Registered number:
For the year ended
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M & I Materials Limited
Company Information
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M & I Materials Limited
Contents
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M & I Materials Limited
Strategic Report
For the year ended 31 March 2024
The directors present their strategic report together with the audited financial statements for the year ended 31 March 2024.
The year ended 31 March 2024 marked a significant milestone in the journey of M&I Materials Ltd. On 31 December 2023, the MIDEL and MIVOLT business, being fire-safe, biodegradable esters for transformers and electrical systems, was sold to Shell UK Limited. Originally established within GEC plc in the 1970s, the business has thrived under private ownership, with shareholders taking a long-term, strategic view.
With this long-term vision, making sustained investment in innovation, technical expertise, manufacturing and commercial development, a world-class global business was built. Significant opportunities lie ahead for MIDEL and MIVOLT, and Shell is well positioned to capitalise on them, building on the strong foundation laid to date. Following the sale, M&I Materials is now focused on its continuing operations, which comprise four core product areas: Apiezon, Metrosil, Wolfmet, and Performance Biolubricants. Each of the brands operates in specialist materials markets with strong growth potential. The products are trusted by world-class customers including Boeing, Siemens, Hitachi, CERN, and NASA. In an increasingly complex and fast-changing world, being a specialist materials manufacturer with a global reach offers an exciting platform for future development. Financial key performance indicators are shown below: Discontinued Operations – MIDEL and MIVOLT The results for the year ended 31 March 2024 include nine months of trading for the MIDEL and MIVOLT business, in contrast to a full twelve-month period in the previous financial year. During this nine-month period, the business generated revenue of £57.0 million and an operating profit of £11.5 million. This compares with revenue of £77.9 million and an operating profit of £10.5 million in the year ended 31 March 2023. These figures reflect the long-term global growth in demand for MIDEL products and demonstrate improved profitability.
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M & I Materials Limited
Strategic Report (continued)
For the year ended 31 March 2024
Continuing Operations – Apiezon, Performance Biolubricants, Metrosil, Wolfmet The Continuing Operations delivered excellent growth in the financial year, with revenue increasing by 34.6% year-on-year to reach £16.4 million. This growth was broad-based across all product lines, with particularly strong performance in the energy and scientific research sectors. Sales into the aerospace market also continued their upward trajectory and exceeded pre-COVID levels. Exports grew year-on-year across all key markets, including Europe, the Middle East, and the Asia-Pacific region, alongside continued strength in the UK market. Increased sales volumes led to greater operational leverage and productivity improvements, which drove a strong recovery in profitability. Operating Profit Before Exceptional Items improved significantly, rising from a loss of £17k in the prior year to a profit of £1.1 million in the year to 31st March 2024. As at 31 March 2024, the company reported net assets of £12.6 million, which included £5.3 million in cash reserves. This robust financial position provides a solid foundation for continued investment in strategic priorities such as innovation, global expansion, and enhanced manufacturing capabilities. Exceptional Items The transaction to sell MIDEL and MIVOLT was completed through a Capital Reduction Demerger, whereby related assets were written down to nil book value (see Note 13 of the Financial Statements). Operational Developments At the end of financial year reported, plans to relocate Apiezon, Metrosil and Performance Biolubricants to a purpose-configured manufacturing facility were in the process of being executed. This project has a key operational focus, providing an efficient production platform and positions us for future growth. The facility will enable us to scale operations significantly through future investments. Future Strategy Central to all strategy and plans is the customer. M&I Materials is organised and strives to deliver what the customer and the wider market requires, be that over short or long-term time horizons. The shareholder continues to take a long-term view of the business, recognising strong growth potential across the portfolio, and investing accordingly. The company’s strategic plan is focused on three core pillars: 1. Capability – Ensuring we have the skills, infrastructure, and expertise to meet customer demands. 2. Profitability – Driving long-term value creation through growth and operational efficiency. 3. Sustainability – Embedding environmental and social responsibility, governance and longevity in how we operate and innovate. In the short to medium term, our focus is on managing change following the divestment and building resilience to meet customer and market needs. Over the longer term, we plan to invest in innovation and the growth of our existing products, aiming to deliver sustainable and profitable growth.
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M & I Materials Limited
Strategic Report (continued)
For the year ended 31 March 2024
M&I Materials prepares both long-term and annual plans which are reviewed during the year by the Board for progress. To further promote the continued long-term success of the organisation, we actively engage with our stakeholders this allows us to grow and execute our strategy; we consider the impact we have on them as well as what they consider important when developing our plans for future success. M&I Materials employees are its key to success, and we actively engage through regular communication forums. We participate with our customers in technical and commercial collaborations whilst with wider industry we are active in trade associations and in the setting of industry standards. We collaborate with Innovate UK and academia globally to promote technological understanding.
As part of its long-term growth strategy M&I Materials recognises its responsibility and role to help create a more sustainable future for all. We collaborate with our customers, supply chain and other stakeholders to determine how best we can fulfil our responsibilities in relation to Environmental, Societal and Governance objectives. The products we offer can support our customers in meeting their responsibilities and we continually evaluate the way in which we operate to optimise the impact we have.
M&I Materials’ robust performance coupled with its diversified portfolio of products and strong end market sectors demonstrate the resilience of its business model. This should position the business to progress despite recessionary concerns caused by inflationary headwinds and ongoing geo-political uncertainties.
The business maintains its position of prioritising the health and wellbeing of its employees and is evolving its work practices in line with emerging regional requirements. The company trades in Sterling, US dollars and Euros, and is exposed to exchange movements. The company attempts to establish natural currency hedges between purchases and sales wherever commercially possible. The company carries out an annual risk register review of all major risks the business faces and takes action to mitigate risk where it is appropriate to do so. Where any subsequent net risk exposure is deemed to be high, insurance is considered to minimise any impact should an unforeseen event occur.
The company uses a range of financial and non-financial measures to monitor its performance against its strategic plans. The indicators cover Sustainability, Health & Safety, Environment, Customer Satisfaction, Employee Development, Financial Performance, Operations Performance and Fulfilment, Quality, and Innovation. These indicators provide the Board and Executive Management with leading indicators of future performance.
This report was approved by the board and signed on its behalf.
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M & I Materials Limited
Directors' Report
For the year ended 31 March 2024
The directors present their report and the financial statements for the year ended 31 March 2024.
The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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.
The loss for the year, after taxation, amounted to £20,612,705 (2023 - profit £8,451,918).
The loss for the year included Exceptional expenses related to sale of the MIDEL and MIVOLT businesses of (£33,167,970).
The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
The Company will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Company has complied with all applicable legislation and regulations.
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M & I Materials Limited
Directors' Report (continued)
For the year ended 31 March 2024
Following the Capital Reduction Demerger and subsequent sale to Shell of the MIDEL and MIVOLT businesses on the 31st December 2023, M&I Materials entered into a Transition Services agreement with Shell UK to support it through the integration process. At the same time M&I Materials successfully relocated its Apiezon, Performance Biolubricants and Metrosil businesses to a new site at Centenary Park in Manchester. We are currently finalising terms on a new site for our Wolfmet business, which is scheduled to be relocated during FY2025/26.
Further to a strategic review of the business, the M&I Materials Holdings group was wholly acquired by G J Salt on 8th May 2024, with him becoming the ultimate person with significant control. M&I Materials will now focus upon its core businesses investing in business development activities, new products developments and manufacturing capability. These businesses trade under the brands of Apiezon, Metrosil, Wolfmet and Performance Biolubricants with products used by customers such as Boeing, CERN, and NASA.
The group's approach to the use of financial instruments is addressed in the Strategic Report.
The group continues to invest in research and development using its market insights for the purpose of creating products to generate value for our customers.
M&I Materials report energy and carbon data for the year ended 31st March 2024 in accordance with Streamlined Energy and Carbon Reporting (SECR) under The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.
Quantification and Reporting Methodology
We have used the World Business Council for Sustainable Development/World Resources Institute Greenhouse Gas Reporting Protocol Corporate Accounting and Reporting Standard (revised edition), and emission factors from the UK Government’s GHG Conversion Factors for Company Reporting 2023. We have used the financial control approach to set our organisational boundary. Scope 1 emissions associated with LPG and Diesel use for this reporting period were unavailable. The emissions associated with these fuels are minor sources of emissions within M&I Materials overall footprint and it was therefore deemed acceptable to estimate both the LPG and Diesel consumption by apportioning the totals from the 2022/23 reporting year for 2023/24 using the production totals as proxy. Scope 2 emissions above have been reported using both the market-based method for purchasing renewable electricity and the location-based method for UK grid electricity. M&I Materials purchase 100% renewable electricity via a Power Purchase Agreement (PPA). All the electricity purchased is Renewable Energy Guarantees of Origin (REGO) backed. The electricity supplier advises that using the market-based method, M&I Materials’ Scope 2 emissions are zero.
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M & I Materials Limited
Directors' Report (continued)
For the year ended 31 March 2024
UK energy use and greenhouse gas emissions
We have measured and reported on the majority of M&I Materials’ scope 1 and scope 2 greenhouse gas emissions. Where we have been unable to measure and report emissions, we plan to improve our data collection in the coming 2024/25 financial year to complete the scope of our reporting in the future. The data we are unable to report at this time is the fuel used by vehicles operated for business use/business travel and the associated greenhouse gas emissions. The Group's greenhouse gas emissions and energy consumption are as follows: Energy efficiency measures M&I Materials seeks to improve energy efficiency on an ongoing basis in accordance with our Environmental Policy Statement. In the year 2023/24 this has included the following measures:
∙Ongoing Replacement and installation program for more efficient Process Pumps.
∙Changed company car policy and ongoing investment to update its fleet to electric vehicles.
∙Feasibility investigation into more energy efficient furnacing equipment.
∙Investment in a heat recovery project to further improve plant energy efficiency.
Feasibility investigation into the use of Solar and Battery Energy Storage Systems at new manufacturing site.
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M & I Materials Limited
Directors' Report (continued)
For the year ended 31 March 2024
Following the Capital Reduction Demerger and subsequent sale to Shell of the MIDEL and MIVOLT businesses on the 31st December 2023, M&I Materials entered into a Transition Services agreement with Shell UK to support it through the integration process. At the same time M&I Materials successfully relocated its Apiezon, Performance Biolubricants and Metrosil businesses to a new site at Centenary Park in Manchester. We are currently finalising terms on a new site for our Wolfmet business, which is scheduled to be relocated during FY2025/26.
M&I Materials will now focus upon its core businesses investing in business development activities, new products developments and manufacturing capability. These businesses trade under the brands of Apiezon, Metrosil, Wolfmet and Performance Biolubricants with products used by customers such as Boeing, CERN, and NASA.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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M & I Materials Limited
Independent Auditors' Report to the Members of M & I Materials Limited
We have audited the financial statements of M & I Materials Limited (the 'Company') for the year ended 31 March 2024, which comprise the statement of comprehensive income, the balance sheet, the statement of cash flows, the statement of changes in equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
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M & I Materials Limited
Independent Auditors' Report to the Members of M & I Materials Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 directors' report.
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M & I Materials Limited
Independent Auditors' Report to the Members of M & I Materials Limited (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 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 the 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 in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
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M & I Materials Limited
Independent Auditors' Report to the Members of M & I Materials Limited (continued)
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments.
∙Challenging assumptions made by management in their significant accounting estimates, and 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.
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 non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
SK1 3GG
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M & I Materials Limited
Statement of Comprehensive Income
For the year ended 31 March 2024
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M & I Materials Limited
Registered number: 02772838
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 35 form part of these financial statements.
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M & I Materials Limited
Statement of Changes in Equity
For the year ended 31 March 2024
Statement of Changes in Equity
For the year ended 31 March 2023
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M & I Materials Limited
Statement of Cash Flows
For the year ended 31 March 2024
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M & I Materials Limited
Statement of Cash Flows (continued)
For the year ended 31 March 2024
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M & I Materials Limited
Analysis of Net Debt
For the year ended 31 March 2024
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M & I Materials Limited
Notes to the Financial Statements
For the year ended 31 March 2024
M & I Materials Limited is a private company limited by share capital, incorporated in England and Wales, company number 02772838. The address of the registered office and principal place of business is Hibernia Way, Trafford Park, Manchester, M32 0ZD.
The principal activity of the company is the development, manufacture and sale of Apiezon Performance Chemicals, Metrosil Ceramic Resistors, MIDEL Dielectric Fluids, Wolfmet Tungsten Alloys and MIVOLT Liquid Immersion Cooling. On 26 November 2023, the following business units, MIDEL Dielectric Fluids and MIVOLT Liquid Immersion transferred into it's own entity M&I Materials Developments Limited. M&I Materials Developments Limited ultimately became part of Dielectric Fluids Holdings on 12 December 2023 and was subsequently sold to Shell U.K. Limited on 31 December 2023.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Functional and presentation currency
Transactions and balances
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M & I Materials Limited
Notes to the Financial Statements
For the year ended 31 March 2024
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.
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M & I Materials Limited
Notes to the Financial Statements
For the year ended 31 March 2024
2.Accounting policies (continued)
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M & I Materials Limited
Notes to the Financial Statements
For the year ended 31 March 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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M & I Materials Limited
Notes to the Financial Statements
For the year ended 31 March 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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. Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
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M & I Materials Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Provision for obsolete and slow moving stock The company reviews its stocks to assess loss on account for obsolescence on a regular basis. In determining whether provision for obsolescence should be recorded in the income statement, the company makes judgements as to whether there is any observable data indicating that there is any future saleability of the product and the estimated net realisable value for such product. Accordingly, provision for impairment is made where the net realisable value is less than the cost based on best estimates by the management. The provision for obsolescence of stock is based on the ageing and historical sales pattern. As at 31 March 2024 the stock held by the company totalled £4,811,288 (2023: £9,066,010). Recoverability of trade debtors The company has recognised trade debtors with a carrying value of £3,821,538 (2023: £18,352,558). The recoverability of trade debtors is regularly reviewed in the light of the available economic information specific to each debtor and specific provisions are recognised for balances considered to be at risk or irrecoverable.
The whole of the turnover is attributable to the principal activity of the group.
Analysis of turnover by country of destination:
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M & I Materials Limited
Notes to the Financial Statements
For the year ended 31 March 2024
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M & I Materials Limited
Notes to the Financial Statements
For the year ended 31 March 2024
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M & I Materials Limited
Notes to the Financial Statements
For the year ended 31 March 2024
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M & I Materials Limited
Notes to the Financial Statements
For the year ended 31 March 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
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M & I Materials Limited
Notes to the Financial Statements
For the year ended 31 March 2024
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M & I Materials Limited
Notes to the Financial Statements
For the year ended 31 March 2024
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M & I Materials Limited
Notes to the Financial Statements
For the year ended 31 March 2024
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M & I Materials Limited
Notes to the Financial Statements
For the year ended 31 March 2024
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M & I Materials Limited
Notes to the Financial Statements
For the year ended 31 March 2024
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M & I Materials Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Capital redemption reserve
Comprises the nominal value of own shares purchased by the company. Profit and loss account Comprises all current and prior year retained profits and losses.
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M & I Materials Limited
Notes to the Financial Statements
For the year ended 31 March 2024
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £368,451 (2023: £358,802). Contributions totalling £51,087 (2023: £65,603) were payable to the fund at the balance sheet date and are included in creditors.
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M & I Materials Limited
Notes to the Financial Statements
For the year ended 31 March 2024
The immediate and ultimate parent undertaking is M&I Materials Holdings Limited, company number 14883974.
The company's ultimate controlling party is G Salt, a director of the company.
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