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REGISTERED NUMBER: 10558526 (England and Wales)














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: Mr K Culhane
Mr J Madigan
Mr M Murphy





REGISTERED OFFICE: 3rd Floor,
Godliman House,
21 Godliman Street
London
EC4V 5BD





REGISTERED NUMBER: 10558526 (England and Wales)





AUDITORS: Nordens
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:





Mr M Murphy - Director


5 February 2025

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 £72,556 per share.

The total distribution of dividends for the year ended 30 June 2024 will be £ 725,560 .

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

Mr K Culhane
Mr J Madigan
Mr M Murphy

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:





Mr M Murphy - Director


5 February 2025

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.




Lorraine Curtis (Senior Statutory Auditor)
for and on behalf of Nordens
Statutory Auditors
The Retreat
406 Roding Lane South
Woodford Green
Essex
IG8 8EY

5 February 2025

MYCO Contracts Limited (Registered number: 10558526)

Income Statement
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   

TURNOVER 43,897,993 35,884,004

Cost of sales (39,386,549 ) (32,353,483 )
GROSS PROFIT 4,511,444 3,530,521

Administrative expenses (1,552,381 ) (1,251,193 )
2,959,063 2,279,328

Other operating income 71,789 68,945
OPERATING PROFIT 4 3,030,852 2,348,273

Interest receivable and similar income 41,069 -
3,071,921 2,348,273

Interest payable and similar expenses 5 (17,005 ) (16,509 )
PROFIT BEFORE TAXATION 3,054,916 2,331,764

Tax on profit 6 (791,485 ) (318,225 )
PROFIT FOR THE FINANCIAL YEAR 2,263,431 2,013,539

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 2,263,431 2,013,539


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

2,263,431

2,013,539

MYCO Contracts Limited (Registered number: 10558526)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £   
FIXED ASSETS
Tangible assets 8 62,955 72,382

CURRENT ASSETS
Debtors 9 9,239,781 5,194,426
Cash at bank and in hand 6,005,058 4,966,409
15,244,839 10,160,835
CREDITORS
Amounts falling due within one year 10 (10,833,745 ) (7,228,124 )
NET CURRENT ASSETS 4,411,094 2,932,711
TOTAL ASSETS LESS CURRENT LIABILITIES 4,474,049 3,005,093

CREDITORS
Amounts falling due after more than one year 11 - (70,825 )

PROVISIONS FOR LIABILITIES 14 (15,739 ) (13,829 )
NET ASSETS 4,458,310 2,920,439

CAPITAL AND RESERVES
Called up share capital 15 100 100
Retained earnings 16 4,458,210 2,920,339
SHAREHOLDERS' FUNDS 4,458,310 2,920,439

The financial statements were approved by the Board of Directors and authorised for issue on 5 February 2025 and were signed on its behalf by:





Mr M Murphy - Director


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 100 2,506,945 2,507,045

Changes in equity
Dividends - (1,600,145 ) (1,600,145 )
Total comprehensive income - 2,013,539 2,013,539
Balance at 30 June 2023 100 2,920,339 2,920,439

Changes in equity
Dividends - (725,560 ) (725,560 )
Total comprehensive income - 2,263,431 2,263,431
Balance at 30 June 2024 100 4,458,210 4,458,310

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 2,036,171 5,061,509
Interest paid (14,505 ) (14,505 )
Interest element of finance lease payments
paid

(2,500

)

(2,004

)
Tax paid (231,618 ) (549,704 )
Net cash from operating activities 1,787,548 4,495,296

Cash flows from investing activities
Purchase of tangible fixed assets (8,546 ) (66,236 )
Interest received 41,069 -
Net cash from investing activities 32,523 (66,236 )

Cash flows from financing activities
New loans in year - 39,515
Loan repayments in year (50,000 ) (50,000 )
Capital repayments in year (6,634 ) (7,890 )
Amount introduced by directors 772 2
Equity dividends paid (725,560 ) (1,600,145 )
Net cash from financing activities (781,422 ) (1,618,518 )

Increase in cash and cash equivalents 1,038,649 2,810,542
Cash and cash equivalents at beginning of
year

2

4,966,409

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 3,054,916 2,331,764
Depreciation charges 16,613 13,767
Loss on disposal of fixed assets 1,361 -
(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 (3,716,903 ) (2,399,388 )
Increase in trade and other creditors 3,798,168 4,332,270
Cash generated from operations 2,036,171 5,061,509

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 1,038,649 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 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, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 15% on reducing balance
Plant and machinery - 20% on reducing balance
Fixtures and fittings - Straight line over 5 years
Motor vehicles - 20% on reducing balance

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 2,812,607 1,709,928
Social security costs 405,150 204,065
Other pension costs 39,069 435,739
3,256,826 2,349,732

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
38 28

30.6.24 30.6.23
£    £   
Directors' remuneration 510,594 24,000

Information regarding the highest paid director for the year ended 30 June 2024 is as follows:
30.6.24
£   
Emoluments etc 510,594

4. OPERATING PROFIT

The operating profit is stated after charging:

30.6.24 30.6.23
£    £   
Hire of plant and machinery 545 -
Depreciation - owned assets 16,613 13,481
Loss on disposal of fixed assets 1,361 -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30.6.24 30.6.23
£    £   
Bank loan interest 14,505 14,505
Hire purchase 2,500 2,004
17,005 16,509

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 789,575 307,097

Deferred tax 1,910 11,128
Tax on profit 791,485 318,225

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 3,054,916 2,331,764
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 20.496%)

763,729

477,918

Effects of:
Expenses not deductible for tax purposes 27,982 12,397
Capital allowances in excess of depreciation (2,136 ) (9,798 )
Adjustments to tax charge in respect of previous periods - (173,420 )
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 725,560 1,600,145

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 22,158 1,654 37,638 32,641 94,091
Additions - - 8,546 - 8,546
Disposals - - (2,224 ) - (2,224 )
At 30 June 2024 22,158 1,654 43,960 32,641 100,413
DEPRECIATION
At 1 July 2023 5,088 808 11,461 4,352 21,709
Charge for year 2,557 169 8,229 5,658 16,613
Eliminated on disposal - - (864 ) - (864 )
At 30 June 2024 7,645 977 18,826 10,010 37,458
NET BOOK VALUE
At 30 June 2024 14,513 677 25,134 22,631 62,955
At 30 June 2023 17,070 846 26,177 28,289 72,382

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 2,358,806 1,099,238
Amounts owed by group undertakings 885,895 557,443
Other debtors 81,163 24,489
Accrued income 5,755,411 -
Accruals - 3,410,683
Prepayments 158,506 102,573
9,239,781 5,194,426

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) 45,833 50,000
Finance leases (see note 13) 24,992 6,633
Trade creditors 3,661,751 3,395,598
Amounts owed to group undertakings - 765,468
Tax 789,575 231,618
Social security and other taxes 381,305 100,088
VAT 1,281,974 800,225
Other creditors 8,634 7,580
Directors' current accounts 774 2
Accruals and deferred income 4,638,907 1,870,912
10,833,745 7,228,124

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans (see note 12) - 45,833
Finance leases (see note 13) - 24,992
- 70,825

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 45,833 50,000

Amounts falling due between two and five years:
Bank loans - 2-5 years - 45,833

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 24,992 6,633
Between one and five years - 24,992
24,992 31,625

14. PROVISIONS FOR LIABILITIES
30.6.24 30.6.23
£    £   
Deferred tax 15,739 13,829

Deferred
tax
£   
Balance at 1 July 2023 13,829
Provided during year 1,910
Balance at 30 June 2024 15,739

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
100 Ordinary £1 100 100

16. RESERVES
Retained
earnings
£   

At 1 July 2023 2,920,339
Profit for the year 2,263,431
Dividends (725,560 )
At 30 June 2024 4,458,210

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.