REGISTERED NUMBER: 08230195 (England and Wales)

MULTI SERV (GROUP) LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

T B Jacobs

N L Ralls

REGISTERED OFFICE:

10 Downley Road

Havant

Hampshire

PO9 2NJ

REGISTERED NUMBER:

08230195 (England and Wales)

AUDITORS:

MC Audit Limited

Statutory Auditors

Station House

North Street

Havant

Hampshire

PO9 1QU

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

he Directors present the Group Strategic Report for the year ended 31 December 2024. The Group comprises the parent company, Multi Serv (Group) Limited, and its wholly owned subsidiaries: Comserv (UK) Limited, Multi Trade Supplies Limited (dormant), and Comserv Projects Limited (dormant). To ensure a balanced and meaningful presentation, the Group has applied merger accounting principles, consolidating the results for the current and prior years.

Due to the nature of the Group’s operations, profit margins remain tight. As a result, effective cost control and the maintenance of a healthy cash flow are critical to sustainable performance. The Directors have therefore identified the Group’s key performance indicators as net profit margin and cash flow.

For the year under review, the net profit margin was 2.4% (2023: 3.1%), reflecting a slight decrease on the prior year. While Group turnover declined during the year, profits under the subsidiary Comserv (UK) Limited’s local authority contract form part of a fixed-fee arrangement. This structure provides a degree of insulation from turnover fluctuations and contributes to the overall stability of the Group’s operations.

A key development during the year was the extension of the contract with Portsmouth City Council to 31 March 2027. This contract remains a cornerstone of the Group’s activities and offers continued revenue stability over the medium term.

The Directors consider the level of cash held within the Group to be sufficient to meet all forecasted working capital requirements and to support ongoing operational needs.

PRINCIPAL RISKS AND UNCERTAINTIES

Business risks such as the reliance on key customers is being managed through ensuring a high level quality service is delivered to those customers.

The group continues to pursue new opportunities with other clients, with whom the group can offer the same high levels of customer satisfaction, confidence and ability to deliver a high quality service.

The majority of trade has been completed within the social housing sector. The group differentiates itself in the market place by offering a highly innovative solution that utilises a systems thinking approach to focus on what our customers want and to provide high quality at competitive prices.

ON BEHALF OF THE BOARD:

N L Ralls - Director

9 September 2025

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

DIVIDENDS

Interim dividends per share were paid as follows:

10,000

- 1 January 2024

10,000

- 1 January 2024

200,000

- 1 February 2024

200,000

- 1 February 2024

420,000

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 420,000 .

DIRECTORS

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

T B Jacobs

N L Ralls

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS

The auditors, MC Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

N L Ralls - Director

9 September 2025

Opinion

We have audited the financial statements of Multi Serv (Group) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group Strategic Report and the Report of the Directors have 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 three, 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 group's and the parent 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 group or the parent 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:

Following discussions with group management and those charged with governance, we have documented key information about the group and its entities to support our assessment of group-wide activities. These discussions included management's assessment of risks, particularly in relation to irregularities, fraud, and going concern across the group structure.

Based on both management's input and our independent assessment procedures, we identified the following key risk areas at the group level:

- Revenue recognition, specifically with regard to cut-off issues,

- The risk of management override of controls, considering the group's structure and size,

We determined the group financial statement materiality level with reference to consolidated group profit, as this is the key performance measure for the trading group. Performance materiality for group components was established using our overall group risk assessment and aligned with identified key risks.

Substantive audit procedures were designed and tailored following our evaluation and testing of the group's systems and internal controls. The group’s control environment, which is intended to prevent fraud and error, was found to be operating as designed. Substantive procedures were conducted using representative samples to ensure robust coverage across the group. No material misstatements were identified in the areas tested.

Specifically, audit testing found no material errors related to:

- Income recognition (including cut-off procedures), and

- Management override of controls.

Our audit work, including a review of relevant laws and regulations, indicated that the group is not exposed to a material risk of error due to non-compliance with applicable regulatory frameworks.

Management has assessed that there are no indicators of a going concern risk for the group. Our review of group budgets, forecasts, and interim financial results supports this assessment, and we concur with management's conclusion.

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.

Paul Underwood (Senior Statutory Auditor)

for and on behalf of MC Audit Limited

Statutory Auditors

Station House

North Street

Havant

Hampshire

PO9 1QU

17 September 2025

TURNOVER

17,873,164

18,436,545

Cost of sales

12,276,586

13,285,275

GROSS PROFIT

5,596,578

5,151,270

Administrative expenses

5,043,858

4,849,722

OPERATING PROFIT

4

552,720

301,548

Interest receivable and similar income

28,228

26,319

580,948

327,867

Interest payable and similar expenses

5

100

1,159

PROFIT BEFORE TAXATION

580,848

326,708

Tax on profit

6

147,666

79,234

PROFIT FOR THE FINANCIAL YEAR

433,182

247,474

Profit attributable to:

Owners of the parent

433,182

247,474

PROFIT FOR THE YEAR

433,182

247,474

OTHER COMPREHENSIVE INCOME

Share based payment

-

334,559

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

334,559

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

433,182

582,033

Total comprehensive income attributable to:

Owners of the parent

433,182

582,033

FIXED ASSETS

Tangible assets

9

868,467

811,183

Investments

10

-

-

868,467

811,183

CURRENT ASSETS

Stocks

11

310,127

315,889

Debtors

12

703,234

720,708

Cash at bank and in hand

3,666,253

3,432,967

4,679,614

4,469,564

CREDITORS

Amounts falling due within one year

13

1,825,469

1,594,681

NET CURRENT ASSETS

2,854,145

2,874,883

TOTAL ASSETS LESS CURRENT LIABILITIES

3,722,612

3,686,066

PROVISIONS FOR LIABILITIES

15

211,971

188,608

NET ASSETS

3,510,641

3,497,458

CAPITAL AND RESERVES

Called up share capital

16

1,058

1,058

Share premium

17

23,333

23,333

Retained earnings

17

3,486,250

3,473,067

SHAREHOLDERS' FUNDS

3,510,641

3,497,458

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2025 and were signed on its behalf by:

N L Ralls - Director

FIXED ASSETS

Tangible assets

9

-

-

Investments

10

1,002

1,002

1,002

1,002

CURRENT ASSETS

Debtors

12

23,387

23,387

Cash in hand

2

2

23,389

23,389

NET CURRENT ASSETS

23,389

23,389

TOTAL ASSETS LESS CURRENT LIABILITIES

24,391

24,391

CAPITAL AND RESERVES

Called up share capital

16

1,058

1,058

Share premium

23,333

23,333

SHAREHOLDERS' FUNDS

24,391

24,391

Company's profit for the financial year

420,000

165,699

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2025 and were signed on its behalf by:

N L Ralls - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

1,004

3,426,805

-

3,427,809

Changes in equity

Issue of share capital

54

-

23,333

23,387

Dividends

-

(535,771

)

-

(535,771

)

Total comprehensive income

-

582,033

-

582,033

Balance at 31 December 2023

1,058

3,473,067

23,333

3,497,458

Changes in equity

Dividends

-

(420,000

)

-

(420,000

)

Total comprehensive income

-

433,183

-

433,183

Balance at 31 December 2024

1,058

3,486,250

23,333

3,510,641

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

1,004

35,513

-

36,517

Changes in equity

Issue of share capital

54

-

23,333

23,387

Dividends

-

(535,771

)

-

(535,771

)

Total comprehensive income

-

500,258

-

500,258

Balance at 31 December 2023

1,058

-

23,333

24,391

Changes in equity

Dividends

-

(420,000

)

-

(420,000

)

Total comprehensive income

-

420,000

-

420,000

Balance at 31 December 2024

1,058

-

23,333

24,391

Cash flows from operating activities

Cash generated from operations

1

1,039,697

660,064

Interest paid

(100

)

(1,159

)

Tax paid

(81,713

)

(61,151

)

Net cash from operating activities

957,884

597,754

Cash flows from investing activities

Purchase of tangible fixed assets

(383,101

)

(265,358

)

Sale of tangible fixed assets

50,275

78,724

Interest received

28,228

26,322

Net cash from investing activities

(304,598

)

(160,312

)

Cash flows from financing activities

Share issue

-

23,387

Equity dividends paid

(420,000

)

(535,771

)

Net cash from financing activities

(420,000

)

(512,384

)

Increase/(decrease) in cash and cash equivalents

233,286

(74,942

)

Cash and cash equivalents at beginning of year

2

3,432,967

3,507,909

Cash and cash equivalents at end of year

2

3,666,253

3,432,967

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

2024

2023

£

£

Profit before taxation

580,848

326,708

Depreciation charges

302,804

280,598

Profit on disposal of fixed assets

(27,262

)

(50,565

)

Share-based payments

-

334,559

Finance costs

100

1,159

Finance income

(28,228

)

(26,319

)

828,262

866,140

Decrease in stocks

5,762

5,044

Decrease in trade and other debtors

17,474

133,286

Increase/(decrease) in trade and other creditors

188,199

(344,406

)

Cash generated from operations

1,039,697

660,064

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

3,666,253

3,432,967

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

3,432,967

3,507,909

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

3,432,967

233,286

3,666,253

3,432,967

233,286

3,666,253

Total

3,432,967

233,286

3,666,253

1.	STATUTORY INFORMATION

Multi Serv (Group) 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 General 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.

Basis of consolidation

The consolidated report and financial statements incorporate the report and financial statements of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the merger method. The results of companies acquired are included in the profit and loss account from the beginning of the financial year in which the combination occurred.

Critical accounting judgements and key sources of estimation uncertainty

In the preparation of the consolidated financial statements, the directors are required to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.

The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are regularly reviewed by the directors.

For the current financial year, the directors confirm that there are no critical accounting judgements or key sources of estimation uncertainty that have had a material impact on the group financial statements.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

20% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance and 15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares.

Trade and other 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

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors

Short term trade 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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Leasing commitments

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

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Share-based payments

The group operates an equity settled share-based payment arrangement, under which the group receives services from employees of the group. Equity settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date is recognised as an expense on a straight line basis over the vesting period, based on the group's estimate of the options that will eventually vest and adjusted for the effect of non-market based vesting conditions. Fair value is measured using the earnings method.

Service and performance conditions are vesting conditions. Any other conditions are non-vesting conditions which have to be taken into account to determine the fair value of equity instruments granted. In the case that an option does not vest as a result of a failure to meet a non-vesting condition that is within the control of either counterparty, this is accounted for as a cancellation. Cancellations are treated as accelerated vesting and all remaining future charges are immediately recognised in the income statement. Awards that lapse or are forfeited result in a credit to the income statement (reversing all previously recognised charges) in the year in which they lapse or are forfeited.

The company does not incur a charge for share-based payments. However, the issuance by the company of share options to employees of its subsidiaries represents additional capital contributions to its subsidiaries. An addition to the company's investment in subsidiaries is recorded with a corresponding increase in equity shareholders' funds. The additional capital contribution is determined based on the fair value of options and awards at the date of grant and is recognised over the vesting period.

3.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

5,750,728

5,576,895

Social security costs

543,071

506,451

Other pension costs

188,899

161,229

6,482,698

6,244,575

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

2024

2023

Direct labour

106

110

Administrative

82

80

188

190

The average number of employees by undertakings that were proportionately consolidated during the year was 188 (2023 - 190 ) .

2024

2023

£

£

Directors' remuneration

-

-