Company registration number 13097825 (England and Wales)
MY CONTRACTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
MY CONTRACTS LIMITED
COMPANY INFORMATION
Directors
R Memery
E Kotsis
(Appointed 28 March 2025)
Company number
13097825
Registered office
5 Beauchamp Court
Victors Way
Barnet
London
EN5 5TZ
Auditor
Evans Mockler Limited
5 Beauchamp Court
Victors Way
Barnet
London
EN5 5TZ
MY CONTRACTS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 19
MY CONTRACTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 September 2024.
Fair review of the business
The results for the period under review are shown in the annexed financial statements. The company has continued to focus on providing a high quality service to its customers. The directors believe that the company has a solid foundation of capital and infrastructure to support future growth. The company's key financial and other performance indicators during the period are shown on the profit and loss account.
Principal risks and uncertainties
The principal risks and uncertainties facing the company are divided between market risks, operational risks and financial risks.
Market risk
The company has a relatively small percentage of its potential market and while it is constantly operating in a competitive environment, its capabilities and service levels have allowed it to grow successfully over many years. The company can compete for a wide range of customer types and it can offer competitive pricing and a high quality service.
Operational risk
While the company has a strong presence in the London area, most functions are carried out from its head office. The company has invested in its senior staff and has built up a team of experienced senior management. The investment in infrastructure during the period under review has had the effect of reducing the company's operational risk.
Financial risk
The company has been steadily increasing its capital base and has very low reliance on external finance. The nature of the trade means that there are spikes in working capital during particularly busy periods. The company has addressed this risk by making sure it is always in a position to forecast its cash flows and finance requirements and by enhancing its capital base to meet its predicted financial needs. The company's enhancement of its capital base is part of a plan to reduce its financial risk arising from increased construction costs, inflation, energy costs, and the general economic downturn.
Economic risk
The directors acknowledge the importance of maintaining close relationships with key customers to identify the early signs of financial difficulties. Sales trends in major markets are constantly reviewed regularly both over the life of the contract and cumulatively through close relationships with key customers to minimise the risk of dispute.
Development and performance
The company made a profit before taxation of £4,405,818 (2023: £1,871,347) for the period on a turnover of £45,319,276 (2023: £44,808,319).
At 30 September 2024 the company had net assets of £5,770,012 (2023: £1,307,585).
Key performance indicators
In the opinion of the directors, the Key Performance Indicators are the level of turnover generated and margin achieved, which because of the nature of the long term construction contracts can vary year to year.
MY CONTRACTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Other information and explanations
Section 414CZA(1) of the Companies Act 2006 requires the directors to explain how they have considered the matters set out in section 172(1) (a) to (f) of the Companies Act 2006 (‘S172 (1)’) when performing their duty to promote the success of the company. When making decisions, the directors ensure that they act in the way that would most likely promote the company’s success for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to the following matters:
(a) The likely consequences of any decision in the long term
The directors understand the business and the evolving environment in which the company operates. There were no changes to the strategic direction of the company in the period. The directors monitor changes in regulatory requirements to ensure the company remains compliant.
(b) The interests of the company’s employees
The directors recognise that the success of the business depends on attracting, retaining and motivating high quality employees. The directors take into account the implications of decisions which may affect their perception as a responsible employer, on determining remuneration and benefits, and on providing a healthy and safe workplace environment, where relevant.
(c) The need to foster the company's business relationships with suppliers, customers and others
The directors seek to promote strong mutually beneficial relationships with suppliers, customers and authorities. Such general principles are critical in the delivery of the company’s strategy.
(d) The impact of the company’s operations on the community and the environment
The company is committed to understanding the interests of these stakeholder groups as is relevant to the company. The directors receive information on these topics on a periodic basis to provide relevant information for specific board decisions. The company seeks to work with suppliers of services who are certified to industry recognised standards.
(e) The desirability of the company maintaining a reputation for high standards of business conduct
The directors recognise the importance of acting in ways which promote high standards of business conduct. The board periodically reviews and approves clear operating frameworks to ensure that its high standards are maintained both within the businesses and the business relationships the company has with stakeholders.
(f) The need to act fairly as between members of the company
The directors aim to act fairly as between the company’s members when delivering the company’s strategy.
R Memery
Director
22 July 2025
MY CONTRACTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the company continues to be main contractors to the construction industry.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
R Memery
E Kotsis
(Appointed 28 March 2025)
H Shah
(Resigned 28 March 2025)
Y Tal
(Resigned 15 May 2024)
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.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
R Memery
Director
22 July 2025
MY CONTRACTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
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.
MY CONTRACTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MY CONTRACTS LIMITED
- 5 -
Opinion
We have audited the financial statements of MY Contracts Limited (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 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.
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.
MY CONTRACTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MY CONTRACTS LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the 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.
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.
Extent to which the audit was capable of detecting irregularities, including fraud
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.
we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Directors (as required by auditing standards).
we had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.
with the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Directors.
we communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
we addressed the risk of fraud through management override of controls, by 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.
MY CONTRACTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MY CONTRACTS LIMITED (CONTINUED)
- 7 -
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
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.
Simon Toghill (Senior Statutory Auditor)
For and on behalf of Evans Mockler Limited, Statutory Auditor
Chartered Certified Accountants
5 Beauchamp Court
Victors Way
Barnet
London
EN5 5TZ
22 July 2025
MY CONTRACTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
Year
Period
ended
ended
30 September
30 September
2024
2023
Notes
£
£
Turnover
3
45,319,276
44,808,319
Cost of sales
(39,923,133)
(42,343,900)
Gross profit
5,396,143
2,464,419
Administrative expenses
(969,580)
(589,478)
Operating profit
4
4,426,563
1,874,941
Interest receivable and similar income
6
10,027
Interest payable and similar expenses
7
(30,772)
(3,594)
Profit before taxation
4,405,818
1,871,347
Tax on profit
8
56,609
(133,174)
Profit for the financial year
4,462,427
1,738,173
The profit and loss account has been prepared on the basis that all operations are continuing operations.
MY CONTRACTS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
28,331
37,603
Current assets
Debtors
10
12,907,467
4,858,235
Cash at bank and in hand
2,457,548
1,300,125
15,365,015
6,158,360
Creditors: amounts falling due within one year
11
(9,601,925)
(4,851,935)
Net current assets
5,763,090
1,306,425
Total assets less current liabilities
5,791,421
1,344,028
Creditors: amounts falling due after more than one year
12
(14,326)
(27,042)
Provisions for liabilities
Deferred tax liability
14
7,083
9,401
(7,083)
(9,401)
Net assets
5,770,012
1,307,585
Capital and reserves
Called up share capital
16
100
100
Profit and loss reserves
5,769,912
1,307,485
Total equity
5,770,012
1,307,585
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 22 July 2025 and are signed on its behalf by:
R Memery
Director
Company registration number 13097825 (England and Wales)
MY CONTRACTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
100
(430,688)
(430,588)
Period ended 30 September 2023:
Profit and total comprehensive income
-
1,738,173
1,738,173
Balance at 30 September 2023
100
1,307,485
1,307,585
Year ended 30 September 2024:
Profit and total comprehensive income
-
4,462,427
4,462,427
Balance at 30 September 2024
100
5,769,912
5,770,012
MY CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
1
Accounting policies
Company information
MY Contracts Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Beauchamp Court, Victors Way, Barnet, London, EN5 5TZ.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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:
The financial statements of the company are consolidated in the financial statements of EMWHY Int Ltd and MYC Group (UK) Ltd. These consolidated financial statements are publicly available on Companies House website.
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.
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.
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.
MY CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 12 -
Other income
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
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:
Office equipment
33.33% straight line
Motor vehicles
20% straight line
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
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
MY CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 13 -
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.
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.
MY CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -
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
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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.
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.
MY CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Construction contracts
45,319,276
44,808,319
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
45,319,276
44,808,319
2024
2023
£
£
Other revenue
Interest income
10,027
-
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
8,500
4,500
Depreciation of owned tangible fixed assets
9,272
8,558
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Directors
2
2
The company has outsourced its payroll and payroll costs were recharged from a related company.
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
10,027
MY CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
7
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases and hire purchase contracts
1,497
3,416
Other interest
29,275
178
30,772
3,594
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
153,480
Adjustments in respect of prior periods
(54,291)
(29,707)
Total current tax
(54,291)
123,773
Deferred tax
Origination and reversal of timing differences
(2,318)
9,401
Total tax (credit)/charge
(56,609)
133,174
The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
4,405,818
1,871,347
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.00%)
1,101,455
392,983
Tax effect of expenses that are not deductible in determining taxable profit
2,579
1,845
Tax effect of utilisation of tax losses not previously recognised
(68)
(81,580)
Adjustments in respect of prior years
(54,291)
Effect of change in corporation tax rate
(16,156)
Group relief
(1,103,966)
(131,010)
Permanent capital allowances in excess of depreciation
(12,602)
Under/(over) provided in prior years
(29,707)
Deferred tax movement
(2,318)
9,401
Taxation (credit)/charge for the year
(56,609)
133,174
MY CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
9
Tangible fixed assets
Office equipment
Motor vehicles
Total
£
£
£
Cost
At 1 October 2023 and 30 September 2024
299
45,862
46,161
Depreciation and impairment
At 1 October 2023
150
8,408
8,558
Depreciation charged in the year
100
9,172
9,272
At 30 September 2024
250
17,580
17,830
Carrying amount
At 30 September 2024
49
28,282
28,331
At 30 September 2023
149
37,454
37,603
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,639,938
3,975,926
Gross amounts owed by contract customers
5,852,726
101,594
Amounts owed by group undertakings
656,848
304,727
Other debtors
2,435,914
458,437
Prepayments and accrued income
322,041
17,551
12,907,467
4,858,235
11
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
13
11,461
10,826
Trade creditors
2,040,328
1,303,293
Amounts owed to group undertakings
2,042,554
919,547
Corporation tax
116,977
153,480
Other taxation and social security
921,785
171,567
Other creditors
150,734
Accruals and deferred income
4,318,086
2,293,222
9,601,925
4,851,935
MY CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
12
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
13
14,326
27,042
13
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
11,461
10,826
In two to five years
14,326
27,042
25,787
37,868
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is four years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
14
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
7,083
9,401
2024
Movements in the year:
£
Liability at 1 October 2023
9,401
Credit to profit or loss
(2,318)
Liability at 30 September 2024
7,083
15
Related party transactions
2024
2023
Amounts due to related parties
£
£
Other related parties
150,734
-
MY CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
15
Related party transactions
(Continued)
- 19 -
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Other related parties
2,125,546
100,000
16
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
17
Ultimate controlling party
As at the reporting date MYC Trading Group Limited was the immediate parent company. MYC Group (UK) Limited was the intermediate parent company.
The ultimate parent company is EMWHY Int Ltd. These financial statements are consolidated in the financial statements of MYC Group (UK) Ltd and EMWHY Int Ltd, which are available online from Companies House. The registered office of EMWHY Int Ltd is 5 Beauchamp Court, Victors Way, London, EN5 5TZ.
18
Events after the reporting date
Subsequent to the reporting date, MYC Trading Group Limited, the company’s immediate parent was placed into liquidation. This was part of a wider group restructuring, following which MYC Group (UK) Limited, previously the intermediate parent, became the new immediate parent of the company.
This event has no impact on the company’s financial position as at the reporting date and is considered a non-adjusting post balance sheet event.
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