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REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MCMM SERVICES LIMITED

MCMM SERVICES LIMITED (REGISTERED NUMBER: 11347743)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Statement of Comprehensive Income 5

Balance Sheet 6

Statement of Changes in Equity 7

Notes to the Financial Statements 8


MCMM SERVICES LIMITED

COMPANY INFORMATION
for the year ended 31 December 2024







DIRECTORS: Mr J O Whittingham
Mr N G R Harris





REGISTERED OFFICE: The Walbrook Building
25 Walbrook
London
EC4N8AW





REGISTERED NUMBER: 11347743 (England and Wales)





AUDITORS: Hewitt Card Limited
Statutory Auditors
70-72 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BN

MCMM SERVICES LIMITED (REGISTERED NUMBER: 11347743)

REPORT OF THE DIRECTORS
for the year ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of providing management services to The Education Mutual Ltd.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS
The directors who have held office during the period from 1 January 2024 to the date of this report are as follows:

Mr G Childs - resigned 10 January 2024
Mr L Marshall - resigned 10 January 2024
Mrs H Harding - resigned 10 January 2024
Mr M Rea - appointed 10 January 2024 - resigned 1 August 2024
Mr J O Whittingham - appointed 10 January 2024
Mr N G R Harris - appointed 1 August 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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;
-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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Hewitt Card Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr J O Whittingham - Director


6 August 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MCMM SERVICES LIMITED

Opinion
We have audited the financial statements of MCMM Services Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MCMM SERVICES LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have adopted a risk based approach based upon analytical procedures and knowledge of the clients systems and environment it operates in.

This enables us to design and perform audit procedures responsive to those risks; and obtain audit evidence that is sufficient and appropriate to provide a basis for the audit opinion.
To obtain an understanding of internal control where relevant to the audit to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the companys internal control.
To evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
To conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern.

The likelihood of detecting irregularities is inherently difficult and we have designed our tests and procedures to reduce this risk.
- We have enquired of management and the company's solicitors around actual and potential litigation and claims.
- Review of company minutes of meetings of those charged with governance.
- Reviewing financial statements disclosure and testing supporting documentation to assess compliance with applicable laws and regulations
- Review and testing of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr James Timothy Card (Senior Statutory Auditor)
for and on behalf of Hewitt Card Limited
Statutory Auditors
70-72 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BN

12 August 2025

MCMM SERVICES LIMITED (REGISTERED NUMBER: 11347743)

STATEMENT OF COMPREHENSIVE
INCOME
for the year ended 31 December 2024

31.12.24 31.12.23
Notes £    £   

TURNOVER 3 4,683,576 4,242,361

Cost of sales 97,152 77,413
GROSS PROFIT 4,586,424 4,164,948

Administrative expenses 2,315,933 4,465,777
OPERATING PROFIT/(LOSS) 5 2,270,491 (300,829 )

Interest receivable and similar income 94,177 51,761
2,364,668 (249,068 )

Interest payable and similar expenses 6 - 5,358
PROFIT/(LOSS) BEFORE TAXATION 2,364,668 (254,426 )

Tax on profit/(loss) 7 5,293 (12,177 )
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 2,359,375 (242,249 )

OTHER COMPREHENSIVE INCOME
Purchase own shares
Share capital
Income tax relating to other comprehensive
income

-

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

-

-
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

2,359,375

(242,249

)

MCMM SERVICES LIMITED (REGISTERED NUMBER: 11347743)

BALANCE SHEET
31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 16,430 12,603
Tangible assets 9 55,035 103,001
71,465 115,604

CURRENT ASSETS
Debtors 10 422,787 506,436
Cash at bank 4,316,644 1,735,444
4,739,431 2,241,880
CREDITORS
Amounts falling due within one year 11 2,524,850 2,420,995
NET CURRENT ASSETS/(LIABILITIES) 2,214,581 (179,115 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,286,046 (63,511 )

PROVISIONS FOR LIABILITIES 13 3,858 13,676
NET ASSETS/(LIABILITIES) 2,282,188 (77,187 )

CAPITAL AND RESERVES
Called up share capital 14 1,000 1,000
Capital redemption reserve 15 1 1
Retained earnings 15 2,281,187 (78,188 )
SHAREHOLDERS' FUNDS 2,282,188 (77,187 )

The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2025 and were signed on its behalf by:





Mr J O Whittingham - Director


MCMM SERVICES LIMITED (REGISTERED NUMBER: 11347743)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2023 1,000 164,061 1 165,062

Changes in equity
Total comprehensive income - (242,249 ) - (242,249 )
Balance at 31 December 2023 1,000 (78,188 ) 1 (77,187 )

Changes in equity
Total comprehensive income - 2,359,375 - 2,359,375
Balance at 31 December 2024 1,000 2,281,187 1 2,282,188

MCMM SERVICES LIMITED (REGISTERED NUMBER: 11347743)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024

1. STATUTORY INFORMATION

MCMM Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The directors consider that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, they continue to apply the going concern basis of accounting in preparing the Annual Report and Financial Statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the exemptions, under FRS 102 paragraph 1.12(b) & (e) respectively, from preparing a Statement of Cash Flows and disclosure of key management compensation, on the basis that it is a qualifying entity and its ultimate parent company, Arthur J. Gallagher & Co., includes such disclosures in its own consolidated financial statements. The Company has also taken advantage of the exemptions available under paragraph 33.1A of FRS 102 Related Party Disclosures, not to disclose transactions that have taken place between members of the Group where the party to the transaction is a wholly owned member.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding value added tax and other sales taxes. Turnover includes commissions received from The Education Mutual Ltd for the provision of management services.

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

Online Platform Development is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Straight line over 5 years
Plant and machinery - Straight line over 3 years
Fixtures and fittings - Straight line over 10 years
Computer equipment - Straight line over 3 years

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


MCMM SERVICES LIMITED (REGISTERED NUMBER: 11347743)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Deferred income
The accounts include deferred income for management services provided to The Education Mutual Ltd. Income is deferred based on the membership fees charged in The Education Mutual Ltd and is released to the profit and loss account on a time apportioned basis.

3. TURNOVER

The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the company.

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

31.12.24 31.12.23
£    £   
Rendering of services 4,683,576 4,242,361
4,683,576 4,242,361

4. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 1,161,954 2,712,191
Social security costs 142,094 351,851
Other pension costs 91,732 126,134
1,395,780 3,190,176

The average number of employees during the year was as follows:
31.12.24 31.12.23

Employees 4 26

MCMM SERVICES LIMITED (REGISTERED NUMBER: 11347743)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

4. EMPLOYEES AND DIRECTORS - continued

31.12.24 31.12.23
£    £   
Directors' remuneration 69,074 1,659,609
Directors' pension contributions to money purchase schemes 1,208 94,207

5. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

31.12.24 31.12.23
£    £   
Depreciation - owned assets 47,966 46,576
Depreciation - assets on hire purchase contracts or finance leases - 15,618
Loss on disposal of fixed assets - 21,239
Online Platform Development amortisation 16,173 32,533

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Hire purchase - 5,358

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
31.12.24 31.12.23
£    £   
Current tax:
UK corporation tax 15,111 5,013

Deferred tax (9,818 ) (17,190 )
Tax on profit/(loss) 5,293 (12,177 )

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24 31.12.23
£    £   
Profit/(loss) before tax 2,364,668 (254,426 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

591,167

(48,341

)

Effects of:
Expenses not deductible for tax purposes 14,551 44,337
Depreciation in excess of capital allowances 9,818 9,029
Deferred tax (9,818 ) (17,190 )
Tax adjustment for prior year (21 ) (12 )
Loan relationships (1,846 ) -
Group relief (598,558 ) -
Total tax charge/(credit) 5,293 (12,177 )

MCMM SERVICES LIMITED (REGISTERED NUMBER: 11347743)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

7. TAXATION - continued

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 December 2024.

31.12.23
Gross Tax Net
£    £    £   
Purchase own shares
Share capital
- - -

8. INTANGIBLE FIXED ASSETS
Online
Platform
Development
£   
COST
At 1 January 2024 260,472
Additions 20,000
At 31 December 2024 280,472
AMORTISATION
At 1 January 2024 247,869
Amortisation for year 16,173
At 31 December 2024 264,042
NET BOOK VALUE
At 31 December 2024 16,430
At 31 December 2023 12,603

9. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2024 96,901 6,728 23,048 94,861 221,538
Disposals - - - (38,542 ) (38,542 )
At 31 December 2024 96,901 6,728 23,048 56,319 182,996
DEPRECIATION
At 1 January 2024 32,783 2,616 16,167 66,971 118,537
Charge for year 19,380 4,112 5,507 18,967 47,966
Eliminated on disposal - - - (38,542 ) (38,542 )
At 31 December 2024 52,163 6,728 21,674 47,396 127,961
NET BOOK VALUE
At 31 December 2024 44,738 - 1,374 8,923 55,035
At 31 December 2023 64,118 4,112 6,881 27,890 103,001

MCMM SERVICES LIMITED (REGISTERED NUMBER: 11347743)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 286,767 290,131
Prepayments and accrued income 58,244 34,231
Prepayments 77,776 182,074
422,787 506,436

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade creditors 1,916 111,447
Amounts owed to group undertakings 249,853 -
Tax 15,132 5,025
Social security and other taxes - 148,943
VAT 222,040 252,775
Other creditors 11,973 42,392
Accruals and deferred income 1,901,770 1,759,696
Accrued expenses 122,166 100,717
2,524,850 2,420,995

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.24 31.12.23
£    £   
Within one year 34,632 -
Between one and five years 40,404 -
75,036 -

13. PROVISIONS FOR LIABILITIES
31.12.24 31.12.23
£    £   
Deferred tax 3,858 13,676

Deferred
tax
£   
Balance at 1 January 2024 13,676
Credit to Statement of Comprehensive Income during year (9,818 )
Balance at 31 December 2024 3,858

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
1,000 Ordinary 1 1,000 1,000

MCMM SERVICES LIMITED (REGISTERED NUMBER: 11347743)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

15. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2024 (78,188 ) 1 (78,187 )
Profit for the year 2,359,375 2,359,375
At 31 December 2024 2,281,187 1 2,281,188

Share premium of £649,590 represents the amount paid above the nominal value of the ordinary 'A' shares in the Company.

Ordinary 'A' and Ordinary 'B' - the shares have attached to them full voting, dividend and capital distribution (including on winding up) rights, they do not confer any rights of redemption.

Ordinary 'C' - the shares have attached to them (on winding up the Company or a reduction or return of capital) the right to 7.5% of surplus assets over £2 million. The C shares have no voting or dividend rights.

16. RELATED PARTY DISCLOSURES

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

17. ULTIMATE CONTROLLING PARTY

The controlling party is Gallagher Holdings (UK) Limited.

The ultimate controlling party is Arthur J. Gallagher & Co.

The immediate parent company is Gallagher Holdings (UK) Limited, a company registered in England and Wales. The largest group of undertakings of which the Company is a member and for which financial statements are prepared, is headed up by Arthur J. Gallagher & Co., a company incorporated in the United States of America, which is the ultimate holding company. The registered address of Arthur J. Gallagher & Co, is The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801, United States. A copy of these consolidated financial statements is available from the registered office of the Company.