Company registration number 00446451 (England and Wales)
MYERS GROUP 1959 LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
MYERS GROUP 1959 LTD
COMPANY INFORMATION
Directors
A J M Berry
J D M Berry
K E M Berry
Company number
00446451
Registered office
Myers House
Barr Street
Off Leeds Road
Huddersfield
HD1 6PB
Auditor
Simpson Wood Limited
Bank Chambers
Market Street
Huddersfield
HD1 2EW
Solicitors
Gordons LLP
Riverside West
Whitehall Road
Leeds
LS1 4AW
MYERS GROUP 1959 LTD
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
MYERS GROUP 1959 LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 September 2024.
Review of the business
The principal activity of the company is that of an intermediate holding company within a group involved in builders merchanting, readymix concrete, dimension stone and aggregates and skip hire.
Principal risks and uncertainties
The directors do not believe there to be any risks or uncertainties directly affecting the company, given its position as an intermediate holding company.
Key performance indicators
The directors of Myers Group 1959 Ltd do not believe that an analysis using KPIs for the Company is necessary or appropriate for an understanding of the performance or position of the business of the Company. The performance and position of the wider Group, which includes the Company is discussed in the Isaac Timmins Limited annual report, which does not form part of this report. Copies of the Group's consolidated financial statements can be obtained from Companies House.
J D M Berry
Director
11 June 2025
MYERS GROUP 1959 LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the company is that of an intermediate holding company within a group involved in builders merchanting, readymix concrete, dimension stone and aggregates and skip hire.
Results and dividends
The loss for the year, after taxation, amounted to £104,644 (2023: £4,392,537 profit).
Total dividends for the financial period amounted to nil (2023: £4,410,017).
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A J M Berry
J D M Berry
K E M Berry
Post reporting date events
There have been no significant events affecting the company since the year end.
Auditor
The auditor, Simpson Wood Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Going concern
The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the Company and Group to continue as a going concern.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
J D M Berry
Director
11 June 2025
MYERS GROUP 1959 LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
The directors are responsible for preparing the annual report 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; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
MYERS GROUP 1959 LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MYERS GROUP 1959 LTD
- 4 -
Opinion
We have audited the financial statements of Myers Group 1959 Ltd (the 'company') for the year ended 30 September 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 September 2024 and of its loss 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
MYERS GROUP 1959 LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MYERS GROUP 1959 LTD (CONTINUED)
- 5 -
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 and the directors' report. We have nothing to report in respect of the following matters in relation to which 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 is 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.
Auditor's 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 an auditor's 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
MYERS GROUP 1959 LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MYERS GROUP 1959 LTD (CONTINUED)
- 6 -
Extent to which the audit was considered capable of detecting irregularies including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment and heath and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations and.
performed analytical procedures to identify any unusual or unexpected relationships.
To address the risk of fraud through management bias and override of controls, we:
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias and;
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance and;
enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 auditor's 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.
MYERS GROUP 1959 LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MYERS GROUP 1959 LTD (CONTINUED)
- 7 -
Daniel McAllister FCA (Senior Statutory Auditor)
For and on behalf of Simpson Wood Limited, Statutory Auditor
Chartered Accountants
Bank Chambers
Market Street
Huddersfield
HD1 2EW
11 June 2025
MYERS GROUP 1959 LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
-
-
Administrative expenses
(234,564)
(45,123)
Other operating income
133,492
60,706
Operating (loss)/profit
4
(101,072)
15,583
Interest receivable and similar income
6
4,410,017
Interest payable and similar expenses
7
(10,120)
(15,583)
(Loss)/profit before taxation
(111,192)
4,410,017
Tax on (loss)/profit
8
6,548
(17,480)
(Loss)/profit for the financial year
(104,644)
4,392,537
The profit and loss account has been prepared on the basis that all operations are continuing operations.
MYERS GROUP 1959 LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
152,725
192,416
Investments
11
807,386
807,386
960,111
999,802
Current assets
Debtors
13
2,138,294
2,486,196
Cash at bank and in hand
2,101,346
365,988
4,239,640
2,852,184
Creditors: amounts falling due within one year
14
(2,386,576)
(440,423)
Net current assets
1,853,064
2,411,761
Total assets less current liabilities
2,813,175
3,411,563
Creditors: amounts falling due after more than one year
15
(2,575,825)
(3,063,021)
Provisions for liabilities
Deferred tax liability
18
8,965
15,513
(8,965)
(15,513)
Net assets
228,385
333,029
Capital and reserves
Called up share capital
19
15,000
15,000
Profit and loss reserves
20
213,385
318,029
Total equity
228,385
333,029
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 11 June 2025 and are signed on its behalf by:
J D M Berry
Director
Company registration number 00446451 (England and Wales)
MYERS GROUP 1959 LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
15,000
335,509
350,509
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
4,392,537
4,392,537
Dividends
9
-
(4,410,017)
(4,410,017)
Balance at 30 September 2023
15,000
318,029
333,029
Year ended 30 September 2024:
Loss and total comprehensive income for the year
-
(104,644)
(104,644)
Balance at 30 September 2024
15,000
213,385
228,385
MYERS GROUP 1959 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
1
Accounting policies
Company information
Myers Group 1959 Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Myers House, Barr Street, Off Leeds Road, Huddersfield, HD1 6PB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
Myers Group 1959 Ltd is a wholly owned subsidiary of Myers Group Holdings Ltd. The ultimate parent of the group is Isaac Timmins Limited and the results of Myers Group 1959 Ltd are included in the consolidated financial statements of Isaac Timmins Ltd which are available from Companies House.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
MYERS GROUP 1959 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.3
Turnover
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.
The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10 years straight line
Fixture, fittings and office equipment
5 years straight line
Motor vehicles
10 years straight line (weighted as the life of the asset reduces)
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
MYERS GROUP 1959 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
1.7
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.
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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
MYERS GROUP 1959 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Leases
As lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
MYERS GROUP 1959 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
2
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 amount 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 to be 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Assessings indicators of impairment
In assessing whether there have been any indicators of impairment assets, management have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and where applicable, the ability of the asset to be operated as planned. There have been no indicators of impairments identified during the current financial year.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Determing residual values and useful economic lives of tangible assets
The Company depreciates tangible assets, over their estimated useful lives. The estimation of the useful lives of tangible assets is based on historic performance as well as expectations about future use. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.
Judgement is also applied, when determining the residual values for fixed assets. When determining the residual value, the directors have assessed the amount that the Company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful life. Where possible this is done with reference to external market prices.
3
Revenue
2024
2023
£
£
Dividends received
-
4,410,017
4
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
40,456
43,558
(Profit)/loss on disposal of tangible fixed assets
-
1,565
MYERS GROUP 1959 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Office and management
3
3
The Company has no employees other than the directors, who did not receive any remuneration. (2023: £nil)
6
Interest receivable and similar income
2024
2023
£
£
Income from fixed asset investments
Income from shares in group undertakings
4,410,017
7
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases and hire purchase contracts
10,120
15,583
8
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(6,548)
17,480
MYERS GROUP 1959 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
8
Taxation
(Continued)
- 17 -
The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
(Loss)/profit before taxation
(111,192)
4,410,017
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
(27,798)
970,204
Tax effect of expenses that are not deductible in determining taxable profit
20,728
344
Tax effect of utilisation of tax losses not previously recognised
522
Group relief
21,671
Permanent capital allowances in excess of depreciation
6,548
(22,015)
Dividend income
(970,204)
Fixed asset differences deferred tax movement
(6,548)
17,480
Taxation (credit)/charge for the year
(6,548)
17,480
9
Dividends
2024
2023
£
£
Interim paid
4,410,017
MYERS GROUP 1959 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
10
Tangible fixed assets
Plant and machinery
Fixture, fittings and office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
433,392
70,504
479,073
982,969
Additions
765
765
Disposals
(56,150)
(56,150)
At 30 September 2024
433,392
71,269
422,923
927,584
Depreciation and impairment
At 1 October 2023
295,967
56,573
438,013
790,553
Depreciation charged in the year
22,878
7,910
9,668
40,456
Eliminated in respect of disposals
(56,150)
(56,150)
At 30 September 2024
318,845
64,483
391,531
774,859
Carrying amount
At 30 September 2024
114,547
6,786
31,392
152,725
At 30 September 2023
137,425
13,931
41,060
192,416
11
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
12
807,386
807,386
12
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
MYERS GROUP 1959 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
12
Subsidiaries
(Continued)
- 19 -
Name of undertaking
Class of
% Held
shares held
Direct
Indirect
Myers Building Supplies Ltd
Ordinary
100.00
-
Johnsons Wellfield Ltd
Ordinary
100.00
-
Myers Skip Hire Ltd
Ordinary
100.00
-
Readymix Huddersfield Ltd
Ordinary
100.00
-
Cliffe Road Garage Ltd
Ordinary
100.00
-
Mini Mix-Huddersfield Ltd
Ordinary
100.00
-
Mobile Concrete Pumps Ltd
Ordinary
100.00
-
HSH Skip Hire Ltd
Ordinary
100.00
-
Huddersfield Skip Hire Ltd
Ordinary
100.00
-
Wellfield Holmes Ltd
Ordinary
100.00
-
Naylor Bros (Denby Dale) Ltd
Ordinary
100.00
-
Blastmixer International Ltd
Ordinary
100.00
-
Drayson & Sons (Timber Merchant) Ltd
Ordinary
0
100.00
Baildon Properties Ltd
Ordinary
0
100.00
Baildon Timber Ltd
Ordinary
0
100.00
Northern Interstate Services Ltd
Ordinary
0
100.00
All of the above subsidiaries have registered offices at 5 Barr Street, Off Leeds Road, Huddersfield, HD1 6PB.
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
36,720
56,170
Amounts owed by group undertakings
1,726,882
1,847,704
Other debtors
266,991
Prepayments and accrued income
374,692
315,331
2,138,294
2,486,196
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
16
351,668
351,668
Obligations under finance leases
17
47,395
73,352
Share capital treated as debt
16
15,000
15,000
Corporation tax
59,839
Other taxation and social security
1,707,112
Other creditors
205,562
403
2,386,576
440,423
MYERS GROUP 1959 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
2,575,825
2,927,493
Obligations under finance leases
17
135,528
2,575,825
3,063,021
16
Loans and overdrafts
2024
2023
£
£
Bank loans
2,927,493
3,279,161
Preference shares
15,000
15,000
2,942,493
3,294,161
Payable within one year
366,668
366,668
Payable after one year
2,575,825
2,927,493
The bank loan is secured by a cross guarantee and debenture between all group companies. Various properties within the company are also secured by a first legal charge with the bank.
A fixed charge with the bank exists over all book debts.
The net obligations under hire purchase contracts are secured against the assets to which they relate.
The amounts due to group undertakings are repayable on demand and do not incur interest charges.
The bank loan is repayable in quarterly amounts of £66,667 until a final repayment of £2,733,327 is due.
17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
47,395
73,352
In two to five years
135,528
47,395
208,880
MYERS GROUP 1959 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
8,965
15,513
2024
Movements in the year:
£
Liability at 1 October 2023
15,513
Credit to profit or loss
(6,548)
Liability at 30 September 2024
8,965
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' Ordinary shares of £1 each
9,000
9,000
15,000
15,000
'B' Ordinary shares of £1 each
6,000
6,000
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
5% Preference shares of £1 each
15,000
15,000
15,000
15,000
Preference shares classified as liabilities
15,000
15,000
Total equity share capital
15,000
15,000
The holders of the preference shares are entitled to a fixed cumulative preferential dividend of 7.5% per annum and in the event of the company being wound up, the holders are entitled to have the surplus assets of the company applied in the first place in repaying them the amount paid up on the shares and secondly in paying them arrears of dividends. The shares confer no other rights to any profits or assets of the company.
The holders of the redeemable preference shares are entitled to a preferential dividend of 5% and in the event of the Company being wound up are entitled to have the surplus assets of the Company applied in the first place in repaying them the amount paid up on the shares.
The Company may redeem the whole or any part of the preference shares on giving 28 days' notice.
The holders of 'A' and 'B' ordinary shares have equal rights to dividends and the distribution of surplus
assets.
MYERS GROUP 1959 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
20
Reserves
Profit and loss reserves
The profit and loss account represents the accumulated gains and losses of the Company. This profit and loss account contains both distributable and non-distributable reserves. Distributable reserves amount to £206,465 as at 30 September 2024 (2023: £311,109).
21
Financial commitments, guarantees and contingent liabilities
The Company is a member of the Myers Group 1959 Limited VAT scheme under Section 43 of the Value Added Tax Act 1994 and in consequence may be held responsible for the liabilities of other members which at 30 September 2024 totalled £1,391,208 (2023: £1,369,396).
22
Related party transactions
The Company is a wholly owned subsidiary undertaking and as such has taken advantage of the exemption permitted by Section 33 'Related Party Disclosures' not to provide disclosures of transactions entered into with the parent company or other wholly owned subsidiaries within the group. The consolidated financial statements of Isaac Timmins Limited can be obtained from Companies House.
At the year ended 30 September 2024 John Myers directors loan account was overdrawn with a balance of £nil (2023: £82,916).
23
Ultimate controlling party
The immediate parent undertaking is Myers Group Holdings Limited.
In the directors' opinion the company's ultimate parent undertaking is Isaac Timmins Limited and there is no single ultimate controlling party.
The following are the parents of the largest and smallest groups in which this company's results are consolidated:
Largest group
Isaac Timmins limited
Smallest group
None
2024-09-302023-10-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.100A J M BerryJ D M BerryK E M Berry004464512023-10-012024-09-3000446451bus:Director12023-10-012024-09-3000446451bus:Director22023-10-012024-09-3000446451bus:Director32023-10-012024-09-3000446451bus:RegisteredOffice2023-10-012024-09-3000446451bus:Agent12023-10-012024-09-30004464512024-09-30004464512022-10-012023-09-3000446451core:RetainedEarningsAccumulatedLosses2022-10-012023-09-3000446451core:RetainedEarningsAccumulatedLosses2023-10-012024-09-30004464512023-09-3000446451core:PlantMachinery2024-09-3000446451core:FurnitureFittings2024-09-3000446451core:MotorVehicles2024-09-3000446451core:PlantMachinery2023-09-3000446451core:FurnitureFittings2023-09-3000446451core:MotorVehicles2023-09-3000446451core:ShareCapital2024-09-3000446451core:ShareCapital2023-09-3000446451core:RetainedEarningsAccumulatedLosses2024-09-3000446451core:RetainedEarningsAccumulatedLosses2023-09-3000446451core:ShareCapital2022-09-3000446451core:RetainedEarningsAccumulatedLosses2022-09-3000446451core:ShareCapitalOrdinaryShareClass12024-09-3000446451core:ShareCapitalOrdinaryShareClass12023-09-3000446451core:ShareCapitalOrdinaryShareClass22024-09-3000446451core:ShareCapitalOrdinaryShareClass22023-09-3000446451core:ShareCapitalPreferenceShareClass12024-09-3000446451core:ShareCapitalPreferenceShareClass12023-09-3000446451core:PlantMachinery2023-10-012024-09-3000446451core:FurnitureFittings2023-10-012024-09-3000446451core:MotorVehicles2023-10-012024-09-3000446451core:UKTax2023-10-012024-09-3000446451core:UKTax2022-10-012023-09-300044645112023-10-012024-09-300044645112022-10-012023-09-3000446451core:PlantMachinery2023-09-3000446451core:FurnitureFittings2023-09-3000446451core:MotorVehicles2023-09-30004464512023-09-3000446451core:Non-currentFinancialInstruments2024-09-3000446451core:Non-currentFinancialInstruments2023-09-3000446451core:Subsidiary12023-10-012024-09-3000446451core:Subsidiary22023-10-012024-09-3000446451core:Subsidiary32023-10-012024-09-3000446451core:Subsidiary42023-10-012024-09-3000446451core:Subsidiary52023-10-012024-09-3000446451core:Subsidiary62023-10-012024-09-3000446451core:Subsidiary72023-10-012024-09-3000446451core:Subsidiary82023-10-012024-09-3000446451core:Subsidiary92023-10-012024-09-3000446451core:Subsidiary102023-10-012024-09-3000446451core:Subsidiary112023-10-012024-09-3000446451core:Subsidiary122023-10-012024-09-3000446451core:Subsidiary132023-10-012024-09-3000446451core:Subsidiary142023-10-012024-09-3000446451core:Subsidiary152023-10-012024-09-3000446451core:Subsidiary162023-10-012024-09-3000446451core:Subsidiary112023-10-012024-09-3000446451core:Subsidiary222023-10-012024-09-3000446451core:Subsidiary332023-10-012024-09-3000446451core:Subsidiary442023-10-012024-09-3000446451core:Subsidiary552023-10-012024-09-3000446451core:Subsidiary662023-10-012024-09-3000446451core:Subsidiary772023-10-012024-09-3000446451core:Subsidiary882023-10-012024-09-3000446451core:Subsidiary992023-10-012024-09-3000446451core:Subsidiary10102023-10-012024-09-3000446451core:Subsidiary11112023-10-012024-09-3000446451core:Subsidiary12122023-10-012024-09-3000446451core:Subsidiary13132023-10-012024-09-3000446451core:Subsidiary14142023-10-012024-09-3000446451core:Subsidiary15152023-10-012024-09-3000446451core:Subsidiary16162023-10-012024-09-3000446451core:CurrentFinancialInstruments2024-09-3000446451core:CurrentFinancialInstruments2023-09-3000446451core:FinancialLiabilitiesHeldForTradingcore:FinancialInstrumentsHeldForSale2024-09-3000446451core:WithinOneYear2024-09-3000446451core:WithinOneYear2023-09-3000446451core:BetweenTwoFiveYears2024-09-3000446451core:BetweenTwoFiveYears2023-09-3000446451bus:OrdinaryShareClass12023-10-012024-09-3000446451bus:OrdinaryShareClass22023-10-012024-09-3000446451bus:PreferenceShareClass12023-10-012024-09-3000446451bus:OrdinaryShareClass12024-09-3000446451bus:OrdinaryShareClass12023-09-3000446451bus:OrdinaryShareClass22024-09-3000446451bus:OrdinaryShareClass22023-09-3000446451bus:PreferenceShareClass12024-09-3000446451bus:PreferenceShareClass12023-09-3000446451bus:PrivateLimitedCompanyLtd2023-10-012024-09-3000446451bus:FRS1022023-10-012024-09-3000446451bus:Audited2023-10-012024-09-3000446451bus:FullAccounts2023-10-012024-09-30xbrli:purexbrli:sharesiso4217:GBP