Minerva Equity Limited - 31 March 2019 Final 19.08.2019 - Flipbook - Page 20
Minerva Equity Limited (formerly DMWSL 881 Limited)
Directors’ report
for the period ended 31 March 2019 (continued)
Third party indemnity
The Company maintains qualifying third-party indemnity insurance for all directors as required by
section 234 of the Companies Act 2006. These insurances were in force throughout the period to 31
March 2019 and continue in 2019/20.
Post balance sheet event
On 4 April 2019, 100% of the share capital of The Tomato Plant Company (“TPC”) was acquired by
the Group. TPC is a specialist service provider to the aviation, utility and industrial sectors.
On 28 June 2019, 100% of the share capital of Antagrade Electrical Limited (“Antagrade”) was
acquired by the Group. Antagrade is one of the UK’s leading providers of specialist railway
electrification infrastructure services.
On 4 April 2019 additional senior loan was drawn amounting to £35 million in order to fund the
acquisitions of Industrial Water Jetting Systems Group Limited, Avonline Network Services Holdings
Limited, The Tomato Plant Company Limited and Antagrade Electrical Limited.
Employees
Employees are kept informed on matters affecting them and made aware of the general financial and
economic factors influencing the Group. The Group operates a systematic approach to employee
communication through regular briefings, presentations, electronic mailings and the wide circulation
of magazines, to achieve a common awareness of all employees in relation to the financial and
economic factors that affect the performance of the Group. Bonus schemes are in place to
encourage participation in the Group’s performance.
The Group is an equal opportunities employer and applications from disabled persons are fully and
fairly considered, having regard to the aptitudes and abilities of the applicant. In the event of
disability, every effort is made to ensure that employment continues, and appropriate training is
given. Career development and promotion of disabled people is, as far as possible, identical to that
of other employees.
Statement of directors’ responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in
accordance with applicable law and regulation.
Company law requires the directors to prepare financial statements for each financial year. Under
that law the directors have prepared the Group and parent company financial statements in
accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom
Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK
and Republic of Ireland”, and applicable law). Under company law the directors must not approve the
financial statements unless they are satisfied that they give a true and fair view of the state of affairs
of the Group and parent company and of the profit or loss of the Group and parent company for that
period. In preparing the financial statements, the directors are required to:
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select suitable accounting policies and then apply them consistently;
state whether applicable United Kingdom Accounting Standards, comprising FRS 102, have
been followed, subject to any material departures disclosed and explained in the financial
statements;
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 group and parent company will continue in business.
The directors are also responsible for safeguarding the assets of the Group and parent company and
hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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