REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 October 2023 |
for |
Mecmesin Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 October 2023 |
for |
Mecmesin Limited |
Mecmesin Limited (Registered number: 01302639) |
Contents of the Financial Statements |
for the Year Ended 31 October 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
Mecmesin Limited |
Company Information |
for the Year Ended 31 October 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & |
Statutory Auditors |
3rd Floor |
56 Wellington Street |
Leeds |
West Yorkshire |
LS1 2EE |
Mecmesin Limited (Registered number: 01302639) |
Strategic Report |
for the Year Ended 31 October 2023 |
As part of the group's strategy to maximise cross selling and efficient use of internal resources the company's UK trade was transferred to its UK sister company PPT Group UK Ltd in March 2022. |
The company's principal activity after the transfer in March 2022 is to be a holding company for investments in subsidiary undertakings which Mecmesin Ltd has. |
REVIEW OF BUSINESS AND FUTURE OUTLOOK |
Cash and other trading assets and liabilities were transferred to PPT Group UK Ltd last year. Inter company balances and investment in subsidiaries remain in the balance sheet. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The key business risks and uncertainties affecting the Company are considered to relate to competition and the market forces within the industry. The company with the backing of its parent company Physical Properties Testing Ltd feels confident that it's subsidiaries will remain market leaders. |
FINANCIAL AND OTHER KEY PERFORMANCE INDICATORS |
Financial performance was measured by turnover and operating profit which is no longer relevant following the transfer of the UK trade last year. |
FUTURE DEVELOPMENTS |
The director's intentions are to continue acting as a holding company for the subsidiary undertakings. |
ON BEHALF OF THE BOARD: |
30 January 2024 |
Mecmesin Limited (Registered number: 01302639) |
Report of the Directors |
for the Year Ended 31 October 2023 |
The directors present their report with the financial statements of the company for the year ended 31 October 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 October 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
DISCLOSURE IN THE STRATEGIC REPORT |
Disclosures with regard to review of the business, principal risks and uncertainties, key performance |
indicators and future plans are included in the strategic report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Mecmesin Limited (Registered number: 01302639) |
Report of the Directors |
for the Year Ended 31 October 2023 |
AUDITORS |
Under section 487(2) of the Companies Act 2006, Haines Watts will be deemed to have been reappointed |
as auditors 28 days after these financial statements were sent to members or 28 days after the latest date |
prescribed for filing the accounts with the registrar, whichever is earlier. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Mecmesin Limited |
Opinion |
We have audited the financial statements of Mecmesin Limited (the 'company') for the year ended 31 October 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 October 2023; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Mecmesin Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Mecmesin Limited |
Auditors' responsibilities for the audit of the financial statements |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through discussions with directors and other management; and from our commercial knowledge and experience of the sector |
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; |
- we assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and |
- understanding the design of the company's remuneration policies. |
To address the risk of fraud through management bias and override of controls, including the impact on revenue recognition, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- used data analytics software to test journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosure to underlying supporting documentation; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC and relevant regulators. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
Report of the Independent Auditors to the Members of |
Mecmesin Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & |
Statutory Auditors |
3rd Floor |
56 Wellington Street |
Leeds |
West Yorkshire |
LS1 2EE |
Mecmesin Limited (Registered number: 01302639) |
Statement of Comprehensive Income |
for the Year Ended 31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 5 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
Tax on profit | 9 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Mecmesin Limited (Registered number: 01302639) |
Balance Sheet |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 10 |
CURRENT ASSETS |
Debtors | 11 |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Share premium | 15 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Mecmesin Limited (Registered number: 01302639) |
Statement of Changes in Equity |
for the Year Ended 31 October 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 November 2021 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 October 2022 | 58,947 | 7,088,590 | 31,225 | 7,178,762 |
Changes in equity |
Balance at 31 October 2023 |
Mecmesin Limited (Registered number: 01302639) |
Notes to the Financial Statements |
for the Year Ended 31 October 2023 |
1. | STATUTORY INFORMATION |
Mecmesin Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
Mecmesin Limited is no longer a trading entity as the UK trade of the company was transferred to PPT Group UK Limited. Mecmesin Limited retained ownership of it subsidiaries and it is the intention of the directors to continue with Mecmesin Limited as a holding company. |
The financial statements have therefore been prepared on a going concern basis. The Directors have reviewed and considered relevant information in making their assessment. Based on these assessments, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 33.7. |
Preparation of consolidated financial statements |
The financial statements contain information about Mecmesin Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its intermediate parent, BV PPT Holdings LTD., Richmond Works, Lake View, Halifax, United Kingdom, HX3 6EP. |
Mecmesin Limited (Registered number: 01302639) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
3. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the |
Company and the revenue can be reliably measured. Turnover is measured as the fair value of the |
consideration received or receivable, excluding discounts, rebates, value added tax and other sales |
taxes. |
The following criteria must also be met before revenue is recognised: |
Sale of goods and services |
Turnover from the sale of goods is recognised when all of the following conditions are satisfied: the company has transferred the significant risks and rewards of ownership to the buyer; |
- the company retains neither continuing managerial involvement o the degree usually associated with ownership nor effective control over the goods sold; |
- the amount of turnover can be measured reliably; |
- it is probable that the company will receive the consideration due under the transaction; |
- the costs incurred or to be incurred is respect of transaction can be measured reliably. |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method. |
Depreciation is provided on the following basis: |
Plant and machinery - Straight line over 10 years |
Fixtures and fittings - Straight line over 10 years |
Computer equipment - Straight line over 3 years |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
Mecmesin Limited (Registered number: 01302639) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortized cost using the effective interest method. Debt instruments that are payable and receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortized cost. |
Financial assets that are measured at costs and amortized cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Profit and Loss. |
For financial assets measured at cost less impairment, the impairment loss is measures as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset is it were to be sold the statement of financial position date. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right tot set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
Mecmesin Limited (Registered number: 01302639) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
3. | ACCOUNTING POLICIES - continued |
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. |
Research and development |
Expenditure on research and development is expensed in the year in which it is incurred. |
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. The assets of the scheme are held separately from those of the company in an independently administered fund. The amount charged to the statement of profit and loss represents the contributions payable to the scheme in respect of the accounting period. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty |
on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no |
more than three months from the date of acquisition and that are readily convertible to known |
amounts of cash with insignificant risk of change in value. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. |
4. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: |
Provisions and costs included within accruals and deferred income, including a dilapidation provision. |
5. | TURNOVER |
The directors are of the opinion that it would be seriously prejudical to the interests of the company to analyse the turnover between the company's markets and accordingly the information is not disclosed. |
Mecmesin Limited (Registered number: 01302639) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
6. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Sales and marketing staff | - | 17 |
Manufacturing staff | - | 7 |
Administration | 4 | 2 |
The pensions costs recognised in the statement of profit and loss represent payments towards defined contribution plans. |
7. | DIRECTORS' EMOLUMENTS |
Year Ended | Year Ended |
31.10.23 | 31.10.22 |
£ | £ |
Directors' remuneration | - | 154,967 |
Directors' pension contributions | - | 2,040 |
The highest paid director received remuneration of £NIL (2022: £117,550). |
The value of the company's contributions paid to a defined contribution scheme in respect of the high paid director amount to £NIL (2022: £1,224) |
8. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
Mecmesin Limited (Registered number: 01302639) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is the same as the standard rate of corporation tax in the UK. |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
earnings |
Rounding | - | 291 |
Deferred tax asset not recognised | - | 5,702 |
Total tax charge | - | 70,242 |
10. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 November 2022 |
and 31 October 2023 |
PROVISIONS |
At 1 November 2022 |
and 31 October 2023 | 591,240 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
Mecmesin Limited (Registered number: 01302639) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
10. | FIXED ASSET INVESTMENTS - continued |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Room 504, No. 248 DaXue LU - University Avenue, Yangpu District, Shanghai, 200433, People's Republic of China |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 200 Tossapon Building, Ratchadapisek Road, Huaykwang, Bangkok, Thailand |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 45921 Maries Road, Suite 120 Sterling, Virginia, 20166, USA |
Nature of business: |
% |
Class of shares: | holding |
The trade of this company was merged with Mecmesin Corporation in the year to create PPT Group Corp. PPT Group Corp is now wholly owned by Physical Properties Testing Limited and therefore the holding within Mecmesin Limited has been disposed of. |
Registered office: No 8 Baiye Road, Western Zone, Hi-Tech Zone, Chengdu, Sichuan Province, 610371, People's Republic of China |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Auf Rinelen 20, 78056 VS-Schwenningen, Germany |
Nature of business: |
% |
Class of shares: | holding |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Tax |
Mecmesin Limited (Registered number: 01302639) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
A Ordinary | 10p | 34,617 | 34,617 |
B Ordinary | 10p | 20,278 | 20,278 |
C Ordinary | 10p | 1,120 | 1,120 |
D Ordinary | 10p | 1,732 | 1,732 |
Ordinary | 10p | 1,200 | 1,200 |
58,947 | 58,947 |
15. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 November 2022 | 7,119,815 |
Profit for the year |
At 31 October 2023 | 7,119,815 |
16. | ULTIMATE PARENT COMPANY |
BV Acquisition X Parent Sarl (incorporated in Luxembourg ) is regarded by the directors as being the company's ultimate parent company. |
At the year end the company's immediate parent undertaking is Physical Properties Testing Limited, a company incorporated in England and Wales. The ultimate parent company is BV Aquisitions X Parent Sarl, a company incorporated in Luxembourg. The company's ultimate controlling party at the year end is Battery Ventures, a private equity group based in the United States of America. |
17. | RELATED PARTY DISCLOSURES |
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. |
During the year, a total of key management personnel remuneration of £NIL (2022: £133,024) was paid. |
Mecmesin Limited (Registered number: 01302639) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
18. | PENSION COMMITMENTS |
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £NIL (2022 - £20,595). Contributions totalling £NIL (2022 - £NIL) were payable to the fund at the balance sheet date and are included in creditors. |