Multiquip (UK) Limited 31/03/2022 iXBRL

Multiquip (UK) Limited 31/03/2022 iXBRL

MULTIQUIP (UK) LIMITED - Company Information

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Company registration number: 03544287
Multiquip (UK) Limited
Filleted financial statements
31 March 2022
Multiquip (UK) Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Multiquip (UK) Limited
Directors and other information
Directors Mr Kevin Cassell
Mr Mark Norton
Mr Robert Graydon
Mr Juan Quiros
Company number 03544287
Registered office Unit 2 Northpoint Industrial Estate
Globe Lane
Dukinfield
Cheshire
SK16 4UJ
Auditor Langer & Co
8-10 Gatley Road
Cheadle
Cheshire
SK8 1PY
Multiquip (UK) Limited
Directors responsibilities statement
Year ended 31 March 2022
The directors are responsible for preparing 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Multiquip (UK) Limited
Statement of financial position
31 March 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 142,670 110,728
_______ _______
142,670 110,728
Current assets
Stocks 985,244 883,826
Debtors 7 823,607 369,368
Cash at bank and in hand 466,258 375,016
_______ _______
2,275,109 1,628,210
Creditors: amounts falling due
within one year 8 ( 877,864) ( 460,850)
_______ _______
Net current assets 1,397,245 1,167,360
_______ _______
Total assets less current liabilities 1,539,915 1,278,088
Creditors: amounts falling due
after more than one year 9 ( 526,492) ( 526,278)
Provisions for liabilities ( 27,108) ( 20,510)
_______ _______
Net assets 986,315 731,300
_______ _______
Capital and reserves
Called up share capital 10 100,000 100,000
Profit and loss account 886,315 631,300
_______ _______
Shareholders funds 986,315 731,300
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 April 2022 , and are signed on behalf of the board by:
Mr Kevin Cassell Mr Juan Quiros
Director Director
Mr Mark Norton Mr Robert Graydon
Director Director
Company registration number: 03544287
Multiquip (UK) Limited
Notes to the financial statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 2 Northpoint Industrial Estate, Globe Lane, Dukinfield, Cheshire, SK16 4UJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold and leasehold properties - 10 % reducing balance
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
Computer equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2021: 11 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2021 and 31 March 2022 175,000 175,000
_______ _______
Amortisation
At 1 April 2021 and 31 March 2022 175,000 175,000
_______ _______
Carrying amount
At 31 March 2022 - -
_______ _______
At 31 March 2021 - -
_______ _______
6. Tangible assets
Freehold and leasehold properties Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £ £
Cost
At 1 April 2021 65,747 13,745 7,556 84,718 74,673 246,439
Additions 8,935 - - 50,719 4,800 55,519
Disposals ( 1,166) ( 2,600) ( 7,556) ( 8,584) (3,752) ( 23,658)
_______ _______ _______ _______ _______ _______
At 31 March 2022 73,516 11,145 - 126,853 75,721 287,235
_______ _______ _______ _______ _______ _______
Depreciation
At 1 April 2021 44,046 7,590 6,254 38,477 39,347 135,714
Charge for the year 2,468 1,231 195 17,104 5,779 26,777
Disposals ( 535) ( 2,396) ( 6,449) ( 6,132) (2,414) ( 17,926)
_______ _______ _______ _______ _______ _______
At 31 March 2022 45,979 6,425 - 49,449 42,712 144,565
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 March 2022 27,537 4,720 - 77,404 33,009 142,670
_______ _______ _______ _______ _______ _______
At 31 March 2021 21,701 6,155 1,302 46,241 35,326 110,725
_______ _______ _______ _______ _______ _______
7. Debtors
2022 2021
£ £
Trade debtors 808,413 335,439
Other debtors 15,194 33,929
_______ _______
823,607 369,368
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 36,051 35,146
Amounts owed to group undertakings and undertakings in which the company has a participating interest 662,392 312,361
Corporation tax 29,184 5,689
Social security and other taxes 35,748 12,478
Other creditors 114,489 95,176
_______ _______
877,864 460,850
_______ _______
9. Creditors: amounts falling due after more than one year
2022 2021
£ £
Other creditors 526,492 526,278
_______ _______
10. Called up share capital
Issued, called up and fully paid
2022 2021
No £ No £
Ordinary shares of £ 1.00 each 100,000 100,000 100,000 100,000
_______ _______ _______ _______
11. Other financial commitments
At 31 March 2022 the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £ 173,610 (2021 – £ 284,885 )
12. Summary audit opinion
The auditor's report for the year dated 29 April 2022 was unqualified.
The senior statutory auditor was Eric Langer BSc FCA for and on behalf of Langer & Co
13. Related party transactions
As permitted by FRS 102, related party transactions with wholly owned members of ITOCHU Corporation have not been disclosed.
14. Controlling party
In the opinion of the directors, the company's ultimate parent company and ultimate controlling party is ITOCHU Corporation , a company incorporated in Japan.The parent undertaking of the largest and smallest group, which includes the company and for which group accounts are prepared, is ITOCHU Corporation. Copies of the group financial statements of ITOCHU Corporation can be obtained from the Company Secretary at the Company's registered office address: 5-1, Kita-Aoyama 2-chome, Minato-ku, Tokyo 107-8077, Japan. The company's immediate controlling party is Multiquip Inc.