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REGISTERED NUMBER: 12344189 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Mypad 2020 Limited

Mypad 2020 Limited (Registered number: 12344189)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Income and Retained Earnings 10

Balance Sheet 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


Mypad 2020 Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: I Jowett
D Holland
T P C Spink
J G Turner





REGISTERED OFFICE: 18 St Christopher's Way
Pride Park
Derby
Derbyshire
DE24 8JY





BUSINESS ADDRESS: The Quadrant
Nuart Road
Beeston
Nottinghamshire
NG9 2NH





REGISTERED NUMBER: 12344189 (England and Wales)





AUDITORS: Franklins Accountancy Audit & Tax Limited
18 St Christopher's Way
Pride Park
Derby
Derbyshire
DE24 8JY

Mypad 2020 Limited (Registered number: 12344189)

Strategic Report
for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
The primary activity of MyPad 2020 Limited ('the Company') during the year was the design and build of residential housing developments for affordable housing providers.

Turnover for the year increased significantly to £37.45m (2023: £20.08m). Gross profit rose to £3.22m (2023: £2.58m), and the average number of employees grew to 45 (2023: 29). The number of live operational site outlets increased to 13 (2023: 9).

EBITDA for the year was £1.46m (2023: £1.44m), representing 3.9% of turnover (2023: 7.1%). EBITDA increased in absolute terms due to higher activity levels, although the margin reduced because of inflationary cost pressures on long-term fixed price contracts procured in prior years and planning delays that deferred the commencement of certain new developments.

The year saw continued growth in the Company's market presence, building on the strong platform established in previous years. Considerable investment in internal teams particularly land acquisition, design, and partnership functions has supported an increase in the number of opportunities secured with Local Authorities and Registered Housing Partners.

The Company delivered robust operational performance and enters 2025 with an expanded workforce, a record number of active sites, and a secure pipeline of contracted work.

PRINCIPAL RISKS AND UNCERTAINTIES
Risk management continues to be a core focus of the board. As with many businesses in the construction sector, we operate in a challenging environment. Risks considered by the Company, and managed through rigorous policies and procedures, include:

Health, Safety, and Environmental Incidents
Incidents have the potential to place employees, visitors, and the public at risk of injury or death and could result in reputational and financial damage. Training plans, policies, and procedures are in place to maintain high assurance standards across all areas of the business.

Unforeseen Economic Conditions
Sudden changes in economic conditions, including interest rate fluctuations and inflation, continue to pose a risk to businesses operating on long-term fixed price contracts. Stabilisation of construction costs during 2024, however, provided increased certainty over the business's operational pipeline.

Influence of Government on the Construction Industry and Housing Sector
The Directors closely monitor changes in government policy and legislation. Recent announcements following the UK government change in 2024 are generally considered positive for the housing sector and the Company's market positioning.

Contractual Risk
Risks from mispricing contracts, change management, or contractual disputes are mitigated through robust appraisal processes, appropriate due diligence, and the use of standard contracts where possible.

Liquidity and Credit Risk
The Company manages liquidity using a mix of retained earnings and debt funding, alongside short- and long-term cash flow forecasts. Credit risk is limited as cash is received monthly from housing association partners.


Mypad 2020 Limited (Registered number: 12344189)

Strategic Report
for the Year Ended 31 December 2024

FUTURE DEVELOPMENTS
The Directors remain focused on increasing the Company's turnover and operational profitability. Investments in staffing and internal capabilities during 2024 have strengthened our ability to secure new projects and deliver them efficiently.

Stabilisation of build costs, increased housing targets for Local Authorities, and additional sector-specific funding are expected to support continued growth in 2025 and beyond.

ON BEHALF OF THE BOARD:





T P C Spink - Director


20 August 2025

Mypad 2020 Limited (Registered number: 12344189)

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.

DIVIDENDS
Interim dividends per share were paid during the year as follows:
Ordinary E £1 - £7800 - 31 December 2024
Ordinary F £1 - £7800 - 31 December 2024
Ordinary G £1 - £7800 - 31 December 2024

The total distribution of dividends for the year ended 31 December 2024 will be £ 234,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

I Jowett
D Holland
T P C Spink
J G Turner

POLITICAL DONATIONS AND EXPENDITURE
Non political donations have been made to UK based charities totalling £11,071 in the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, 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.

Mypad 2020 Limited (Registered number: 12344189)

Report of the Directors
for the Year Ended 31 December 2024


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.

ON BEHALF OF THE BOARD:




T P C Spink - Director


20 August 2025

Report of the Independent Auditors to the Members of
Mypad 2020 Limited

Opinion
We have audited the financial statements of Mypad 2020 Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, 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 Strategic Report and 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Mypad 2020 Limited


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 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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.

Report of the Independent Auditors to the Members of
Mypad 2020 Limited


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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the construction industry.
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, as well as data protection, anti-bribery, employment, environmental and health and safety legislation.
- we assessed the extent of compliance with the laws and regulations identified above through enquiries of management and correspondence with authorities.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

Where we identified legislation or regulation of particular relevance to the entity, in conjunction with other audit testing, we considered the sufficiency and appropriateness of audit evidence obtained regarding the compliance with that legislation, or regulation, and any consequential risk of material misstatements in the financial statements.

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.

However it must be noted that it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

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.

Report of the Independent Auditors to the Members of
Mypad 2020 Limited


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.




James Richardson (Senior Statutory Auditor)
for and on behalf of Franklins Accountancy Audit & Tax Limited
18 St Christopher's Way
Pride Park
Derby
Derbyshire
DE24 8JY

20 August 2025

Mypad 2020 Limited (Registered number: 12344189)

Statement of Income and
Retained Earnings
for the Year Ended 31 December 2024

2024 2023
as restated
Notes £    £   

TURNOVER 3 37,447,549 20,083,675

Cost of sales 34,230,586 17,504,792
GROSS PROFIT 3,216,963 2,578,883

Administrative expenses 1,986,167 1,527,346
1,230,796 1,051,537

Other operating income 454,889 178,393
OPERATING PROFIT 6 1,685,685 1,229,930

Interest receivable and similar income 54,528 3,120
1,740,213 1,233,050

Interest payable and similar expenses 8 659,954 463,916
PROFIT BEFORE TAXATION 1,080,259 769,134

Tax on profit 9 279,511 189,747
PROFIT FOR THE FINANCIAL YEAR 800,748 579,387

Retained earnings at beginning of year as
previously reported

601,614

1,057,016

Dividends 10 (234,000 ) (624,000 )
Prior year adjustment - corrections of
material errors

11

-

(410,789

)

RETAINED EARNINGS AT END OF
YEAR

1,168,362

601,614

Mypad 2020 Limited (Registered number: 12344189)

Balance Sheet
31 December 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 758,776 818,945

CURRENT ASSETS
Stocks 13 4,513,400 5,542,427
Debtors 14 9,546,418 3,374,836
Cash at bank and in hand 465,674 1,907,310
14,525,492 10,824,573
CREDITORS
Amounts falling due within one year 15 10,261,419 10,671,735
NET CURRENT ASSETS 4,264,073 152,838
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,022,849

971,783

CREDITORS
Amounts falling due after more than one
year

16

(3,664,683

)

(165,323

)

PROVISIONS FOR LIABILITIES 19 (189,694 ) (204,736 )
NET ASSETS 1,168,472 601,724

CAPITAL AND RESERVES
Called up share capital 20 110 110
Retained earnings 21 1,168,362 601,614
SHAREHOLDERS' FUNDS 1,168,472 601,724

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2025 and were signed on its behalf by:





T P C Spink - Director


Mypad 2020 Limited (Registered number: 12344189)

Cash Flow Statement
for the Year Ended 31 December 2024

2024 2023
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (3,861,522 ) 2,801,200
Interest paid (632,070 ) (427,508 )
Interest element of hire purchase payments
paid

(27,884

)

(36,408

)
Tax paid (17,568 ) (151,111 )
Net cash from operating activities (4,539,044 ) 2,186,173

Cash flows from investing activities
Purchase of tangible fixed assets (211,445 ) (517,794 )
Purchase of fixed asset investments - (10,208 )
Sale of tangible fixed assets 95,000 7,000
Sale of fixed asset investments - 10,208
Interest received 54,528 3,120
Net cash from investing activities (61,917 ) (507,674 )

Cash flows from financing activities
Loan repayments in year (10,000 ) (110,000 )
Redeemable preference shares 3,600,000 -
Capital repayments in year (132,444 ) (32,729 )
Amount withdrawn by directors (64,231 ) 50,305
Equity dividends paid (234,000 ) (624,000 )
Net cash from financing activities 3,159,325 (716,424 )

(Decrease)/increase in cash and cash equivalents (1,441,636 ) 962,075
Cash and cash equivalents at beginning of
year

2

1,907,310

945,235

Cash and cash equivalents at end of year 2 465,674 1,907,310

Mypad 2020 Limited (Registered number: 12344189)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
as restated
£    £   
Profit before taxation 1,080,259 769,134
Depreciation charges 189,694 204,735
(Profit)/loss on disposal of fixed assets (13,080 ) 1,307
Finance costs 659,954 463,916
Finance income (54,528 ) (3,120 )
1,862,299 1,435,972
Decrease/(increase) in stocks 1,029,027 (2,120,331 )
Increase in trade and other debtors (6,171,583 ) (1,311,125 )
(Decrease)/increase in trade and other creditors (581,265 ) 4,796,684
Cash generated from operations (3,861,522 ) 2,801,200

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 465,674 1,907,310
Year ended 31 December 2023
31.12.23 1.1.23
as restated
£    £   
Cash and cash equivalents 1,907,310 945,235


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 1,907,310 (1,441,636 ) 465,674
1,907,310 (1,441,636 ) 465,674
Debt
Finance leases (332,767 ) 132,444 (200,323 )
Debts falling due within 1 year (10,176 ) 41 (10,135 )
Debts falling due after 1 year (13,991 ) (3,590,041 ) (3,604,032 )
(356,934 ) (3,457,556 ) (3,814,490 )
Total 1,550,376 (4,899,192 ) (3,348,816 )

Mypad 2020 Limited (Registered number: 12344189)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Mypad 2020 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised when performance obligations are satisfied which occurs when the control of either goods or services are transferred to the customer.

Where revenue is recognised over time and the outcome of the contract can be estimated reliably, it is recognised based on the stage of completion of the agreement as verified by surveys performed by the relevant customer.

For the non-land element of construction contracts, turnover and cost of sales are recognised using the percentage of completion method, measured as the proportion that costs incurred for work performed to date bear to the estimated total costs.

Unbilled works - being the turnover recognised to date less progress billings and any impairment - are shown as work in progress. If, to date, progress billings exceed turnover then the difference is shown as deferred income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Office equipment - 20% on reducing balance

Mypad 2020 Limited (Registered number: 12344189)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs.

Stock & Work-in-progress
Stock and work-in-progress comprises (1) work in progress on construction contracts; (2) construction materials, and; (3) land and associated costs.

Land purchases and associated costs, such as surveys, planning fees and legal fees, are held at the lower of cost and estimated selling price less costs to sell.
Construction materials are held at the lower of cost and net realisable value.

Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, and loans from and to related parties.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors
Trade debtors are amounts due for goods sold or services rendered in the ordinary course of business.

Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtor.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade creditors are recognised at the transaction price.

Trade creditors are classified as current liabilities of the company. The company does not have an unconditional right, at the end of the reporting date, to defer settlement of the creditor for at least twelve months after the reporting date, they are presented as non-current liabilities.


Mypad 2020 Limited (Registered number: 12344189)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Judgments and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimations 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 are 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 a future periods where the revision affects both current and future periods.

Critical Judgements
The following judgements have had the most significant effect on amounts recognised in the financial statements:

Recognition of profit on long term contracts
Profit recognition is the area requiring the greatest use of judgement and is based on an assessment of the overall profitability forecast on individual contracts. Losses are recognised as soon as they are foreseen. Profits are recognised by the directors when the outcome of the contract can be assessed with reasonable certainty. The profit recognised reflects that part of the total profit currently estimated to arise over the duration of the contract that fairly represents the profit attributable to work performed at the accounting date.

Mypad 2020 Limited (Registered number: 12344189)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

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

2024 2023
as restated
£    £   
Construction 37,447,549 20,083,675
37,447,549 20,083,675

An analysis of turnover by geographical market is given below:

2024 2023
as restated
£    £   
United Kingdom 37,447,549 20,083,675
37,447,549 20,083,675

4. EMPLOYEES AND DIRECTORS
2024 2023
as restated
£    £   
Wages and salaries 2,458,324 1,419,744
Social security costs 301,875 157,982
Other pension costs 170,623 84,575
2,930,822 1,662,301

The average number of employees during the year was as follows:
2024 2023
as restated

Directors 4 4
Employees 41 25
45 29

5. DIRECTORS' EMOLUMENTS

2024 2023
£ £
Directors' salaries 31,500 34,500
Directors' pension contributions 22,050 40,528
Directors' benefits in kind 24,492 24,240
78,042 99,268

Mypad 2020 Limited (Registered number: 12344189)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
as restated
£    £   
Depreciation - owned assets 118,025 99,469
Depreciation - assets on hire purchase contracts 71,669 105,266
(Profit)/loss on disposal of fixed assets (13,080 ) 1,307

7. AUDITORS' REMUNERATION
2024 2023
as restated
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

40,000

20,000

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
as restated
£    £   
Bank loan interest 492 741
Other interest 631,578 426,767
Hire purchase 27,884 36,408
659,954 463,916

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
as restated
£    £   
Current tax:
UK corporation tax 294,553 113,560

Deferred tax (15,042 ) 76,187
Tax on profit 279,511 189,747

UK corporation tax has been charged at 25% .

Mypad 2020 Limited (Registered number: 12344189)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

9. TAXATION - continued

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

2024 2023
as restated
£    £   
Profit before tax 1,080,259 769,134
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.520%)

270,065

180,900

Effects of:
Expenses not deductible for tax purposes 6,176 5,810
Capital allowances in excess of depreciation - (73,150 )
Depreciation in excess of capital allowances 18,312 -
Deferred tax movement (15,042 ) 76,187
Total tax charge 279,511 189,747

10. DIVIDENDS
2024 2023
as restated
£    £   
Ordinary A shares of £1 each
Interim - 78,000
Ordinary B shares of £1 each
Interim - 32,000
Ordinary D shares of £1 each
Interim - 20,000
Ordinary E shares of £1 each
Interim 78,000 164,667
Ordinary F shares of £1 each
Interim 78,000 164,667
Ordinary G shares of £1 each
Interim 78,000 164,666
234,000 624,000

Mypad 2020 Limited (Registered number: 12344189)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

11. PRIOR YEAR ADJUSTMENT

The accounts have been restated to incorporate the impact of the reclassification of administrative wages from Cost of Sales to Administrative Expenses. The reclassification has resulted in no change to the profits available for distribution at 31 December 2023:

Summary of the prior year accounting impact£
Increase in administrative wages494,566
Increase in administrative social security57,944
Increase in administrative pensions30,791
Decrease in cost of sales wages(494,566)
Decrease in cost of sales social security(57,944)
Decrease in cost of sales pensions(30,791)
Nil

12. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Office
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2024 930,082 99,524 89,418 40,865 1,159,889
Additions 195,364 4,182 - 11,899 211,445
Disposals (98,000 ) - (24,000 ) - (122,000 )
At 31 December 2024 1,027,446 103,706 65,418 52,764 1,249,334
DEPRECIATION
At 1 January 2024 272,912 27,815 25,417 14,800 340,944
Charge for year 157,963 15,178 8,960 7,593 189,694
Eliminated on disposal (35,280 ) - (4,800 ) - (40,080 )
At 31 December 2024 395,595 42,993 29,577 22,393 490,558
NET BOOK VALUE
At 31 December 2024 631,851 60,713 35,841 30,371 758,776
At 31 December 2023 657,170 71,709 64,001 26,065 818,945

Mypad 2020 Limited (Registered number: 12344189)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

12. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2024 591,340 35,240 626,580
Additions 110,000 - 110,000
Disposals (98,000 ) - (98,000 )
At 31 December 2024 603,340 35,240 638,580
DEPRECIATION
At 1 January 2024 192,828 12,686 205,514
Charge for year 67,158 4,511 71,669
Eliminated on disposal (35,280 ) - (35,280 )
At 31 December 2024 224,706 17,197 241,903
NET BOOK VALUE
At 31 December 2024 378,634 18,043 396,677
At 31 December 2023 398,512 22,554 421,066

13. STOCKS
2024 2023
as restated
£    £   
Stock & Work-in-progress 4,513,400 5,542,427

Cost of stock recognised as an expense in the year amounted to £34,230,586 (2023: £17,504,792).

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 25,617 40,360
Amounts recoverable on contract 1,017,377 654,009
Other debtors 8,072,804 2,313,224
VAT 206,109 191,326
Prepayments and accrued income 224,511 175,917
9,546,418 3,374,836

Mypad 2020 Limited (Registered number: 12344189)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Bank loans and overdrafts (see note 17) 10,135 10,176
Hire purchase contracts (see note 18) 139,672 181,435
Trade creditors 2,244,655 1,267,937
Tax 294,554 17,569
Social security and other taxes 135,614 53,779
CIS 103,347 47,687
Other creditors 4,258,888 4,691,506
Directors' current accounts 74,501 138,732
Accruals and deferred income 3,000,053 4,262,914
10,261,419 10,671,735

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
as restated
£    £   
Bank loans (see note 17) 4,032 13,991
Preference shares (see note 17) 3,600,000 -
Hire purchase contracts (see note 18) 60,651 151,332
3,664,683 165,323

17. LOANS

An analysis of the maturity of loans is given below:

2024 2023
as restated
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,135 10,176

Amounts falling due between one and two years:
Bank loans - 1-2 years 4,032 13,991

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Preference shares 3,600,000 -

The above bank loan is solely in relation to a Bounce Back Loan Scheme (BBLS) entered into by the company on 22 June 2020. The loan terms include monthly payments over 6 years with an initial 12 month repayment and interest holiday, with repayments commencing August 2021 with an applicable interest rate of 2.5%.

Mypad 2020 Limited (Registered number: 12344189)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

17. LOANS - continued

Details of shares shown as liabilities are as follows:

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £ £
3,600,000 Preference shares £1 3,600,000 -

The following shares were issued during the year for cash at par:

3,600,000 Redeemable Preference shares of £1

The redeemable preference shares do not have attached to them any voting rights. The shares have attached to them preferential rights to a dividend at a set annual rate. The shares have the right to participate in a capital distribution of the company up to an amount equal to £1 per share and the aggregate amount of any accruals/and or unpaid dividends owed up to and including the date of such a capital distribution. All or part of the shares may be redeemed by the company at any time out of profit available for distribution by giving notice to the holders of the shares. All of the shares shall be redeemed by the company on (i) the tenth anniversary of the date of which they were issued by the company; and (ii) prior to either a sale or listing of the company by giving notice to the holders of the shares to be redeemed and the date for completion of the redemption.

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase
contracts
2024 2023
as restated
£    £   
Net obligations repayable:
Within one year 139,672 181,435
Between one and five years 60,651 151,332
200,323 332,767

Interest paid on HP/finance leases recognised as an expense in the year totalled £27,884 (2023: £36,408).

Non-cancellable
operating leases
2024 2023
as restated
£    £   
Within one year 90,000 90,000
Between one and five years 165,000 255,000
255,000 345,000

Lease payments recognised as an expense in the year totalled £90,000 (2023: £75,000).

Mypad 2020 Limited (Registered number: 12344189)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

19. PROVISIONS FOR LIABILITIES
2024 2023
as restated
£    £   
Deferred tax 189,694 204,736

Deferred
tax
£   
Balance at 1 January 2024 204,736
Credit to Income Statement during year (15,042 )
Balance at 31 December 2024 189,694

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully
paid:

Number: Class: Nominal Value: 2024 2023
£    £   
39 Ordinary A £1 39 39
16 Ordinary B £1 16 16
15 Ordinary C £1 15 15
10 Ordinary D £1 10 10
10 Ordinary E £1 10 10
10 Ordinary F £1 10 10
10 Ordinary G £1 10 10
110 110

The above classes of ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.


Allotted and issued:
Number: Class: Nominal Value: 2024 2023
£    £   
3,600,000 Redeemable Preference £1 3,600,000 -

21. RESERVES
Retained
earnings
£   

At 1 January 2024 601,614
Profit for the year 800,748
Dividends (234,000 )
At 31 December 2024 1,168,362

Mypad 2020 Limited (Registered number: 12344189)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st December 2024 and 31st December 2023:

20242023
££

Director 1
Balance outstanding at the start of the year(47,196)(32,084)
Amounts advanced101,386149,555
Amounts repaid(83,520)(164,667)
Balance outstanding at the end of the year(29,330)(47,196)

Director 2
Balance outstanding at the start of the year(28,236)(23,694)
Amounts advanced109,618180,084
Amounts repaid(93,826)(184,626)
Balance outstanding at the end of the year(12,444)(28,236)

Director 3
Balance outstanding at the start of the year(63,300)(32,649)
Amounts advanced108,573134,016
Amounts repaid(78,000)(164,667)
Balance outstanding at the end of the year(32,727)(63,300)

Interest was charged on any overdrawn directors loan account at the official rate of 2.25%.

23. RELATED PARTY DISCLOSURES

The balance outstanding on interest free loans provided to companies where D Holland, T P C Spink and J G Turner are also directors and the companies are under common control amounted to £5,340,292 (2023: £414,327). During the year, Mypad 2020 Limited made sales of £489,276 and purchases of £Nil with such companies.

The balance outstanding on interest free loans provided to companies where I Jowett is a director and also has significant influence amounted to £1,485 (2023: £1,400). During the year, Mypad 2020 Limited made sales of £Nil and purchases of £85 with such companies.

The balance outstanding on interest free loans provided from companies where I Jowett is a director and has significant influence amounted to £17,410 (2023: £4,058).

Mypad 2020 Limited took out loans to finance it's operations from a company where I Jowett is also a director and has control. Interest is charged at 10% on the loans. The balance of the loans outstanding at the year end amounted to £3,290,411 (2023: £4,580,911).