MacAlister Elliott & Partners Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01317449 (England and Wales)

MacAlister Elliott & Partners Limited

Financial Statements

for the Year Ended 31 December 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J C Maris

Dr H Guille

F H A Van Der Velden

SECRETARY:

L B Hemmings

REGISTERED OFFICE:

56 High Street

Lymington

Hampshire

SO41 9AH

REGISTERED NUMBER:

01317449 (England and Wales)

SENIOR STATUTORY AUDITOR:

Moganarden Pillay Chelvanaigum

AUDITORS:

Westlake Clark Audit LLP

7 Lynwood Court

Priestlands Place

Lymington

Hampshire

SO41 9GA

FIXED ASSETS

Tangible assets

6

13,275

16,445

Investments

7

125

125

13,400

16,570

CURRENT ASSETS

Debtors

8

422,576

479,012

Cash at bank and in hand

376,052

510,027

798,628

989,039

CREDITORS

Amounts falling due within one year

9

(432,783

)

(328,769

)

NET CURRENT ASSETS

365,845

660,270

TOTAL ASSETS LESS CURRENT LIABILITIES

379,245

676,840

PROVISIONS FOR LIABILITIES

10

(1,541

)

(662

)

NET ASSETS

377,704

676,178

CAPITAL AND RESERVES

Called up share capital

11

180

180

Retained earnings

377,524

675,998

SHAREHOLDERS' FUNDS

377,704

676,178

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2024 and were signed on its behalf by:

Dr H Guille - Director

1.	GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:

56 High Street

Lymington

Hampshire

SO41 9AH

2.	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.

3.	ACCOUNTING POLICIES

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.

The company's functional and presentation currency is pound sterling and the financial statements are rounded to the nearest pound.

EXEMPTION FROM PREPARING GROUP ACCOUNTS

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts. Therefore, the financial statements cover the individual entity.

GOING CONCERN

The directors believe that the company is well placed to manage its business risks successfully and have reasonable expectation that the company has adequate resources to continue in operational existence for at least twelve months from when the financial statements are authorised for issue.Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

REVENUE RECOGNITION

Turnover is the amount derived from ordinary activities and represent amounts chargeable,net of value added tax, in respect of the sale of goods and services to the customers. The company recognises revenue when (a) the amount of revenue can be reliably measured; (b) it is probable that future economic benefits will flow to the entity; (c) specific criteria have been met for each of the company's activities; (d) and when contractual obligation have been completed.

TANGIBLE ASSETS

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.Equipment is capitalised if over £100

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

Fixtures and fittings

25% straight line basis

Short leasehold improvements

Straight line over 6.5 year lease

INVESTMENTS IN SUBSIDIARIES

Investments in subsidiary undertakings are recognised at cost.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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

Profit and loss account transactions in foreign currencies are translated into sterling at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the closing rates at the balance sheet date and the exchange differences are included in the profit and loss account.

HIRE PURCHASE AND LEASES

Rentals payable under operating lease are charged in the profit and loss account on a straight line basis over the lease term.

PENSIONS

The company operates a defined contribution pension scheme. Contributions are charged in the profit and loss account as they become payable in accordance with the rules of the scheme.

BORROWINGS

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

INTEREST AND DIVIDENDS RECEIVABLE

Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.

FINANCIAL INSTRUMENTS

A financial asset or a financial liability is recognised only when the entity 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.

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.

The company is exposed to the usual credit risk and cash flow risk associated with selling on credit and manages this through robust credit control procedures and due diligence. As a consequence of its international activities, the company is exposed to changes in exchange rates. These exposures derive primarily from sales and purchases in foreign currencies (transaction exposure) or from holdings of foreign assets, debtors and creditors in currencies other than GBP (translation exposure). Euro and USD bank accounts are maintained to naturally hedge against movements in either currency.

SIGNIFICANT JUDGEMENTS AND ESTIMATES

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key sources of estimation uncertainty

The company recognises revenue and work in progress based on estimating the outcome of contracts it enters into as described in the revenue recognition accounting policy. This results in estimation uncertainty as the outcomes of such contracts are not guaranteed and are subject to changes in circumstances which are outside the control of the directors. The directors obtain as much relevant and reliable information as is available to them in order to determine the outcome of such contracts, but acknowledge that actual outcomes may materially impact the profit recognised on completion.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 12 ) .

5.	AUDITORS' REMUNERATION

2023

2022

£

£

Auditors remunerations

7,000

7,000

Auditos remunerations -Non audit work

2,388

2,647

6.	TANGIBLE FIXED ASSETS

Short

Fixtures

leasehold

and

improvements

fittings

Totals

£

£

£

COST

At 1 January 2023

42,697

45,863

88,560

Additions

-

5,305

5,305

At 31 December 2023

42,697

51,168

93,865

DEPRECIATION

At 1 January 2023

29,551

42,564

72,115

Charge for year

6,567

1,908

8,475

At 31 December 2023

36,118

44,472

80,590

NET BOOK VALUE

At 31 December 2023

6,579

6,696

13,275

At 31 December 2022

13,146

3,299

16,445

7.	INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2023

and 31 December 2023

125

NET BOOK VALUE

At 31 December 2023

125

At 31 December 2022

125

The company's investments at the Balance Sheet date in the share capital of companies include the following:

MED Mocambique Limitado

Registered office: Mozambique

Nature of business: Fishery Consultancy

%

Class of shares:

holding

Ordinary

99.00

2023

2022

£

£

Investments in subsidiaries

125

125

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

166,997

317,764

Amounts owed by group undertakings

79,328

32,849

Withholding tax receivable

55,224

40,569

Prepayments and accrued income

121,027

87,830

422,576

479,012

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

41,523

147,798

Pension contributions unpaid

5,683

2,480

Corporation tax liability

10,875

-

Taxation and social security

31,515

-

VAT

21,596

10,684

Other creditors

178,995

82,530

Accrued expenses

142,596

85,277

432,783

328,769

10.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

Deferred tax

662

950

Deferred tax transferred to profit and loss account

879

(288

)

1,541

662

Deferred

tax

£

Balance at 1 January 2023

662

Charge to Statement of Income and Retained Earnings during year

879

Balance at 31 December 2023

1,541

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

1,800

Ordinary shares

£0.10

180

180

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

The Independenet Auditors' Report was unqualified. The Senior Statutory Auditor who signed the Audit report was Moganarden Pillay Chelvanaigum, who signed for and on behalf of Westlake Clark Audit LLP.

13.	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 £26,210 (2022 - £38,532). This relates to operating lease commitments which is payable within 1 year.

14.	RELATED PARTY DISCLOSURES

MEP Mozambique Limited (MEP MOZ) is a 99% subsidiary of MacAlister Elliott & Partners Limited (MEP Ltd). During the year, there were sales of NIL (2022: £42,213) from MEP Ltd to MEP Moz. At the balance sheet date an amount of £79,328 (2022: £32,849) was owed from MEP Moz to MEP Ltd.

15.	PARENT AND ULTIMATE PARENT UNDERTAKING

MacAlister Elliott & Partners Limited is a 100% subsidiary.

The Peterson Holding B.V., incorporated in Netherlands became company's immediate parent on 18th December 2023. Previously, the company's immediate parent company was CUPH Holding B.V incorporated in Netherlands.

The ultimate parent is Control Union B.V., incorporated in Netherlands.

The parent of the largest group in which these financial statements are consolidated is Peterson Holding B.V,

incorporated in Netherlands.

The address of Peterson Holding B.V is:

Boompjies 270, Rotterdam, 3011XZ, Netherlands