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REGISTERED NUMBER: 03787259 (England and Wales)









GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MCS SOLUTIONS LIMITED

MCS SOLUTIONS LIMITED (REGISTERED NUMBER: 03787259)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Group Strategic Report 2 to 3

Report of the Directors 4 to 5

Report of the Independent Auditors 6 to 9

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Statement of Financial Position 12

Company Statement of Financial Position 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Statement of Cash Flows 16

Notes to the Consolidated Statement of Cash Flows 17 to 18

Notes to the Consolidated Financial Statements 19 to 32


MCS SOLUTIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr R S Van Der Knaap
Mr B R Francis
Mr G Van Der Knaap
Mr N Thomson





REGISTERED OFFICE: Oakwood
Grove Business Park
White Waltham
Maidenhead
Berkshire
SL6 3LW





REGISTERED NUMBER: 03787259 (England and Wales)





AUDITORS: Seymour Taylor Limited, Statutory Auditor
First Floor North
40 Oxford Road
High Wycombe
Buckinghamshire
HP11 2EE

MCS SOLUTIONS LIMITED (REGISTERED NUMBER: 03787259)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The principal activity of the group during the year continued to be that of specialist developer of a market leading vertical market ERP business software package for Equipment Hire and Rental companies. Our software "MCS-rm" is sold worldwide including USA and Canada. MCS markets and sells the software package on a subscription basis through its branches, subsidiaries and partners. MCS provides associated consultancy, hosting, implementation & training services to ensure that the software is effective for our customers.

The financial year has again shown a healthy trading profit before taxation amounting to £1,521,180 (2022: £1,278,845). MCS has also achieved growth in recurring revenue and has further developed its range of products offered to its customer base.

The company has benefited from strategic planning. For example, the upgrade of our hosting environment and the ongoing development of our Mobile App and our RM Web product. In addition to this, development of our Knowledge Base (KB) is ongoing. The KB now has the French KB, where our French customers can search and read the documents in French. We are slowly moving to a position whereby any new or altered English document will be automatically translated into French. We intend to roll this out to other languages as well in 2024.

During this financial year, the company experienced healthy growth in revenue when compared to the previous financial years. As a consequence of this, the company has also seen continuing growth in its recurring revenues which reached just over £5.5m for the year.

PRINCIPLE RISKS AND UNCERTAINTIES
The management of the business and the execution of the Company's strategy are subject to a number of risks. The key business risks affecting the business are set out below. Risks are formally reviewed by the Board and appropriate processes put in place to monitor and mitigate them. If more than one event occurs, it is possible that the overall effect of such events would compound the possible adverse effects on the Company.

Cyber Attack
The Company provides a significant number of its customers with hosting services for our software. As such, managing our own servers and software exposes the Company to various security risks, including hacking attempts, malware issues and data breaches. To mitigate these risks we have introduced MFA for all remote, privileged, administrator and supplier access to our computer system. We also undertake annual penetration testing of our systems and ensure employees undergo training, which covers, as a minimum, data privacy, phishing and IT security, at least annually, to increase their knowledge and awareness.

Competition
The Company operates in a competitive market particularly with rapid technological development. We continue to invest significantly in R&D with our core products and will continue to increase these investments to include performance enhancements, bug fixes and integration of new technologies to the market.

Employees
The Company's performance depends largely on our staff. The loss of key individuals and the inability to recruit people with the right experience and skills could adversely impact the Company's results. To mitigate these issues the Company provides comprehensive training and learning programmes for all employees alongside competitive remuneration packages designed to retain key individuals

Foreign exchange risk
The Company operates internationally and is exposed to foreign exchange risk arising from various currency exposures. The Company has established an in-house treasury function and uses multiple foreign currency bank accounts to reduce its exposure to foreign currency risk.


MCS SOLUTIONS LIMITED (REGISTERED NUMBER: 03787259)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Liquidity risk
The ultimate parent company has significant cash balances, minimizing liquidity risks.

KEY PERFORMANCE INDICATORS
The main key performance indicators were as follows:

2023 2022
£ £
Revenue 8,573,135 7,286,658
Recurring revenue 6,436,740 4,416,136
Net profit margin 17.81% 14.01%
Net profit before tax 1,527,092 1,020,563
Net profit after tax 1,219,727 813,144

The key performance indicators are monitored by the Board to ensure that they are progressing as planned in a timely manner. At this stage the Board is confident that these targets are being met.

SECTION 172(1) STATEMENT
The Directors consider that they have acted in a way they consider, in good faith, would be most likely to promote the success of the Company for its members as a whole (having regard to the stakeholders and matters set out in s172(1) Companies Act 2006 in the decisions taken during the year ended 31 December 2023.

ON BEHALF OF THE BOARD:





Mr R S Van Der Knaap - Director


3 March 2025

MCS SOLUTIONS LIMITED (REGISTERED NUMBER: 03787259)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £230,000 (2022: £185,000)

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

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

Mr R S Van Der Knaap
Mr B R Francis
Mr G Van Der Knaap
Mr N Thomson

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS
The company has put in place qualifying third party indemnity provisions for all of the directors of MCS Solutions Limited.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

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

MCS SOLUTIONS LIMITED (REGISTERED NUMBER: 03787259)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


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 group'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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mr R S Van Der Knaap - Director


3 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MCS SOLUTIONS LIMITED


Opinion
We have audited the financial statements of MCS Solutions Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

Other matter
The financial statements for the year ended 31 December 2022, forming the corresponding figures of the financial statements for the year ended 31 December 2023, are unaudited as the directors claimed exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 group's and the parent 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
MCS SOLUTIONS LIMITED


Other information
The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MCS SOLUTIONS 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:

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the Group's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the Group's documentation of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group's ability to operate.

Audit response to risks identified
As a result of performing the above, our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management and external legal advisors concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance;
- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MCS SOLUTIONS LIMITED

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

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.

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.




Timothy Fulker BSc FCA (Senior Statutory Auditor)
for and on behalf of Seymour Taylor Limited, Statutory Auditor
First Floor North
40 Oxford Road
High Wycombe
Buckinghamshire
HP11 2EE

3 March 2025

MCS SOLUTIONS LIMITED (REGISTERED NUMBER: 03787259)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
as restated
Notes £    £    £    £   

TURNOVER 4 8,573,135 7,286,658

Cost of sales 542,869 561,470
GROSS PROFIT 8,030,266 6,725,188

Administrative expenses 6,633,853 5,402,522
GROUP OPERATING PROFIT 6 1,396,413 1,322,666

Share of operating loss in
Associates (5,912 ) (18,256 )

Income from fixed asset investments 2,427 -
Interest receivable and similar income 115,216 24,543
117,643 24,543
1,508,144 1,328,953
Gain/loss on revaluation of assets 18,948 (308,049 )
1,527,092 1,020,904

Interest payable and similar expenses 7 - 341
PROFIT BEFORE TAXATION 1,527,092 1,020,563

Tax on profit 8 307,365 207,419
PROFIT FOR THE FINANCIAL YEAR 1,219,727 813,144
Profit attributable to:
Owners of the parent 1,175,938 771,182
Non-controlling interests 43,789 41,962
1,219,727 813,144

MCS SOLUTIONS LIMITED (REGISTERED NUMBER: 03787259)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
as restated
Notes £    £   

PROFIT FOR THE YEAR 1,219,727 813,144


OTHER COMPREHENSIVE INCOME
Unrealised loss on exchange (11,322 ) (354 )
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(11,322

)

(354

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,208,405

812,790
Note
Prior year adjustment 11 (287,736 )
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

920,669

Total comprehensive income attributable to:
Owners of the parent 876,880 770,828
Non-controlling interests 43,789 41,962
920,669 812,790

MCS SOLUTIONS LIMITED (REGISTERED NUMBER: 03787259)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 60,436 96,845
Tangible assets 13 485,786 294,981
Investments 14 50,000 50,000
596,222 441,826

CURRENT ASSETS
Stocks 15 - 79
Debtors 16 1,487,094 1,267,905
Investments 17 2,048,672 1,253,952
Cash at bank 2,421,964 2,426,061
5,957,730 4,947,997
CREDITORS
Amounts falling due within one year 18 2,096,372 1,954,494
NET CURRENT ASSETS 3,861,358 2,993,503
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,457,580

3,435,329

PROVISIONS FOR LIABILITIES 20 94,685 50,839
NET ASSETS 4,362,895 3,384,490

CAPITAL AND RESERVES
Called up share capital 21 24,000 24,000
Share premium 22 367,572 367,572
Revaluation reserve 22 (36,731 ) (49,767 )
Capital redemption reserve 22 7,187 7,187
Retained earnings 22 3,829,154 2,907,574
SHAREHOLDERS' FUNDS 4,191,182 3,256,566

NON-CONTROLLING INTERESTS 23 171,713 127,924
TOTAL EQUITY 4,362,895 3,384,490

The financial statements were approved by the Board of Directors and authorised for issue on 3 March 2025 and were signed on its behalf by:





Mr R S Van Der Knaap - Director


MCS SOLUTIONS LIMITED (REGISTERED NUMBER: 03787259)

COMPANY STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 - -
Investments 14 1,618,409 1,618,409
1,618,409 1,618,409

CURRENT ASSETS
Debtors 16 39,614 30,589
Investments 17 2,048,672 1,253,952
Cash at bank 818,291 856,010
2,906,577 2,140,551
CREDITORS
Amounts falling due within one year 18 3,562,466 2,659,959
NET CURRENT LIABILITIES (655,889 ) (519,408 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

962,520

1,099,001

CAPITAL AND RESERVES
Called up share capital 21 24,000 24,000
Share premium 22 367,572 367,572
Revaluation reserve 22 (36,731 ) (49,767 )
Capital redemption reserve 22 7,187 7,187
Retained earnings 22 600,492 750,009
SHAREHOLDERS' FUNDS 962,520 1,099,001

Company's profit for the financial year 93,519 863,022

The financial statements were approved by the Board of Directors and authorised for issue on 3 March 2025 and were signed on its behalf by:





Mr R S Van Der Knaap - Director


MCS SOLUTIONS LIMITED (REGISTERED NUMBER: 03787259)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Share Revaluation
capital earnings premium reserve
£    £    £    £   
Balance at 1 January 2022 24,000 2,271,979 367,572 -

Changes in equity
Dividends - (185,000 ) - -
Total comprehensive income - 1,108,331 - (49,767 )
Balance at 31 December 2022 24,000 3,195,310 367,572 (49,767 )
Prior year adjustment - (287,736 ) - -
As restated 24,000 2,907,574 367,572 (49,767 )

Changes in equity
Dividends - (230,000 ) - -
Total comprehensive income - 1,151,580 - 13,036
Balance at 31 December 2023 24,000 3,829,154 367,572 (36,731 )
Capital
redemption Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 January 2022 7,187 2,670,738 85,962 2,756,700

Changes in equity
Dividends - (185,000 ) - (185,000 )
Total comprehensive income - 1,058,564 41,962 1,100,526
Balance at 31 December 2022 7,187 3,544,302 127,924 3,672,226
Prior year adjustment - (287,736 ) - (287,736 )
As restated 7,187 3,256,566 127,924 3,384,490

Changes in equity
Dividends - (230,000 ) - (230,000 )
Total comprehensive income - 1,164,616 43,789 1,208,405
Balance at 31 December 2023 7,187 4,191,182 171,713 4,362,895

MCS SOLUTIONS LIMITED (REGISTERED NUMBER: 03787259)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 January 2022 24,000 22,220 367,572

Changes in equity
Dividends - (185,000 ) -
Total comprehensive income - 1,200,525 -
Balance at 31 December 2022 24,000 1,037,745 367,572
Prior year adjustment - (287,736 ) -
As restated 24,000 750,009 367,572

Changes in equity
Dividends - (230,000 ) -
Total comprehensive income - 80,483 -
Balance at 31 December 2023 24,000 600,492 367,572
Capital
Revaluation redemption Total
reserve reserve equity
£    £    £   
Balance at 1 January 2022 - 7,187 420,979

Changes in equity
Dividends - - (185,000 )
Total comprehensive income (49,767 ) - 1,150,758
Balance at 31 December 2022 (49,767 ) 7,187 1,386,737
Prior year adjustment - - (287,736 )
As restated (49,767 ) 7,187 1,099,001

Changes in equity
Dividends - - (230,000 )
Total comprehensive income 13,036 - 93,519
Balance at 31 December 2023 (36,731 ) 7,187 962,520

MCS SOLUTIONS LIMITED (REGISTERED NUMBER: 03787259)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,392,142 1,676,790
Interest paid - (341 )
Tax paid (143,440 ) (162,782 )
Net cash from operating activities 1,248,702 1,513,667

Cash flows from investing activities
Purchase of intangible fixed assets - (104,938 )
Purchase of tangible fixed assets (364,947 ) (78,977 )
Sale of tangible fixed assets 16,250 4,500
Purchase of current asset investments (1,324,845 ) (1,028,344 )
Sale of current asset investments 543,161 396,820
Interest received 115,216 24,543
Dividends received 2,427 -
Net cash from investing activities (1,012,738 ) (786,396 )

Cash flows from financing activities
Equity dividends paid (230,000 ) (185,000 )
Net cash from financing activities (230,000 ) (185,000 )

Increase in cash and cash equivalents 5,964 542,271
Cash and cash equivalents at
beginning of year

2

2,426,061

1,884,796
Effect of foreign exchange rate changes (10,061 ) (1,006 )
Cash and cash equivalents at end of
year

2

2,421,964

2,426,061

MCS SOLUTIONS LIMITED (REGISTERED NUMBER: 03787259)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023


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

2023 2022
as restated
£    £   
Profit before taxation 1,527,092 1,020,563
Depreciation charges 170,846 139,961
Profit on disposal of fixed assets (12,956 ) (4,500 )
(Gain)/loss on revaluation of fixed assets (18,948 ) 308,049
Amortisation 35,148 8,745
Share of operating loss in Associates 5,912 18,256
Finance costs - 341
Finance income (117,643 ) (24,543 )
1,589,451 1,466,872
Decrease in stocks 79 30
Increase in trade and other debtors (209,229 ) (396,752 )
Increase in trade and other creditors 11,841 606,640
Cash generated from operations 1,392,142 1,676,790

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 2,421,964 2,426,061
Year ended 31 December 2022
31.12.22 1.1.22
as restated
£    £   
Cash and cash equivalents 2,426,061 1,884,796


MCS SOLUTIONS LIMITED (REGISTERED NUMBER: 03787259)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 2,426,061 (4,097 ) 2,421,964
2,426,061 (4,097 ) 2,421,964

Liquid resources
Current asset investments 1,253,952 794,720 2,048,672
1,253,952 794,720 2,048,672
Total 3,680,013 790,623 4,470,636

MCS SOLUTIONS LIMITED (REGISTERED NUMBER: 03787259)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. GENERAL INFORMATION

MCS Solutions Limited is a private company limited by shares and incorporated in England and Wales. The address of the company's registered office is Oakwood, Grove Business Park, White Waltham, Berkshire, SL6 3LW. The registered number is 03787259.

The presentation currency of these financial statements is Sterling (£), being the currency of the primary economic market in which the entity operates (its functional currency). All amounts in these financial statements have been rounded to the nearest pound unless stated otherwise.

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

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.

Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and its subsidiary undertakings as at 31 December 2023. The results of subsidiaries acquired or disposed of during the year are included from, or up to the date of acquisition or disposal.

Acquisitions have been included in the group financial statements using the purchase method of accounting. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual statement of comprehensive income.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax.

In respect of contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of contracts for on-going services is recognised by reference to the stage of completion.

Goodwill
Goodwill arising on the acquisition of business is capitalised, classified as an asset at the statement of financial position date and amortised on a straight line basis over its estimated useful life. The period chosen for the amortisation of goodwill is 10 years. Estimates of the useful economic life of goodwill are based on a variety of factors such as the expected use of the acquired business, the expected useful life of the cash generating units to which the goodwill is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses.

The directors review impairment annually and subsequently a provision is recognised if required.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

MCS SOLUTIONS LIMITED (REGISTERED NUMBER: 03787259)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

The group assesses at each reporting date whether the tangible fixed assets are impaired.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimate useful life:

Fixtures and fittings - straight line - 25%
Motor vehicles - straight line - 25%
Computer equipment - straight line - 33.33%

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since the last annual reporting date in the pattern by which the group expected to consume an asset's future economic benefits.

Investments in associates
Investments in associate undertakings are recognised at cost less any provision for impairment.

Associates are all entities over which the group has significant influence but no control, generally accompanying a shareholding between 20% and 50% of the voting rights. The group's share of its associates' post acquisition profits after tax is recognised in the group income statement as share of operating loss in associates, and its share of movement in associates' net liabilities is reflected in the investment's carrying value in the Group statement of financial position.

Other investments
Other investments are initially recognised at fair value which is usually the transaction price (excluding any transaction costs). Subsequently, the investments are measured at fair value through profit or loss except for those shares which cannot be publicly traded or where fair value cannot be reliably measured.

If reliable measurement of fair value cannot be obtained or this measure is no longer available, the investment's cost is deemed to be the fair value at the last point to which a reliable measurement was obtained. These instruments are recognised at cost less impairment until a reliable measure of fair value becomes available.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, cost of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out principle.

Provision is made for damaged, obsolete and slow-moving stock where appropriate.

MCS SOLUTIONS LIMITED (REGISTERED NUMBER: 03787259)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The group has applied the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instrument Issues" of FRS 102 to its financial statements.

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or the equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the statement of financial position. Finance costs and gains or losses relating to financial liabilities are included in the income statement. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends are distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred. Where no distinction can be made between the research and development phase, the expenditure is recognised as if it were research costs and so is expensed in the year.

Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

MCS SOLUTIONS LIMITED (REGISTERED NUMBER: 03787259)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2023 2022
as restated
£    £   
Software and ongoing services 8,573,135 7,286,658
8,573,135 7,286,658

An analysis of turnover by geographical market is given below:

2023 2022
as restated
£    £   
United Kingdom 4,478,584 4,063,034
Overseas 4,094,551 3,223,624
8,573,135 7,286,658

5. EMPLOYEES AND DIRECTORS
2023 2022
as restated
£    £   
Wages and salaries 4,286,288 3,593,890
Social security costs 425,676 378,322
Other pension costs 102,858 86,354
4,814,822 4,058,566

MCS SOLUTIONS LIMITED (REGISTERED NUMBER: 03787259)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022
as restated

Sales and administration 66 55
Management 4 4
70 59

2023 2022
£ £
Directors' remuneration 412,250 432,674
Directors' pension contributions to money purchase schemes 16,601 14,670

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
as restated
£    £   
Depreciation - owned assets 170,848 139,961
Profit on disposal of fixed assets (12,956 ) (4,500 )
Customer base amortisation 35,148 8,745
Auditors' remuneration 17,000 -
Auditors' remuneration - other services 25,697 26,850
Foreign exchange differences 58,633 4,290

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
as restated
£    £   
Other interest - 341

MCS SOLUTIONS LIMITED (REGISTERED NUMBER: 03787259)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
as restated
£    £   
Current tax:
UK corporation tax 198,074 89,243
Over/under provision in prior year - (226 )
Foreign tax 64,425 120,074
Total current tax 262,499 209,091

Deferred tax 44,866 (1,672 )
Tax on profit 307,365 207,419

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:

2023 2022
as restated
£    £   
Profit before tax 1,527,092 1,020,563
Profit multiplied by the standard rate of corporation tax in the UK of
23.500 % (2022 - 19 %)

358,867

193,907

Effects of:
Expenses not deductible for tax purposes 2,645 79,470
Income not taxable for tax purposes (2,245 ) (3,837 )
Capital allowances in excess of depreciation (38,980 ) -
Depreciation in excess of capital allowances - 4,297
Adjustments to tax charge in respect of previous periods - (226 )
Changes in tax rate 1,042 -
Overseas taxation 70,390 42,305
Accelerated capital allowances 43,846 (1,673 )
Enhancement of research and development expense (128,200 ) (106,824 )
Total tax charge 307,365 207,419

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Unrealised loss on exchange (11,322 ) - (11,322 )


MCS SOLUTIONS LIMITED (REGISTERED NUMBER: 03787259)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. TAXATION - continued
2022
Gross Tax Net
£    £    £   
Unrealised loss on exchange (354 ) - (354 )

Factors that may affect future tax charge
The main rate of corporation tax prevailing during the period was 25%.

In the Budget of 3 March 2021 (and subsequently confirmed in the Autumn Statement on 17 November 2022) it was announced that the main rate of corporation tax would increase to 25% from 1 April 2023; this was substantively enacted on 24 May 2021.

The 23.5% rate used above reflects 9 months of this new rate and 3 months of the previous rate of 19%

Deferred tax balances included within the accounts have been calculated with reference to the rate expected to be applicable at the date of reversal (2022: 25%).

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
2023 2022
as restated
£    £   
Ordinary shares of £1 each
Interim 230,000 185,000

11. PRIOR YEAR ADJUSTMENT

The prior year adjustment disclosed in the financial statements relates to a correction for an impairment of investments in associates which was omitted from the financial statements for the year to 31 December 2022 in error.

The results for the comparative period have therefore been restated to reflect the correction of this omission.

The effect of the restatement on the group and parent company statement of financial position and income statement has been to:

Increase impairment charge for the year ended 31 December 2022 by £287,736
Decrease the investment in associates as at 31 December 2022 by £287,736
Decrease shareholders' funds as at 31 December 2022 by £287,736

The are no tax implications of the prior year adjustment.

MCS SOLUTIONS LIMITED (REGISTERED NUMBER: 03787259)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


12. INTANGIBLE FIXED ASSETS

Group
Customer
base
£   
COST
At 1 January 2023 105,649
Exchange differences (2,046 )
At 31 December 2023 103,603
AMORTISATION
At 1 January 2023 8,804
Amortisation for year 35,148
Exchange differences (785 )
At 31 December 2023 43,167
NET BOOK VALUE
At 31 December 2023 60,436
At 31 December 2022 96,845

13. TANGIBLE FIXED ASSETS

Group
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 278,758 126,297 780,323 1,185,378
Additions - 57,300 307,647 364,947
Disposals - (33,317 ) - (33,317 )
At 31 December 2023 278,758 150,280 1,087,970 1,517,008
DEPRECIATION
At 1 January 2023 159,354 87,674 643,369 890,397
Charge for year 37,768 23,891 109,189 170,848
Eliminated on disposal - (30,023 ) - (30,023 )
At 31 December 2023 197,122 81,542 752,558 1,031,222
NET BOOK VALUE
At 31 December 2023 81,636 68,738 335,412 485,786
At 31 December 2022 119,404 38,623 136,954 294,981

MCS SOLUTIONS LIMITED (REGISTERED NUMBER: 03787259)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


14. FIXED ASSET INVESTMENTS

Group
Interest
in Unlisted
associate investments Totals
£    £    £   
COST
At 1 January 2023 258,282 50,000 308,282
Additions (5,912 ) - (5,912 )
At 31 December 2023 252,370 50,000 302,370
PROVISIONS
At 1 January 2023 258,282 - 258,282

Impairments (5,912 ) - (5,912 )
At 31 December 2023 252,370 - 252,370
NET BOOK VALUE
At 31 December 2023 - 50,000 50,000
At 31 December 2022 - 50,000 50,000
Company
Shares in Interest
group in Unlisted
undertakings associate investments Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 1,568,409 287,736 50,000 1,906,145
PROVISIONS
At 1 January 2023
and 31 December 2023 - 287,736 - 287,736
NET BOOK VALUE
At 31 December 2023 1,568,409 - 50,000 1,618,409
At 31 December 2022 1,568,409 - 50,000 1,618,409

MCS SOLUTIONS LIMITED (REGISTERED NUMBER: 03787259)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


14. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiary

MCS Rental Software Limited
Registered office: Oakwood, Grove Business Park, White Waltham, Maidenhead, Berkshire, England, SL6 3LW
Nature of business: supply of IT application software products
%
Class of shares holding
Ordinary 100.00
The company's financial year end is 31 December 2023

MCS Rental Solutions (Pty) Limited
Registered office: PO Box 786741, Sandton 2146, South Africa
Nature of business: supply of IT application software products
%
Class of shares holding
Ordinary 74.00
The company's financial year end is 30 September 2023

MCSANZ (Pty) Limited
Registered office: Suite 4, 151-153 Pacific Highway, Hornsby, NSW 2077, Australia
Nature of business: supply of IT application software products
%
Class of shares holding
Ordinary 57.14
The company's financial year end is 30 June 2023

MCS Rental Software GmbH
Registered office: Nettelbeckstrasse 1, 40477 Dusseldorf
Nature of business: supply of IT application software products
%
Class of shares holding
Ordinary 100.00
The company's financial year end is 31 December 2023

MCS Rental Software Espana S.L
Registered office: C/ de Villalar, 7, Salamanca, 28001 Madrid, Spain
Nature of business: supply of IT application software products
%
Class of shares holding
Ordinary 51.00
The company's financial year end is 30 September 2023

MCS Rental Software Inc
Registered office: 4000 Eagle Point Corporate Drive, Birmingham, AL 35242
Nature of business: supply of IT application software products
%
Class of shares holding
Ordinary 94.00
The company's financial year end is 31 December 2023

Associate Undertakings

MCS SOLUTIONS LIMITED (REGISTERED NUMBER: 03787259)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


14. FIXED ASSET INVESTMENTS - continued
The group and company have a 30% interest in Tendereyes Software Limited, a company registered in England and Wales. This company prepares their accounts to 31 December.


15. STOCKS

Group
2023 2022
as restated
£    £   
Finished goods - 79

16. DEBTORS

Group Company
2023 2022 2023 2022
as
restated
as
restated
£    £    £    £   
Amounts falling due within one year:
Trade debtors 1,100,062 931,067 - -
Other debtors 209,463 139,744 39,614 30,589
Corporation tax 9,960 - - -
Prepayments and accrued income 144,874 174,359 - -
1,464,359 1,245,170 39,614 30,589

Amounts falling due after more than one year:
Prepayments and accrued income 22,735 22,735 - -

Aggregate amounts 1,487,094 1,267,905 39,614 30,589

17. CURRENT ASSET INVESTMENTS

Group Company
2023 2022 2023 2022
as
restated
as
restated
£    £    £    £   
Other 2,048,672 1,253,952 2,048,672 1,253,952

MCS SOLUTIONS LIMITED (REGISTERED NUMBER: 03787259)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
as
restated
as
restated
£    £    £    £   
Trade creditors 147,041 307,991 - -
Amounts owed to group undertakings - - 3,536,332 2,656,332
Corporation tax 236,312 106,273 26,134 3,627
Social security and other taxes 159,217 105,088 - -
VAT 217,365 203,305 - -
Other creditors 180,344 169,114 - -
Accruals and deferred income 1,156,093 1,062,723 - -
2,096,372 1,954,494 3,562,466 2,659,959

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group Company
2023 2022 2023 2022
£    £    £    £   
Within one year 83,743 83,743 - -
Between one and five years 83,743 167,486 - -
167,486 251,229 - -

The lease payments recognised as an expense during the year total £86,093 (2022: £93,022)

20. PROVISIONS FOR LIABILITIES

Group
2023 2022
as restated
£    £   
Deferred tax 94,685 50,839

Group
Deferred
tax
£   
Balance at 1 January 2023 50,839
Charge to Income Statement during year 43,846
Balance at 31 December 2023 94,685

MCS SOLUTIONS LIMITED (REGISTERED NUMBER: 03787259)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as
restated
£    £   
24,000 Ordinary £1 24,000 24,000

22. RESERVES

Called up share capital - This represents the nominal value of shares that have been issued.

Share premium - This represents the consideration received for shares above the nominal value.

Retained earnings - This distributable reserve records retained earnings and accumulated losses.

Capital redemption reserve - This reserves records the nominal value of share repurchased by the company.

Revaluation reserve - This reserve records the value of asset revaluations movements on assets recognised in other comprehensive income.

23. NON-CONTROLLING INTERESTS

Non controlling interest in the net assets of consolidated subsidiaries are identified separately from the Group's equity. Non controlling interest consist of the amount of those interest at the date of the original business combination and the minority's share of changes in equity since the date of combination.

The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the non controlling interests determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.

24. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

As at 31 December 2024 an associate of the company, Tendereyes Software Limited, owed MCS Solutions Limited £32,141 (2022: £27,065). Interest on this loan is payable on demand at 7% per annum.

During the year the group made donations of £120,000 (2022 - £90,000). to MCS Foundation. Two directors of MCS Solutions Limited are also trustees of MCS Foundation.

Key management personnel
The directors are considered to be the only key management personnel of the company and details of their remuneration are disclosed in note 5.

25. POST BALANCE SHEET EVENTS

After the reporting period MCS Rental Software purchased the remaining 42.86% issued share capital of MCSANZ Pty Limited. Following this MCS Rental Software Ltd now owns 100% of the share capital of that company.

MCS SOLUTIONS LIMITED (REGISTERED NUMBER: 03787259)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


26. ULTIMATE CONTROLLING PARTY

The controlling party is R S Van Der Knaap.