MOLB UK Limited 09875461 false 2022-01-01 2022-12-31 2022-12-31 The principal activity of the company is design and technology services for the automotive industry and intermediate holding company Digita Accounts Production Advanced 6.30.9574.0 true false true true false false false false 09875461 2022-01-01 2022-12-31 09875461 2022-12-31 09875461 bus:OrdinaryShareClass1 2022-12-31 09875461 core:RetainedEarningsAccumulatedLosses 2022-12-31 09875461 core:ShareCapital 2022-12-31 09875461 core:CurrentFinancialInstruments 2022-12-31 09875461 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 09875461 core:CostValuation 2022-12-31 09875461 core:WithinOneYear 2022-12-31 09875461 core:FurnitureFittingsToolsEquipment 2022-12-31 09875461 bus:SmallEntities 2022-01-01 2022-12-31 09875461 bus:Audited 2022-01-01 2022-12-31 09875461 bus:FullAccounts 2022-01-01 2022-12-31 09875461 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 09875461 bus:RegisteredOffice 2022-01-01 2022-12-31 09875461 bus:Director1 2022-01-01 2022-12-31 09875461 bus:Director3 2022-01-01 2022-12-31 09875461 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 09875461 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 09875461 core:FurnitureFittingsToolsEquipment 2022-01-01 2022-12-31 09875461 core:OfficeEquipment 2022-01-01 2022-12-31 09875461 core:Subsidiary1 2022-01-01 2022-12-31 09875461 core:Subsidiary1 countries:France 2022-01-01 2022-12-31 09875461 core:Subsidiary2 2022-01-01 2022-12-31 09875461 core:Subsidiary2 countries:Germany 2022-01-01 2022-12-31 09875461 core:Subsidiary3 2022-01-01 2022-12-31 09875461 core:Subsidiary3 countries:Italy 2022-01-01 2022-12-31 09875461 core:Subsidiary4 2022-01-01 2022-12-31 09875461 core:Subsidiary4 countries:Romania 2022-01-01 2022-12-31 09875461 core:Subsidiary5 2022-01-01 2022-12-31 09875461 core:Subsidiary5 countries:CzechRepublic 2022-01-01 2022-12-31 09875461 countries:EnglandWales 2022-01-01 2022-12-31 09875461 2021-12-31 09875461 core:AdditionsToInvestments 2021-12-31 09875461 core:FurnitureFittingsToolsEquipment 2021-12-31 09875461 2021-01-01 2021-12-31 09875461 2021-12-31 09875461 bus:OrdinaryShareClass1 2021-12-31 09875461 core:RetainedEarningsAccumulatedLosses 2021-12-31 09875461 core:ShareCapital 2021-12-31 09875461 core:CurrentFinancialInstruments 2021-12-31 09875461 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 09875461 core:CostValuation 2021-12-31 09875461 core:WithinOneYear 2021-12-31 09875461 core:FurnitureFittingsToolsEquipment 2021-12-31 09875461 core:Subsidiary1 2021-01-01 2021-12-31 09875461 core:Subsidiary2 2021-01-01 2021-12-31 09875461 core:Subsidiary3 2021-01-01 2021-12-31 09875461 core:Subsidiary4 2021-01-01 2021-12-31 09875461 core:Subsidiary5 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09875461

MOLB UK Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2022

Pages for Filing with Registrar

 

MOLB UK Limited

(Registration number: 09875461)
Balance Sheet as at 31 December 2022

Note

2022

2021

Fixed assets

 

Tangible assets

6

85,428

14,795

Investments

7

1,906,481

1,862,151

 

1,991,909

1,876,946

Current assets

 

Debtors

8

1,696,017

1,278,674

Cash at bank and in hand

 

1,678,980

1,555,326

 

3,374,997

2,834,000

Creditors: Amounts falling due within one year

9

(3,370,796)

(3,085,669)

Net current assets/(liabilities)

 

4,201

(251,669)

Net assets

 

1,996,110

1,625,277

Capital and reserves

 

Called up share capital

10

143

143

Profit and loss account

1,995,967

1,625,134

Total equity

 

1,996,110

1,625,277

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 7 February 2024 and signed on its behalf by:
 

.........................................
A Berthelet
Director

.........................................
H W Ashton
Director

 
     
 

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

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:
Peachey & Co LLP
95 Aldwych
London
WC2B 4JF
United Kingdom

Principal activity

The principal activity of the company is design and technology services for the automotive industry and intermediate holding company.

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.

The financial statements are presented in Euros. As the majority of the company's transactions are accounted for in Euros, the functional company is considered to be Euros. The Euro/Sterling exchange rate as at 31 December 2022 is €1.1275 (2021 - €1.1898).

Going concern

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

 

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

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.

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

Office equipment

3 year straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Financial instruments

The Company only enters into basic financial instruments 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, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised 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 profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to 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.

 

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

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.

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

 

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

3

Significant judgements and estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

4

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 7 February 0204 was David Matkins, who signed for and on behalf of Bourner Bullock.

5

Staff numbers

The average number of persons employed by the Company (including directors) during the year, was 9 (2021 - 4).

 

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

6

Tangible assets

Furniture, fittings and equipment
 €

Total

Cost or valuation

At 1 January 2022

29,708

29,708

Additions

90,054

90,054

Disposals

(1,955)

(1,955)

At 31 December 2022

117,807

117,807

Depreciation

At 1 January 2022

14,913

14,913

Charge for the year

19,420

19,420

Eliminated on disposal

(1,954)

(1,954)

At 31 December 2022

32,379

32,379

Carrying amount

At 31 December 2022

85,428

85,428

At 31 December 2021

14,795

14,795

 

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

7

Investments

2022

2021

Investments in subsidiaries

1,906,481

1,862,151

Subsidiaries

Cost or valuation

At 1 January 2022

1,862,151

Additions

44,330

At 31 December 2022

1,906,481

Carrying amount

At 31 December 2022

1,906,481

At 31 December 2021

1,862,151

Details of undertakings

Details of the investments 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

     

2022

2021

Subsidiary undertakings

MOLB S.a.r.l.

Ordinary

100%

100%

 

France

     

MOLB (Germany) GmbH

Ordinary

100%

100%

 

Germany

     

MOLB Italia S.r.L

Ordinary

100%

100%

 

Italy

     

S.C. MOLB Eastern Europe S.R.L.

Ordinary

100%

100%

 

Romania

     

MOLB Czech s. r. o.

Ordinary

100%

100%

 

Czech Republic

     
 

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

8

Debtors

2022

2021

Trade debtors

659,321

290,847

Amounts owed by group companies

950,191

966,483

Other debtors

86,505

21,344

1,696,017

1,278,674

9

Creditors

2022

2021

Due within one year

Trade creditors

70,317

112,780

Amounts owed to group undertakings and undertakings in which the company has a participating interest

3,105,247

1,892,417

Taxation and social security

136,137

134,614

Other creditors

59,095

945,858

Total trade and other creditors

3,370,796

3,085,669

10

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

No.

Ordinary shares of £1 each

100

143

100

143

         

11

Dividends

There were no dividends paid or proposed in the current or previous year.

 

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

12

Operating leases

The total of future minimum lease payments is as follows:

2022
 €

2021
 €

Not later than one year

4,533

4,397

13

Related party transactions

A Berthelet (Director)

At 31 December 2022, the amount owed to the Director including interest was €385 (2021 - €346,265). The loan bears interest at a rate of 1.5% per year. The interest for the year ended 31 December 2022 was calculated as €nil (2021 - €5,117).