REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 June 2024 |
for |
MYCO Contracts Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 June 2024 |
for |
MYCO Contracts Limited |
MYCO Contracts Limited (Registered number: 10558526) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
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 |
MYCO Contracts Limited |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
The Retreat |
406 Roding Lane South |
Woodford Green |
Essex |
IG8 8EY |
MYCO Contracts Limited (Registered number: 10558526) |
Strategic Report |
for the Year Ended 30 June 2024 |
The directors present their strategic report for the year ended 30 June 2024. |
The principal activity of MYCO is as a Main Contractor within the construction industry with delivering design and build and traditional construction solutions to a broad range of private and public sector clients. |
REVIEW OF BUSINESS |
The financial year to June 2024 has seen an increase in the turnover with an associated rise in EBITDA as per the strategic business plan. During this period our operations continued to expand, as MYCO secured notable wins in exciting new projects, assisting to maintain the company's upwards trajectory. We always have business and financial sustainability in mind, and with effective forecasting and budgeting, MYCO continue to retain target profit margin's during this expansive phase, building a solid foundation for the business. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks faced by the company as a result of its activities and the management of those risks are detailed below: |
Financial risk |
The company is exposed to financial risk through its financial assets and liabilities. The key financial risk is that the proceeds from the financial assets are not sufficient to fund obligations as they fall due. In order to manage this, the Directors have ensured that there are sufficient funds set aside to cover a prolonged period of overheads should there be no additional funds available for an extended period. |
Liquidity risk |
To maintain liquidity and ensure that sufficient funds are available for ongoing operations, the company has maintained sufficient cash balances. The company's working capital is planned well in advance, with forecasted payment schedules for each project, that are reviewed and updated monthly. |
Environment |
The company recognises the importance of its environmental responsibilities and monitors its impact on the environment and designs and implements policies to reduce any damage that might be caused by the company's activities. Initiatives are designed to minimise the impact on the environment and include improving energy use, and efficiency, paper use and recycling. MYCO's projects are diverse and as such the corporate social responsibility strategy differs on each one and each project is considered as it's own entity as such. We pride ourselves on being proactive and meticulous with ensuring all operations are undertaken with effective CSR in mind. |
MYCO Contracts Limited (Registered number: 10558526) |
Strategic Report |
for the Year Ended 30 June 2024 |
FINANCIAL KEY PERFORMANCE INDICATORS |
Key performance indicators for the company are the following: |
2024 | 2023 |
Turnover | £43.9m | £35.9m |
Gross Profit | £4.5m | £3.5m |
Gross Margin | 10.3% | 9.7% |
The turnover increase of 19% has been mirrored by a profit increase of 23% which is testament to the company's focus on controlled growth with key clients and management of risk across all projects. |
MYCO has secured a very strong order book for the current year ending June 2025 which will see a strong growth to the turnover in the period. This turnover growth will be controlled within the business strong working capital and financial controls. |
The company also recognises the significance of non-financial KPIs and the key ones are listed below: |
Sustainability - Maintain and improve sustainability practices in all work undertaken. |
Innovation - Ensuring that the company sustains continuous development as it grows and matures, with plans being implemented to advance software and systems, ensuring that at the forefront we are future driven and market leaders in delivering projects to the highest level. |
Client Satisfaction - Ensuring that we continue to deliver projects to the highest standard, and keep and continue to build the strong relationships the company has with it's clients. |
We are committed to improving our sustainability with all of the work that is undertaken. These non-financial indicators provide valuable insights into the company's ethos and contribute to the overall success alongside the financial measures. |
FUTURE DEVELOPMENTS |
Going forwards, the company has a strong orderbook and pipeline and continues to expand, with multiple exciting new secured projects beginning in financial year 2025. |
ON BEHALF OF THE BOARD: |
MYCO Contracts Limited (Registered number: 10558526) |
Report of the Directors |
for the Year Ended 30 June 2024 |
The directors present their report with the financial statements of the company for the year ended 30 June 2024. |
DIVIDENDS |
No interim dividend was paid during the year. The directors recommend a final dividend of £ |
The total distribution of dividends for the year ended 30 June 2024 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
During the year the company made donations totalling £16,669 to various charities. The company is committed to supporting local and national charities, and holds events of varying sizes over the year to further support and raise money for causes that we are passionate about. |
The company was very proud to host the MYCATHLON event in April 2024, held in Richmond Park where employees both volunteered and took part in a range of sporting events, to raise money for the Make a Wish Foundation, raising £39,142. MYCO are very excited at the prospect of holding similar events in the future. |
GOING CONCERN |
The financial statements have been prepared on the going concern basis, which the director believes to be appropriate for the reasons stated below. . |
Having reviewed the company's financial forecasts and expected future cash flows, the director has a reasonable expectation that the company has adequate resources available to continue in operational existence for the foreseeable future, a period of not less than 12 months from the date of approval of these financial statements. |
Based on the considerations set out above, the director believes that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate. |
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. |
MYCO Contracts Limited (Registered number: 10558526) |
Report of the Directors |
for the Year Ended 30 June 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
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, Nordens, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
MYCO Contracts Limited |
Opinion |
We have audited the financial statements of MYCO Contracts Limited (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, 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 the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
MYCO Contracts Limited |
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 pages four and 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 |
MYCO Contracts Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Discussions were held with the directors with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. |
The following laws and regulations were identified as being of significance to the entity: |
- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, Health and Safety Standards, Building Regulations and distributable profits legislation. |
- It is considered that non-compliance with the Health and Safety Standards and Building Regulations laws may be fundamental to the operating aspects of the business. |
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of written resolutions; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud. |
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
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 |
MYCO Contracts Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
The Retreat |
406 Roding Lane South |
Woodford Green |
Essex |
IG8 8EY |
MYCO Contracts Limited (Registered number: 10558526) |
Income Statement |
for the Year Ended 30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
2,959,063 | 2,279,328 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
3,071,921 | 2,348,273 |
Interest payable and similar expenses | 5 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 6 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
MYCO Contracts Limited (Registered number: 10558526) |
Other Comprehensive Income |
for the Year Ended 30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
MYCO Contracts Limited (Registered number: 10558526) |
Balance Sheet |
30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 11 | ( |
) |
PROVISIONS FOR LIABILITIES | 14 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
MYCO Contracts Limited (Registered number: 10558526) |
Statement of Changes in Equity |
for the Year Ended 30 June 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2024 |
MYCO Contracts Limited (Registered number: 10558526) |
Cash Flow Statement |
for the Year Ended 30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of finance lease payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) | ( |
) |
Amount introduced by directors | 772 | 2 |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
2,155,867 |
Cash and cash equivalents at end of year | 2 | 6,005,058 | 4,966,409 |
MYCO Contracts Limited (Registered number: 10558526) |
Notes to the Cash Flow Statement |
for the Year Ended 30 June 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.6.24 | 30.6.23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
(Increase)/decrease in group debtors | (328,452 | ) | 1,119 |
Increase/(decrease) in group creditors | (765,468 | ) | 765,468 |
Finance costs | 17,005 | 16,509 |
Finance income | (41,069 | ) | - |
1,954,906 | 3,128,627 |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
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 June 2024 |
30.6.24 | 1.7.23 |
£ | £ |
Cash and cash equivalents | 6,005,058 | 4,966,409 |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 4,966,409 | 2,155,867 |
MYCO Contracts Limited (Registered number: 10558526) |
Notes to the Cash Flow Statement |
for the Year Ended 30 June 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.7.23 | Cash flow | At 30.6.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 4,966,409 | 1,038,649 | 6,005,058 |
4,966,409 | 6,005,058 |
Debt |
Finance leases | (31,625 | ) | 6,633 | (24,992 | ) |
Debts falling due within 1 year | (50,000 | ) | 4,167 | (45,833 | ) |
Debts falling due after 1 year | (45,833 | ) | 45,833 | - |
(127,458 | ) | 56,633 | (70,825 | ) |
Total | 4,838,951 | 1,095,282 | 5,934,233 |
MYCO Contracts Limited (Registered number: 10558526) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
MYCO Contracts Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
MYCO Contracts Limited (Registered number: 10558526) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. |
MYCO Contracts Limited (Registered number: 10558526) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The 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. |
Going concern |
The financial statements have been prepared on the going concern basis, which the director believes to be appropriate for the reasons stated below. |
Having reviewed the company's financial forecasts and expected future cash flows, the director has a reasonable expectation that the company has adequate resources available to continue in operational existence for the foreseeable future, a period of not less than 12 months from the date of approval of these financial statements. |
Based on the considerations set out above, the director believes that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate. |
MYCO Contracts Limited (Registered number: 10558526) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
3. | EMPLOYEES AND DIRECTORS |
30.6.24 | 30.6.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
30.6.24 | 30.6.23 |
Management | 3 | 3 |
Administrative staff | 5 | 4 |
Operational | 30 | 21 |
30.6.24 | 30.6.23 |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director for the year ended 30 June 2024 is as follows: |
30.6.24 |
£ |
Emoluments etc |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
30.6.24 | 30.6.23 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Loss on disposal of fixed assets |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.6.24 | 30.6.23 |
£ | £ |
Bank loan interest |
Hire purchase |
MYCO Contracts Limited (Registered number: 10558526) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.6.24 | 30.6.23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
30.6.24 | 30.6.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) |
Deferred tax | 1,910 | 11,128 |
Total tax charge | 791,485 | 318,225 |
7. | DIVIDENDS |
30.6.24 | 30.6.23 |
£ | £ |
Ordinary shares of £1 each |
Final |
MYCO Contracts Limited (Registered number: 10558526) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
8. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Accrued income |
Accruals |
Prepayments |
MYCO Contracts Limited (Registered number: 10558526) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans and overdrafts (see note 12) |
Finance leases (see note 13) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 1,281,974 | 800,225 |
Other creditors |
Directors' current accounts | 774 | 2 |
Accruals and deferred income |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans (see note 12) |
Finance leases (see note 13) |
12. | LOANS |
An analysis of the maturity of loans is given below: |
30.6.24 | 30.6.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
MYCO Contracts Limited (Registered number: 10558526) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
13. | LEASING AGREEMENTS |
Minimum lease payments under finance leases fall due as follows: |
Finance leases |
30.6.24 | 30.6.23 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
14. | PROVISIONS FOR LIABILITIES |
30.6.24 | 30.6.23 |
£ | £ |
Deferred tax | 15,739 | 13,829 |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Provided during year |
Balance at 30 June 2024 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
16. | RESERVES |
Retained |
earnings |
£ |
At 1 July 2023 |
Profit for the year |
Dividends | ( |
) |
At 30 June 2024 |
MYCO Contracts Limited (Registered number: 10558526) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
17. | RELATED PARTY DISCLOSURES |
The directors Mr Culhane, Mr Madigan and Mr Murphy are all deemed to be key management personnel. No guarantees have been given or received during the year. |
There is not deemed to be an ultimate controlling party because the shares are split equally between all 3 shareholders. |