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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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MHR INTERNATIONAL UK LIMITED
COMPANY INFORMATION
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MHR INTERNATIONAL UK LIMITED
CONTENTS
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MHR INTERNATIONAL UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their report and the financial statements for the year ended 31 December 2024.
We are an independent business continuously working to deliver business improvement by understanding what our customers want, by engaging with customers and delivering the very best solution to deliver maximum value. We focus on product and service excellence, innovation and reliability.
Our solutions support some of the largest and most successful organisations in the UK, from public, commercial and not-for-profit sectors. There are no bank borrowings or significant long-term debt. The Company has a strong and sustainable business model, with c1,458 (2023 - c1,468) customers signed to long term contracts, but with no reliance on any one customer or sector, the revenues being balanced across both public and private sectors. Financial review Profit and Loss The financial year 2024 was a success for revenue with organic growth of 13.7% to £134,516,600 (2023 - £118,274,523). Profit before interest and tax was £16,000,876 (2023 - £14,432,675) and the operating profit margin was 11.7% (2023 – 10.9%). Balance Sheet The performance of the Company in 2024 maintained a strong Balance Sheet position, 2024 closing at £18,823,398 (2023 - £15,074,527).
The principal financial risks faced by the Company, and the Company's objectives and policies in relation to those risks are as follows:
Cash flow risk: The Company cash flow position is closely monitored by the finance department. Detailed cash flow forecasts are regularly prepared with the objectives of alerting the directors to potential future risks. Credit Risk: Credit risk arises if the Company is unable to recover sums due from customers. The Company has strong procedures in place with regard to credit control to minimise bad debt. Currency risk: Currency dealings are minimal and therefore currency movements do not pose a significant risk to the business.
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MHR INTERNATIONAL UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors consider the following Key Performance Indicators when assessing the performance of the Company:
Turnover Turnover increased through organic growth by 13.7% to £134,516,600 (2023 - £118,274,523). Profit before interest and tax The Company achieved profit before interest and tax of £16,000,876 (2023 - £14,432,675). Net profit margin The Company achieved a net profit margin before interest and tax of 11.9% (2023 – 12.2%).
The Directors consider the following Key Performance Indicators when assessing the non-financial performance of the Company:
We support the management, development and payment of approximately 11.9% (2023 – 11.5%) of the UK workforce, equating to 3.62 million (2023 – 3.5 million) employees. This was due to the increase in the number of customer contracts won in the year.
The Board of Directors of MHR International UK Limited considers that in the decisions taken during the year ended 31 December 2024, they have acted in the way they consider would be most likely to promote the Company's success.
This report was approved by the board and signed on its behalf.
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MHR INTERNATIONAL UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their report and the financial statements for the year ended 31 December 2024.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 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.
The profit for the year, after taxation, amounted to £10,981,668 (2023 - £10,556,849).
Dividends of £7,199,970 (2023 - £6,000,000) have been paid in the year.
The Directors who served during the year were:
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MHR INTERNATIONAL UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company is expected to continue to grow in 2025 through organic expansion into existing and new international markets.
The Company recognises the benefit of keeping employees informed of the progress of the business and does so through formal and informal meetings.
As a Board of Directors, our intention is to behave responsibly and ensure that management operate the business in a responsible manner, operating within the high standards of business conduct and good governance.
Our strategy prioritises organic growth, driven through supporting our existing customers’ growth plans and bringing new customers and prospects into the Company. To do this, we aim to develop and maintain strong customer relationships. We value all of our suppliers and commercial partners in line with our long-term plans.
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MHR INTERNATIONAL UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report outlines MHR International UK Ltd’s Scope 1 and Scope 2 greenhouse gas (GHG) emissions and energy use for the reporting year ending 2024, in accordance with the UK Government’s Streamlined Energy and Carbon Reporting (SECR) requirements.
Organisational Boundary and Methodology MHR has adopted the operational control approach to define its boundary, covering all UK operations including Ruddington Hall, Britannia House, Bell House. Emissions were calculated using the UK Government GHG Conversion Factors for Company Reporting 2025. Data was derived from utility bills and fuel records. CO2 emissions were converted from kilograms to tonnes (1,000 kg = 1 tCO2e) in line with SECR reporting standards. Note: Biogas emissions were calculated using the 2025 DEFRA factor of 0.00022 tCO2e/kWh, applicable under the Bioenergy category. Energy Efficiency Measures MHR implemented the following during the reporting year:
∙PV Systems Commissioned - Britannia House
∙Full LED lighting upgrade across Britannia House and Ruddington Hall
∙Smart metering and sub-metering installed in newly refurbished areas
∙High-efficiency media suite commissioned with AV automation and controls
Scope 3 (Voluntary Disclosure) Scope 3 is not reported Verification and Assurance This data was compiled internally and validated against primary energy records. No external assurance was conducted for this reporting year.
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MHR INTERNATIONAL UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors have included the business review and information on principal risks and uncertainties within the Strategic Report
There have been no significant events affecting the Company since the year end.
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
This report was approved by the board and signed on its behalf.
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MHR INTERNATIONAL UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MHR INTERNATIONAL UK LIMITED
We have audited the financial statements of MHR International UK Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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.
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MHR INTERNATIONAL UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MHR INTERNATIONAL UK LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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MHR INTERNATIONAL UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MHR INTERNATIONAL UK LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• Enquiry of management and those charged with governance around actual and potential litigation and claims;
• Enquiry of staff to identify any instances of non-compliance with laws and regulations; • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates for bias; • Outside the normal course of business and reviewing accounting estimates for bias; • Reviewing minutes of meetings of those charged with governance; and • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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MHR INTERNATIONAL UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MHR INTERNATIONAL UK LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of MHA, Statutory Auditor
Milton Keynes, United Kingdom
Date:
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
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MHR INTERNATIONAL UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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MHR INTERNATIONAL UK LIMITED
REGISTERED NUMBER: 01852206
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 28 form part of these financial statements.
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MHR INTERNATIONAL UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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MHR INTERNATIONAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
MHR International UK Limited is a private company, limited by shares, registered in England and Wales. The registered office address and registration number can be found on the company information page.
The Company's Financial Statements' functional and presentational currency is British Pound Sterling and are rounded to the nearest £1.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of MHR Global Holdings Limited as at 31 December 2024 and these financial statements may be obtained from the Registrar of Companies.
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MHR INTERNATIONAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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MHR INTERNATIONAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
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MHR INTERNATIONAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
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MHR INTERNATIONAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Transactions and balances
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MHR INTERNATIONAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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MHR INTERNATIONAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. a) Critical judgments in applying accounting policies i) There are no judgments (apart from those involving estimates) that have had a significant effect on amounts recognised in the Financial Statements. b) Key accounting estimates and assumptions The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the most significant potential impact upon the carrying values of assets and liabilities within the next financial year are as follows: i) Useful economic lives of tangible fixed assets The useful economic lives used by the Company in respect of tangible fixed assets are set out in the accounting policies. These estimates are the best estimate based on past experience and expected performance and are regularly reviewed to ensure they remain appropriate. The net book value of tangible fixed assets as at 31 December 2024 was £17,201,027 after a depreciation charge in the year of £3,166,441.
The whole of the turnover is attributable to the Company's principal activity.
Analysis of turnover by country of destination:
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MHR INTERNATIONAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MHR INTERNATIONAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MHR INTERNATIONAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors that may affect future tax charges.
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MHR INTERNATIONAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MHR INTERNATIONAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
13.Tangible fixed assets (continued)
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MHR INTERNATIONAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MHR INTERNATIONAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,751,133 (2023 - £2,510,058). Contributions totalling £474,340 (2023 - £437,709) were payable to the fund at the balance sheet date and are included in creditors.
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MHR INTERNATIONAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company's immediate and ultimate parent undertaking is MHR Global Holdings Limited, a company incorporated in England and Wales.
The registered office address of MHR Global Holdings Limited is The Old Hall Ashwell, Oakham, Rutland, NG11 6JS. The Company is ultimately controlled by the Chairman, Mr J R Mills, by virtue of his shareholding voting rights in MHR Global Holdings Limited.
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