Company registration number 03511742 (England and Wales)
MAKA MACHINERY UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
MAKA MACHINERY UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
MAKA MACHINERY UK LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
18,034
22,205
Current assets
Stocks
135,243
183,386
Debtors
4
250,582
180,625
Cash at bank and in hand
138,503
149,765
524,328
513,776
Creditors: amounts falling due within one year
5
(329,132)
(445,398)
Net current assets
195,196
68,378
Total assets less current liabilities
213,230
90,583
Provisions for liabilities
(741)
-
0
Net assets
212,489
90,583
Capital and reserves
Called up share capital
25,000
25,000
Profit and loss reserves
187,489
65,583
Total equity
212,489
90,583

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 18 July 2022 and are signed on its behalf by:
Mr G Polzer
Mr I H Young
Director
Director
Company Registration No. 03511742
MAKA MACHINERY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information

Maka Machinery UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit C5 Horton Park Ind Estate, Hortonwood 7, Telford, Shropshire, United Kingdom, TF1 7GX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
12.5%-33% per annum on reducing balance
Motor vehicles
20% per annum on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

MAKA MACHINERY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

MAKA MACHINERY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
5
6
MAKA MACHINERY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021
56,229
Additions
1,805
Disposals
(3,617)
At 31 December 2021
54,417
Depreciation and impairment
At 1 January 2021
34,024
Depreciation charged in the year
4,797
Eliminated in respect of disposals
(2,438)
At 31 December 2021
36,383
Carrying amount
At 31 December 2021
18,034
At 31 December 2020
22,205
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
161,619
147,503
Other debtors
88,963
33,122
250,582
180,625
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
11,716
9,565
Amounts owed to group undertakings
87,782
180,775
Corporation tax
21,803
-
0
Other taxation and social security
48,141
64,549
Other creditors
159,690
190,509
329,132
445,398
MAKA MACHINERY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Lee Meredith ACA and the auditor was Azets Audit Services.
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2021
2020
£
£
Within one year
25,113
26,888
Between two and five years
1,397
26,510
26,510
53,398
8
Related party transactions

In accordance with FRS 102 section 33.1A the company has taken advantage of the exemption available

not to disclose details of transactions entered into between wholly owned subsidiaries of Maka Systems GmbH.

 

9
Parent company

The parent company of MAKA Machinery UK Limited is MAKA Systems GmbH, a company incorporated in Germany.

The ultimate controlling party is Shanghai Precision Machinery Co. Ltd, a company incorporated in China.

 

 

The registered office of Shanghai Precision Machinery Co.Ltd is Bibo Road No. 456 A206, Shanghai, China, Postcode 201203.

2021-12-312021-01-01false21 July 2022CCH SoftwareCCH Accounts Production 2022.100No description of principal activityThis audit opinion is unqualifiedMr G PolzerMr I H Young035117422021-01-012021-12-31035117422021-12-31035117422020-12-3103511742core:OtherPropertyPlantEquipment2021-12-3103511742core:OtherPropertyPlantEquipment2020-12-3103511742core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3103511742core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-3103511742core:CurrentFinancialInstruments2021-12-3103511742core:CurrentFinancialInstruments2020-12-3103511742core:ShareCapital2021-12-3103511742core:ShareCapital2020-12-3103511742core:RetainedEarningsAccumulatedLosses2021-12-3103511742core:RetainedEarningsAccumulatedLosses2020-12-3103511742bus:Director12021-01-012021-12-3103511742bus:Director22021-01-012021-12-3103511742core:PlantMachinery2021-01-012021-12-3103511742core:MotorVehicles2021-01-012021-12-31035117422020-01-012020-12-3103511742core:OtherPropertyPlantEquipment2020-12-3103511742core:OtherPropertyPlantEquipment2021-01-012021-12-3103511742core:WithinOneYear2021-12-3103511742core:WithinOneYear2020-12-3103511742core:BetweenTwoFiveYears2021-12-3103511742core:BetweenTwoFiveYears2020-12-3103511742bus:PrivateLimitedCompanyLtd2021-01-012021-12-3103511742bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-3103511742bus:FRS1022021-01-012021-12-3103511742bus:Audited2021-01-012021-12-3103511742bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP