REGISTERED NUMBER: 14369867 (England and Wales) |
MIMI & MARBLE HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
REGISTERED NUMBER: 14369867 (England and Wales) |
MIMI & MARBLE HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
MIMI & MARBLE HOLDINGS LIMITED (REGISTERED NUMBER: 14369867) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 18 |
MIMI & MARBLE HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
Station House |
North Street |
Havant |
Hampshire |
PO9 1QU |
MIMI & MARBLE HOLDINGS LIMITED (REGISTERED NUMBER: 14369867) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The director presents his strategic report of the company and the group for the year ended 31 March 2024. |
PRINCIPLE ACTIVITY |
Mimi and Marble Holdings Limited is the parent company of a group involved in the renewable energy and insulation sectors. The group comprises SCIS Holdings Limited, which owns SCIS Limited and Cotswold Energy (Group) Limited, acquired on 10 May 2023. Additionally, the group includes Mimi and Marble Investments Limited. |
REVIEW OF BUSINESS |
The group operates primarily through two key subsidiaries, SCIS Limited and Cotswold Energy (Group) Limited, which are actively involved in trading. SCIS Limited focuses on providing insulation and energy-saving solutions, while Cotswold Energy specializes in renewable energy installations, such as solar PV systems, heat pumps, and insulation upgrades. |
During the year, the acquisition of Cotswold Energy (Group) Limited has expanded the group's footprint in the renewable energy sector, enhancing market opportunities and operational synergies. This acquisition is expected to contribute significantly to future growth and diversification. |
The group experienced strong overall performance, driven by the continued demand for energy efficiency solutions in both domestic and commercial sectors. Both SCIS Limited and Cotswold Energy delivered robust financial results during the year, with revenue growth in both businesses. |
The integration of Cotswold Energy into the group is progressing smoothly, creating enhanced market offerings and increasing capacity for sustainable energy solutions. |
Financial Key Performance Indicators (KPIs): |
1. | Group Turnover: £45.283mil, driven by the combined trading activities of SCIS Limited and Cotswold Energy. |
2. | Gross Profit: £14.045mil, reflecting operational efficiencies and growing market demand. |
3. | Profit Before Tax: £3.275mil, reflecting investment in growth and the costs associated with the acquisition of Cotswold Energy. |
These KPIs illustrate the group's strong operational and financial performance during the year, with growth attributed to the demand for insulation and renewable energy solutions. |
PRINCIPAL RISKS AND UNCERTAINTIES |
1. | Market and Policy Changes: The group operates in a highly regulated industry, with changes in government policy and funding schemes potentially affecting demand. To mitigate this, the group maintains close monitoring of policy developments and continues to diversify its service offerings. |
2. | Integration and Expansion Risks: Following the acquisition of Cotswold Energy, integration remains a key focus. Managing operational efficiencies while realizing the potential synergies from the acquisition will be critical to continued success. |
3. | Supply Chain Disruptions: The group is dependent on maintaining reliable supplier relationships. Any disruptions in the supply chain could impact the timely delivery of projects. |
MIMI & MARBLE HOLDINGS LIMITED (REGISTERED NUMBER: 14369867) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
Future Developments |
The group plans to continue investing in both SCIS Limited and Cotswold Energy to drive organic growth. Future strategic priorities include capitalizing on the synergies from the acquisition of Cotswold Energy and exploring further opportunities in renewable energy markets. |
Mimi and Marble Holdings Limited has strengthened its market position in the renewable energy and energy efficiency sectors through its acquisition and expansion efforts. With a strong trading performance from SCIS Limited and the successful integration of Cotswold Energy, the group is well-positioned to capitalize on emerging opportunities. The directors remain confident in the group's ability to sustain growth and deliver value to stakeholders. |
ON BEHALF OF THE BOARD: |
MIMI & MARBLE HOLDINGS LIMITED (REGISTERED NUMBER: 14369867) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 31 March 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 March 2023 will be £1,133,234. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Morris Crocker Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MIMI & MARBLE HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Mimi & Marble Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MIMI & MARBLE HOLDINGS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MIMI & MARBLE HOLDINGS LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
From discussions with management and those charged with governance, we documented information about the entity to assess the activities within the organization. We also discussed management's assessment of risks related to irregularities, fraud, and going concern. |
Based on these discussions and our own assessments, we determined that the key risk areas included income recognition with respect to cut-off issues and management override, given the size and structure of the organization, which includes a holding company with two subsidiaries. |
We set the financial statement materiality level based on the gross assets of the entity. Although income generation is important, the nature of the holding company and its subsidiaries, and their significant asset base, made gross assets the most appropriate benchmark for determining materiality. Our overall risk assessment was then used to set performance materiality at an appropriate level. |
Substantive audit tests were designed after assessing and performing walkthrough tests. The walkthrough testing confirmed that the documented systems, designed as preventive measures against fraud and error, appear to be operating effectively. Substantive testing was conducted on a sample representative of the population to identify any errors. This testing did not reveal any material misstatements in the areas tested. |
The audit’s substantive tests concluded that there were no material errors in the key risk areas of income recognition and management override. |
The audit also considered whether the entity was exposed to material risk of error due to non-compliance with laws and regulations relevant to the organization. No material risks were identified in this area. |
Management assessed that there is no going concern risk. The audit reviewed budgets, management accounts, and board minutes, and agreed with management's conclusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MIMI & MARBLE HOLDINGS LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
Station House |
North Street |
Havant |
Hampshire |
PO9 1QU |
MIMI & MARBLE HOLDINGS LIMITED (REGISTERED NUMBER: 14369867) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
Year ended | Period |
31.3.24 | 22.9.22 to 31.3.23 |
Notes | £ | £ | £ | £ |
TURNOVER | 45,282,867 | 8,122,423 |
Cost of sales | 31,238,344 | 4,598,390 |
GROSS PROFIT | 14,044,523 | 3,524,033 |
Distribution costs | 381,358 | - |
Administrative expenses | 9,975,794 | 672,235 |
10,357,152 | 672,235 |
OPERATING PROFIT | 4 | 3,687,371 | 2,851,798 |
Interest payable and similar expenses | 5 | 412,249 | 24,038 |
PROFIT BEFORE TAXATION | 3,275,122 | 2,827,760 |
Tax on profit | 6 | 830,412 | 377,255 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 2,444,710 | 2,450,505 |
MIMI & MARBLE HOLDINGS LIMITED (REGISTERED NUMBER: 14369867) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
Period |
22.9.22 |
Year ended | to |
31.3.24 | 31.3.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 2,444,710 | 2,450,505 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2,444,710 |
2,450,505 |
Total comprehensive income attributable to: |
Owners of the parent | 2,444,710 | 2,450,505 |
MIMI & MARBLE HOLDINGS LIMITED (REGISTERED NUMBER: 14369867) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | (5,581,701 | ) | (9,968,036 | ) |
Tangible assets | 11 | 4,152,309 | 1,492,026 |
Investments | 12 | 1,302,783 | 1,137,484 |
(126,609 | ) | (7,338,526 | ) |
CURRENT ASSETS |
Stocks | 13 | 8,957,181 | 6,747,776 |
Debtors | 14 | 7,248,077 | 2,698,987 |
Cash at bank and in hand | 1,499,270 | 2,607,956 |
17,704,528 | 12,054,719 |
CREDITORS |
Amounts falling due within one year | 15 | 12,081,253 | 2,163,151 |
NET CURRENT ASSETS | 5,623,275 | 9,891,568 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
5,496,666 |
2,553,042 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(2,038,513 |
) |
(880,634 |
) |
PROVISIONS FOR LIABILITIES | 19 | (804,269 | ) | (356,823 | ) |
NET ASSETS | 2,653,884 | 1,315,585 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 2 | 2 |
Retained earnings | 21 | 2,653,882 | 1,315,583 |
SHAREHOLDERS' FUNDS | 2,653,884 | 1,315,585 |
The financial statements were approved by the director and authorised for issue on 7 November 2024 and were signed by: |
N M I Gillanders - Director |
MIMI & MARBLE HOLDINGS LIMITED (REGISTERED NUMBER: 14369867) |
COMPANY BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 20 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | 393,395 |
The financial statements were approved by the director and authorised for issue on |
MIMI & MARBLE HOLDINGS LIMITED (REGISTERED NUMBER: 14369867) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 22 September 2022 | - | (1,688 | ) | (1,688 | ) |
Changes in equity |
Issue of share capital | 2 | - | 2 |
Dividends | - | (1,133,234 | ) | (1,133,234 | ) |
Total comprehensive income | - | 2,450,505 | 2,450,505 |
Balance at 31 March 2023 | 2 | 1,315,583 | 1,315,585 |
Changes in equity |
Dividends | - | (1,106,411 | ) | (1,106,411 | ) |
Total comprehensive income | - | 2,444,710 | 2,444,710 |
Balance at 31 March 2024 | 2 | 2,653,882 | 2,653,884 |
MIMI & MARBLE HOLDINGS LIMITED (REGISTERED NUMBER: 14369867) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Balance at 31 March 2024 |
MIMI & MARBLE HOLDINGS LIMITED (REGISTERED NUMBER: 14369867) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
Period |
22.9.22 |
Year ended | to |
31.3.24 | 31.3.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,112,161 | (5,678,307 | ) |
Interest paid | (700,477 | ) | - |
Interest element of hire purchase payments paid |
(128,523 |
) |
(24,465 |
) |
Finance costs paid | 416,751 | - |
Tax paid | (43,868 | ) | (79,899 | ) |
Net cash from operating activities | 656,044 | (5,782,671 | ) |
Cash flows from investing activities |
Purchase of intangible fixed assets | (3,767,644 | ) | 10,879,094 |
Purchase of tangible fixed assets | (1,393,052 | ) | (119,225 | ) |
Purchase of fixed asset investments | (165,299 | ) | (1,137,484 | ) |
Sale of intangible fixed assets | 19,549 | - |
Sale of tangible fixed assets | 30,322 | - |
Net cash from investing activities | (5,276,124 | ) | 9,622,385 |
Cash flows from financing activities |
New loans in year | 5,850,000 | - |
Loan repayments in period | (696,221 | ) | (43,531 | ) |
Capital repayments in year | (535,974 | ) | (54,995 | ) |
Share issue | - | 2 |
Equity dividends paid | (1,106,411 | ) | (1,133,234 | ) |
Net cash from financing activities | 3,511,394 | (1,231,758 | ) |
(Decrease)/increase in cash and cash equivalents | (1,108,686 | ) | 2,607,956 |
Cash and cash equivalents at beginning of year |
2 |
2,607,956 |
- |
Cash and cash equivalents at end of year |
2 |
1,499,270 |
2,607,956 |
MIMI & MARBLE HOLDINGS LIMITED (REGISTERED NUMBER: 14369867) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
22.9.22 |
Year ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Profit before taxation | 3,275,122 | 2,827,760 |
Depreciation charges | 606,411 | 124,845 |
Profit on disposal of fixed assets | (5,669 | ) | - |
Amortisation charges | (602,783 | ) | (911,058 | ) |
Impairment loss | 312,391 | - |
Bad debts - Non cash item | 339,158 | - |
Finance costs | 412,249 | 24,038 |
4,336,879 | 2,065,585 |
Increase in stocks | (2,209,405 | ) | (6,747,776 | ) |
Increase in trade and other debtors | (4,549,090 | ) | (2,698,986 | ) |
Increase in trade and other creditors | 3,533,777 | 1,702,870 |
Cash generated from operations | 1,112,161 | (5,678,307 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 1,499,270 | 2,607,956 |
Period ended 31 March 2023 |
31.3.23 | 22.9.22 |
£ | £ |
Cash and cash equivalents | 2,607,956 | - |
MIMI & MARBLE HOLDINGS LIMITED (REGISTERED NUMBER: 14369867) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,607,956 | (1,108,686 | ) | 1,499,270 |
2,607,956 | (1,108,686 | ) | 1,499,270 |
Debt |
Finance leases | (745,391 | ) | (1,944,217 | ) | (2,689,608 | ) |
Debts falling due within 1 year | (167,085 | ) | (5,667,810 | ) | (5,834,895 | ) |
Debts falling due after 1 year | (384,571 | ) | 384,571 | - |
(1,297,047 | ) | (7,227,456 | ) | (8,524,503 | ) |
Total | 1,310,909 | (8,336,142 | ) | (7,025,233 | ) |
MIMI & MARBLE HOLDINGS LIMITED (REGISTERED NUMBER: 14369867) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Mimi & Marble Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Changes in accounting estimates |
There has been a significant change in the amortization estimate for intangible assets. This change has been applied prospectively. |
Category | Previous Policy | New Policy |
Computer software | Straight line over 10 years | Straight line over 5 years |
This change in policy has been implemented to better reflect the usage and economic benefit derived from this asset. The revised amortisation rate is intended to provide a more accurate allocation of the cost of intangible fixed assets over their useful lives. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
MIMI & MARBLE HOLDINGS LIMITED (REGISTERED NUMBER: 14369867) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares. |
Trade and other debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities. |
Trade and other creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
MIMI & MARBLE HOLDINGS LIMITED (REGISTERED NUMBER: 14369867) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | EMPLOYEES AND DIRECTORS |
Period |
22.9.22 |
Year ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Wages and salaries | 9,673,728 | 1,316,162 |
Social security costs | 504,206 | 52,163 |
Other pension costs | 84,481 | 13,157 |
10,262,415 | 1,381,482 |
The average number of employees during the year was as follows: |
Period |
22.9.22 |
Year ended | to |
31.3.24 | 31.3.23 |
Direct | 78 | 44 |
Support | 50 | 43 |
The average number of employees by undertakings that were proportionately consolidated during the year was |
Period |
22.9.22 |
Year ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Director's remuneration | 82,883 | 8,144 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
22.9.22 |
Year ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Hire of plant and machinery | 261,624 | 76,709 |
Other operating leases | 41,097 | 20,686 |
Depreciation - owned assets | 1,134,608 | 124,845 |
Profit on disposal of fixed assets | (5,669 | ) | - |
Goodwill amortisation | (602,201 | ) | (912,449 | ) |
Computer software amortisation | 10,731 | 1,391 |
Health and Safety | 38,692 | (821 | ) |
MIMI & MARBLE HOLDINGS LIMITED (REGISTERED NUMBER: 14369867) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
22.9.22 |
Year ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Bank interest | (11,650 | ) | (21,537 | ) |
Bank loan interest | (11,386 | ) | 21,110 |
Loan interest | 306,762 | - |
Hire purchase interest | 128,523 | 24,465 |
412,249 | 24,038 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
Period |
22.9.22 |
Year ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Current tax: |
UK corporation tax | 382,966 | 123,767 |
Deferred tax | 447,446 | 253,488 |
Tax on profit | 830,412 | 377,255 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
Period |
22.9.22 |
Year ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Ordinary share shares of 1 each |
Interim | 1,106,411 | 1,133,234 |
9. | PRIOR YEAR ADJUSTMENT |
Cashflow statement: |
An adjustment made to the prior period figures in our cash flow statement. Non-cash items pertaining to hire purchases were previously disclosed within the cash flow from operations note and on the face of the cashflow statement under financing activities, which was found to be incorrect.This restatement ensures greater accuracy and transparency in our financial reporting, aligning with the principles of FRS 102. |
MIMI & MARBLE HOLDINGS LIMITED (REGISTERED NUMBER: 14369867) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 April 2023 | (10,949,386 | ) | 70,292 | (10,879,094 | ) |
Additions | 3,766,244 | 48,170 | 3,814,414 |
Disposals | (3,495 | ) | (16,637 | ) | (20,132 | ) |
At 31 March 2024 | (7,186,637 | ) | 101,825 | (7,084,812 | ) |
AMORTISATION |
At 1 April 2023 | (912,449 | ) | 1,391 | (911,058 | ) |
Amortisation for year | (602,201 | ) | 10,731 | (591,470 | ) |
Eliminated on disposal | (583 | ) | - | (583 | ) |
At 31 March 2024 | (1,515,233 | ) | 12,122 | (1,503,111 | ) |
NET BOOK VALUE |
At 31 March 2024 | (5,671,404 | ) | 89,703 | (5,581,701 | ) |
At 31 March 2023 | (10,036,937 | ) | 68,901 | (9,968,036 | ) |
The group is currently in the process of developing computer software. The project is still ongoing and has not yet been completed. In accordance with FRS 102, amortisation of the software should commence only when commercial production has started or when the developed product or service is put into use. |
As the development costs capitalised have not yet resulted in a product that is in commercial production or use, no amortisation has been charged. |
In accordance with FRS 102, negative goodwill arises when the fair value of the identifiable net assets acquired in a business combination exceeds the cost of acquisition. |
MIMI & MARBLE HOLDINGS LIMITED (REGISTERED NUMBER: 14369867) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Right of | to | Plant and |
Use asset | property | machinery |
£ | £ | £ |
COST |
At 1 April 2023 | - | - | 176,866 |
Additions | 1,762,184 | 59,187 | 162,123 |
Disposals | - | - | - |
Impairments | - | - | - |
Reclassification/transfer | - | 649,054 | - |
At 31 March 2024 | 1,762,184 | 708,241 | 338,989 |
DEPRECIATION |
At 1 April 2023 | - | - | 21,409 |
Charge for year | 284,192 | 82,744 | 50,873 |
Eliminated on disposal | - | - | - |
Impairments | - | - | - |
At 31 March 2024 | 284,192 | 82,744 | 72,282 |
NET BOOK VALUE |
At 31 March 2024 | 1,477,992 | 625,497 | 266,707 |
At 31 March 2023 | - | - | 155,457 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 | 287,636 | 1,126,488 | 25,881 | 1,616,871 |
Additions | 835,608 | 1,242,864 | 69,969 | 4,131,935 |
Disposals | - | (33,423 | ) | - | (33,423 | ) |
Impairments | (334,605 | ) | - | - | (334,605 | ) |
Reclassification/transfer | (649,054 | ) | - | - | - |
At 31 March 2024 | 139,585 | 2,335,929 | 95,850 | 5,380,778 |
DEPRECIATION |
At 1 April 2023 | 17,926 | 82,989 | 2,521 | 124,845 |
Charge for year | (4,279 | ) | 692,422 | 28,656 | 1,134,608 |
Eliminated on disposal | - | (8,770 | ) | - | (8,770 | ) |
Impairments | (22,214 | ) | - | - | (22,214 | ) |
At 31 March 2024 | (8,567 | ) | 766,641 | 31,177 | 1,228,469 |
NET BOOK VALUE |
At 31 March 2024 | 148,152 | 1,569,288 | 64,673 | 4,152,309 |
At 31 March 2023 | 269,710 | 1,043,499 | 23,360 | 1,492,026 |
MIMI & MARBLE HOLDINGS LIMITED (REGISTERED NUMBER: 14369867) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
In accordance with FRS 102, the Group recognizes right-of-use assets for property leases within tangible fixed assets. These assets are recognized at the present value of the lease payments over the lease term. |
As of 31 March 2024, the Group has recognized right-of-use assets for various property leases. |
12. | FIXED ASSET INVESTMENTS |
Group |
Unlisted |
investments |
£ |
COST |
At 1 April 2023 | 1,137,484 |
Additions | 165,299 |
At 31 March 2024 | 1,302,783 |
NET BOOK VALUE |
At 31 March 2024 | 1,302,783 |
At 31 March 2023 | 1,137,484 |
Company |
Investment |
in |
subsidiaries |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The groups holds an investment in Digital Buildings Limited, comprising 11,278 shares. |
As of 31 March 2024, the investment in Digital Buildings Limited is recorded at a cost of £1,302,783. The Company assesses the investment for impairment on an ongoing basis and makes necessary adjustments to reflect any decline in value that is not recoverable. |
13. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 354,354 | - |
Work-in-progress | 8,602,827 | 6,747,776 |
8,957,181 | 6,747,776 |
MIMI & MARBLE HOLDINGS LIMITED (REGISTERED NUMBER: 14369867) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 2,253,937 | 699,681 |
Loan - Supply Life | 47,476 | 47,476 | - | - |
Amounts owed by group undertakings | - | 1 |
Other debtors | 1,468,799 | 33,030 |
Loan - New Elite Ltd | 734 | 734 | - | - |
Retentions | 95,280 | 21,972 | - | - |
Directors' current accounts | 1 | - | 1 | - |
VAT | 210,606 | 443,195 |
Prepayments | 3,171,244 | 1,452,898 |
7,248,077 | 2,698,987 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 5,834,895 | 167,085 |
Hire purchase contracts (see note 18) | 651,095 | 249,328 |
Trade creditors | 3,173,891 | 1,365,629 |
American Express Card | - | 11,450 | - | - |
Amounts owed to group undertakings | - | - |
Corporation tax | 382,966 | 43,868 |
Social security and other taxes | 557,317 | 78,111 |
Other creditors | 548,020 | 4,505 |
Retentions | 383,657 | - | - | - |
Pension Contribution unpaid | 30,107 | 13,410 | - | - |
Directors' current accounts | - | 24,347 | - | - |
Accrued expenses | 519,305 | 205,418 |
12,081,253 | 2,163,151 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Bank loans (see note 17) | - | 384,571 |
Hire purchase contracts (see note 18) | 2,038,513 | 496,063 |
2,038,513 | 880,634 |
MIMI & MARBLE HOLDINGS LIMITED (REGISTERED NUMBER: 14369867) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or | on demand: |
Bank loans | 5,834,895 | 167,085 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | - | 160,000 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | - | 224,571 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 651,095 | 249,328 |
Between one and five years | 2,038,513 | 496,063 |
2,689,608 | 745,391 |
19. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 804,269 | 356,823 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 356,823 |
Accelerated capital allowances | 470,728 |
Tax loss | (23,282 | ) |
Balance at 31 March 2024 | 804,269 |
MIMI & MARBLE HOLDINGS LIMITED (REGISTERED NUMBER: 14369867) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | as restated |
£ | £ |
Ordinary share | 1 | 2 | 2 |
21. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 April 2023 | 1,315,583 |
Profit for the year | 2,444,710 |
Dividends | (1,106,411 | ) |
At 31 March 2024 | 2,653,882 |