of expanding our footprint across other geographic areas.
Continued government commitment for ECO and WHD funding out to 2030 as a key mechanism in alleviating fuel poverty and achieving Net Zero will allow the Company to continue to support its partners in delivering tangible benefits to UK households.   
On behalf of the board
Mr S Best
Director
31 October 2024
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the period ended 31 March 2024.
Dividends
The Directors declared an interim dividend of £5m (2023: £nil). The Directors do not recommend the payment of a final dividend.
Financial Instruments
Objectives and Policies
The Directors are responsible for risk management.  The Group has exposure to the following risks through its financial instruments.
Price risk
The Group could be exposed to price risk if the cost of component parts or labour moved sufficiently to cause inflation in install partner costs to such a degree that they exceeded the funding available from funding partners for the delivery of ECO measures. The Group mitigates this through diversifying across a range of install partners, through ensuring that funding commitments do not cover too long a period that any pricing risk would be heightened, and through working to align supplier costs to funding agreements for measures.
Credit risk
The Group’s primary credit risk results from its receivables, should a customer or counterparty fail to meet its financial obligations.  Credit risk is closely monitored and mitigated through strong relationships and regular contact with customers, alongside robust contractual terms.
Cash and financial instruments are all deposited with mainstream banking institutions with strong credit ratings. 
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.  The Group forecasts its cashflow under both normal trading and stress-tested conditions, to monitor liquidity closely, and expects to meet its liabilities through operating cash flows.  
Directors
The directors who held office during the period were as follows and up to the date of signing these financial statements:
Bridges Fund Management Limited Resigned 22/12/2023
Mr I Peters Resigned 22/12/2023
Mr P S Khaira Appointed 22/12/2023
Mr C Keen Appointed 22/12/2023
Mrs S L Johnson
Mr A J Dear
Mr T R Biddle Resigned 22/12/2023
Mr S Best Appointed 22/12/2023
Mrs A N Badel Appointed 22/12/2023
Mr S Ali
Qualifying Third-party and Pension Scheme Indemnity Provision
Third party indemnity insurance was provided for all Directors of the Group during the financial year and this continues at the date of approval of the financial statements, under policies held by the Group.
Statement of Directors' Responsibilities
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 3
Page 4
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
On behalf of the board
Mr S Best
Director
31 October 2024
Page 4
Page 5
Independent Auditor's Report
Opinion
We have audited the financial statements of Agility Impact Holdings Limited for the period ended 31 March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
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/(loss) for the period 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the 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 entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.
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 Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and 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 or 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.
Page 5
Page 6
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3—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.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
  • discussing with the directors and management their policies and procedures regarding compliance with laws and regulations;
  • communicating identified laws and regulations throughout our engagement team and remaining alert to any indication of non-compliance throughout the audit; and
  • considering the risk of acts by the company which were contrary to applicable laws and regulations including fraud.Our audit procedures in relation to fraud included but were not limited to:
  • making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
  • gaining an understanding on the internal controls established to mitigate risks related to fraud;
  • discussing with the engagement team the risk of fraud; and
  • addressing the risks of fraud through management override of controls by performing journal entry testing
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mr K R Witchell (Senior Statutory Auditor)
for and on behalf of KRW Accountants Ltd , Statutory Auditor
31 October 2024
KRW Accountants Ltd
The Mill
Pury Hill Business Park
Towcester
NN12 7LS
Page 6
Page 7
Statement of Comprehensive Income
31 March 2024 30 September 2023
Notes £ £
TURNOVER 66,000 132,000
GROSS PROFIT 66,000 132,000
Administrative expenses (424,965 ) (77,814 )
OPERATING (LOSS)/PROFIT (358,965 ) 54,186
Exceptional items (186,847) (645,000)
Income from Shares in group undertakings 3,141,019 3,823,013
Interest payable and similar charges 6 (577,382 ) (1,000,273 )
PROFIT BEFORE TAXATION 2,017,825 2,231,926
Tax on Profit 7 - (32,577 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL PERIOD 2,017,825 2,199,349
OTHER COMPREHENSIVE INCOME FOR THE PERIOD - -
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 2,017,825 2,199,349
The notes on pages 10 to 14 form part of these financial statements.
Page 7
Page 8
Balance Sheet
Registered number: 12207056
31 March 2024 30 September 2023
Notes £ £ £ £
FIXED ASSETS
Investments 8 23,403,810 23,403,810
23,403,810 23,403,810
CURRENT ASSETS
Debtors 9 1,105,315 1,101,352
Cash at bank and in hand 751,538 61,146
1,856,853 1,162,498
Creditors: Amounts Falling Due Within One Year 10 (4,359,378 ) (682,848 )
NET CURRENT ASSETS (LIABILITIES) (2,502,525 ) 479,650
TOTAL ASSETS LESS CURRENT LIABILITIES 20,901,285 23,883,460
Creditors: Amounts Falling Due After More Than One Year 11 (9,421,564 ) (9,421,564 )
NET ASSETS 11,479,721 14,461,896
CAPITAL AND RESERVES
Called up share capital 13 10,000 10,000
Share premium account 63,342 63,342
Profit and Loss Account 11,406,379 14,388,554
SHAREHOLDERS' FUNDS 11,479,721 14,461,896
On behalf of the board
Mr P S Khaira
Director
Mr S Best
Director
31 October 2024
The notes on pages 10 to 14 form part of these financial statements.
Page 8
Page 9
Statement of Changes in Equity
Share Capital Share Premium Profit and Loss Account Total
£ £ £ £
As at 1 October 2022 10,000 63,342 12,189,205 12,262,547
Profit for the year and total comprehensive income - - 2,199,349 2,199,349
As at 30 September 2023 and 1 October 2023 10,000 63,342 14,388,554 14,461,896
Profit for the period and total comprehensive income - - 2,017,825 2,017,825
Dividends paid - - (5,000,000) (5,000,000)
As at 31 March 2024 10,000 63,342 11,406,379 11,479,721
Page 9
Page 10
Notes to the Financial Statements
1. General Information
Agility Impact Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12207056 . The registered office is Abel Smith House, Gunnels Wood Road, Stevenage, SG1 2ST.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Financial Reporting Standard 102 - Reduced Disclosure Exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
  • the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d).
The Company is a qualifying entity as its results are consolidated into the financial statements of Minerva Equity Limited which are publicly available. As a qualifying entity the Company has taken advantage of the following exemptions from preparing a statement of cash flows, as allowed by FRS 102 paragraph 1.12(b) from disclosing a table of financial instruments as allowed by FRS 102 paragraph 1.12(c) from disclosing transactions with entities that are part of the Minerva Equity Limited Group where 100% of the voting rights of these entities are controlled within the Group as required by FRS 102 paragraph 33.1A. from disclosing key management personnel compensation, as required by FRS 102 paragraph 33.7.
2.3. Exemption From Preparing Consolidated Financial Statements
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
2.4. Going Concern Disclosure
The company was profitable during the period, but had net current liabilities due to owing money to other group companies.  Excluding intercompany balances the Company had positive net current assets. The directors note the general risks and uncertainties of the current economic environment, but notwithstanding those factors neither the company is considered to face a threat to its ability to continue in operational existence for a period of at least twelve months form the date of this report. Accordingly, the financial statements have been prepared on the going concern basis.
2.5. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.
2.6. Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair
value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair
value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity
securities are recognised in income when receivable.
2.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.8. Taxation
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Page 10
Page 11
2.9. Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transcations costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least
twelve months after the reporting date.
3. Auditor's Remuneration
Remuneration received by the company's auditors has been charged to other companies in the group. No recharges have been made to the company in respect of the auditor's remuneration.
4. Average Number of Employees
Average number of employees, including directors, during the period was: NIL (2023: NIL)
- -
5. Interest Receivable and Similar Income
31 March 2024 30 September 2023
£ £
Dividends from shares in subsidiaries 3,125,000 3,791,415
Interest from subsidiaries 16,019 31,598
3,141,019 3,823,013
6. Interest Payable and Similar Charges
31 March 2024 30 September 2023
£ £
Interest payable to group undertakings 105,013 -
Preference share dividends (interest) 472,369 1,000,273
577,382 1,000,273
Page 11
Page 12
7. Tax on Profit
The tax charge on the profit for the period was as follows:
Tax Rate 31 March 2024 30 September 2023
31 March 2024 30 September 2023 £ £
Current tax
UK Corporation Tax 25.0% 22.0% - 20,305
Prior period adjustment - 12,272
- 32,577
Total tax charge for the period - 32,577
The actual charge for the period can be reconciled to the expected charge for the period based on the profit and the standard rate of corporation tax as follows:
31 March 2024 30 September 2023
£ £
Profit before tax 2,017,825 2,231,926
Tax on profit at 25% (UK standard rate) 504,456 491,207
Expenses not deductible for tax purposes 263,165 363,521
Prior period adjustment - 12,272
Dividends from companies (781,250 ) (834,423 )
Group relief 13,629 -
Total tax charge for the period - 32,577
8. Investments
Subsidiaries
£
Cost
As at 1 October 2023 23,403,810
As at 31 March 2024 23,403,810
Provision
As at 1 October 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 23,403,810
As at 1 October 2023 23,403,810
Subsidiaries
Details of the company's subsidiaries as at 31 March 2024 are as follows:
Page 12
Page 13
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
Agility Eco Services Ltd Abel Smith House Gunnels Wood Road Stevenage SG1 2ST Ordinary shares 100.00% -
Agility Solar Ltd Abel Smith House Gunnels Wood Road Stevenage SG1 2ST Ordinary shares - 100.00%
Agility Survey Ltd Abel Smith House Gunnels Wood Road Stevenage SG1 2ST Ordinary shares - 100.00%
Bierce Surveying Ltd Abel Smith House Gunnels Wood Road Stevenage SG1 2ST Ordinary shares - 100.00%
9. Debtors
31 March 2024 30 September 2023
£ £
Due within one year
Amounts owed by group undertakings 3,500 2,293
Other debtors 12,698 25,961
16,198 28,254
Due after more than one year
Amounts owed by group undertakings 1,089,117 1,073,098
1,105,315 1,101,352
10. Creditors: Amounts Falling Due Within One Year
31 March 2024 30 September 2023
£ £
Trade creditors - 13,335
Amounts owed to group undertakings 3,993,835 -
Amounts owed to participating interests 1 -
Other creditors 291,294 -
Corporation tax 20,305 20,305
Taxation and social security 53,943 4,208
Accruals and deferred income - 645,000
4,359,378 682,848
11. Creditors: Amounts Falling Due After More Than One Year
31 March 2024 30 September 2023
£ £
Redeemable preference shares 9,421,564 9,421,564
12. Loans
An analysis of the maturity of loans is given below:
31 March 2024 30 September 2023
£ £
Amounts falling due between one and five years:
Other loans 9,421,564 9,421,564
Page 13
Page 14
13. Share Capital
31 March 2024 30 September 2023
Allotted, called up and fully paid £ £
374,925 Ordinary A shares of £ 0.01 each 3,749 3,749
375,075 Ordinary B shares of £ 0.01 each 3,751 3,751
100,000 Ordinary C shares of £ 0.01 each 1,000 1,000
150,000 Ordinary D shares of £ 0.01 each 1,500 1,500
10,000 10,000
There are two categories of Ordinary B shares, B and B1 as follows:
2024
2023
Alloted, called up and fully paid
£
£
276,459 Ordinary B shares of £0.01 each
2,765
2,765
98,616 Ordinary B1 shares of £0.01 each
986
986
image
image
3,751
image
3,751
image
14. Dividends
31 March 2024 30 September 2023
£ £
On equity shares:
Interim dividend paid 5,000,000 -
Dividend distribution to the group's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
The interim dividend was paid 22 December 2023.
15. Post Balance Sheet Events
On 23 September 2024, PAI Partners, along with other management shareholders, completed the sale of 100% of the share capital in Minerva Equity Limited Group to Midas Bidco I Limited, a company controlled by CVC Capital Partners.
16. Controlling Parties
At 31 March 2024, the Company’s immediate parent undertaking was Alsace Bidco Limited, a company registered in England and Wales. On 23 September 2024 the ultimate parent undertaking was Midas Midco, a company registered in England and Wales, whose ultimate controlling party is CVC Capital Partners. 
M Group Services Limited is the parent undertaking of the smallest Group to consolidate these financial statements and Minerva Equity Limited is the parent undertaking of the largest Group to consolidate these financial statements for the year ended 31 March 2024. 
Copies of M Group Services Limited and Minerva Equity Limited consolidated financial statements can be obtained from the Company Secretary at the registered office: Abel Smith House, Gunnels Wood Road, Stevenage, Hertfordshire, SG1 2ST.
Page 14