Company Registration No. 01319080 (England and Wales)
MALCOLM HUGHES LAND SURVEYORS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
MALCOLM HUGHES LAND SURVEYORS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
MALCOLM HUGHES LAND SURVEYORS LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,085,905
953,763
Current assets
Stocks
249,306
223,497
Debtors
4
1,794,818
1,614,730
Cash at bank and in hand
3,174
1,775,914
2,047,298
3,614,141
Creditors: amounts falling due within one year
5
(1,254,921)
(2,739,295)
Net current assets
792,377
874,846
Total assets less current liabilities
1,878,282
1,828,609
Provisions for liabilities
6
(194,169)
(115,998)
Net assets
1,684,113
1,712,611
Capital and reserves
Called up share capital
7
100,000
100,000
Share premium account
9,330
9,330
Capital redemption reserve
63
63
Profit and loss reserves
8
1,574,720
1,603,218
Total equity
1,684,113
1,712,611
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 December 2024 and are signed on its behalf by:
Mr J Watson
Director
Company Registration No. 01319080
MALCOLM HUGHES LAND SURVEYORS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 July 2022
100,000
9,330
63
1,397,926
1,507,319
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
-
205,292
205,292
Balance at 30 June 2023
100,000
9,330
63
1,603,218
1,712,611
Year ended 30 June 2024:
Loss and total comprehensive income for the year
-
-
-
(28,498)
(28,498)
Balance at 30 June 2024
100,000
9,330
63
1,574,720
1,684,113
MALCOLM HUGHES LAND SURVEYORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Malcolm Hughes Land Surveyors Limited is a private company limited by shares incorporated and domiciled in England and Wales. The registered office is Aintree House Trident Business Park, Risley, Warrington, WA3 6BX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The company has taken advantage of section 33.1A available in FRS 102 from the requirement to disclose related party transactions with wholly owned group companies.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% on cost
Fixtures and fittings
33% on cost
Computers
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.
MALCOLM HUGHES LAND SURVEYORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Work-in-progress is valued at the cost of direct materials and labour plus attributable production overheads. Provision is made for all foreseeable losses.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
MALCOLM HUGHES LAND SURVEYORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
MALCOLM HUGHES LAND SURVEYORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
86
92
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
2,374,148
Additions
516,596
Disposals
(202,076)
At 30 June 2024
2,688,668
Depreciation and impairment
At 1 July 2023
1,420,385
Depreciation charged in the year
310,241
Eliminated in respect of disposals
(127,863)
At 30 June 2024
1,602,763
Carrying amount
At 30 June 2024
1,085,905
At 30 June 2023
953,763
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,472,656
1,428,289
Corporation tax recoverable
1,697
Amounts owed by group undertakings
83,120
8,155
Other debtors
239,042
176,589
1,794,818
1,614,730
MALCOLM HUGHES LAND SURVEYORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
402,554
Trade creditors
209,080
178,814
Amounts owed to group undertakings
11,909
2,166,935
Taxation and social security
284,784
199,179
Other creditors
346,594
194,367
1,254,921
2,739,295
6
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Fixed asset timing differences
201,303
123,871
Short term timing differences
(7,134)
(7,873)
194,169
115,998
2024
Movements in the year:
£
Liability at 1 July 2023
115,998
Charge to profit or loss
78,171
Liability at 30 June 2024
194,169
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
100,000
100,000
The share capital account records the nominal value of shares issued. The ordinary shares carry equal voting rights and no rights to fixed income.
8
Profit and loss reserves
The company's profit and loss reserves represent the cumulative historic profits and losses, net of dividends and other adjustments.
MALCOLM HUGHES LAND SURVEYORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
9
Financial commitments, guarantees and contingent liabilities
The company has a contingent liability for the overdrafts of other group undertakings which it has guaranteed without limit.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
787,109
769,618
11
Parent company
Until 11 April 2024, the immediate parent company was Ogilvie Geomatics Limited, a company registered in Scotland. The ultimate parent undertaking was Ogilvie Group Limited, a company registered in Scotland.
From 11 April 2024, the immediate and ultimate parent undertaking is Ogilvie Group Limited. Ogilvie Group Limited is the smallest and largest group of undertakings to consolidate these financial statements at 30 June 2024. The consolidated financial statements of Ogilvie Group Limited are available from UK Companies House.
The directors consider that Mr D Ogilvie, director, is the company's ultimate controlling party by virtue of his office and his shareholding through Ogilvie Group Limited.
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Allison Dalton and the auditor was Johnston Carmichael LLP.