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REGISTERED NUMBER: 10021599 (England and Wales)



















Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 March 2024

for

Mansfield Interior Solutions Ltd

Mansfield Interior Solutions Ltd (Registered number: 10021599)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Profit and Loss Account 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


Mansfield Interior Solutions Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: D F Dickson
J M Warman





REGISTERED OFFICE: Unit 2b
Sherwood Oaks Close
Sherwood Oaks Business Park
Mansfield
Nottinghamshire
NG18 4TB





REGISTERED NUMBER: 10021599 (England and Wales)





AUDITORS: Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ

Mansfield Interior Solutions Ltd (Registered number: 10021599)

Strategic Report
for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
The last 12 months has continued the trend of profitable growth. Our unique positioning as a passive fire protection specialist with considerable experience as a principal contractor continues to be the main enabler to this growth.

As mentioned in previous strategic reports, our people are everything and our desire to reward them for their contribution has allowed us to maintain exceptionally high retention rates and attract new talent.

Key Performance Indicators

The company uses a number of key performance indicators to track our performance and assist us in remaining responsive to any changes in market conditions. This enables us to achieve our short and long term aspirations for the company.

The key indicators for the period are as follows:

31/03/2024 31/03/2023
£ £
Turnover 13,958,282 10,773,063
Gross profit 8,584,496 5,979,942
Profit before tax 5,120,900 3,284,785

PRINCIPAL RISKS AND UNCERTAINTIES
Our ability to identify and effectively manage risk is a vital part of our continued success. Control measures and strategies to reduce the impact of risk are agreed as a Board and implemented where possible. The directors have identified the following key business risks that could have a material impact on the company's future performance along with the controls in place to manage said risk:

Health and safety risk: as a contractor involved in construction operations, our activities are potentially hazardous. Failure to manage this risk could result in injury to employees, subcontractors, or members of the public. This could expose the company to significant potential liability and reputational damage. Health and safety is our number one priority and we have clear and comprehensive processes in place, accredited to BS EN ISO 45001, to minimise such risks. We constantly review and monitor our safety performance and adopt a policy of continuous improvement to actively reduce the risk.

Financial risk: the company's, and its associated companies', principal financial instruments comprise the operational bank accounts and short-term deposit accounts. The directors have maintained a conservative approach to dividends coupled with excellent financial control to ensure that cash reserves remain suitable for the continued growth of the company without the need for potentially expensive external financing.

Market risk: the UK economy continues to remain somewhat stagnant with low growth and in the construction industry, this has the potential of causing a downward pressure on tender prices and reduced margins. Our focus on the specialist area of fire safety minimises this risk along with shrewd decisions as to which refurbishment and regeneration projects to focus on.

Inflation risk: inflation on both wages and construction materials has improved from last year but still remains high. Careful procurement of materials and the short average duration of our projects allows us to avoid inflationary pressures on the cost of projects versus their estimated cost.

Mansfield Interior Solutions Ltd (Registered number: 10021599)

Strategic Report
for the Year Ended 31 March 2024


Workforce and supply chain risk: the construction industry continues to have a shortage of skilled labour. The training and development of our staff enables us to attract high calibre candidates. By treating our supply chain fairly, we can ensure excellent working relationships, ensuring continuity of resources.

Credit risk: our credit worthiness has the potential to affect our lines of credit with our supply chain. Our credit worthiness is regularly checked and action taken where necessary. Good fiscal management and profitability maximise our credit score.

ORGANISATION
The directors continue to monitor the company's organisation and profitability within a competitive industry. Changes are implemented where deemed appropriate in order to minimise the effects of the risks and uncertainties the company faces.

ON BEHALF OF THE BOARD:





J M Warman - Director


27 November 2024

Mansfield Interior Solutions Ltd (Registered number: 10021599)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of building contracting with a specialism in passive fire protection focussing on remedial fire and refurbishment projects.

DIVIDENDS
Interim dividends per share were paid during the year as follows:
Ordinary - £325 30/04/2023
Ordinary - £325 31/05/2023
Ordinary - £1,250 16/06/2023
Ordinary - £1,785 01/10/2023
Ordinary - £17,150 28/03/2024

On 26 June 2023, a dividend in specie was paid in line with the group restructure.
The total distribution of dividends for the period ended 31 March 2024 will be £3,364,076.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

D F Dickson
J M Warman

Other changes in directors holding office are as follows:

A M Burns ceased to be a director after 31 March 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's 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.

Mansfield Interior Solutions Ltd (Registered number: 10021599)

Report of the Directors
for the Year Ended 31 March 2024


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

ON BEHALF OF THE BOARD:





J M Warman - Director


27 November 2024

Report of the Independent Auditors to the Members of
Mansfield Interior Solutions Ltd

Opinion
We have audited the financial statements of Mansfield Interior Solutions Ltd (the 'company') for the year ended 31 March 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and 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 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Mansfield Interior Solutions Ltd


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, 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 Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

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.

Based on our understanding of the company and industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the sewerage industry and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. Audit procedures performed by the engagement team included:

- Enquiry of management around actual and potential litigation and claims;
- Reviewing financial statement disclosures and testing to supporting documentation to assess
compliance with applicable laws and regulations;
- Performing audit work over the risk of management override of controls, including testing of journal
entries and other adjustments for appropriateness, evaluating the business rationale of significant
transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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
Mansfield Interior Solutions Ltd


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.




Wayne Thomas FCA (Senior Statutory Auditor)
for and on behalf of Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ

29 November 2024

Mansfield Interior Solutions Ltd (Registered number: 10021599)

Profit and Loss Account
for the Year Ended 31 March 2024

Period
1.3.22
Year Ended to
31.3.24 31.3.23
Notes £    £   

TURNOVER 13,958,282 10,773,063

Cost of sales 5,373,786 4,793,121
GROSS PROFIT 8,584,496 5,979,942

Administrative expenses 3,484,551 2,673,825
OPERATING PROFIT 5 5,099,945 3,306,117

Interest receivable and similar income 26,981 4,864
5,126,926 3,310,981

Interest payable and similar expenses 6 6,026 26,196
PROFIT BEFORE TAXATION 5,120,900 3,284,785

Tax on profit 7 1,162,524 751,880
PROFIT FOR THE FINANCIAL YEAR 3,958,376 2,532,905

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

3,958,376

2,532,905

Mansfield Interior Solutions Ltd (Registered number: 10021599)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,213,231 1,109,997
Investments 10 100 523,000
1,213,331 1,632,997

CURRENT ASSETS
Stocks 11 474,048 269,310
Debtors 12 4,614,158 2,941,616
Cash at bank 2,374,484 1,377,962
7,462,690 4,588,888
CREDITORS
Amounts falling due within one year 13 3,834,246 1,236,515
NET CURRENT ASSETS 3,628,444 3,352,373
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,841,775

4,985,370

CREDITORS
Amounts falling due after more than one
year

14

(4,276

)

(222,695

)

PROVISIONS FOR LIABILITIES 18 (62,434 ) (581,910 )
NET ASSETS 4,775,065 4,180,765

CAPITAL AND RESERVES
Called up share capital 19 140 140
Retained earnings 20 4,774,925 4,180,625
SHAREHOLDERS' FUNDS 4,775,065 4,180,765

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2024 and were signed on its behalf by:





J M Warman - Director


Mansfield Interior Solutions Ltd (Registered number: 10021599)

Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 March 2022 140 2,219,080 2,219,220

Changes in equity
Dividends - (571,360 ) (571,360 )
Total comprehensive income - 2,532,905 2,532,905
Balance at 31 March 2023 140 4,180,625 4,180,765

Changes in equity
Dividends - (3,364,076 ) (3,364,076 )
Total comprehensive income - 3,958,376 3,958,376
Balance at 31 March 2024 140 4,774,925 4,775,065

Mansfield Interior Solutions Ltd (Registered number: 10021599)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Mansfield Interior Solutions Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption 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.

Turnover
Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services. Turnover is recognised when the company has transferred the significant risks and rewards of ownership to the buyer and it is probable that the company will receive the agreed upon payment.

Tangible fixed assets
Tangible fixed assets 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.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% on cost
Motor vehicles - 33% straight line
Computer equipment - 15% reducing balance

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 within 'administrative expenses' in the profit and loss account.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Work in progress is valued at the lower of cost and net realisable value. Net realisable value is based on the estimated selling price less further costs to be incurred to completion.


Mansfield Interior Solutions Ltd (Registered number: 10021599)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax arises from timing differences that are differences between taxable total profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

A deferred tax asset is recognised only when it is more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences and losses can be deducted.

Provision is made at current rates for taxation deferred in respect of all material timing differences.

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

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

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

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

Related parties
The company is a wholly owned subsidiary undertaking of Miller Knight Group Holdings Limited. The company has taken advantage of the exemption contained within Financial Reporting Standard 102 and has therefore not disclosed transactions with entities which form part of this group, other than as normally disclosed in the notes to the financial statements.

Judgements in applying accounting policies and key sources of estimation
In the application of the company's accounting policies the directors are required to make judgement estimates and assumptions about the carrying amounts of the company's assets and liabilities. These are based on historical experience and other factors that are considered relevant and are reviewed on a regular basis and recognised in the period in which the estimate is revised. Actual results may differ from these estimates.

The following are the critical judgements and where relevant the key sources of estimation uncertainty:

Tangible fixed assets are depreciated over their useful economic lives taking in to account their residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken in to account. Residual values consider such things as future market conditions, the remaining life of the asset and projected disposal values.

The recoverability of debtors is assessed on the likelihood and circumstances of the particular cost.

Long term contracts are those extending in excess of 12 months and any of a shorter duration which are material to the activity of the period. Attributable profit is recognised once the outcome of a long term contract can be assessed with reasonable certainty. Attributable profit is recognised on the cost percentage completion method. Immediate provision is made for all foreseeable losses if a contract is assessed as unprofitable.

Mansfield Interior Solutions Ltd (Registered number: 10021599)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. EMPLOYEES AND DIRECTORS
Period
1.3.22
Year Ended to
31.3.24 31.3.23
£    £   
Wages and salaries 2,537,730 1,969,240
Social security costs 249,863 208,108
Other pension costs 43,980 35,754
2,831,573 2,213,102

The average number of employees during the year was as follows:
Period
1.3.22
Year Ended to
31.3.24 31.3.23

Directors 3 3
Management 5 4
Administration 39 33
47 40

4. DIRECTORS' EMOLUMENTS
Period
1.3.22
Year Ended to
31.3.24 31.3.23
£    £   
Directors' remuneration 25,266 26,612

5. OPERATING PROFIT

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

Period
1.3.22
Year Ended to
31.3.24 31.3.23
£    £   
Depreciation - owned assets 97,152 39,336
Depreciation - assets on hire purchase contracts 16,331 25,214
Profit on disposal of fixed assets - (2,917 )
Auditors' remuneration 13,125 7,500
Auditors' remuneration for non audit work 4,375 2,080
Operating lease payments 132,047 103,656

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.3.22
Year Ended to
31.3.24 31.3.23
£    £   
Bank loan interest 6,026 26,196

Mansfield Interior Solutions Ltd (Registered number: 10021599)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1.3.22
Year Ended to
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 1,132,000 720,000
Prior year adjustment - (30 )
Total current tax 1,132,000 719,970

Deferred tax 30,524 31,910
Tax on profit 1,162,524 751,880

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.3.22
Year Ended to
31.3.24 31.3.23
£    £   
Profit before tax 5,120,900 3,284,785
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

1,280,225

624,109

Effects of:
Expenses not deductible for tax purposes (117,701 ) 127,771
Total tax charge 1,162,524 751,880

8. DIVIDENDS
Period
1.3.22
Year Ended to
31.3.24 31.3.23
£    £   
Ordinary shares of £1 each
Interim 3,364,076 531,360
Ordinary B shares of £1 each
Interim - 40,000
3,364,076 571,360

Mansfield Interior Solutions Ltd (Registered number: 10021599)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. TANGIBLE FIXED ASSETS
Freehold Motor Computer
property vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 1,001,225 303,760 11,019 1,316,004
Additions - 216,717 - 216,717
At 31 March 2024 1,001,225 520,477 11,019 1,532,721
DEPRECIATION
At 1 April 2023 18,866 176,122 11,019 206,007
Charge for year 18,865 94,618 - 113,483
At 31 March 2024 37,731 270,740 11,019 319,490
NET BOOK VALUE
At 31 March 2024 963,494 249,737 - 1,213,231
At 31 March 2023 982,359 127,638 - 1,109,997

The net book value of tangible fixed assets includes £5,836 (2023 - £22,167) in respect of assets held under hire purchase contracts.

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023 523,000
Additions 100
Disposals (523,000 )
At 31 March 2024 100
NET BOOK VALUE
At 31 March 2024 100
At 31 March 2023 523,000

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

Miller Knight Investments Ltd
Registered office: Unit 2b Sherwood Oaks Close, Sherwood Oaks Business Park, Mansfield, England, NG18 4TB
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

11. STOCKS
2024 2023
£    £   
Work-in-progress 474,048 269,310

Mansfield Interior Solutions Ltd (Registered number: 10021599)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,318,740 1,764,247
Amounts owed by group undertakings - 20,000
Other debtors 152,905 112,332
Directors' current accounts 4,681 29,471
Prepayments 266,497 188,045
Owed by related parties 871,335 827,521
4,614,158 2,941,616

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) - 16,665
Hire purchase contracts (see note 16) 10,224 16,169
Trade creditors 571,948 347,406
Tax 632,000 720,000
Social security and other taxes 143,114 100,753
Owed to group undertakings 2,401,100 -
Directors' current accounts 420 210
Accrued expenses 75,440 35,312
3,834,246 1,236,515

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 15) - 207,876
Hire purchase contracts (see note 16) 4,276 14,819
4,276 222,695

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans - 16,665

Amounts falling due between one and two years:
Bank loans - 1-2 years - 17,301

Amounts falling due between two and five years:
Bank loans - 2-5 years - 51,455

Amounts falling due in more than five years:

Mansfield Interior Solutions Ltd (Registered number: 10021599)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

15. LOANS - continued
2024 2023
£    £   
Amounts falling due in more than five years:
Repayable by instalments
Bank loans - more than 5 years - 139,120

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 10,224 16,169
Between one and five years 4,276 14,819
14,500 30,988

Non-cancellable operating leases
2024 2023
£    £   
Within one year 120,922 88,345
Between one and five years 201,861 119,604
322,783 207,949

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 224,541
Hire purchase contracts 14,500 30,988
14,500 255,529

Loans have been repaid during the year.

Hire purchase balances are secured on the assets to which they relate.

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 62,434 31,910
Other provisions - 550,000
62,434 581,910

Mansfield Interior Solutions Ltd (Registered number: 10021599)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

18. PROVISIONS FOR LIABILITIES - continued

Deferred Other
tax provisions
£    £   
Balance at 1 April 2023 31,910 550,000
Provided during year 30,524 -
Utilised during year - (550,000 )
Balance at 31 March 2024 62,434 -

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
140 Ordinary £1 140 100
NIL Ordinary B £1 - 40
140 140

During the year, the 40 Ordinary B shares of £1 each were converted into 40 Ordinary shares of £1 each.

20. RESERVES
Retained
earnings
£   

At 1 April 2023 4,180,625
Profit for the year 3,958,376
Dividends (3,364,076 )
At 31 March 2024 4,774,925

21. ULTIMATE PARENT COMPANY

The company's immediate and ultimate parent undertaking is Miller Knight Group Holdings Limited, Unit 2b, Sherwood Oaks Close, Sherwood Oaks Business Park, Mansfield, England, NG18 4TB. Copies of the consolidated financial statements of Miller Knight Group Holdings Limited are available from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.

Post year end, following restructure of the group, the new ultimate parent company is Miller Knight Group Limited.

22. EMPLOYEE BENEFITS

Included within the notes to the financial statements are payments to the defined contribution pension scheme.