Registration number:
for the
Year Ended 31 December 2024
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Contents
|
Company Information |
|
|
Strategic Report |
|
|
Directors' Report |
|
|
Statement of Directors' Responsibilities |
|
|
Independent Auditor's Report |
|
|
Consolidated Profit and Loss Account |
|
|
Consolidated Statement of Comprehensive Income |
|
|
Consolidated Balance Sheet |
|
|
Balance Sheet |
|
|
Consolidated Statement of Changes in Equity |
|
|
Statement of Changes in Equity |
|
|
Consolidated Statement of Cash Flows |
|
|
Notes to the Financial Statements |
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Company Information
|
Directors |
S R Piper G Woodward |
|
Registered office |
|
|
Auditors |
|
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the Group is a defence contractor.
Fair review of the business
The results for the year which are set out in the profit and loss account show turnover of £88,227,837 (2023 - £78,862,138) and an operating profit of £4,666,240 (2023 - £6,781,141). At 31 December 2024 the Group had net assets of £16,106,106 (2023 - £15,065,780).
The directors consider the performance for the year and the financial position at the year end to be satisfactory.
The Group's key financial and other performance indicators during the year were as follows:
|
Unit |
2024 |
2023 |
|
|
Turnover |
£'000 |
88,228 |
78,862 |
|
Operating profit |
£'000 |
4,666 |
6,781 |
|
Operating profit (excluding fair value gains/losses) |
£'000 |
5,128 |
8,163 |
|
Employee contractors |
1,419 |
1,217 |
Section 172(1) statement
The Directors of the Group, as those of all UK companies, must act in accordance with a set of general duties which are detailed in section 172 of the Companies Act 2006. These duties include a duty by the Directors of the Group to act in a way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its shareholders as a whole and, in doing so, have had regard to and recognised the importance of considering all stakeholders and other matters (as set out in s.172(1)(a-f) of the Act) in its decision-making.
a) The likely consequences of any decision in the long term.
Our business plan was designed to have a long-term beneficial impact on the Group and to contribute to its success in delivering high-quality contracting solutions across the globe. All key decisions regarding the future of the Group are discussed in detail, at quarterly board meetings.
b) The interests of the Group’s employees.
We continually invest into apprenticeship schemes, training, development and wellbeing. We value our employees as our greatest asset, they’re fundamental to the delivery of our plan and vision for the Group. The health, safety and wellbeing of our employees is always paramount when decisions are made across the business.
The Directors endeavour to create an environment where people can develop their skills and career and feel engaged and part of a successful business
c) The need to foster the Group’s business relationships with contractors, suppliers, customers, and others.
To ensure we’re working with reputable suppliers who share our ethical and moral standards, we have robust procedures in place for assessing new suppliers. Further information on suppliers can be found in section 8 of our Business Ethics Policy, published on our website. This helps us build on our reputation for having a positive social and environmental impact and makes clear the high ethical standards that we operate. Interaction with our suppliers and treating suppliers fairly allows us to drive higher standards and reduce risk in our supply chain whilst benefitting from cost efficiencies and positive environmental outcomes.
A close working relationship with our customers is essential to being able to understand and provide them with market leading services they require. Our talented teams are dedicated to making sure we constantly challenge and improve what we do, providing confidence in quality delivery and compliance in everything we do. It is this experience, expertise and creativity that fulfils our customer’s needs and builds long term successful relationships.
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Strategic Report for the Year Ended 31 December 2024
d) The impact of the Group’s operations on the community and the environment.
By contributing to the wider society this enables us to create stronger communities and have a positive environmental impact. The Group's approach to environmental and social matters is of high importance and we play an active part in the local community by sponsoring sports clubs, donating to charitable events, as well as positive interaction by participation in local and wider area careers events for military service leavers.
Although our UK energy consumption levels are low, an energy reduction plan has been instigated to reduce head office consumption.
Travel to and from the sites where the work activities are undertaken is an essential element of the Group and its employees / contractors’ activities. Wherever possible, direct flights are arranged to minimise the distances travelled and where practical, economy seats are booked to reduce the per passenger impact associated with our employees.
e) The desirability of the Group maintaining a reputation for high standards of business conduct.
The board of directors ensure the business maintains the highest possible standard for business conduct. We have a Business Ethics Policy, which applies across the business and is reviewed regularly by the board. This covers, but isn’t limited to; human rights, workers’ rights, conflicts of interest, information and confidentiality, shareholders, bribery and corruption.
f) The need to act fairly between members of the Group.
As a long-standing privately owned business, the relationship between the Shareholders and Directors is very important and is a key influence on the future success of the business. The Directors provide information on Group strategy and performance, being always honest and transparent. Value is generated for shareholders by supporting the overall Group to deliver the business plan. Shareholders can ask questions regarding the business and are provided with a copy of the Annual Report and regular financial updates after quarterly Board meetings.
Principal risks and uncertainties
The Directors regularly monitor and assess the risks of the Group during regular monthly meetings. Steps are taken to mitigate risks as outlined below:
The financial performance of the Group is dependent upon the global strategic positioning of military equipment that requires servicing and maintenance. This will depend upon individual countries government policy.
The majority of the Group’s trade is overseas and therefore the Group has significant exposure to foreign currency exchange, which is managed and closely monitored. Forward exchange contracts are utilised where possible to protect the business from global market exchange risks.
The Group employs skilled engineers and logistics workers. There is a business risk regarding the supply and cost, due to wage inflation, of suitably skilled employees to fill roles. Management monitor and review contract prices to mitigate this risk as far as possible.
The Group is reliant on a small number of prime contractors. The Group maintains good relationships with these contractors and regularly tenders for new work.
Future developments
The Group has a strong order book with long terms contracts and is tracking a number of pipeline and potential re-bit oppertunities to increase its customer base.
Post the year end a major contract, which contributed significant revenue to the business, had a large downsize in scope and size between May and November 2025, because of changes in the US defence policy and current cuts in spending in Europe. This contract also transitioned to a new prime contractor in December 2025, who in turn have decided they can self-perform the work based upon this reduced scope. As a result, the business has restructured to reduce headcount and operations to reflect the requirement of ongoing contracts.
Approved by the
Director
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the for the year ended 31 December 2024.
Directors of the group
The directors who held office during the year were as follows:
Matters covered in the strategic report
Information on the engagement with contractors, suppliers, customers and others is included in the strategic report in s172(1) statement. The Group's business environment and risks, together with details of monitoring undertaken by the directors and future developments are dealt with elsewhere in the Strategic Report.
Financial instruments
Objectives and policies
The Group's financial statements comprise cash and liquid resources, and various other items such as trade debtors, trade creditors that arise directly from operations. The main purpose of these financial instruments is to finance the operations of the Group. The main rises arising from the Group financial instruments are set out below.
Credit risk, liquidity risk, price risk and foreign exchange risk
Credit risk
The Group's principal financial assets are bank balances, cash, trade and other debtors. The Group's credit risk is primarily attributable to its trade receivables. The Group's policies are aimed at minimising such losses through satisfactory credit worthiness procedures.
The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Group aims to mitigate liquidity risk by managing cash generation by its operations and an invoice discounting facility. The Group constantly monitors the trading results to ensure that the Group can meet its future obligations as they fall due.
Price risk
Through careful monitoring of the Group’s market place and competitors the Group’s exposure to price risk is kept to a minimum.
Foreign exchange risk
The Group is exposed to foreign exchange risk as a large proportion of sales are made in US dollars. The Group aims to mitigate this by hedging foreign exchange risk through forward contracts where applicable.
Employment of disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the Group continues and that the appropriate training is arranged. It is the policy of the Group that the training, career development and promotion of disabled persons should, as afar as possible, be identical to that of other employees.
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Directors' Report for the Year Ended 31 December 2024
Energy and Emissions Report
Under the Streamlined Energy and Carbon Reporting regulations the group must report annually on greenhouse gas emissions from scope 1 and scope 2 electricity, gas and transport.
|
2024 |
2023 |
||
|
Energy consumption used to calculate emissions |
kWh |
35,950 |
30,610 |
|
Scope 1 emissions |
tonnes CO2e |
- |
- |
|
Scope 2 emissions |
tonnes CO2e |
7.40 |
6.30 |
|
Scope 3 emissions |
tonnes CO2e |
240.10 |
336.00 |
|
Total greenhouse emissions |
tonnes CO2e |
342.00 |
342.00 |
|
Greenhouse gas emission per thousand kilometres travelled |
tonnes CO2e |
0.208 |
0.207 |
Data is provided as tonnes of carbon dioxide equivalent (C02e) for all operations. The Group does not incur any scope 1 emissions. Scope 2 emissions are from purchased electricity at the Group’s head office and scope 3 emissions are from employee travel. The Group’s chosen intensity ratio is emissions per kilometre travelled.
The report data has been collated internally with the assistance of a consultant. The data used to establish the emissions reported was obtained from supplier invoices, half hourly electricity data and fuel and milage records maintained by the Group. Conversion of energy use to CO2e has been calculated using the UK Government GHG Conversion Factors for Group Reporting, published by BEIS and DEFRA.
We have reported on the emissions sources required under the Companies Act 2006 (Strategic Report and Directors Report) Regulations 2013.
In 2024 there has been a decrease in the total distances travelled by the company’s engineers. This reduction comes after a significant increase in 2023.
The business endeavours to make use of virtual meeting wherever possible and this method of communication is used unless site visits are absolutely necessary Car sharing is also actively encouraged whenever there is a need for more than one person to travel to the same location. Travel to and from the sites where the work activities are undertaken is an essential element of the companies and its employees / contractors’ activities. wherever possible, direct flights are arranged to minimise the kilometres travelled and where practical, economy seats are booked to reduce the per passenger impact associated with our employees.
Going concern
The directors have prepared forecast information which considers the ongoing challenges with its reliance on key customer contracts, including a significant contract which ended post year end. The business continues to offer value added and competitive solutions and has established robust businesses in Germany and Poland to meet the future requirements of this and other projects and remains confident that it will continue to be the selected partner on these key contracts, but has also modelled its business to scale down costs, as a result of this contract ending. In making this assessment management have taken into consideration current and future contracted revenue and the taken measures to restructure the cost base of the business. The forecasts indicate that the Group will remain within its existing facilities and have sufficient resources to enable the Group to trade for a period of at least 12 months post signing of the financial statements. Based on this information, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Non adjusting events after the financial period
On 06 November 2025, the company changed its name from M&E Global (Staffing) Solutions Limited to M&E Global Holdings Limited. This change has no impact on the amounts recognised in the financial statements as at 31 December 2024.
Following the year end a major contract, which contributed significant revenue to the business, had a large downsize in scope between May and November 2025, because of changes in the US defence policy and current cuts in defence spending in Europe. This contract also transitioned to a new prime contractor in December 2025, who in turn have decided they can self-perform the work based upon this reduced scope. As a result, the business has restructured to reduce headcount and operations to reflect the requirement of ongoing contracts.
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Directors' Report for the Year Ended 31 December 2024
Directors' liabilities
The Group has indemnified, by means of directors’ and officers’ liability insurance the Directors of the Group against liability in respect of proceedings brought by third parties, subject to the conditions set out in section 234 of the Companies Act. Such that qualifying third party indemnity provision was in force during the year and is in force at the date of approving the Directors’ Report.
Disclosure of information to the auditor
Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Group's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditors
Hazlewoods LLP have expressed their willingness to continue in office.
Approved by the
Director
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 Group and company 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 apply them consistently; |
• | make judgements and accounting estimates that are reasonable and prudent; |
• | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• | 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 Group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and 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 Group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Independent Auditor's Report to the Members of M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Opinion
We have audited the financial statements of M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited) (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's 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 auditor 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
|
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Independent Auditor's Report to the Members of M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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 7, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the 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.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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.
Extent to which the audit was capable of detecting irregularities, including fraud
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:
We considered the nature of the group’s industry and its control environment and reviewed the groups’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the group operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
|
• |
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Independent Auditor's Report to the Members of M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
|
• |
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; |
|
• |
enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and |
|
• |
reading minutes of meetings of those charged with governance. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of this 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 an auditor’s 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
Staverton Court
Staverton
GL51 0UX
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Consolidated Profit and Loss Account for the Year Ended 31 December 2024
|
Note |
2024 |
2023 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Share of profit/(loss) of equity accounted investees |
- |
|
|
|
Interest payable and similar charges |
( |
( |
|
|
Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
Profit for the financial year |
|
|
|
|
Profit attributable to: |
|||
|
Owners of the company |
|
|
The above results were derived from continuing operations.
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2024
|
2024 |
2023 |
|
|
Profit for the year |
|
|
|
Foreign currency translation gains/losses |
( |
( |
|
Total comprehensive income for the year |
|
|
|
Total comprehensive income attributable to: |
||
|
Owners of the company |
|
|
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
(Registration number: 08756640)
Consolidated Balance Sheet as at 31 December 2024
|
Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Investments |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Deferred tax liability |
- |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
90 |
90 |
|
|
Capital redemption reserve |
910 |
910 |
|
|
Profit and loss account |
16,105,106 |
15,064,780 |
|
|
Equity attributable to owners of the company |
16,106,106 |
15,065,780 |
|
|
Total equity |
16,106,106 |
15,065,780 |
Approved and authorised by the
Director
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
(Registration number: 08756640)
Balance Sheet as at 31 December 2024
|
Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Investments |
|
|
|
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
- |
( |
|
|
Net current assets |
|
|
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Capital redemption reserve |
|
|
|
|
Profit and loss account |
|
|
|
|
Total equity |
|
|
The company made a profit after tax for the financial year of £2,580,906 (2023 - profit of £2,046,668).
Approved and authorised by the
Director
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024
Equity attributable to the parent company
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
|
At 1 January 2024 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Other comprehensive income |
- |
- |
( |
( |
|
Total comprehensive income |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
|
At 1 January 2023 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Other comprehensive income |
- |
- |
( |
( |
|
Total comprehensive income |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 31 December 2023 |
90 |
910 |
15,064,780 |
15,065,780 |
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Statement of Changes in Equity for the Year Ended 31 December 2024
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
|
At 1 January 2024 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
|
At 1 January 2023 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 31 December 2023 |
90 |
910 |
4,845,042 |
4,846,042 |
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Consolidated Statement of Cash Flows for the Year Ended 31 December 2024
|
Note |
2024 |
2023 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
3,589,519 |
5,167,087 |
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
16,513 |
13,417 |
|
|
Financial instrument net loss through profit and loss |
461,884 |
1,382,261 |
|
|
Share of profit/loss in associates |
- |
(5,775) |
|
|
Finance income |
(255,879) |
(95,543) |
|
|
Finance costs |
18,995 |
17,822 |
|
|
Income tax expense |
1,313,605 |
1,697,550 |
|
|
5,144,637 |
8,176,819 |
||
|
Working capital adjustments |
|||
|
Decrease/(increase) in debtors |
98,107 |
(5,757,880) |
|
|
(Decrease)/increase in creditors |
(1,275,304) |
2,427,994 |
|
|
Cash generated from operations |
3,967,440 |
4,846,933 |
|
|
Income taxes paid |
(1,280,464) |
(1,658,478) |
|
|
Net cash flow from operating activities |
2,686,976 |
3,188,455 |
|
|
Cash flows from investing activities |
|||
|
Interest received |
255,879 |
95,543 |
|
|
Acquisitions of tangible assets |
(32,352) |
(16,453) |
|
|
Net cash flows from investing activities |
223,527 |
79,090 |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
(18,995) |
(17,822) |
|
|
Dividends paid |
(2,521,273) |
(2,062,223) |
|
|
Net cash flows from financing activities |
(2,540,268) |
(2,080,045) |
|
|
Net increase in cash and cash equivalents |
370,235 |
1,187,500 |
|
|
Cash and cash equivalents at 1 January |
4,907,677 |
3,721,769 |
|
|
Effect of exchange rate fluctuations on cash held |
(5,139) |
(1,592) |
|
|
Cash and cash equivalents at 31 December |
5,272,773 |
4,907,677 |
|
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The company was formerly known as M&E Global (Staffing) Solutions Limited.
The address of its registered office is:
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2024.
No profit and loss account is presented for the company as permitted by section 408 of the Companies Act 2008. The company made a profit after tax for the financial year of £2,580,906 (2023 - £2,046,668).
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Notes to the Financial Statements for the Year Ended 31 December 2024
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
The directors have prepared forecast information which considers the ongoing challenges with its reliance on key customer contracts, including a significant contract which ended post year end. The business continues to offer value added and competitive solutions and has established robust businesses in Germany and Poland to meet the future requirements of this and other projects and remains confident that it will continue to be the selected partner on these key contracts, but has also modelled its business to scale down costs, as a result of this contract ending. In making this assessment management have taken into consideration current and future contracted revenue and the taken measures to restructure the cost base of the business. The forecasts indicate that the Group will remain within its existing facilities and have sufficient resources to enable the Group to trade for a period of at least 12 months post signing of the financial statements. Based on this information, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Key sources of estimation uncertainty
In the performance of reviews to determine whether there has been an impairment in the carrying value of investments, the directors consider estimates of future profitability of the underlying businesses and also rates of predicted growth and discount factors, a change in which could have a material effect on the future results of the company.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The Group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Notes to the Financial Statements for the Year Ended 31 December 2024
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Fixtures and fittings |
25% & 33% straight line |
|
Computer equipment |
25% straight line |
Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
20% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Notes to the Financial Statements for the Year Ended 31 December 2024
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
At each balance sheet date, the company tests whether there are any indicators of assets being subject to impairment. If any such indications exist, the recoverable amount of the asset is determined. If this proves to be impossible, the recoverable amount of the cash-generating unit to which the asset belongs is identified. An asset is subject to impairment if its carrying amount exceeds its recoverable amount; the recoverable amount is the higher of an asset's fair value less costs to sell and value in use. An impairment loss is directly expensed in the profit and loss account.
Dividends on equity securities are recognised in income when receivable.
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 from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Notes to the Financial Statements for the Year Ended 31 December 2024
Financial instruments
Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
|
Turnover |
The analysis of the group's turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Rendering of services |
|
|
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Notes to the Financial Statements for the Year Ended 31 December 2024
The analysis of the group's turnover for the year by market is as follows:
|
2024 |
2023 |
|
|
UK |
|
- |
|
Europe |
|
|
|
Rest of world |
|
|
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Foreign exchange gains |
( |
( |
|
Operating lease expense - property |
|
|
|
Operating lease expense - other |
3,120 |
3,120 |
|
Fair value loss on financial derivatives |
461,844 |
1,382,261 |
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Other interest payable |
|
|
|
Staff costs |
Group
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 * |
|
|
Wages and salaries |
71,491,142 |
63,205,387 |
|
Social security costs |
6,709,961 |
5,192,049 |
|
Pension costs, defined contribution scheme |
53,453 |
38,279 |
|
78,254,556 |
68,435,715 |
* Denotes that the comparative column has been restated from a total wages cost of £48,172,143 to £68,435,715 due to a disclosure error in the 2023 financial statements.
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Notes to the Financial Statements for the Year Ended 31 December 2024
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Administration and support |
|
|
|
Employee contractors |
|
|
|
|
|
Company
The company incurred no staff costs and had no employees other than the directors.
|
Directors' remuneration |
Group
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
|
|
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2024 |
2023 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
Company
Directors are remunerated by other companies in the group and consider their duties to be incidental to their other activities within the group. As a result, no remuneration is attributable to the company.
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the Group financial statements |
33,760 |
33,650 |
|
Other fees to auditors |
||
|
Taxation compliance services |
|
|
|
All other non-audit services |
|
|
|
|
|
Included within the total of auditor's remuneration of the statutory accounts is £2,520 (2023 - £3,760) relating to the audit of the company financial statements.
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Taxation |
Tax charged in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
|
- |
|
1,070,455 |
1,605,909 |
|
|
Foreign tax |
|
|
|
Total current income tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods |
(12,497) |
- |
|
Total deferred taxation |
( |
|
|
Tax expense in the profit and loss account |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
64,326 |
- |
|
Effect of foreign tax rates |
25,317 |
90,772 |
|
Deferred tax expense (credit) relating to changes in tax rates or laws |
(12,497) |
- |
|
Increase (decrease) in UK and foreign current tax from unrecognised temporary difference from a prior period |
10,678 |
- |
|
Other tax effects for reconciliation between accounting profit and tax expense (income) |
- |
(6,412) |
|
Total tax charge |
|
|
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Notes to the Financial Statements for the Year Ended 31 December 2024
Deferred tax
Group
Deferred tax assets and liabilities
|
2024 |
Asset |
|
Fixed asset timing differences |
( |
|
Short term timing differences |
|
|
|
|
2023 |
Liability |
|
Fixed asset timing differences |
(4,239) |
|
Short term timing differences |
639 |
|
( |
|
Intangible assets |
Group
|
Goodwill |
|
|
Cost |
|
|
At 1 January 2024 and 31 December 2024 |
|
|
Amortisation |
|
|
At 1 January 2024 and 31 December 2024 |
|
|
Carrying amount |
|
|
At 31 December 2023 and 31 December 2024 |
- |
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Tangible assets |
Group
|
Fixtures and fittings |
Computer equipment |
Total |
|
|
Cost |
|||
|
At 1 January 2024 |
|
|
|
|
Additions |
|
|
|
|
Foreign exchange movements |
|
- |
|
|
At 31 December 2024 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2024 |
|
|
|
|
Charge for the year |
|
|
|
|
Foreign exchange movements |
|
- |
|
|
At 31 December 2024 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2024 |
|
|
|
|
At 31 December 2023 |
|
|
|
|
Investments |
Company
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost |
|
|
At 1 January 2024 |
|
|
Disposals |
( |
|
At 31 December 2024 |
|
|
Impairment |
|
|
At 1 January 2024 |
|
|
Reversal of impairment |
( |
|
Eliminated on disposals |
( |
|
At 31 December 2024 |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
During the year a reversal of previous impairment of £39,937 was recognised against the investment in M&E Global LLC.
During the year shares held in M&E Global FZ LLC were disposed of and the reversal of previous impairment of £21,020 was recognised. M&E Global FZ LLC ceased trading post year end and has been dissolved.
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Associate |
2024 |
2023 |
|
Investment in associate |
145,177 |
145,177 |
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
||||
|
2024 |
2023 |
||||||
|
Subsidiary undertakings |
|||||||
|
|
7 Mill Pool
|
|
|
|
|||
|
|
BCM Business Center
|
|
|
|
|||
|
|
Creative Tower
|
|
|
|
|||
|
|
ul.Złota 59
|
|
|
|
|||
|
Associates |
|||||||
|
|
6430 Ironwood Rd
|
Ordinary |
|
|
|||
|
Subsidiary undertakings |
|
M&E Global Limited (formerly M&E Global Resources Limited) The principal activity of M&E Global Limited (formerly M&E Global Resources Limited) is |
|
M&E Global GmbH The principal activity of M&E Global GmbH is |
|
M&E Global FZ LLC The principal activity of M&E Global FZ LLC is |
|
M&E Global Sp. Z.o.o The principal activity of M&E Global Sp. Z.o.o is |
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Associates |
|
M & E Global LLC The principal activity of M & E Global LLC is |
M&E Global FZ LLC shares in the entity are held by a nominee.
|
Debtors |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Trade debtors |
|
|
- |
- |
|
Other debtors |
|
|
- |
- |
|
Prepayments |
|
|
- |
- |
|
Derivative financial instruments |
- |
|
- |
- |
|
Deferred tax assets |
|
- |
- |
- |
|
Corporation tax asset |
|
|
- |
- |
|
Amounts owed by group undertakings |
- |
- |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Cash on hand |
117 |
2,416 |
- |
- |
|
Cash at bank |
5,272,656 |
4,905,261 |
1,385 |
735 |
|
Cash and cash equivalents in statement of cash flows |
5,272,773 |
4,907,677 |
1,385 |
735 |
Cash at bank includes an invoice discounting facility in a deficit of £1,919 (2023 - £1,759,184 - surplus). This facility is secured against particular trade debtors of the Group.
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Creditors |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Due within one year |
||||
|
Trade creditors |
|
|
- |
- |
|
Amounts due to group undertakings |
- |
- |
- |
|
|
Amounts due to participating interests |
2,961 |
- |
- |
- |
|
Social security and other taxes |
|
|
- |
- |
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
Other creditors |
|
|
- |
- |
|
Accrued expenses |
|
|
- |
- |
|
Derivative financial instruments |
418,964 |
- |
- |
- |
|
Corporation tax liability |
333,305 |
- |
- |
228 |
|
|
|
- |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
70 |
|
70 |
|
Ordinary B Shares of £1 each |
20 |
20 |
20 |
20 |
|
|
|
|
|
|
The different classes of shares referred to above in all significant respects rank pari passu.
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Reserves |
Group and Company
Called up share capital
This represents the nominal value of the issued share capital.
Capital redemption reserve
This represents paid up share capital from the buy back of shares by the company. These are undistributable reserves.
Profit and loss account
This represents the cumulative profit or losses, net of dividends and other adjustments.
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
|
Profit and loss account |
|
|
Foreign currency translation gains/losses |
( |
|
|
|
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
|
Profit and loss account |
|
|
Foreign currency translation gains/losses |
( |
|
|
|
|
Obligations under operating leases |
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Dividends |
|
2024 |
2023 |
|
|
Dividends declared and paid |
|
|
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Related party transactions |
Group
Transactions with Directors
During the period, the directors received dividends of £982,858 (2023 - £753,333).
|
Financial instruments |
Group
Categorisation of financial instruments
|
2024 |
2023 |
|
|
Financial assets measured at fair value through profit or loss |
|
|
Items of income, expense, gains or losses
|
2024 |
Income |
Expense |
Net gains |
Net losses |
|
Financial assets measured at fair value through profit or loss |
- |
- |
- |
461,884 |
|
2023 |
Income |
Expense |
Net gains |
Net losses |
|
Financial assets measured at fair value through profit or loss |
- |
- |
- |
1,382,261 |
Forward contracts
The group uses foreign exchange forward contracts through the year resulting in a loss of £461,884 (2023 - a loss of £1,382,261) for financial instruments measured at fair value through the profit and loss.
|
Non adjusting events after the financial period |
On 06 November 2025, the company changed its name from M&E Global (Staffing) Solutions Limited to M&E Global Holdings Limited. This change has no impact on the amounts recognised in the financial statements as at 31 December 2024.
Following the year end a major contract, which contributed significant revenue to the business, had a large downsize in scope between May and November 2025, because of changes in the US defence policy and current cuts in defence spending in Europe. This contract also transitioned to a new prime contractor in December 2025, who in turn have decided they can self-perform the work based upon this reduced scope. As a result, the business has restructured to reduce headcount and operations to reflect the requirement of ongoing contracts.
|
Analysis of net debt |
|
At 1 Jan 2024 |
Cash flow |
Exchange rate fluctuations on cash held |
At 31 Dec 2024 |
|
|
£ |
£ |
£ |
£ |
|
|
Cash at bank and in hand |
4,907,677 |
370,235 |
(5,139) |
5,272,773 |
|
Net debt |
4,907,677 |
370,235 |
(5,139) |
5,272,773 |
M&E Global Holdings Limited (formerly M&E Global (Staffing) Solutions Limited)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Parent and ultimate parent undertaking |
The Group is controlled by The Trustees of the Gary Attwood Discretionary Will Trust.