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Registration number: 06085618

The Mezzanine Floor Group Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 April 2024

 

The Mezzanine Floor Group Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Consolidated Statement of Income and Retained Earnings

9

Consolidated Balance Sheet

10

Balance Sheet

11

Consolidated Statement of Cash Flows

12

Statement of Cash Flows

13

Notes to the Financial Statements

14 to 27

 

The Mezzanine Floor Group Limited

Company Information

Directors

Mr P M Alexander

Mr D L J Quail

Registered office

Unit 6, Petersfield Business Park
Bedford Road
Petersfield
Hampshire
GU32 3QA

Auditors

MMO Limited
Chartered Accountants and Statutory Auditors
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

The Mezzanine Floor Group Limited

Strategic Report for the Year Ended 30 April 2024

The directors present their strategic report for the year ended 30 April 2024.

Principal activity

The principal activity of the group is manufacture and sale of mezzanine floors.

Fair review of the business

The company has seen a decreasee in turnover in the current year.

The position of the company remains satisfactory, as reflected in the year end balance sheet.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

10,238,476

18,723,492

Turnover growth

%

(45)

39

Gross profit margin

%

32

32

Profit before tax

£

1,425,155

3,634,673

Principal risks and uncertainties

The principle risks and uncertainties remain as the levels of demand in a recovering economy. In the capital goods sector our product range tends to be dependent on the availability of finance, and as such the quantity of new business seen has affected the level of demand.

The company continues to explore new market places to balance these risks, into the medium term.

The price of core materials has weakened but remains high, therefore smart purchasing practices have been a necessity for margin retention.

The business is continuing to invest in new technology to ensure it remains relevant in the modern business environment.

Approved and authorised by the Board on 29 January 2025 and signed on its behalf by:
 

.........................................
Mr P M Alexander
Director

 

The Mezzanine Floor Group Limited

Directors' Report for the Year Ended 30 April 2024

The directors present their report and the for the year ended 30 April 2024.

Directors of the group

The directors who held office during the year were as follows:

Mr P M Alexander

Mr D L J Quail

Financial instruments

Objectives and policies

The companys main objective is to re-establish revenues in existing, new and related markets and increasing the turnover from ancillary products to the mezzanine flooring such as installation of partioning and flooring

Price risk, credit risk, liquidity risk and cash flow risk

The business' principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding through the use of overdrafts as floating rates of interest. All of the business' cash balances are held in such a way that it achieves a competitive rate of interest. The business makes use of the money market facilities where funds are available.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and regular monitoring of amounts outstanding for both time and credit limits.

The trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet the due dates.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 29 January 2025 and signed on its behalf by:
 

.........................................
Mr P M Alexander
Director

 

The Mezzanine Floor Group Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

The Mezzanine Floor Group Limited

Independent Auditor's Report to the Members of The Mezzanine Floor Group Limited

Opinion

We have audited the financial statements of The Mezzanine Floor Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024, which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, Statement of Cash Flows, 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 group's and the parent company's affairs as at 30 April 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 auditor 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

The Mezzanine Floor Group Limited

Independent Auditor's Report to the Members of The Mezzanine Floor Group Limited

Opinion on other matter 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 year 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 our 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 and the Directors' Report.

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 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 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 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:

 

The Mezzanine Floor Group Limited

Independent Auditor's Report to the Members of The Mezzanine Floor Group Limited


Extent to which the audit was considered of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
• Reviewing minutes of meetings of those charged with governance;
• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
• 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 bias and 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 indicators of potential 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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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 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.

 

The Mezzanine Floor Group Limited

Independent Auditor's Report to the Members of The Mezzanine Floor Group Limited

......................................
Gillian McIntosh (Senior Statutory Auditor)
For and on behalf of MMO Limited , Statutory Auditor

Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

29 January 2025

 

The Mezzanine Floor Group Limited

Consolidated Profit and Loss Account and Statement of Retained Earnings for the Year Ended 30 April 2024

Note

2024
£

2023
£

Turnover

3

10,238,476

18,723,492

Cost of sales

 

(6,895,862)

(12,805,116)

Gross profit

 

3,342,614

5,918,376

Administrative expenses

 

(1,945,989)

(2,299,996)

Operating profit

5

1,396,625

3,618,380

Other interest receivable and similar income

6

29,531

18,526

Interest payable and similar charges

7

(1,041)

(2,233)

 

28,490

16,293

Profit before tax

 

1,425,115

3,634,673

Taxation

11

(396,114)

(778,012)

Profit for the financial year

 

1,029,001

2,856,661

Profit/(loss) attributable to:

 

Owners of the company

 

1,029,001

2,856,661

Retained earnings brought forward

 

9,075,214

6,418,554

Dividends paid

 

-

(200,000)

Retained earnings carried forward

 

10,104,215

9,075,215

 

The Mezzanine Floor Group Limited

(Registration number: 06085618)
Consolidated Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

12

1,272,580

1,410,256

Tangible assets

13

743,350

897,081

Investment property

14

288,627

288,627

Other financial assets

16

2

2

 

2,304,559

2,595,966

Current assets

 

Stocks

17

27,092

23,153

Debtors

18

1,490,394

2,086,421

Cash at bank and in hand

 

2,084,627

2,115,129

 

3,602,113

4,224,703

Creditors: Amounts falling due within one year

20

(2,336,155)

(2,973,462)

Net current assets

 

1,265,958

1,251,241

Total assets less current liabilities

 

3,570,517

3,847,207

Provisions for liabilities

21

(66,002)

(71,692)

Net assets

 

3,504,515

3,775,515

Capital and reserves

 

Called up share capital

22

300

300

Retained earnings

3,504,215

3,775,215

Equity attributable to owners of the company

 

3,504,515

3,775,515

Shareholders' funds

 

3,504,515

3,775,515

Approved and authorised by the Board on 29 January 2025 and signed on its behalf by:
 

.........................................
Mr P M Alexander
Director

 

The Mezzanine Floor Group Limited

(Registration number: 06085618)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

15

3,442,364

3,442,364

Current assets

 

Debtors

18

110,475

110,475

Cash at bank and in hand

 

488,035

13,401

 

598,510

123,876

Creditors: Amounts falling due within one year

20

(9,469,890)

(7,739,478)

Net current liabilities

 

(8,871,380)

(7,615,602)

Net liabilities

 

(5,429,016)

(4,173,238)

Capital and reserves

 

Called up share capital

22

300

300

Retained earnings

(5,429,316)

(4,173,538)

Shareholders' deficit

 

(5,429,016)

(4,173,238)

The company made a profit after tax for the financial year of £44,222 (2023 - profit of £715,363).

Approved and authorised by the Board on 29 January 2025 and signed on its behalf by:
 

.........................................

Mr P M Alexander

Director

 

The Mezzanine Floor Group Limited

Consolidated Statement of Cash Flows for the Year Ended 30 April 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

1,029,001

2,856,661

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

219,211

261,546

Loss on disposal of tangible assets

4

47

15,575

Profit from sales of investment properties

4

-

(5,026)

Finance income

6

(29,531)

(18,526)

Finance costs

7

1,041

2,233

Income tax expense

11

396,114

778,012

 

1,615,883

3,890,475

Working capital adjustments

 

(Increase)/decrease in stocks

17

(3,939)

12,899

Decrease in trade debtors

18

596,027

1,549,838

Decrease in trade creditors

20

(471,601)

(1,805,592)

Cash generated from operations

 

1,736,370

3,647,620

Income taxes paid

11

(526,037)

(647,252)

Net cash flow from operating activities

 

1,210,333

3,000,368

Cash flows from investing activities

 

Interest received

29,531

18,526

Acquisitions of tangible assets

-

(61,692)

Proceeds from sale of tangible assets

 

72,149

16,681

Proceeds from sale of investment properties

 

-

344,400

Net cash flows from investing activities

 

101,680

317,915

Cash flows from financing activities

 

Interest paid

7

(1,041)

(2,233)

Payments for purchase of own shares

 

(1,300,000)

(5,300,000)

Payments to finance lease creditors

 

(41,473)

(6,544)

Dividends paid

-

(200,000)

Net cash flows from financing activities

 

(1,342,514)

(5,508,777)

Net decrease in cash and cash equivalents

 

(30,501)

(2,190,494)

Cash and cash equivalents at 1 May

 

2,115,129

4,305,620

Effect of exchange rate fluctuations on cash held

 

(1)

3

Cash and cash equivalents at 30 April

 

2,084,627

2,115,129

 

The Mezzanine Floor Group Limited

Statement of Cash Flows for the Year Ended 30 April 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

44,222

715,363

Adjustments to cash flows from non-cash items

 

Finance income

(4,088)

(444)

Income tax expense

11

13,585

198,623

 

53,719

913,542

Working capital adjustments

 

Increase in trade debtors

18

-

(110,025)

Increase in trade creditors

20

1,735,086

4,771,142

Cash generated from operations

 

1,788,805

5,574,659

Income taxes paid

11

(18,259)

(318,312)

Net cash flow from operating activities

 

1,770,546

5,256,347

Cash flows from investing activities

 

Interest received

4,088

444

Cash flows from financing activities

 

Payments for purchase of own shares

 

(1,300,000)

(5,300,000)

Dividends paid

-

(200,000)

Net cash flows from financing activities

 

(1,300,000)

(5,500,000)

Net increase/(decrease) in cash and cash equivalents

 

474,634

(243,209)

Cash and cash equivalents at 1 May

 

13,401

256,610

Cash and cash equivalents at 30 April

 

488,035

13,401

 

The Mezzanine Floor Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England .

The address of its registered office is:
Unit 6, Petersfield Business Park
Bedford Road
Petersfield
Hampshire
GU32 3QA
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 April 2024.

 

The Mezzanine Floor Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Tax

The tax expense for the period comprises current and deferred 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.

 

The Mezzanine Floor Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

The Mezzanine Floor Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Asset class

Amortisation method and rate

Goodwill

25 years straight line

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

The Mezzanine Floor Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

The Mezzanine Floor Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

3

Revenue

The analysis of the group's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

10,223,476

18,707,432

Rental income from investment property

15,000

16,060

10,238,476

18,723,492

4

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2024
£

2023
£

Loss on disposal of Tangible assets

(47)

(15,575)

Gain from sales of investment properties

-

5,026

(47)

(10,549)

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

81,535

123,870

Amortisation expense

137,676

137,676

Loss on disposal of property, plant and equipment

47

15,575

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

29,531

15,047

Other finance income

-

3,479

29,531

18,526

 

The Mezzanine Floor Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

7

Interest payable and similar expenses

2024
£

2023
£

Interest on obligations under finance leases and hire purchase contracts

1,041

2,233

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,133,067

1,247,546

Social security costs

134,537

150,346

Pension costs, defined contribution scheme

20,900

22,286

1,288,504

1,420,178

The average number of persons employed by the company (including directors) during the year, was 24 (2023 - 24).

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

330,079

347,615

Contributions paid to money purchase schemes

2,105

1,611

332,184

349,226

10

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

10,921

9,495


 

 

The Mezzanine Floor Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

11

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

418,234

778,012

UK corporation tax adjustment to prior periods

(16,430)

-

401,804

778,012

Deferred taxation

Arising from origination and reversal of timing differences

(5,690)

-

Tax expense in the income statement

396,114

778,012

Deferred tax

12

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

3,441,914

3,441,914

At 30 April 2024

3,441,914

3,441,914

Amortisation

At 1 May 2023

2,031,658

2,031,658

Amortisation charge

137,676

137,676

At 30 April 2024

2,169,334

2,169,334

Carrying amount

At 30 April 2024

1,272,580

1,272,580

At 30 April 2023

1,410,256

1,410,256

 

The Mezzanine Floor Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

13

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

498,820

121,401

735,788

1,356,009

Disposals

-

(4,912)

(159,360)

(164,272)

At 30 April 2024

498,820

116,489

576,428

1,191,737

Depreciation

At 1 May 2023

-

102,427

356,501

458,928

Charge for the year

-

4,459

77,076

81,535

Eliminated on disposal

-

(3,708)

(88,368)

(92,076)

At 30 April 2024

-

103,178

345,209

448,387

Carrying amount

At 30 April 2024

498,820

13,311

231,219

743,350

At 30 April 2023

498,820

18,974

379,287

897,081

Included within the net book value of land and buildings above is £498,820 (2023 - £498,820) in respect of freehold land and buildings.
 

14

Investment properties

Group

2024
£

At 1 May

288,627

At 30 April

288,627

The investment properties have been valued by the Director, and it is not believed that there is any increase in value since purchase.

There has been no valuation of investment property by an independent valuer.

 

The Mezzanine Floor Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

15

Investments

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Hi-Level Mezzanines Limited

Unit 6 Petersfield Business Park
Bedford Road
Petersfield
Hampshire
GU32 3QA

Ordinary Shares

100%

100%

England

Hi-Level Design Limited

Unit 6 Petersfield Business Park
Bedford Road
Petersfield
Hampshire
GU32 3QA

Ordinary Shares

100%

100%

England

Hi-Level Holdings Limited*

Unit 6 Petersfield Business Park
Bedford Road
Petersfield
Hampshire
GU32 3QA

Ordinary Shares

100%

100%

England

Subsidiary undertakings

Hi-Level Mezzanines Limited

The principal activity of Hi-Level Mezzanines Limited is the sale and installation of mezzanine floors.

Hi-Level Design Limited

The principal activity of Hi-Level Design Limited is that of a dormant company.

Hi-Level Holdings Limited

The principal activity of Hi-Level Holdings Limited is that of a holding company.

 

The Mezzanine Floor Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Company

2024
£

2023
£

Investments in subsidiaries

3,442,364

3,442,364

Subsidiaries

£

Cost or valuation

At 1 May 2023

3,442,364

Provision

Carrying amount

At 30 April 2024

3,442,364

At 30 April 2023

3,442,364

16

Other financial assets

17

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Raw materials and consumables

27,092

23,153

-

-

 

The Mezzanine Floor Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

18

Debtors

   

Group

Company

Current

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

1,288,500

1,682,797

-

-

Amounts owed by related parties

-

-

-

450

Other debtors

 

138,015

343,703

110,475

110,025

Prepayments

 

63,879

59,921

-

-

   

1,490,394

2,086,421

110,475

110,475

 

The Mezzanine Floor Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

19

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash at bank

498,035

23,401

488,035

13,401

Short-term deposits

1,586,592

2,091,728

-

-

2,084,627

2,115,129

488,035

13,401

20

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

-

41,473

-

-

Trade creditors

 

1,410,037

1,912,753

-

-

Amounts due to related parties

450

-

9,449,554

7,706,904

Social security and other taxes

 

76,109

115,915

5,870

13,424

Outstanding defined contribution pension costs

 

3,579

4,384

407

407

Other payables

 

510,622

400,808

(10)

-

Accruals

 

19,731

58,269

-

-

Corporation tax liability

11

315,627

439,860

14,069

18,743

 

2,336,155

2,973,462

9,469,890

7,739,478

21

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 May 2023

71,692

71,692

Additional provisions

(5,690)

(5,690)

At 30 April 2024

66,002

66,002

 

The Mezzanine Floor Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

22

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

300

300

300

300

       

Employees Ownership Trust

An Employees Ownership Trust was established during the year. An initial down payment of £5,300,000 was made in 2023 with a further £1,300,000 made in the curent year, this has been charged to reserves.

No provision has been made for future deferred consideration.