Monofloor Technology Limited - Period Ending 2023-12-31

Monofloor Technology Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 7

Monofloor Technology Limited

Company Information

Directors

J M Tarrant J D Harbut A Escamez Sanchez

Registered office

Mill Close Lee Mill Industrial Estate Ivybridge Devon PL21 9GL

Auditors

Ballards LLP Chartered Accountants Oakmoore Court 11c Kingswood Road Hampton Lovett Droitwich Worcestershire WR9 0QH

Monofloor Technology Limited

(Registration number: 02902071)
Balance Sheet as at 31 December 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	4	28,550	37,921
Investments	5	1	1
		28,551	37,922
Current assets
Debtors	6	832,368	861,899
Cash at bank and in hand		399	19,374
		832,767	881,273
Creditors: Amounts falling due within one year	7	(438,174)	(552,247)
Net current assets		394,593	329,026
Total assets less current liabilities		423,144	366,948
Provisions for liabilities		(6,899)	(6,899)
Net assets		416,245	360,049
Capital and reserves
Called up share capital		520	520
Retained earnings		415,725	359,529
Shareholders' funds		416,245	360,049

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 May 2024 and signed on its behalf by:
 

......................................... J M Tarrant Director

Monofloor Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1	General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Mill Close
Lee Mill Industrial Estate
Ivybridge
Devon
PL21 9GL

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

Monofloor Technology Limited owns 99.9% of the shares of Monofloor India Private Limited.

Group financial statements have not been prepared as permitted by s400 of the Companies Act 2006 as Monofloor Technology Limited is a wholly owned subsidiary of RCR Industrial Flooring S.L.U,, a company registered in Spain. The statements present information about Monofloor Technology Limited and not its group.

Going concern

The financial statements have been prepared on a going concern basis.

The Directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The parent company and group have confirmed in writing that they intend to support the company over the next 12 months.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 7 May 2024 was James Syree FCA, who signed for and on behalf of Ballards LLP.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Monofloor Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% on reducing balance
Motor vehicles	25% on reducing balance
Computer equipment	15% and 33% on cost

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 8).

4	Tangible assets

	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 January 2023	29,409	56,502	85,911
Additions	845	1,300	2,145
At 31 December 2023	30,254	57,802	88,056
Depreciation
At 1 January 2023	18,607	29,383	47,990
Charge for the year	4,682	6,834	11,516
At 31 December 2023	23,289	36,217	59,506
Carrying amount
At 31 December 2023	6,965	21,585	28,550
At 31 December 2022	10,802	27,119	37,921

Monofloor Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

5	Investments

	2023 £	2022 £
Investments in subsidiaries	1	1

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2023	2022
Subsidiary undertakings
Monofloor India Private Limited	Bangalore, Karnataka State, India	10Rs Equity Shares	99.9%	99.9%

Subsidiary undertakings

Monofloor India Private Limited The principal activity of Monofloor India Private Limited is specialist industrial flooring consultants.

Monofloor Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Debtors

Current	Note	2023 £	2022 £
Trade debtors		132,778	217,424
Amounts owed by related parties		673,114	600,850
Prepayments		24,463	17,785
Other debtors		2,013	25,840
		832,368	861,899

7

Creditors

	Note	2023 £	2022 £
Due within one year
Bank loans and overdrafts	8	27,663	-
Trade creditors		11,114	21,994
Amounts owed to related parties		307,342	392,428
Taxation and social security		67,927	93,166
Other creditors		24,128	44,659
		438,174	552,247

Monofloor Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

8	Loans and borrowings

	2023 £	2022 £
Current loans and borrowings
Bank overdrafts	27,663	-

Included within bank overdrafts is a facility with Barclays Bank PLC, containing fixed and floating charges over the assets of the company, and a debenture with RCR Flooring Products Limited, a 100% subsidiary of the companies immediate parent company RCR Industrial Flooring S.L.U., incorporated in Spain.

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £95,092 (2022 - £47,337). These are leases for motor vehicle and vehicle maintenace that are held in RCR Flooring Products Limited, as well as for the lease of additional office premises.

10	Parent and ultimate parent undertaking

The company's immediate parent is RCR Industrial Flooring S.L.U., incorporated in Spain.

 The ultimate parent is Sarafin GmbH, incorporated in Germany.