Moller PCI Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05952418 (Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

MOLLER PCI LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

H Evans

T Evans

K K Roepke

D Schuette

SECRETARIES:

R Pflesser

S Morris

REGISTERED OFFICE:

Unit 19, J Shed

Kings Road

Swansea Waterfront

Swansea

SA1 8PL

REGISTERED NUMBER:

05952418 (Wales)

AUDITORS:

WBV Limited

The Third Floor,

Langdon House, Langdon Road

SA1 Swansea Waterfront

Swansea

West Glamorgan

SA1 8QY

FIXED ASSETS

Tangible assets

4

369,550

406,029

CURRENT ASSETS

Stocks

810,951

442,361

Debtors

5

2,257,889

1,228,045

Cash at bank

88,644

231,505

3,157,484

1,901,911

CREDITORS

Amounts falling due within one year

6

1,547,359

963,346

NET CURRENT ASSETS

1,610,125

938,565

TOTAL ASSETS LESS CURRENT LIABILITIES

1,979,675

1,344,594

PROVISIONS FOR LIABILITIES

11,051

11,051

NET ASSETS

1,968,624

1,333,543

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Retained earnings

1,967,624

1,332,543

SHAREHOLDERS' FUNDS

1,968,624

1,333,543

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 April 2022 and were signed on its behalf by:

H Evans - Director

1.	STATUTORY INFORMATION

Moller PCI Limited is a private company, limited by shares , registered in Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Invoice discounting

The company factors its trade debtors via an invoice discounting facility. The debtors are included gross within trade debtors and any liability due to the invoice discounter is shown separately within current liabilities.

Financial instruments

Financial assets and liabilities are recognised by the company when it becomes a party to the contractual provisions of the financial instrument.

Cash and cash equivalents

These comprise cash at bank.

Debtors

Debtors are stated at their normal value and do not attract interest. Appropriate provision for estimated irrecoverable amounts are recognised in the profit and loss account when there is evidence of impairment.

Trade creditors

Trade creditors are stated at their normal value and do not attract interest.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2020 - 24 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Office

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2021

670,084

39,334

119,271

77,661

906,350

Additions

33,865

2,817

27,089

7,790

71,561

Disposals

-

-

(6,962

)

-

(6,962

)

At 31 December 2021

703,949

42,151

139,398

85,451

970,949

DEPRECIATION

At 1 January 2021

381,186

21,230

49,960

47,945

500,321

Charge for year

74,941

4,717

19,030

8,411

107,099

Eliminated on disposal

-

-

(6,021

)

-

(6,021

)

At 31 December 2021

456,127

25,947

62,969

56,356

601,399

NET BOOK VALUE

At 31 December 2021

247,822

16,204

76,429

29,095

369,550

At 31 December 2020

288,898

18,104

69,311

29,716

406,029

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

1,871,676

909,177

Other debtors

386,213

318,868

2,257,889

1,228,045

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

-

6,153

Invoice discounting

597,715

480

Trade creditors

319,489

140,064

Amounts owed to group undertakings

12,909

36,336

Amounts owed to participating interests

193,988

147,329

Taxation and social security

199,904

573,629

Other creditors

223,354

59,355

1,547,359

963,346

Included in creditors is an amount due to Natwest in respect of an invoice discounting arrangement of £597,715 (2020 £480). The company entered into the invoice discounting agreement in 2014 and all of its trade debtors are included within this agreement. Amounts owed to Natwest are secured on the trade debtors.

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

82,572

74,224

Between one and five years

183,519

10,271

266,091

84,495

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Invoice discounting facility

597,715

480

Bank overdraft

-

6,153

597,715

6,633

These liabilities are secured by way of a fixed and floating charge over the assets of the company.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

1,000

Ordinary

£1

1,000

1,000

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Rowe BA ACA (Senior Statutory Auditor)

for and on behalf of WBV Limited

11.	RELATED PARTY DISCLOSURES

Platinum Controls Installations Limited

A company which owns shares in Moller PCI Limited.

During the period the company made sales of £0 (2020 £0) to and purchased services amounting to £402,085 including salary recharges (2020 £372,030) from Platinum Controls Installations Limited.

At the year end, the company owed £12,909 (2020 £36,441) to Platinum Controls Installations Limited.

Moller Feuerfesttechnik GmbH & Co. KG

A company under common control.

During the year the company made sales of £63,173 (2020 £38,370) to and purchased £754,938 (2020 £626,159) from Moller Feuerfesttechnik GmbH & Co. KG. At the end of the period, the company owed £102,457 (2020 £114,003) to Moller Feuerfesttechnik GmbH & Co. KG.

Moller Sp. z o.o.

A company under common control.

During the year the company made sales of £1,518 (2020 £0) to and purchased £910,507 (2020 £532,139) from Moller Sp z o.o. At the end of the period, the company owed £23,330 (2020 £17,324) to Moller Sp z o.o.

Electrical Wholesale Specialists Limited

A company under common control.

During the year the company made sales of £0 (2020 £0) to and purchased £260,325 (2020 £166,834) from Electrical Wholesale Specialists Limited. At the end of the period, the company owed £67,107 (2020 £15,212) to Electrical Wholesale Specialists Limited.

12.	ULTIMATE CONTROLLING PARTY

The directors do not consider there to be one controlling party.

13.	ULTIMATE PARENT COMPANY

The company's immediate parent company is Roepke Beteiligungs-GmbH (RBG) a company incorporated in Germany, whose address is Am Bauhof 21, 32657 Lemgo.

The ultimate holding company is ARL Vermoegensverwaltungs GmbH & Co KG, a company incorporated in Germany, whose address is Am Bauhof 21, 32657 Lemgo.

14.

BREXIT

Since the UK left the EU on 31 January 2020 the directors have continued to assess the risks of Brexit to the company's business. The company has both customers and suppliers based in EU countries.

Discussions were held with suppliers, particularly over the supply of labour from EU countries, for work on projects in the UK. From July 2021 the company has been able to bring EU workers (via supplier companies) to the UK on permits and licences. This has ensured that the company's work has been able to continue. There have been some teething problems with the transportation of equipment from the UK, following the change in regulations. However, these are easing.

The directors are therefore satisfied that the changes have not had a detrimental impact on the company's business.

15.

COVID 19

The effects of the covid-19 pandemic began in the UK in March 2020. As a result of the company being classed as an "essential service supplier," the company continued its operations through the various lockdowns imposed by the UK Government.

The company established a detailed and practical covid-19 policy, to ensure the safety of its customers, employees, fellow contractors, suppliers and the general public.

As government advice changed throughout 2020 and 2021, the company's policies and procedures evolved and were adapted accordingly. Whilst the financial impact of the pandemic affected customers and suppliers in different ways, the company has seen no major loss of work or significant impact on profit margins.

The early part of 2022 saw the remaining covid restrictions lifted. The company has maintained some of the policies adopted during the pandemic, to ensure the safety of its employees and the people it works with. Experience has shown that covid-19 is unpredictable and its potential effects in the future cannot be determined. There is the possibility that new strains of the virus could develop, requiring further lockdowns.

The directors have considered the overall position and consider that the experience of the last 2 years will stand the company in good stead in the event of further lockdowns, with the company being able to trade at an improved level from that achieved in recent periods.