ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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FOR THE YEAR ENDED 30 SEPTEMBER 2021
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MOLSON EQUIPMENT SERVICES LIMITED
COMPANY INFORMATION
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MOLSON EQUIPMENT SERVICES LIMITED
CONTENTS
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MOLSON EQUIPMENT SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2021
The directors are satisfied with the performance of the company in the current financial year. After a year severely disrupted by Covid the directors are pleased with the way in which the company has bounced back. Whilst trading conditions improved dramatically across the economic sectors in which the company trades, the company did particularly well as a result of an aggressive stock ordering policy. This policy, supported by market leading data analytics, ensured the company always had stock to sell and never had to halt order intake, despite the supply chain difficulties that became steadily worse during the year.
The company increased its turnover to £213.0m (2020: £134.7m) and achieved an increase in gross profit margin to 8.7% (2020: 2.9%) and a net profit before tax of £5.8m (2020:net loss before tax £7.6m). At the year end, the company had net assets of £12.1m (2020: £8.1m) and the Molson Group has undrawn funding facilities of £44.6m (2020: £38.7m). Additionally, trading during the first quarter of the current financial year has been solid and order intake continues to remain strong. The directors therefore believe the company's position to be satisfactory.
The directors have reviewed and agreed policies for managing the financial risks, and these are summarised below:
Market Risk As with most businesses, market risk encompasses three types of risk, being price risk, interest rate risk and currency risk:
- Price risk
The company continues to compete effectively by continually monitoring its product range and responding to activities in the market. The company operates in a competitive market, however there have been no significant alterations to the underlying risks of operating in this industry, nor are any anticipated. - Interest rate risk Company bank borrowings incur interest at market rates. The company mitigates its exposures through the ongoing monitoring of the rates being applied. - Currency risk The company makes a number of purchases and sales in currencies other than sterling. The company maintains foreign currency bank accounts and through close monitoring of exchange rates aims to convert funds to sterling when rates are appropriate. The company utilises forward exchange current contracts to hedge its short-term exposure.
Credit risk
Credit risk is tightly controlled as machines are not usually released to the customer until paid for and most are financed by a finance company, net of any deposit paid by the buyer. Customer credit risk is addressed through a mixture of credit worthiness checks and a proactive approach to cash collection. Liquidity risk The company ensures sufficient liquidity is available to meet foreseeable needs through regular cash flow forecasting and negotiation of appropriate financing arrangements.
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MOLSON EQUIPMENT SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
The company uses a number of key performance indicators to monitor its performance:
The board of directors of the Company consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole and having regard (amongst other matters) to factors (a) to (f) S172 Companies Act 2006, in the decisions taken during the year ended 30 September 2021. Specifically, the Board ensure in all decisions taken that:
∙Business is conducted morally and ethically, in line with Molson’s Code of Conduct
∙Short-term gains do not have an adverse consequence on Molson’s long-term strategy, success and benefits
∙Employee welfare, training and interests are taken care of
∙Customer and supplier relationships are strong, mutually beneficial and comply with Molson’s policies (such as anti-bribery and corruption, anti-slavery and human trafficking and corporate social responsibility)
∙Any community and environmental impacts as a result of Molson’s operations are considered
During the financial year, Molson:
∙Worked closely with its manufacturer partners, other suppliers and customers to meet demand for product in the face of continued uncertainty about the impact of COVID on the economy and significant supply chain disruption
∙Continued the investment in its IT platform and infrastructure to develop both an e-commerce and a fleet management website for customers. These are expected to be launched early in 2022
∙Commenced the roll out of the Molson Academy. The Academy will identify the training and development needs of all staff across all departments and put in place the relevant opportunities for staff to be successful in their role and career
This report was approved by the board and signed on its behalf.
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MOLSON EQUIPMENT SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2021
The directors present their report and the financial statements for the year ended 30 September 2021.
The profit for the year, after taxation, amounted to £4,056,000 (2020: loss £6,126,000).
The directors who served during the year were:
The directors have engaged with employees across the business through a devolved system of management that encourages individual initiative and collaboration between all levels of the organisation to ensure employees feel empowered and valued. Molson’s success is built on great customer service and its employees are key to delivering that so the interests of employees are always taken into account where relevant in the principal decisions taken by the company. During this financial year, the Company has focussed on the training and development of its staff. Firstly, through its continued involvement in training engineering apprentices in conjunction with Weston College. During the year, the Company has been supporting 10 trainees through their apprentices. The Company has also become involved in English Premiership Rugby’s education and employability programme, HITZ. HITZ is designed to support young people to make positive changes in their lives and Molson have taken on 4 young people as apprentices in IT and engineering. Lastly, the Company has started the roll out of the Molson Academy. The Academy will identify the training and development needs of all staff across all departments and put in place the relevant opportunities for staff to be successful in their role and career.
Molson seeks to develop strong, long lasting ties with customers and suppliers by ensuring that all customers and suppliers have a dedicated relationship manager. In addition, the Company’s directors regularly meet with customers and suppliers to get direct feedback on their needs and how they rate the service the Company is providing. In October 2021 Molson held a week long “Open Day Event” at our head office in Avonmouth, Bristol. This event enabled Molson and its manufacturer partners to showcase the full product range the Company offers to customers and enabled customers to spend an extended period of time with their relationship manager, Molson senior management and representatives from the product manufacturers. The event also enabled Molson to demonstrate Beta versions of its e-commerce and fleet management products.
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MOLSON EQUIPMENT SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
The Company recognise the need to act responsibly to reduce greenhouse gases and other emissions both directly in its own consumption and indirectly by influencing its manufacturer partners and customers to reduce their emissions.
Directly, The Company has continued to switch its vehicle fleet to electric and hybrid power units and is rolling out electric vehicle charging points across its sites. Additionally, the Company utilises solar and biomass power at a number of sites. Indirectly, The Company has been working with its manufacturer partners to promote the uptake of electrical powered equipment and Tier V engines. The Company's energy consumption (in kwH) and the CO2 equivalent emissions in tonnes (tCO2e) were: 
The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 requires a Strategic report to be prepared. Where mandatory disclosures in the Directors' report are considered by the directors to be of strategic importance, these have been included in the Strategic report rather than the Directors' report.
There have been no significant events affecting the Company since the year end.
The auditors, Bishop Fleming Bath Limited, 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.
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MOLSON EQUIPMENT SERVICES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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;
∙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.
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MOLSON EQUIPMENT SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOLSON EQUIPMENT SERVICES LIMITED
We have audited the financial statements of Molson Equipment Services Limited (the 'Company') for the year ended 30 September 2021, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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. 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 this gives rise to a material misstatement in the financial statements themselves. 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.
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MOLSON EQUIPMENT SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOLSON EQUIPMENT SERVICES LIMITED (CONTINUED)
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.
In the 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.
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MOLSON EQUIPMENT SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOLSON EQUIPMENT SERVICES LIMITED (CONTINUED)
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 Auditors' 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.
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities
The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
∙We have considered the nature of the industry and sector, control environment and business performance.
∙We have considered the results of our enquiries of management, including the Chief Operating Officer, about their own identification and assessment of the risk of irregularities.
∙For any matters identified we have obtained and reviewed the Company’s documentation of their policies
and procedures relating to:
°Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risk of fraud and whether they have knowledge of actual, suspected, or alleged fraud; and,
°The internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
∙We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, and incorrect recognition of revenue and mis-valuation of stock were identified as the greatest potential areas for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included:
∙Health and safety; and
∙Employment legislation.
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MOLSON EQUIPMENT SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOLSON EQUIPMENT SERVICES LIMITED (CONTINUED)
Audit response to risks identified
We identified recognition of revenue as a key audit matter related to the potential risk of fraud, our procedures to
respond to risks identified included the following:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Enquiring of management concerning actual and potential litigation claims;
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud; and
∙In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
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 Auditors' report.
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MOLSON EQUIPMENT SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOLSON EQUIPMENT SERVICES LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Minerva House
Lower Bristol Road
BA2 9ER
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MOLSON EQUIPMENT SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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MOLSON EQUIPMENT SERVICES LIMITED
REGISTERED NUMBER:06378361
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 32 form part of these financial statements.
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MOLSON EQUIPMENT SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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MOLSON EQUIPMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Molson Equipment Services Limited is a limited liability company incorporated in England and Wales. The registered office is Smoke Lane Industrial Estate, Avonmouth, Bristol, BS11 0YA.
2.ACCOUNTING POLICIES
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 following principal accounting policies have been applied:
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 Molson Group Limited as at 30 September 2021 and these financial statements may be obtained from Unit 4, Smoke Lane Industrial Estate, Avonmouth, Bristol, BS11 0YA.
The Company has also taken advantage of the requirements under Section 9 Consolidated and Separate Financial Statements paragraph 9.3.
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MOLSON EQUIPMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2.ACCOUNTING POLICIES (continued)
The directors are satisfied with the performance of the company in the current financial year. After a year severely disrupted by Covid the directors are pleased with the way in which the company has bounced back. In general, trading conditions improved dramatically across the economic sectors in which the company trades but the company did particularly well as a result of an aggressive stock ordering policy. This policy, supported by market leading data analytics, ensured the company always had stock to sell and never had to halt order intake, despite the supply chain difficulties that became steadily worse during the year.
The company increased its turnover to £213.0m (2020: £134.7m) and achieved an increase in gross profit margin to 8.2% (2020: 2.9%) and a net profit before tax of £5.8m (2020: net loss before tax £7.6m). At the year end, the company had net assets of £12.1m (2020: £8.1m) and the Molson Group has undrawn funding facilities of £44.6m (2020: £38.7m). Additionally, trading during the current financial year has been solid and order intake continues to remain strong. The directors have prepared forecasts that show the company is able to realise its assets and settle its liabilities as they fall due in the normal course of business for a period of at least 12 months from the date of approval of these financial statements. Therefore these financial statements are prepared on a going concern basis.
Functional and presentation currency
Transactions and balances
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MOLSON EQUIPMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2.ACCOUNTING POLICIES (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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MOLSON EQUIPMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2.ACCOUNTING POLICIES (continued)
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MOLSON EQUIPMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2.ACCOUNTING POLICIES (continued)
GOODWILL
OTHER INTANGIBLE ASSETS
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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:
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.
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MOLSON EQUIPMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2.ACCOUNTING POLICIES (continued)
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 Statement of financial position 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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MOLSON EQUIPMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2.ACCOUNTING POLICIES (continued)
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MOLSON EQUIPMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below. Critical judgments Lease commitments The company determines whether leases entered into by the company either as a lessor or a lessee are operating or lease 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. Depreciation rates 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. Sources of estimation uncertainty Impairment of fixed assets The company determines whether there are indicators of impairment of 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 and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. Valuation of stock provision The company determines whether there are conditions that exist at the balance sheet date that indicates that the net realisable value of individual stock lines are less than the carrying value. Such indicators include post year end sales, auction prices, and market demand.
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MOLSON EQUIPMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Analysis of turnover by country of destination:
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MOLSON EQUIPMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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MOLSON EQUIPMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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MOLSON EQUIPMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
9.TAXATION (CONTINUED)
There were no factors expected to materially affect future tax charges.
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MOLSON EQUIPMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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MOLSON EQUIPMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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MOLSON EQUIPMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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MOLSON EQUIPMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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MOLSON EQUIPMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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MOLSON EQUIPMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Share premium account
the issuing of shares are deducted from share premium.
Profit and loss account
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £210,000 (2020: £165,000). At the year end there was outstanding contributions of £38,948 (2020: £16,000).
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MOLSON EQUIPMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Molson Equipment Services Limited is a wholly owned subsidiary of Molson Group Limited, a company incorporated in the United Kingdom. There is no ultimate controlling party.
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