IRIS Accounts Production v24.3.2.46 05665780 Board of Directors 1.5.23 30.4.24 30.4.24 Medium entities fleet conversion specialist. true false true true false false false true false Auditors Opinion These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 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REGISTERED NUMBER: 05665780 (England and Wales)















MIS CONVERSIONS LTD

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 APRIL 2024






MIS CONVERSIONS LTD (REGISTERED NUMBER: 05665780)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 17


MIS CONVERSIONS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: R A Hallowes
S J Parkin
M Warner
J B Warner





SECRETARY: S J Parkin





REGISTERED OFFICE: Centrix Business Park Sandall Stones Roa
Kirk Sandall
Doncaster
South Yorkshire
DN3 1QR





REGISTERED NUMBER: 05665780 (England and Wales)





AUDITORS: Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

MIS CONVERSIONS LTD (REGISTERED NUMBER: 05665780)

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 company is fleet conversion specialist.

REVIEW OF BUSINESS
The business has continued to grow during the financial year of 23-24 and it is reflected in the turnover increase . The business has taken on further sites in Doncaster, now running out of 3 main locations with a further 2 satellite buildings. We have increased our customer base, and the number of contracts has grown, providing job stability for all employees. We have implanted new processes and procedures to ensure costs monitored and to keep tighter controls throughout the business. New senior positions have been added to increase productivity and support departmental leads. Turnover for the 2023 year end was £14,106,789 with a gross profit margin of 13.67%. Turnover for the 2024 year end was £16,068,811 with gross profit margin of 20.17%. Turnover between the years shows an increase of 13.91%.


MIS CONVERSIONS LTD (REGISTERED NUMBER: 05665780)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Supply Chain Disruptions: Interruptions in the supply chain, such as delays in raw material deliveries or shortages of pre manufactured items , can halt production and lead to financial losses. In order to reduce these risks the business has identified all key products and materials and split them into dual supply thus reducing risk.

Equipment Failure: Unexpected breakdowns of machinery and equipment can cause production delays and increase maintenance costs. The business has subscribed to repair and maintenance plans from the manufacturer with all large machinery to reduce downtime, in addition to this to reduce the risk in case of complete machine failure we have identified three sub-contractors that will be able to cope with the volume. Smaller non specialist equipment such as welders or saws are readily available to replace with short lead times.

Technological Risks: The rapid pace of technological advancements can render existing equipment and processes obsolete, requiring significant investment in new technologies. All IT equipment is replaced on a annual cycle to ensure it complies with any security updates from the equipment and software providers. We have our own in house IT department that is backed up by a third party IT support company for out of hours cover.

Workforce Shortage: A lack of skilled labour can affect production efficiency and quality, leading to delays and increased costs. The business has multiple recruitment agencies on board to give the business a full spectrum of employees for all specialist areas. The shopfloor labour force is on a continual program to deskill all tasks with plug and play equipment enabling the business to employee lesser skilled operatives and retain a small amount of skilled.

Regulatory Compliance: Changes in regulations and standards can require costly adjustments to processes and equipment to remain compliant. Our in house Compliance Manager keeps costs to a minimum by identifying future compliance changes giving the business the opportunity to be proactive rather than reactive.

Market Risks: Fluctuations in market demand and prices for materials can impact profitability and financial stability. The purchasing team highlights and increases in costs so this then gets automatically adjusted in our in house quotations system AMES which then automatically adjusts the sale price allowing profitability to remain stable.

Safety Risks: Ensuring the safety of workers is paramount. Accidents and injuries can lead to legal liabilities, increased insurance costs, and loss of productivity. Our HR department constantly monitor any accidents in the work place and ensure all risk assessments and safety documentation and read, understood and acknowledged by every employee.

Project Management Risks: Poor project management can result in cost overruns, missed deadlines, and subpar quality. Regular project meetings are held to ensure the business delivers on time without compromising on quality.

Economic Conditions: Economic downturns can reduce demand for products, affecting revenue and profitability. This is unavoidable and cannot be foreseen but as we are an agile business with a multiskilled workforce we have proved in the past we can adapt and overcome quickly thus transferring skills into a different more in demand industry. (During the microchip shortage when we could not get vehicles delivered we manufactured "Welfare Trailers" keeping all the staff employed and continued the revenue stream)

Environmental Risks: Environmental regulations and the need for sustainable practices can impose additional costs and operational changes. Our compliance Manager and HR Team work closely to identify any areas we are not compliant and ensures costs are passed on through the quotations system AMES.


MIS CONVERSIONS LTD (REGISTERED NUMBER: 05665780)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

KPI’S AND GOING CONCERN
Assessing the company's ability to continue its operations into the foreseeable future:

Revenue Growth: Consistent revenue growth indicates a healthy demand for products and services, which is crucial for long-term sustainability. The business has continuously grown over the last 5 years which is reflected in the turnover increase of 14% over the last financial year.

Profit Margins: Monitoring gross, operating, and net profit margins helps assess the company's profitability and efficiency in managing costs. The gross profit margin has increased from 14% to 20% over the last 12 months and is regularly monitored to ensure the company is profitable.

Cash Flow: Positive cash flow from operations ensures the company can meet its short-term obligations and invest in future growth. Ash flow is monitored closely to ensure the business has positive cash levels to continue operations.

Debt Levels: Keeping an eye on debt-to-equity ratio and interest coverage ratio helps evaluate the company's financial leverage and ability to service its debt.

Inventory Turnover: High inventory turnover indicates efficient inventory management and strong sales performance.

Customer Satisfaction and Retention: High levels of customer satisfaction and retention are indicators of a strong market position and future revenue stability. The company prides itself on customer retention and is actively seeking customer feedback to improve and develop.

Market Share: Maintaining or growing market share indicates competitive strength and the ability to attract and retain customers.

Risk Management: Identifying and mitigating risks related to supply chain, regulatory compliance, and technological changes is essential for long-term viability. The company has expanded supply chains to ensure there is various sources of necessary parts and has an in house compliance team to ensure regulations are adhered too.

Sustainability Practices: Implementing sustainable practices can improve the company's reputation and ensure compliance with environmental regulations, which is increasingly important for long-term success. The company is ISO 14001 compliant to ensure environmental regulations and sustainable practise is upheld.

FUTURE DEVELOPMENTS
The Company has plans to expand further with a new production facility in early 2025 and increased workload to meet for our current and new customers' demands. There has also been investment in late 2024 into a new vehicle collection and delivery site to further meet our customer's needs. The staff headcount is expected to increase by around 25% including the adding of further engineers and support staff, to enable growth and development within the business. Current forecasts show the company to continually progress for the next 3-5 years.

ON BEHALF OF THE BOARD:





M Warner - Director


30 January 2025

MIS CONVERSIONS LTD (REGISTERED NUMBER: 05665780)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their report with the financial statements of the company for the year ended 30 April 2024.

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2024 will be £262,000.

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

R A Hallowes
S J Parkin
M Warner
J B Warner

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.

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.

AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M Warner - Director


30 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MIS CONVERSIONS LTD


Qualified Opinion

We have audited the financial statements of MIS Conversions Ltd (the 'Company') for the period ended 30 April 2024 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects on the corresponding figures described in the basis for qualified opinion section of our report, the financial statements:
- give a true and fair view of the state of the company's affairs as at 30 April 2024 and of the company'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 qualified opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

We were not appointed auditor of the company until after 30 April 2023 and thus did not observe the counting of physical stock at the end of that year. We were unable to satisfy ourselves by alternative means concerning the stock quantities of £1,942,178 held at 30 April 2023 by using other audit procedures. Consequently we were unable to determine whether any adjustments to this amount as at 30 April 2023 was necessary or whether there was any consequential effect on the cost of sales for the period ended 30 April 2024. Our audit opinion on the Financial Statements for the period ended 30 April 2024 was modified accordingly. Our opinion on the current period's financial statements is also modified because of the possible effect of this matter on the comparability of the current period's figures.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MIS CONVERSIONS LTD


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.

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 five, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MIS CONVERSIONS LTD


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Company, we identified that the principal risks of non-compliance with laws and regulations related to corporation tax legislation and we considered the extent to which non-compliance might have a material effect on the financial statements.

As part of this assessment we considered both quantitative and qualitative factors. We also considered those laws and regulations that have a direct impact of the preparation of the financial statements, such as the Companies Act 2006 and FRS 102.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements which included the risk of management override of controls. We determined that the principal risks were related to posting inappropriate journal entries, omitting, advancing or delaying recognition of events and transactions that have occurred during or after the reporting period, and potential management bias in the determination of accounting estimates or judgements to manipulate results.

Audit procedures performed by the engagement team include:

- Enquiring of and obtaining written representation from management in relation to known or suspected instances
of non-compliance with laws and regulations and fraud;
- Enquiring of entity staff in tax and compliance functions to identify any instances of non-compliance with laws
and regulations;
- Evaluation of management's controls designed to prevent and detect irregularities;
- Identifying and, where relevant, testing journal entries posted by senior management or with unusual
combinations;
- Assessing and evaluating the business rationale of significant transactions outside the normal course of
business;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations;
- Review of correspondence with regulators in so far as they are related to the financial statements;
- Incorporating elements of unpredictability into the nature, timing and/or extent of audit procedures performed.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

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
MIS CONVERSIONS 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.




Kelvin Fitton BA FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

31 January 2025

MIS CONVERSIONS LTD (REGISTERED NUMBER: 05665780)

INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
(Unaudited)
Notes £    £    £    £   

TURNOVER 16,068,811 14,106,789

Cost of sales 12,827,870 11,894,135
GROSS PROFIT 3,240,941 2,212,654

Distribution costs 32,396 26,304
Administrative expenses 2,258,826 1,666,477
2,291,222 1,692,781
949,719 519,873

Other operating income 16,423 5,746
OPERATING PROFIT 4 966,142 525,619

Interest receivable and similar income - 282
966,142 525,901

Interest payable and similar expenses 5 263,480 96,846
PROFIT BEFORE TAXATION 702,662 429,055

Tax on profit 6 120,555 80,305
PROFIT FOR THE FINANCIAL YEAR 582,107 348,750

MIS CONVERSIONS LTD (REGISTERED NUMBER: 05665780)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
(Unaudited)
Notes £    £   

PROFIT FOR THE YEAR 582,107 348,750


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

582,107

348,750

MIS CONVERSIONS LTD (REGISTERED NUMBER: 05665780)

BALANCE SHEET
30 APRIL 2024

2024 2023
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 1 1
Tangible assets 9 420,461 475,257
420,462 475,258

CURRENT ASSETS
Stocks 10 2,100,413 1,942,178
Debtors 11 3,656,212 2,627,465
Cash at bank and in hand 150,710 158,991
5,907,335 4,728,634
CREDITORS
Amounts falling due within one year 12 4,713,950 3,965,679
NET CURRENT ASSETS 1,193,385 762,955
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,613,847

1,238,213

CREDITORS
Amounts falling due after more than one
year

13

(455,407

)

(413,438

)

PROVISIONS FOR LIABILITIES 17 (93,534 ) (79,976 )
NET ASSETS 1,064,906 744,799

CAPITAL AND RESERVES
Called up share capital 18 1,000 1,000
Retained earnings 19 1,063,906 743,799
SHAREHOLDERS' FUNDS 1,064,906 744,799

The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by:





M Warner - Director


MIS CONVERSIONS LTD (REGISTERED NUMBER: 05665780)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 1,000 684,849 685,849

Changes in equity
Dividends - (289,800 ) (289,800 )
Total comprehensive income - 348,750 348,750
Balance at 30 April 2023 1,000 743,799 744,799

Changes in equity
Dividends - (262,000 ) (262,000 )
Total comprehensive income - 582,107 582,107
Balance at 30 April 2024 1,000 1,063,906 1,064,906

MIS CONVERSIONS LTD (REGISTERED NUMBER: 05665780)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
(Unaudited)
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 530,350 157,790
Interest paid (247,668 ) (96,846 )
Interest element of hire purchase payments
paid

(15,812

)

-
Tax paid (19,532 ) 28,225
Net cash from operating activities 247,338 89,169

Cash flows from investing activities
Purchase of tangible fixed assets (40,984 ) (131,004 )
Interest received - 282
Net cash from investing activities (40,984 ) (130,722 )

Cash flows from financing activities
Capital repayments in year 105,719 103,477
Amount withdrawn by directors (58,354 ) -
Equity dividends paid (262,000 ) (289,800 )
Net cash from financing activities (214,635 ) (186,323 )

Decrease in cash and cash equivalents (8,281 ) (227,876 )
Cash and cash equivalents at beginning of
year

2

158,991

386,867

Cash and cash equivalents at end of year 2 150,710 158,991

MIS CONVERSIONS LTD (REGISTERED NUMBER: 05665780)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
(Unaudited)
£    £   
Profit before taxation 702,662 429,055
Depreciation charges 95,780 92,901
Government grants (4,080 ) (5,746 )
Finance costs 263,480 96,846
Finance income - (282 )
1,057,842 612,774
Increase in stocks (158,235 ) (415,276 )
Increase in trade and other debtors (1,011,628 ) (117,462 )
Increase in trade and other creditors 642,371 77,754
Cash generated from operations 530,350 157,790

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 150,710 158,991
Year ended 30 April 2023
30.4.23 1.5.22
(Unaudited)
£    £   
Cash and cash equivalents 158,991 386,867


MIS CONVERSIONS LTD (REGISTERED NUMBER: 05665780)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 158,991 (8,281 ) 150,710
158,991 (8,281 ) 150,710
Debt
Finance leases (103,477 ) (105,719 ) (209,196 )
Debts falling due within 1 year (150,945 ) (160,365 ) (311,310 )
Debts falling due after 1 year (357,002 ) 53,471 (303,531 )
(611,424 ) (212,613 ) (824,037 )
Total (452,433 ) (220,894 ) (673,327 )

MIS CONVERSIONS LTD (REGISTERED NUMBER: 05665780)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

MIS Conversions 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover isreduced for estimated customer returns, rebates and other similar allowances.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 4 years.

Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold10% straight line
Plant & Machinery15% - 25% reducing balance
Motor Vehicles25% reducing balance
Fixtures & Fittings25% reducing balance
Computer Equipment33% reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


MIS CONVERSIONS LTD (REGISTERED NUMBER: 05665780)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
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.

3. EMPLOYEES AND DIRECTORS
2024 2023
(Unaudited)
£    £   
Wages and salaries 4,002,651 2,992,410
Social security costs 351,873 264,700
Other pension costs 66,384 52,964
4,420,908 3,310,074

The average number of employees during the year was as follows:
2024 2023
(Unaudited)

Workshop 136 110
Administration (including Directors) 19 17
155 127

2024 2023
(Unaudited)
£    £   
Directors' remuneration 206,338 137,688

MIS CONVERSIONS LTD (REGISTERED NUMBER: 05665780)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


3. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director for the year ended 30 April 2024 is as follows:
2024

£   
Emoluments etc 100,154

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
(Unaudited)
£    £   
Hire of plant and machinery 102,186 17,892
Depreciation - owned assets 44,084 73,862
Depreciation - assets on hire purchase contracts 51,696 19,041

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
(Unaudited)
£    £   
Bank interest - 56
Bank loan interest 103,872 26,468
HMRC Interest & Charges 8,077 901
Factoring Interest 135,719 69,421
Hire purchase 15,812 -
263,480 96,846

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
(Unaudited)
£    £   
Current tax:
UK corporation tax 178,253 71,256
Underprovision in earlier year (71,256 ) -
Total current tax 106,997 71,256

Deferred tax 13,558 9,049
Tax on profit 120,555 80,305

MIS CONVERSIONS LTD (REGISTERED NUMBER: 05665780)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


6. TAXATION - continued

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:

2024 2023
(Unaudited)
£    £   
Profit before tax 702,662 429,055
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

175,666

81,520

Effects of:
Expenses not deductible for tax purposes (399 ) (3,018 )
Income not taxable for tax purposes - (81,167 )
Utilisation of tax losses (8,711 ) 11,714
Adjustments to tax charge in respect of previous periods (46,001 ) 71,256
Total tax charge 120,555 80,305

7. DIVIDENDS
2024 2023
(Unaudited)
£    £   
Ordinary shares of £1 each
Interim 262,000 289,800

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 4,001
AMORTISATION
At 1 May 2023
and 30 April 2024 4,000
NET BOOK VALUE
At 30 April 2024 1
At 30 April 2023 1

MIS CONVERSIONS LTD (REGISTERED NUMBER: 05665780)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


9. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 May 2023 70,421 636,112 109,584
Additions - 20,990 1,545
At 30 April 2024 70,421 657,102 111,129
DEPRECIATION
At 1 May 2023 19,681 371,684 61,543
Charge for year 6,080 60,280 8,600
At 30 April 2024 25,761 431,964 70,143
NET BOOK VALUE
At 30 April 2024 44,660 225,138 40,986
At 30 April 2023 50,740 264,428 48,041

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2023 117,287 126,732 1,060,136
Additions - 18,449 40,984
At 30 April 2024 117,287 145,181 1,101,120
DEPRECIATION
At 1 May 2023 12,447 119,524 584,879
Charge for year 7,480 13,340 95,780
At 30 April 2024 19,927 132,864 680,659
NET BOOK VALUE
At 30 April 2024 97,360 12,317 420,461
At 30 April 2023 104,840 7,208 475,257

MIS CONVERSIONS LTD (REGISTERED NUMBER: 05665780)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 May 2023 133,862 87,706 221,568
Reclassification/transfer 309,250 - 309,250
At 30 April 2024 443,112 87,706 530,818
DEPRECIATION
At 1 May 2023 61,847 6,332 68,179
Charge for year 31,352 20,344 51,696
Reclassification/transfer 182,343 - 182,343
At 30 April 2024 275,542 26,676 302,218
NET BOOK VALUE
At 30 April 2024 167,570 61,030 228,600
At 30 April 2023 72,015 81,374 153,389

10. STOCKS
2024 2023
(Unaudited)
£    £   
Stocks 2,100,413 1,942,178

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
(Unaudited)
£    £   
Trade debtors 2,707,100 1,764,296
Directors' current accounts 17,119 -
Prepayments 931,993 863,169
3,656,212 2,627,465

MIS CONVERSIONS LTD (REGISTERED NUMBER: 05665780)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
(Unaudited)
£    £   
Bank loans and overdrafts (see note 14) 311,310 150,945
Hire purchase contracts (see note 15) 57,320 47,041
Trade creditors 1,824,345 1,563,123
Tax 186,946 99,481
Social security and other taxes 103,733 72,526
VAT 301,567 198,673
Other creditors 28,332 56,442
Factored Debt 1,932,808 1,335,754
Directors' current accounts - 41,235
Accrued expenses (32,411 ) 400,459
4,713,950 3,965,679

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
(Unaudited)
£    £   
Bank loans (see note 14) 303,531 357,002
Hire purchase contracts (see note 15) 151,876 56,436
455,407 413,438

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
(Unaudited)
£    £   
Amounts falling due within one year or on demand:
Bank loans 311,310 150,945

Amounts falling due between one and two years:
Bank loans - 1-2 years 303,531 357,002

MIS CONVERSIONS LTD (REGISTERED NUMBER: 05665780)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
(Unaudited
£    £   
Net obligations repayable:
Within one year 57,320 47,041
Between one and five years 151,876 56,436
209,196 103,477

Non-cancellable operating leases
2024 2023
(Unaudited)
£    £   
Within one year 164,167 -
Between one and five years 125,000 -
289,167 -

The total of future minimum lease payments under non-cancellable operating leases at the balance sheet date was £289,167 (2023 - £137,458).

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
(Unaudited)
£    £   
Bank loans 614,841 507,947
Hire purchase contracts 209,196 103,477
824,037 611,424

The bank loan is secured by a legal debenture by fixed and floating charges over the assets of the Company.

The invoice finance creditor is secured by way of fixed and floating charges over the assets of the Company.

The amount of sales ledger debts subject to invoice discounting arrangements at 30 April 2024 was £2,427,149 (2023: £2,025,662).

Within the bank loan includes a secure debt by the Company directors through personal guarantee to the sum of £40,000.

MIS CONVERSIONS LTD (REGISTERED NUMBER: 05665780)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


17. PROVISIONS FOR LIABILITIES
2024 2023
(Unaudited)
£    £   
Deferred tax 93,534 79,976

Deferred
tax
£   
Balance at 1 May 2023 79,976
Charge to Income Statement during year 13,558
Balance at 30 April 2024 93,534

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000

19. RESERVES
Retained
earnings
£   

At 1 May 2023 743,799
Profit for the year 582,107
Dividends (262,000 )
At 30 April 2024 1,063,906