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Registered number: 01669454










MANAGEMENT & CONSTRUCTION SERVICES LIMITED

AUDITED
DIRECTORS' REPORT
AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2024
 






 



 






 
MANAGEMENT & CONSTRUCTION SERVICES LIMITED
 

COMPANY INFORMATION


DIRECTORS
Mr P Hodges 
Mr A Rumble 
Mr J J Whiteman 
Mr P W Greenaway (resigned 3 October 2024)




COMPANY SECRETARY
Mrs J P Hodges



REGISTERED NUMBER
01669454



REGISTERED OFFICE
Links 1
Links Business Centre

Old Woking

Surrey

GU22 8BF




INDEPENDENT AUDITORS
Wellden Turnbull Limited
Chartered Accountants & Statutory Auditors

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ





 
MANAGEMENT & CONSTRUCTION SERVICES LIMITED
 

CONTENTS



Page
Directors' report
 
 
1 - 2
Independent auditors' report
 
 
3 - 6
Statement of income and retained earnings
 
 
7
Balance sheet
 
 
8 - 9
Notes to the financial statements
 
 
10 - 19


 
MANAGEMENT & CONSTRUCTION SERVICES LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors present their report and the financial statements for the year ended 31 December 2024.

DIRECTORS' RESPONSIBILITIES STATEMENT

The Directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 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 2006They 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.

PRINCIPAL ACTIVITY

The principal activity of the company during the year under review continued to be that of building contractors.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £1,156,077 (2023 - £637,816).

DIRECTORS

The Directors who served during the year were:

Mr P Hodges 
Mr A Rumble 
Mr J J Whiteman 
Mr P W Greenaway (resigned 3 October 2024)

DISCLOSURE OF INFORMATION TO AUDITORS


Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 1

 
MANAGEMENT & CONSTRUCTION SERVICES LIMITED
 

DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


SMALL COMPANIES NOTE

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Mr P Hodges
Director

Date: 28 July 2025

Page 2

 
MANAGEMENT & CONSTRUCTION SERVICES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MANAGEMENT & CONSTRUCTION SERVICES LIMITED
 

OPINION


We have audited the financial statements of Management & Construction Services Limited (the 'Company') for the year ended 31 December 2024, which comprise the statement of income and retained earnings, the balance sheet and the related notes, including a summary of significant accounting policiesThe 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 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.


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.


Page 3

 
MANAGEMENT & CONSTRUCTION SERVICES LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MANAGEMENT & CONSTRUCTION SERVICES LIMITED (CONTINUED)

OTHER INFORMATION


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.


OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in 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' exemptions in preparing the Directors' report and from the requirement to prepare a strategic report.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the directors' responsibilities statement set out on page 1, 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.


Page 4

 
MANAGEMENT & CONSTRUCTION SERVICES LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MANAGEMENT & CONSTRUCTION SERVICES LIMITED (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue, accuracy and recoverability of research and development tax credit and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the Company operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Company's operations and reputation. The Companies Act 2006, employee legislation, health and safety legislation, UK Company tax law and data protection are those we have identified inthis regard. Auditing standards limit the required procedures as to non-compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
Enquiry of management and those charged with governance as to actual and potential litigation and claims;
 
Enquiry of management and staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
 
Assessing the reasonableness of revenue recognised in the period based on underlying contractual terms and obligations and the requirements of accounting standards, ensuring that sales are recorded in the correct period;
 
Assessing the reasonableness of assumptions and estimates used by Directors in the recognition of project income and expenses, based on stage of completion, and the valuation of related work in progress and any associated provisions recognised to reflect the expected recoverability of said balances;
 
Assessing the resonableness of any recognised provisions in the context of financial reporting standards and the Company's business;
 
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations and accounting standards; and
 
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for bias
 
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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.

Page 5

 
MANAGEMENT & CONSTRUCTION SERVICES LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MANAGEMENT & CONSTRUCTION SERVICES LIMITED (CONTINUED)


USE OF OUR REPORT
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our 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.





Emma Green FCCA (Senior Statutory Auditor)
  
for and on behalf of
Wellden Turnbull Limited
 
Chartered Accountants
Statutory Auditors
  
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ

 
Date: 
29 July 2025
Page 6

 
MANAGEMENT & CONSTRUCTION SERVICES LIMITED
 

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

  

Turnover
  
20,608,153
17,886,916

Cost of sales
  
(17,713,798)
(15,649,315)

Gross profit
  
2,894,355
2,237,601

Administrative expenses
  
(1,756,804)
(1,665,811)

Other operating income
  
15,526
2,183

Operating profit
  
1,153,077
573,973

Interest receivable and similar income
  
7,875
2,348

Interest payable and similar expenses
  
(4,875)
(14,418)

Profit before tax
  
1,156,077
561,903

Tax on profit
  
-
75,913

Profit after tax
  
1,156,077
637,816

  

  

Retained earnings at the beginning of the year
  
625,895
473,085

Profit for the year
  
1,156,077
637,816

Dividends declared and paid
  
(485,000)
(485,006)

Retained earnings at the end of the year
  
1,296,972
625,895

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

The notes on pages 10 to 19 form part of these financial statements.

Page 7

 
MANAGEMENT & CONSTRUCTION SERVICES LIMITED
REGISTERED NUMBER:01669454

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
                                                                        Note
£
£

Fixed assets
  

Intangible assets
 5 
-
-

Tangible assets
 6 
101,477
143,299

  
101,477
143,299

Current assets
  

Debtors: amounts falling due after more than one year
 7 
177,044
176,059

Debtors: amounts falling due within one year
 7 
3,847,773
3,908,405

Cash at bank and in hand
  
1,791,276
280,940

  
5,816,093
4,365,404

Creditors: amounts falling due within one year
 8 
(4,464,648)
(3,767,929)

Net current assets
  
 
 
1,351,445
 
 
597,475

Total assets less current liabilities
  
1,452,922
740,774

Creditors: amounts falling due after more than one year
 9 
(18,750)
(77,679)

Provisions for liabilities
  

Other provisions
 12 
(100,000)
-

  
 
 
(100,000)
 
 
-

Net assets
  
1,334,172
663,095


Capital and reserves
  

Called up share capital 
 13 
36,000
36,000

Other reserves
 14 
1,200
1,200

Profit and loss account
 14 
1,296,972
625,895

Shareholder's funds
  
1,334,172
663,095


Page 8

 
MANAGEMENT & CONSTRUCTION SERVICES LIMITED
REGISTERED NUMBER:01669454

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr P Hodges
Director

Date: 28 July 2025

The notes on pages 10 to 19 form part of these financial statements.

Page 9

 
MANAGEMENT & CONSTRUCTION SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Management & Construction Services Limited is a private company, limited by shares, incorporated in England and Wales, registered number 01669454. The registered office is Links 1, Links Business Centre, Old Woking, Surrey, GU22 8BF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 financial statements are presented in sterling, which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standards

The financial statements have been prepared in accordance with the provisions of FRS102. There were no material departures from that standard.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

Rendering of services

Revenue on long-term construction contracts is recognised on a work certified basis by reference to stage of completion of the contract activity at the end of the reporting period, when all of the following conditions are satisfied:
 
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 10

 
MANAGEMENT & CONSTRUCTION SERVICES LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Software
-
3
years

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

Plant and machinery
-
25%
Fixtures, fittings & equipment
-
20%
- 33.3%

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.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Long-term debtors comprise retentions due within more than one year from the balance sheet date, they are measured at transaction price less any impairment.

 
2.7

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.

Page 11

 
MANAGEMENT & CONSTRUCTION SERVICES LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Financial instruments

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 has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Page 12

 
MANAGEMENT & CONSTRUCTION SERVICES LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 13

 
MANAGEMENT & CONSTRUCTION SERVICES LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.14

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.15

Current and deferred taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

  
2.17

Long term contracts

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Full provision is made for losses on all contracts in the year in which they are first foreseen.

Page 14

 
MANAGEMENT & CONSTRUCTION SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgements in applying accounting policies 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 that affect the value of the turnover and profit reported in the profit and loss account for the financial year and the value of assets and liabilities recorded in the balance sheet. 
The Directors consider that the recognition of turnover and profit on long term contracts has the most significant effect on the financial statements. This requires management judgement regarding the anticipated final outcome of individual contracts and of the proportion of works completed at the balance sheet date. Management undertakes detailed reviews in order to exercise judgement over the outcome of each contract. The value of work completed at the balance sheet date is assessed by completing internal valuations, which includes comparison to external valuations completed on behalf of clients and applications for payment made by subcontractors. Any material variances are investigated and updates made where appropriate. Actual results may differ from these estimates. The recoverability of all debtors and amounts recoverable on long term contracts are reviewed by the Directors and provisions made where appropriate.


4.


Employees

The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Office
18
19



Site
8
8

26
27


5.


Intangible assets



Computer software

£



Cost


At 1 January 2024
30,835



At 31 December 2024

30,835



Amortisation


At 1 January 2024
30,835



At 31 December 2024

30,835



Net book value



At 31 December 2024
-



Page 15

 
MANAGEMENT & CONSTRUCTION SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Tangible fixed assets





Plant and machinery
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2024
38,529
254,693
293,222


Additions
366
1,273
1,639



At 31 December 2024

38,895
255,966
294,861



Depreciation


At 1 January 2024
18,946
130,979
149,925


Charge for the year on owned assets
2,287
25,437
27,724


Charge for the year on financed assets
-
15,735
15,735



At 31 December 2024

21,233
172,151
193,384



Net book value



At 31 December 2024
17,662
83,815
101,477

Page 16

 
MANAGEMENT & CONSTRUCTION SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Debtors

2024
2023
£
£

Due after more than one year

Trade debtors
177,044
176,059


2024
2023
£
£

Due within one year

Trade debtors
1,927,447
1,930,215

Amounts owed by group undertakings
415,523
401,823

Other debtors
-
76,148

Prepayments and accrued income
615,979
896,341

Amounts recoverable on long-term contracts
888,824
603,878

3,847,773
3,908,405



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
45,000
45,000

Trade creditors
1,009,852
931,051

Corporation tax
4,958
5,197

Other taxation and social security
724,578
551,073

Obligations under finance lease and hire purchase contracts
13,491
35,314

Accruals and deferred income
2,666,769
2,200,294

4,464,648
3,767,929


The Company has a  CBIL loan with NatWest. The loan is repayable over five years. The interest rate is 4.9% over the NatWest's base rate.
Amounts due under finance leases are secured on the assets to which they relate.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
18,750
63,750

Net obligations under finance leases and hire purchase contracts
-
13,929

18,750
77,679


Page 17

 
MANAGEMENT & CONSTRUCTION SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
45,000
45,000

Amounts falling due 1-2 years

Bank loans
18,750
45,000

Amounts falling due 2-5 years

Bank loans
-
18,750

63,750
108,750



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
13,491
35,314

Between 1-5 years
-
13,929

13,491
49,243


12.


Provisions





Other provisions

£





At 1 January 2024
-


Charged to profit or loss
100,000



At 31 December 2024
100,000

The Company has allocated £100,000 towards a provision for a potential insurance claim surrounding a previous job that was completed 12 years ago.

Page 18

 
MANAGEMENT & CONSTRUCTION SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



36,000 (2023 - 36,000) Ordinary shares of £1.00 each
36,000
36,000



14.


Reserves

Capital redemption reserve

The balance of £1,200 within the reserve is only distributable as bonus issues of extra shares.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of all adjustments.


15.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
46,056
113,181

Later than 1 year and not later than 5 years
24,667
84,794

70,723
197,975

In May 2025, the Company renewed its rental agreement for its registered office Links 1, Links Business Centre, Old Woking, Surrey, GU22 8BF.


16.


Related party transactions

The company has taken advantage of Section 33 paragraph 1A not to disclose transactions with wholly owned group members.


17.


Controlling party

The ultimate parent undertaking is MCS Holdings Limited, a company incorporated in England and Wales and registered office is Links 1, Links Business Centre, Old Woking, Surrey, GU22 8BF


Page 19