Company registration number 5665780 (England and Wales)
MIS CONVERSIONS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
MIS CONVERSIONS LTD
COMPANY INFORMATION
Directors
Mr R A Hallowes
Mr S J Parkin
Mr J B Warner
Mr M Warner
Secretary
Mr S J Parkin
Company number
5665780
Registered office
Centrix Business Park Sandall Stones Roa
Kirk Sandall
Doncaster
South Yorkshire
England
DN3 1QR
Auditor
Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
UK
DN4 5NU
MIS CONVERSIONS LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 24
MIS CONVERSIONS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 1 -

The directors present the strategic report for the year ended 30 April 2025.

Review of the business

The company has maintained turnover reflected in only a small decrease of 0.5% in FY25. Operations are supported by two main sites and two satellite facilities, ensuring production continuity and customer satisfaction. Enhanced cost-control measures and new senior roles have been implemented to improve efficiency and support departmental leadership.

Year | Turnover & Gross Margin
FY 2024 | £16,06 8,812; Gross Margin: 19.9 7%
FY 2025 | £15,984,471; Gross Margin: 26.70%

Principal risks and uncertainties

- Supply Chain: Dual sourcing of key materials reduces disruption risk.

- Equipment Failure: Manufacturer maintenance plans and subcontractor agreements minimize downtime.

- Technological Change: Annual IT upgrades and third-party support ensure security and relevance.

- Workforce Shortage: Recruitment partnerships and simplified processes enable flexible staffing.

- Regulatory Compliance: Proactive monitoring by the Compliance Manager limits cost impact.

- Market Volatility: Automated pricing adjustments maintain profitability.

- Safety: Continuous monitoring and mandatory risk assessments safeguard employees.

- Project Management: Regular reviews ensure timely, cost-effective delivery.

- Economic Conditions: Agile operations and workforce adaptability mitigate downturns.

- Environmental Compliance: ISO 14001 certification supports sustainability goals.

Key performance indicators

- Revenue Growth: Sustained growth over 5 years, remaining static in the last fiscal year.

- Profitability: Gross margin improved from 19.9 7% to 26.70% in 12 months.

- Cash Flow: Positive operational cash flow maintained.

- Debt Management: Ongoing monitoring of leverage and coverage ratios.

Future Outlook

A new large-scale contract has strengthened our platform for FY 26, providing job security and stability, positioning the company as one of the UK’s largest conversion operations. Staff headcount is projected to grow by 25–30%, including additional engineers and support roles. Forecasts indicate continued progress over the next 3–5 years.

Executive Summary

The company delivered a resilient performance in FY 2024–25, with turnover broadly maintained despite challenging market conditions and a significant improvement in gross margin driven by enhanced cost controls and operational efficiency. Ongoing investment in facilities, leadership capability, and technology continues to strengthen operational resilience and support customer delivery.

Key risks are actively managed through robust mitigation measures, with KPIs demonstrating improved profitability, positive cash flow, and strong governance. The award of a major new contract underpins confidence in FY 2026, with planned workforce expansion reinforcing the company’s long-term growth outlook.

MIS CONVERSIONS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 2 -

On behalf of the board

Mr M Warner
Director
22 January 2026
MIS CONVERSIONS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 April 2025.

Principal activities

The principal activity of the company continued to be that of Manufacture of bodies (coachwork) for motor vehicles (except caravans).

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £354,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr R A Hallowes
Mr S J Parkin
Mr J B Warner
Mr M Warner
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr M Warner
Director
22 January 2026
MIS CONVERSIONS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2025
- 4 -

The directors are responsible for preparing the annual 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 company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MIS CONVERSIONS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MIS CONVERSIONS LTD
- 5 -
Opinion

We have audited the financial statements of Mis Conversions Ltd (the 'company') for the year ended 30 April 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 April 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport 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.

MIS CONVERSIONS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MIS CONVERSIONS LTD (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

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

Based on our understanding of the Company, we identified that the principal risks of non-compliance with laws and regulations related to corporation tax legislation and we considered the extent to which non-compliance might have a material effect on the financial statements.

As part of this assessment we considered both quantitative and qualitative factors. We also considered those laws and regulations that have a direct impact of the preparation of the financial statements, such as the Companies Act 2006 and FRS 102.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements which included the risk of management override of controls. We determined that the principal risks were related to posting inappropriate journal entries, omitting, advancing or delaying recognition of events and transactions that have occurred during or after the reporting period, and potential management bias in the determination of accounting estimates or judgements to manipulate results.

MIS CONVERSIONS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MIS CONVERSIONS LTD (CONTINUED)
- 7 -

The auditor’s explanation of its audit response will depend on the risks identified but may include:

- Enquiring of and obtaining written representation from management in relation to known or suspected instances of non-compliance with laws and regulations and fraud;

- Enquiring of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;

- Evaluation of management's controls designed to prevent and detect irregularities;

- Identifying and, where relevant, testing journal entries posted by senior management or with unusual combinations;

- Assessing and evaluating the business rationale of significant transactions outside the normal course of business;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Review of correspondence with regulators in so far as they are related to the financial statements;

- Incorporating elements of unpredictability into the nature, timing and/or extent of audit procedures performed.

There are inherent limitations in the audit procedures described above 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 would become aware of it. Also, 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 or intentional misrepresentation, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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.

Kelvin Fitton BA FCA (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited, Statutory Auditor
Chartered Accountants
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU
UK
22 January 2026
MIS CONVERSIONS LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
15,984,471
16,068,812
Cost of sales
(11,716,029)
(12,860,266)
Gross profit
4,268,442
3,208,546
Administrative expenses
(3,132,154)
(2,258,827)
Other operating income
14,137
16,423
Operating profit
4
1,150,425
966,142
Interest receivable and similar income
7
2,770
-
0
Interest payable and similar expenses
8
(336,508)
(263,480)
Profit before taxation
816,687
702,662
Tax on profit
9
(169,646)
(120,555)
Profit for the financial year
647,041
582,107

The profit and loss account has been prepared on the basis that all operations are continuing operations.

MIS CONVERSIONS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2025
- 9 -
2025
2024
£
£
Profit for the year
647,041
582,107
Other comprehensive income
-
-
Total comprehensive income for the year
647,041
582,107
MIS CONVERSIONS LTD
BALANCE SHEET
AS AT 30 APRIL 2025
30 April 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
11
1
1
Tangible assets
12
353,517
420,461
353,518
420,462
Current assets
Stocks
13
1,988,149
2,100,413
Debtors
14
3,429,018
3,656,213
Cash at bank and in hand
394,744
150,710
5,811,911
5,907,336
Creditors: amounts falling due within one year
15
(3,970,264)
(4,713,951)
Net current assets
1,841,647
1,193,385
Total assets less current liabilities
2,195,165
1,613,847
Creditors: amounts falling due after more than one year
16
(743,684)
(455,407)
Provisions for liabilities
Deferred tax liability
19
93,534
93,534
(93,534)
(93,534)
Net assets
1,357,947
1,064,906
Capital and reserves
Called up share capital
21
1,000
1,000
Profit and loss reserves
1,356,947
1,063,906
Total equity
1,357,947
1,064,906

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 22 January 2026 and are signed on its behalf by:
Mr M Warner
Director
Company registration number 5665780 (England and Wales)
MIS CONVERSIONS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2023
1,000
743,799
744,799
Year ended 30 April 2024:
Profit and total comprehensive income
-
582,107
582,107
Dividends
10
-
(262,000)
(262,000)
Balance at 30 April 2024
1,000
1,063,906
1,064,906
Year ended 30 April 2025:
Profit and total comprehensive income
-
647,041
647,041
Dividends
10
-
(354,000)
(354,000)
Balance at 30 April 2025
1,000
1,356,947
1,357,947
MIS CONVERSIONS LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
730,609
382,221
Interest paid
(336,508)
(263,480)
Income taxes refunded/(paid)
2,729
(19,532)
Net cash inflow from operating activities
396,830
99,209
Investing activities
Purchase of tangible fixed assets
(31,915)
(40,984)
Repayment of loans
17,119
(17,119)
Interest received
2,770
-
0
Net cash used in investing activities
(12,026)
(58,103)
Financing activities
Repayment of bank loans
270,550
106,894
Payment of finance leases obligations
(57,320)
105,719
Dividends paid
(354,000)
(262,000)
Net cash used in financing activities
(140,770)
(49,387)
Net increase/(decrease) in cash and cash equivalents
244,034
(8,281)
Cash and cash equivalents at beginning of year
150,710
158,991
Cash and cash equivalents at end of year
394,744
150,710
MIS CONVERSIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 13 -
1
Accounting policies
Company information

Mis Conversions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Centrix Business Park Sandall Stones Roa, Kirk Sandall, Doncaster, South Yorkshire, England, DN3 1QR.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue comprises sales of goods provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 4 years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

MIS CONVERSIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 14 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
10% straight line
Plant and equipment
15% - 25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
33% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

MIS CONVERSIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 15 -
1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.12
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

MIS CONVERSIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 16 -
2
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 amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Conversions
10,131,658
12,506,935
Chassis
5,469,290
1,488,665
Vehicles
315,576
1,947,005
Other
67,947
126,207
15,984,471
16,068,812
2025
2024
£
£
Other revenue
Interest income
2,770
-
Grants received
14,137
4,080
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(14,137)
(4,080)
Fees payable to the company's auditor for the audit of the company's financial statements
12,750
12,000
Depreciation of tangible fixed assets
98,859
95,780
Operating lease charges
564,808
429,781
MIS CONVERSIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 17 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Workshop
157
136
Administration including directors
19
19
Total
176
155

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
4,768,671
4,016,551
Social security costs
422,843
351,873
Pension costs
79,213
66,384
5,270,727
4,434,808
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
206,280
206,338
Company pension contributions to defined contribution schemes
2,658
2,642
208,938
208,980
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
99,826
100,154
Company pension contributions to defined contribution schemes
1,321
-
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
2,770
-
0
MIS CONVERSIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
7
Interest receivable and similar income
(Continued)
- 18 -
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
2,770
-
0
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
153,235
103,872
Interest on invoice finance arrangements
156,120
135,719
Other interest on financial liabilities
2,730
8,077
312,085
247,668
Other finance costs:
Interest on finance leases and hire purchase contracts
24,423
15,812
336,508
263,480
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
219,221
106,997
Adjustments in respect of prior periods
(49,575)
-
0
Total current tax
169,646
106,997
Deferred tax
Origination and reversal of timing differences
-
0
13,558
Total tax charge
169,646
120,555
MIS CONVERSIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
9
Taxation
(Continued)
- 19 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
816,687
702,662
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
204,172
175,666
Tax effect of expenses that are not deductible in determining taxable profit
(402)
-
0
Under/(over) provided in prior years
(49,575)
(68,669)
Deferred tax adjustments in respect of prior years
15,451
13,558
Taxation charge for the year
169,646
120,555
10
Dividends
2025
2024
£
£
Interim paid
354,000
262,000
11
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2024 and 30 April 2025
4,001
Amortisation and impairment
At 1 May 2024 and 30 April 2025
4,000
Carrying amount
At 30 April 2025
1
At 30 April 2024
1
MIS CONVERSIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 20 -
12
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2024
70,421
657,102
111,129
145,181
117,287
1,101,120
Additions
-
0
21,529
-
0
10,386
-
0
31,915
At 30 April 2025
70,421
678,631
111,129
155,567
117,287
1,133,035
Depreciation and impairment
At 1 May 2024
25,761
431,964
70,143
132,864
19,927
680,659
Depreciation charged in the year
6,000
35,272
8,400
10,800
38,387
98,859
At 30 April 2025
31,761
467,236
78,543
143,664
58,314
779,518
Carrying amount
At 30 April 2025
38,660
211,395
32,586
11,903
58,973
353,517
At 30 April 2024
44,660
225,138
40,986
12,317
97,360
420,461

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and equipment
141,299
167,570
Motor vehicles
45,773
61,030
187,072
228,600
13
Stocks
2025
2024
£
£
Raw materials and consumables
1,375,341
1,286,518
Work in progress
612,808
813,895
1,988,149
2,100,413
MIS CONVERSIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 21 -
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,310,125
2,707,101
Other debtors
-
0
17,119
Prepayments and accrued income
1,118,893
931,993
3,429,018
3,656,213
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
17
242,763
311,310
Obligations under finance leases
18
50,820
57,320
Trade creditors
1,305,147
1,824,345
Corporation tax
359,321
186,946
Other taxation and social security
502,235
405,300
Other creditors
1,509,978
1,928,730
3,970,264
4,713,951

Other creditors includes Factored Debt of £1,462,516 (2024: £1,932,808) - see note 17.

16
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
642,628
303,531
Obligations under finance leases
18
101,056
151,876
743,684
455,407
17
Loans and overdrafts
2025
2024
£
£
Bank loans
885,391
614,841
Payable within one year
242,763
311,310
Payable after one year
642,628
303,531
MIS CONVERSIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
17
Loans and overdrafts
(Continued)
- 22 -

The bank loan is secured by a legal debenture by fixed and floating charges over the assets of the Company.

The invoice finance creditor is secured by way of fixed and floating charges over the assets of the Company.

The amount of sales ledger debts subject to invoice discounting arrangements at 30 April 2025 was £1,852,568 (2024: £2,427,149).

Within the bank loan includes a secure debt by the Company directors through personal guarantee to the sum of £40,000 (2024: £40,000).

18
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
50,820
57,320
In two to five years
101,056
151,876
151,876
209,196

The total of future minimum lease payments under non-cancellable operating leases at the balance sheet date was £8,229,000 (2024: £289,167)

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
93,534
93,534
There were no deferred tax movements in the year.

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
79,213
66,384

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

MIS CONVERSIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 23 -
21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
1,000
1,000
1,000
1,000
22
Operating lease commitments
As lessee

The total of future minimum lease payments under non-cancellable operating leases at the balance sheet date was £8,229,000 (2024: £289,167)

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
542,778
164,167
Years 2-5
2,998,722
125,000
After 5 years
4,687,500
-
0
8,229,000
289,167

23
Cash generated from operations
2025
2024
£
£
Profit after taxation
647,041
582,107
Adjustments for:
Taxation charged
169,646
120,555
Finance costs
336,508
263,480
Investment income
(2,770)
-
0
Depreciation and impairment of tangible fixed assets
98,859
95,780
Movements in working capital:
Decrease/(increase) in stocks
112,264
(158,235)
Decrease/(increase) in debtors
210,076
(1,011,629)
(Decrease)/increase in creditors
(841,015)
490,163
Cash generated from operations
730,609
382,221
MIS CONVERSIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 24 -
24
Analysis of changes in net debt
1 May 2024
Cash flows
30 April 2025
£
£
£
Cash at bank and in hand
150,710
244,034
394,744
Borrowings excluding overdrafts
(614,841)
(270,550)
(885,391)
Lease liabilities
(209,196)
57,320
(151,876)
(673,327)
30,804
(642,523)
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