Murrelektronik Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 01695342 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022

FOR

MURRELEKTRONIK LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

Mr P M Rogers

REGISTERED OFFICE:

Albion Street

Pendlebury Industrial Estate

Swinton

Manchester

M27 4FG

REGISTERED NUMBER:

01695342 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

100 Barbirolli Square

Manchester

M2 3BD

FIXED ASSETS

Tangible assets

4

165,140

205,660

CURRENT ASSETS

Stocks

239,569

185,634

Debtors

5

1,702,904

1,225,623

Cash at bank and in hand

1,014,985

940,740

2,957,458

2,351,997

CREDITORS

Amounts falling due within one year

6

(944,017

)

(877,986

)

NET CURRENT ASSETS

2,013,441

1,474,011

TOTAL ASSETS LESS CURRENT LIABILITIES

2,178,581

1,679,671

CREDITORS

Amounts falling due after more than one year

7

(8,718

)

(9,718

)

NET ASSETS

2,169,863

1,669,953

CAPITAL AND RESERVES

Called up share capital

9

20,000

20,000

Capital redemption reserve

30,000

30,000

Retained earnings

2,119,863

1,619,953

SHAREHOLDERS' FUNDS

2,169,863

1,669,953

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 31st March 2023 and were signed by:

Mr P M Rogers - Director

1.	STATUTORY INFORMATION

Murrelektronik Limited is a private company, limited by shares, registered in England and Wales, registration number 01695342. The address of the registered office and the principal place of business is Albion Street, Pendlebury Industrial Estate, Swinton, Manchester, M27 4FG.

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents amounts recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts. Turnover principally consists of the sale of electronics, which are recognised at the point of which the goods are delivered and legal title is passed.

Trade and other debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand and at the bank.

Trade and other creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods:

Long Leasehold

-

2% on cost

Fixtures and fittings

-

20%-50% on cost

Motor vehicles

-

25% on cost

At each balance sheet date, the Company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items of tangible fixed assets have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2021 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

and

Motor

leasehold

fittings

vehicles

Totals

£

£

£

£

COST

At 1st January 2022

278,830

357,229

286,397

922,456

Additions

-

21,052

-

21,052

Disposals

-

(1,032

)

-

(1,032

)

At 31st December 2022

278,830

377,249

286,397

942,476

DEPRECIATION

At 1st January 2022

172,883

312,625

231,288

716,796

Charge for year

5,577

18,928

37,067

61,572

Eliminated on disposal

-

(1,032

)

-

(1,032

)

At 31st December 2022

178,460

330,521

268,355

777,336

NET BOOK VALUE

At 31st December 2022

100,370

46,728

18,042

165,140

At 31st December 2021

105,947

44,604

55,109

205,660

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

1,529,230

1,097,107

Other debtors

173,674

128,516

1,702,904

1,225,623

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

115,515

143,475

Amounts owed to group undertakings

256,349

298,167

Taxation and social security

427,011

297,790

Other creditors

145,142

138,554

944,017

877,986

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Other creditors

8,718

9,718

8.	DEFERRED TAX

£

Balance at 1st January 2022

(23,648

)

Credit to Profit and Loss Account during year

(2,027

)

Balance at 31st December 2022

(25,675

)

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

20,000

Ordinary

£1.00

20,000

20,000

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

The Report of the Auditors was unqualified.

Richard Lloyd (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

11.	OFF-BALANCE SHEET ARRANGEMENTS

Operating lease commitments not included in the balance sheet amount to £3,360 (2021 - £6,390).

12.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is Hafner-Familienstiftung, a private foundation registered in Germany.

Murrelektronik Limited is a wholly owned subsidiary of MEG Murrelektronik GmbH Beteiligungen, a company incorporated in Germany with a registered office at District Court, Stuttgart, HRB 270279.