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Registered number: 07938753
MAYBE INDUSTRIAL UK LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JUNE 2019
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MAYBE INDUSTRIAL UK LIMITED
REGISTERED NUMBER: 07938753
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2019
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
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MAYBE INDUSTRIAL UK LIMITED
REGISTERED NUMBER: 07938753
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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S H Grover
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The notes on pages 3 to 6 form part of these financial statements.
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MAYBE INDUSTRIAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
MayBe Industrial UK Limited is a private company limited by shares and incorporated in England and Wales, registration number 07938753. The registered office is King Street House, 15 Upper King Street, Norwich, Norfolk, NR3 1RB.
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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The following principal accounting policies have been applied:
The Directors have considered the Company’s position at the time of signing the financial statements, and in particular the effects of Covid-19 and its potential impact on the Company and the wider economy. Under the circumstances, it is difficult to produce meaningful forecasts for the remainder of the financial year and medium term. Nevertheless, the Directors have considered the Company’s financial strength, together with the range of measures the Directors could take to mitigate ongoing costs should they need to and, should it be required, the support now being offered by the UK government for which the Company would be eligible to apply.
Based on this, the Directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.
The Company is dependent upon the performance of its subsidiary company Benchmark Wireline Products Limited.
The subsidiary's forecasts and projections, taking account of reasonably possible changes in trading performance, show that they should be able to continue to operate within the level of its current facilities.
The Company's ultimate parent company, MayBe Holdings Inc, have agreed to continue to support Benchmark Wireline Products Limited if required.
On this basis the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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MAYBE INDUSTRIAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
2.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like other debtors, creditors and loans from related parties
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 financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
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 income and retained earnings.
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.
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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MAYBE INDUSTRIAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of income and retained earnings except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of income and retained earnings within 'other operating income'.
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The average monthly number of employees, including directors, during the year was 3 (2018 - 3).
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Investments in subsidiary companies
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MAYBE INDUSTRIAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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The ultimate parent undertaking is MayBe Holdings, Inc., a Company registered in the United States of America.
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