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McGinley Support Services (Infrastructure) Limited
Registered number: 07487451
Annual Report
For the year ended 30 December 2021
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
CONTENTS
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Independent Auditor's Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 DECEMBER 2021
The directors are pleased to present their Strategic Report together with the audited financial statements for McGinley Support Services (Infrastructure) Limited (the 'company') for the year ended 30 December 2021.
The principal activity of the business continues to be that of an employment business and agency operating in the infrastructure market within the UK. The company provides additional value to its client base through a focus on specialist activity, such as the provision of fleet services, productivity-based workforce management, and fixed price package works.
The business managed to secure three significant long-term contracts with a minimum length on all three contracts of 5 years with the option to extend these further. This bolsters the long-term growth of the business with an impressive pipeline.
The business had been operating on the old CP5 contract with Network Rail in one lot, this came to an end in September 2021. The business secured a place on the new CP6 contract, a 5 year contract plus a possible extension, on three completely new lots, significantly increasing the revenue potential of the business and expanding the client base even further.
During quarter 4 the business also signed two additional High Speed 2 contracts with the delivery starting in the latter part of 2021. The business is now working with three out of the four main contractors on this project and this will go a long way to support the boards ambitions by accelerating revenue growth over the next few years.
Revenue in 2021 grew 17.5% to £67.1m which mainly came from existing contracts in the business at the start of the year. Net Fee Income also increased 14.8% to £11.5m, Net Fee Income% dropped to 17.1% down 40bps as the mix of business changed from the prior year.
Costs increased in the year by 27% to £10.8m. Cost incurred during the period included an upgrade to the IT infrastructure moving to a more robust and secure environment. This would also enable the business to move away from some of its old software platforms which will deliver more robust, streamlined processes, with the ability to gain from efficiencies in the future.
The company made a positive profit after tax of £0.3m, back £1.4m on the previous year.
The strategy of the company remains that of being the partner of choice for specialist personnel and support services within the infrastructure sector, specifically in the civil engineering areas. We aim to deliver this by the long-term provision of appropriately skilled and motivated personnel in a safe working environment, and through the development of partnership agreements with key customers where the emphasis is on long term client service.
This business review has been prepared in accordance with the recommendations of the Companies Act 2006 and is in line with best practice of the industry. We have written this for the shareholders of McGinley Support Services (Infrastructure) Limited, and its stakeholders, with the aim of providing a fair review of business performance, and position at the current time.
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2021
Principal risks and uncertainties
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As a business, the company could not function properly without the specific identification and management of risk and how it responds to changes in the external environment. Managing risk effectively is a critical element in corporate responsibility and underpins the safe delivery of business plans and strategic objectives. It also protects the company's reputation and supports the ability to create long-term competitive advantage, which will secure the future of the business. The company has a systematic approach to risk management which combines formal review at Board level of issues identified both by the Board and by staff across the wider business.
The main specific risks to be managed by the business are:
i. Business model risk
The focus of the business in recent years been the supply of civil engineering staffing and labour to the infrastructure market, where there is a significant amount of value-add to the attraction and compliance processes. The company has in the past, and will continue, to focus on increasing the supply of other recruitment products in the wider infrastructure and civil engineering sectors to meet the requirements of our clients.
Changes in technology, along with increased third-party outsourcing arrangements provide both a challenge and an opportunity, and the company believes that the key to successfully growing its business is to have an unparalleled understanding of customers' needs, along with robust and reliable compliance procedures. We have adapted our customer service and commercial approach to reflect both the increasing requirements from clients in terms of what they require the service offering to include, and increased sophistication of client contract management teams relating to the monitoring of actual delivery.
ii. Loss of key customers
The nature of the infrastructure market is such that it is dominated by a relatively small number of large contractors and service providers. For suppliers of contingent personnel this can mean a concentration risk where a significant amount of business exists with one customer. The disappearance of a major player in the market is also a major risk to concentration although these events can also create shifts between competing supply chains as the overall requirement for services tends to remain.
In order to reduce reliance on any particular customer or group of customers, there continues to be a focus on securing new business across a more diverse client base to further diversify our client portfolio and hence ensure an appropriate spread of business across a variety of accounts and segments.
iii. Safety risks
The company manages this risk by:
∙Having a Board member responsible for safety, and a fixed reporting framework for every Board Meeting on safety matters.
∙Maintaining and training a dedicated safety team incorporating both desktop and field-based activities.
∙The promotion of safety in all aspects of working life, and the publishing of a regular, industry recognised safety newsletter, which is cascaded to all staff and workers.
∙Maintaining an independent compliance team dedicated to auditing adherence to both internal and external regulatory and risk management procedures.
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2021
Principal risks and uncertainties (continued)
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iv.Compliance risks
The regulatory framework within the recruitment and temporary worker sector is an increasingly challenging burden, with new changes to employment (IR35 off payroll) or tax legislation (Domestic reverse charge Vat) introduced in 2021.
Management takes it responsibility seriously, is committed to meeting its regulatory responsibilities and continues to maintain controls and processes to ensure that they are compliant, satisfying all legal and contractual obligations. Any upcoming legislative changes are monitored to ensure compliance is achieved from the date the legislation comes into effect.
The company also retains a number of expert professional advisors to advise on market trends and ensure we remain ready to respond professionally and compliantly to changes as they arise.
v. Liquidity risk
The company manages this risk by:
∙Setting monthly cash collection targets.
∙Utilising invoice-discounting facilities where appropriate.
∙The preparation of detailed weekly and longer-term cash flows.
vi.Credit risk
The company manages this risk by:
∙Ensuring that all new customers are only granted credit terms following a formal process using external rating agencies to establish suitability, and existing credit terms are reviewed on a quarterly basis.
∙Maintaining an external credit insurance policy.
∙Maintaining cash at a suitable level to meet working capital requirements based on the company's latest forecasts.
vii.Cash flow risk
The company is exposed to cash flow interest rate risk from its borrowings at variable rate. Although the board accepts that this policy neither protects the company entirely from the risk of paying rates in excess of current market rates nor eliminates fully cash flow risk associated with variability in interest payments, it considers that it achieves an appropriate balance of exposure to these risks with the limited exposure due to the size of the facility available.
viii. Legislative risk
The employment and tax legislation presents an area of uncertainty and risk. With the introduction of both the off payroll working (IR35) and Domestic Reverse Charge (Vat) in 2021 present risks but also an opportunity by leveling the playing field.
IR35 legislation was implemented in April 21 and to mitigate this risk we are working closely with professional advisors to ensure that we are complaint. As an employment business with have a very limited exposure to domestic reverse charge (DRC) and this risk is low, but again we have sought professional advice and modified our IT systems to implement the changes. The impact to the cash flow from DRC is very minimal and is accepted by the board as an acceptable risk.
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2021
This S172 statement sets out how the Directors individually and collectively have complied with the requirements of the S172 (a-f) companies act, acting in a way that they consider, in good faith and be most likely to promote the success of the company for the benefit of its shareholders.
S172 (a) The likely consequences of any decision in the long term
The board produces a 5-year business plan and monitors this annually during the year with detailed operational dashboards and reports on its financial performance. The board ensures that all decisions are taken for the long term.
S172 (b) The interest of the company’s employees
The Directors understand that our employees are vital to the company’s long-term success and its success is dependent on retaining, attracting, training and motivating employees.
The health and safety of our employees and other stakeholders is a top priority, the Directors review this in every board meeting.
The board communicates with its employees on a regular basis through presentation and internal company wide communications.
S172 (c) The need to foster the company’s business relationships with suppliers, customers and others
For the company to achieve its long-term strategy it requires mutual beneficial relationships with all its key stakeholders.
Our customers are key to every decision we make, we have dedicated account managers in place to look after their needs and this allows us to deliver a tailored service to meet all their needs. It is key that we retain these relationships and attract new ones, whilst identifying opportunities mutually beneficial to all parties.
The company understands the importance of our supply chain in delivering our long-term plans. One of the ways that we can ensure we have an effective relationship with our supply chain is to pay them on time. All payment terms are reviewed on a monthly basis to ensure that this is achieved.
S172 (d) The impact of the company’s operations on the community and environment
The business is always looking for opportunities to better support the community especially with the challenges 2021 has brought.
McGinley’s recognises that it is in a unique position to have an impact on the community by supporting them with employment opportunities. McGinley has launched multiple programmes to help spread these opportunities more widely whilst working in the local communities.
McGinley’s launched a national school engagement program working with children and young adults from the ages of 5 – 18 years old. Due to the effects of COVID the program started virtually but eventually morphed into a hybrid program delivering both virtual and face to face events. All staff are active encouraged to participate in this program and in 2021 the program delivered 120 hours, the equivalent of 21 days of different events.
In 2021 we were able launch our “Second Chance Program” with the prison service to continue work with ex- offenders. This program allows us to work directly with the prison service to train those who may be nearing the end of their sentences and upon release give them the opportunity to move directly into work. There are many studies which support that by having a job upon release decreases the reoffending rate therefore it is our goal to ensure all participants on the program are in work within 14 days of release. We have achieved this by working closely with the prisons.
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2021
Section 172 Statement (continued)
S172 (d) The impact of the company’s operations on the community and environment (continued)
McGinley has a platform as a recruitment company to enable social value recruitment. The implementation of a tracking system allowed us to measure the impact of this on the community.
In 2021 10% of our recruitment was directly attributable to a social value initiative, the employment of ex-offenders. From this 59% are now in full time employment which has been life changing for giving them the security of guaranteed employment.
McGinley’s continues to work with the government on many initiatives to get people back into work. One of the initiatives is the Kick Start program and training using “Traineeships”. This has proven to be very successful with 100% of participants moving into full time work.
The McGinley apprentice program continues to grow. We now offer a diverse range of apprenticeships including new entrants into our industry. In total we engaged 35 apprentices in 2021 on both Level 2 and 3 apprenticeships across many subjects including H&S, HR, Rail and Construction.
The company takes its ecological and social responsibility serious, and we have a dedicated Corporate Social Responsibility Manager. We participate in various recycling schemes including working with a paper shredding company enabling them to save 154 trees.
S172 (e) The desirability of the company maintaining a reputation for high standards of business conduct
The boards intention is to ensure that we and our employees operate in an ethical and responsible way, with high standards of business conduct and governance.
The board has implemented and monitors policies such as, equality diversity and inclusion, code of conduct, modern slavery, gender pay reporting, anti-bribery and corruption, in order to maintain to promote high standards of business conduct.
S172 (f) The need to act fairly as between member of the company
The McGinley family business has been trading since the early 1960’s and now include the second generation of family ownership and even today the business remains 100% family owned.
Our family formed values guide our decision making when implementing our strategy while promoting honesty, integrity, respect, safety, inclusion, endeavour and improvement.
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2021
Key performance indicators
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Net fee income (NFI) is the equivalent to gross profit margin.
** EBITDA – is statutory profit before tax adjusted for interest, amortisation of intangible assets and depreciation of fixed assets.
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This report was approved by the board and signed on its behalf by:
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 DECEMBER 2021
The directors present their annual report and the audited financial statements for McGinley Support Services (Infrastructure) Limited (the 'company') for the year ended 30 December 2021.
The principal activity of the business continues to be that of an employment agency and employment business operating in the infrastructure market within the UK. A detailed review of the business is included in the Strategic Report on page 1.
The profit for the year, after taxation, amounted to £311,919 (2020: £1,683,143).
During the year a final dividend of £nil was paid (2020: £2,000,000).
The directors who served during the year and to the date of this report were:
Qualifying third party indemnity provisions
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The company has in place qualifying third party indemnity provisions for all of the directors of the company which were made during the year and remain in force at the date of this report.
The company uses positive actions to attract applications for employment by disabled persons, making reasonable adjustments for interview 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 company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Greenhouse gas emissions, energy consumption and energy efficiency action
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The company has taken the option to exclude any information relating to energy and carbon reporting as it is included in the consolidated accounts of MSSI Group Limited.
Engagement with employees
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The company's policy is to consult and discuss with employees, through staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
The directors are not aware, at the date of this report of any likely changes in the company’s activities in the next year.
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2021
Directors' responsibilities statement
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The directors are responsible for preparing the Strategic Report, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and then 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 company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Economic impact of the COVID-19 pandemic
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The COVID-19 pandemic continues to affect the UK and global economies however the recent lifting of social restrictions by the government means the directors anticipate the UK and global economies to return to growth in due course. It is not possible to predict how quickly and to what degree this may happen. The priorities of the directors remain to comply with any remaining regulatory requirements to the fullest extent possible, and to maintain the safety and well-being of the company's personnel.
The directors have considered all resources available to them and it is expected to continue to generate positive cash flows and they have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the company to continue as a going concern.
Therefore, the directors believe that the company is well placed to manage its business risk successfully.
Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2021
Provision of information to auditor
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Matters covered in the Strategic Report
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The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's Strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors' report. It has done so in respect of financial instruments.
Post balance sheet events
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Impact of Russian Forces entering Ukraine
The company has carried out an assessment of the potential impact of Russian Forces entering Ukraine on the business, including the impact of mitigation measures and uncertainties. There is not an immediate impact on the business, longer term impacts are uncertain.
The auditor, Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf by:
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
Opinion
We have audited the financial statements of McGinley Support Services (Infrastructure) Limited (the ‘company’) for the year ended 30 December 2021 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity 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 FRS 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 December 2021 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.
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
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 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 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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.
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 8, 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 intend either 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.
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. Based on our understanding of the company and its industry, we identified that the principal risks of non-compliance with laws and regulations related to the UK tax legislation, pensions legislation, employment regulation and health and safety regulation, anti-bribery, corruption and fraud, money laundering, non-compliance with implementation of government support schemes relating to COVID-19, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.
Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation, non-compliance with implementation of government support schemes relating to COVID-19.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006.
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
We evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to valuations of Goodwill and Investments, and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of the audit 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.
Gareth Jones (Senior statutory auditor)
for and on behalf of Mazars LLP
Chartered Accountants and Statutory Auditor
30 Old Bailey
London
EC4M 7AU
27 May 2022
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 DECEMBER 2021
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Interest payable and similar expenses
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Other comprehensive income
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Total comprehensive income for the year
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The Statement of Comprehensive Income is prepared on the basis that all operations are continuing operations.
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The notes on pages 17 to 34 form part of these financial statements.
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
REGISTERED NUMBER: 07487451
STATEMENT OF FINANCIAL POSITION
AS AT 30 DECEMBER 2021
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Investment in joint venture
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Provision for liabilities
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Capital redemption reserve
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 34 form part of these financial statements.
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 DECEMBER 2021
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Capital redemption reserve
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Comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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Comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 17 to 34 form part of these financial statements.
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021
McGinley Support Services (Infrastructure) Limited is a private company limited by shares and incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the company information page and the nature of the company's operations and its principal activity are set out in the strategic report.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
The financial statements have been presented in Pounds Sterling as this is the currency of the primary economic environment in which the company operates and are rounded to the nearest pound.
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of MSSI Group Limited as at 30 December 2021 and these financial statements may be obtained from 200 Strand, London, England, WC2R 1DJ.
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021
2.Accounting policies (continued)
The Directors have considered all resources available to them. The company is expected to continue to generate positive cash flows and the Directors have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the company to continue as a going concern.
Therefore, the Directors believe that the company is well placed to manage its business risk successfully.
Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
Turnover represents amounts receivable for goods and services provided in normal course of business net of VAT and trade discounts.
Turnover includes amounts billed for the services of temporary staff which includes the salary cost of these staff and is recognised when the service has been provided.
Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to profit or loss over the shorter of estimated useful economic life and the term of the lease.
Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to profit or loss over the term of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.
All other leases are treated as operating leases. Their annual rentals are charged to profit or loss on a straight-line basis over the term of the lease.
The UK government has offered a range of financial support packages to help companies, including government backed financing arrangements, furlough schemes, deferment of VAT payments and, for some sectors, business rates holidays. Of the offered schemes, the company used the furlough scheme and deferral of VAT payments. The income from the furlough scheme has been recognised within 'Other operating income'. They are recognised when the entity has reasonable assurance that they will comply with the conditions attaching the grant, and that the grant will be received.
The company has taken advantage of Coronavirus Job Retention Scheme (CJRS) as shown in Note 5. This has been accounted for as a government grant under the accruals model as permitted by FRS 102. Grants relating to expenditure on wages and salaries are credited to 'other operating income' within the Statement of Comprehensive Income to which the grant relates, are paid by the company.
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021
2.Accounting policies (continued)
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Interest payable and similar expenses
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Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current 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 company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021
2.Accounting policies (continued)
Goodwill represents the excess of the cost of a business combination over the fair value of the share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill on acquisitions of subsidiaries is included in 'intangible assets'. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is carried at cost less accumulated amortisation and accumulated impairment losses. Goodwill amortisation is calculated by applying the straight-line method to its estimated useful life. Goodwill is being amortised to 'administrative expenses' over 10 years.
Estimates of the useful economic life of goodwill are based on a variety of factors such as the expected use of the acquired business, the expected useful life of the cash generating units to which the goodwill is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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20%, 25% and 33% per annum
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
An entity is treated as a joint venture where the company is party to a contractual agreement with one or more parties from outside the group to undertake an economic activity that is subject to joint control. Investments in joint ventures are measured at cost less accumulated impairment.
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021
2.Accounting policies (continued)
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, be likely to differ from the related actual results.
Estimates and judgements are continually evaluated and are based on historical experience and other relevant factors, including expectations of future events that are believed to be reasonable under the circumstances:
In preparing these financial statements, the directors have made the following judgements:
∙Determine whether leases entered into as lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
∙Determine whether there are indicators or impairment of the company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.
Other key sources of estimation uncertainty:
∙Tangible fixed assets (see note 13)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
∙Intangible assets (see note 12)
Intangible assets are amortised over their estimated useful economic life. This is assessed annually and may vary depending on a number of factors.
∙Provision of bad debts
Trade debtor balances are reviewed regularly, considering whether these amounts are recoverable. If it is considered likely that the debt is irrecoverable, a provision will be made for the amount owed.
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021
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An analysis of turnover by class of business is as follows:
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Employment business and agency
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All income is from the UK and there is only one class of business from which turnover is derived.
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Government grants received
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Government grants received relates to the Coronavirus Job Retention Scheme (CJRS) of which £83,194 (2020: £733,404) has been paid directly to contractors, and £30,679 (2020: £190,482) to staff.
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The operating profit is stated after charging:
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Fees payable to the company's auditor for:
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- the audit of the company's financial statements
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- taxation compliance services
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- other advisory services
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Depreciation of tangible fixed assets owned and held under finance leases
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Amortisation of intangible assets
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Earnings before interest, taxes, depreciation and amortisation (EBITDA)
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Loss on disposal of tangible fixed assets
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021
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Administrative staff costs were as follows:
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The average monthly number of administrative employees, including the directors, during the year was as follows:
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The average monthly number of contracted staff employed by the company during the year was 381 (2020: 212).
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021
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Company pension contributions to defined contribution pension schemes
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There were 2 directors in the defined contribution pension scheme (2020: 2).
The highest paid director received remuneration of £352,500 (2020: £346,492).
The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,319 (2020: £1,314).
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Interest payable and similar expenses
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Interest on invoice finance arrangements
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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Adjustments in respect of prior periods
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021
10.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2020: higher than) the standard rate of corporation tax in the UK of19% (2020:19%). The differences are explained below:
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Profit multiplied by standard rate of corporation tax in the UK of 19% (2020: 19%)
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Expenses not deductible for tax purposes
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Adjustments to tax charge in respect of prior periods
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Adjustments to tax charge in respect of previous periods - deferred tax
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Adjustment to opening and closing deferred tax
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Total tax charge for the year
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Factors that may affect future tax charges
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The UK Government announced in the 2021 budget that from 1 April 2023, the rate of corporation tax in the United Kingdom will increase from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase.
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Final dividend paid of £nil per share (2020: £8.33)
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021
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The net book value of fixtures, fittings and equipment includes an amount of £nil (2020: £5,796) in respect of assets held under finance leases. The related depreciation charge for the year was £5,796 (2020: £34,958).
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021
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Investment in joint ventures
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In 2019 the company entered into a joint venture agreement and invested in 50% of the ordinary share capital of MITA Joint Venture Limited. The joint venture operates as a service provider to the rail industry.
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Debtors: Amounts falling due within one year
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Amounts owed by group undertakings
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Amounts owed by joint ventures
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Prepayments and accrued income
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Amounts owed by group undertakings and joint ventures are unsecured, interest-free and payable on demand.
All amounts shown under debtors fall due for payment within one year.
Trade debtors are stated after provisions for impairment of £347,682 (2020: £278,359).
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Cash and cash equivalents
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Obligations under finance lease contracts
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Invoice discounting facility
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Accruals and deferred income
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The invoice discounting facility is secured by a fixed and floating charge over the book assets of the company in favour of HSBC Bank plc.
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Charged to profit or loss
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The deferred tax asset is made up as follows:
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Fixed asset timing differences
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Short term timing differences
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021
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Charged to the Statement of Comprehensive Income
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In the normal course of business, amounts are set aside to cover the expected dilapidation costs on the exit of premises leased by the company.
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Retirement benefit schemes
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Defined contribution schemes
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. The charge to profit or loss in respect of defined contribution schemes was £305,971 (2020: £203,567). The pension commitment outstanding as at the year-end was £56,129 (2020: £20,670).
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Allotted, called up and fully paid
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240,000 (2020: 240,000) ordinary shares of £1 each
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There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021
The company's capital and reserves are as follows:
Called up share capital
Called up share capital represents the nominal value of the shares issued.
Capital redemption reserve
The capital redemption reserve contains the nominal value of own shares that have been acquired by the company and cancelled.
Profit and loss account
The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.
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Commitments under operating leases
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At 30 December 2021 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Finance lease obligations
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Minimum lease payments under hire purchase fall due as follows:
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Finance lease payments represent rentals payable by the company for certain items of equipment. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
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MCGINLEY SUPPORT SERVICES (INFRASTRUCTURE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021
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Related party transactions
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The company has taken advantage of the exemptions provided by Section 33 of FRS 102 "Related Party Disclosures" and has not disclosed transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group.
A balance of £150,656 (2020: £199,566) is owed by MITA Joint Venture Limited as at 30 December 2021 stated after a provision of £61,507. This balance is due for repayment within one year.
A balance of £8,420 is owed by D McGinley as at 30 December 2021 (2020: £9,492). This balance is due for repayment within one year.
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Post balance sheet events
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Impact of Russian Forces entering Ukraine
The company has carried out an assessment of the potential impact of Russian Forces entering Ukraine on the business, including the impact of mitigation measures and uncertainties. There is not an immediate impact on the business, longer term impacts are uncertain.
The immediate and ultimate parent company is MSSI Group Limited, a company registered in England and Wales. Its registered office address is 200 Strand, London, England, WC2R 1DJ. This is the smallest and largest entity of the group into which McGinley Support Services (Infrastructure) Limited is consolidated. Copies of the MSSI Group Limited consolidated financial statements can be obtained from www.companieshouse.gov.uk. There is no ultimate controlling party of the group.
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