MTD_(UK_&_IRELAND)_LTD - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime of the Companies Act 2006.

MTD (UK & Ireland) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is given in the company information page.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements have been prepared under the going concern basis.true

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

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

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:

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.

Cash at bank and in hand include 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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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

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 leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report in respect of these accounts was signed on 28 January 2021 and was unqualified, The Senior Statutory Auditor was Charlotte Toemaes of Ellacotts LLP.

The audit report contained the following paragraph:

Material uncertainty relating to going concern

We draw attention to note 7 (note 8 in these accounts) in the financial statements which indicates that the company incurred a net loss of £463,579 during the year ended 31 December 2019, and, as of that date, the company’s current liabilities exceeded its total assets by £1,590,544. As stated in note 7 (note 8 in these accounts) these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter

The company incurred a net loss for the year ended 31 December 2019 of £463,759, and, as of that date, the company’s current liabilities exceeded its total assets by £1,590,544.

The parent undertaking, MTD Holdings BV, has committed to support the company for a period of at least 24 months from January 2021.

The COVID-19 crisis that unexpectedly broke out in March 2020 has had an enormous impact on the events sector as a whole and the company and the group of which it forms part in particular.

For 2020, the Group was initially expecting a turnover in the region of 30m euros, of which approximately 10m euros would relate to the Olympic games in Japan. This turnover almost completely disappeared due to the outbreak of the crisis.

Cash flow across the group is managed on a daily basis. A forecast has been made for the coming months up to and including the end of 2021. The cash flow forecast remains highly uncertain – partly due to the COVID-19 market conditions.

At Group level, discussions are ongoing with potential finance partners, but at the present time there is no concrete prospect of obtaining the financing.

These circumstances indicate the existence of a material uncertainty that could lead to serious doubts about the going concern assumption.

The above mentioned circumstances mean that, for its continuity, the group depends on the cooperation of third parties (financing partners) and highly uncertain market conditions and developments. The group continues to monitor national and international developments regarding COVID-19 closely, including the extension of Government support offered in countries in which the Group operates, specifically for the events sector. With decisive continuation of the implemented policy/measures, continuous monitoring, exploring new opportunities, the government support, confidence in the future and continuity of the Group, the financial statements made been made on the basis of the going concern assumption.

At the reporting date the company has outstanding lease commitments for future minimum lease payments under non-cancellable operating leases of £1,625,840 (2018: £1,843,237).

No transactions with related parties were undertaken such as are required to be disclosed under FRS102 Section 1A.

The immediate parent undetaking is MTD Holding B.V. a company incorporated in the Netherlands. Copies of the financial statements of MTD Holding B.V. are available from MTD Nederland B.V Clara Zetkinweg 4, 5032 ML, Tilburg, The Netherlands.

The ultimate parent company is Frontinus Holding B.V. a company incorporated in the Netherlands. Frontinus Holding B.V. is the ultimate parent undertaking of the smallest and largest group of undertakings for which group accounts are drawn up and of which the company is a member. Copies of the consolidated financial statements of Frontinus Holding B.V. are available from MTD Netherland B.V. Clara Zetkinweg 4, 5032 ML, Tilburg, The Netherlands.