IRIS Accounts Production v23.3.0.418 06151719 Board of Directors 1.7.22 30.6.23 30.6.23 7.12.2023 false true false false true false Auditors Opinion A Ordinary 1.00000 B Ordinary 1.00000 C Ordinary 1.00000 D Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure061517192022-06-30061517192023-06-30061517192022-07-012023-06-30061517192021-06-30061517192021-07-012022-06-30061517192022-06-3006151719ns16:EnglandWales2022-07-012023-06-3006151719ns15:PoundSterling2022-07-012023-06-3006151719ns11:Director12022-07-012023-06-3006151719ns11:PrivateLimitedCompanyLtd2022-07-012023-06-3006151719ns11:SmallEntities2022-07-012023-06-3006151719ns11:Audited2022-07-012023-06-3006151719ns11:SmallCompaniesRegimeForDirectorsReport2022-07-012023-06-3006151719ns11:SmallCompaniesRegimeForAccounts2022-07-012023-06-3006151719ns11:AbridgedAccounts2022-07-012023-06-3006151719ns11:OrdinaryShareClass22022-07-012023-06-3006151719ns11:OrdinaryShareClass32022-07-012023-06-3006151719ns11:OrdinaryShareClass42022-07-012023-06-3006151719ns11:OrdinaryShareClass52022-07-012023-06-3006151719ns11:Director22022-07-012023-06-3006151719ns11:RegisteredOffice2022-07-012023-06-3006151719ns6:CurrentFinancialInstruments2023-06-3006151719ns6:CurrentFinancialInstruments2022-06-3006151719ns6:Non-currentFinancialInstruments2023-06-3006151719ns6:Non-currentFinancialInstruments2022-06-3006151719ns6:ShareCapital2023-06-3006151719ns6:ShareCapital2022-06-3006151719ns6:CapitalRedemptionReserve2023-06-3006151719ns6:CapitalRedemptionReserve2022-06-3006151719ns6:RetainedEarningsAccumulatedLosses2023-06-3006151719ns6:RetainedEarningsAccumulatedLosses2022-06-3006151719ns6:ShortLeaseholdAssetsns6:LandBuildings2022-07-012023-06-3006151719ns6:PlantMachinery2022-07-012023-06-3006151719ns6:FurnitureFittings2022-07-012023-06-3006151719ns6:MotorVehicles2022-07-012023-06-3006151719ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2023-06-3006151719ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2022-06-3006151719ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2023-06-3006151719ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2022-06-3006151719ns6:HirePurchaseContracts2023-06-3006151719ns6:HirePurchaseContracts2022-06-3006151719ns6:WithinOneYear2023-06-3006151719ns6:WithinOneYear2022-06-3006151719ns6:BetweenOneFiveYears2023-06-3006151719ns6:BetweenOneFiveYears2022-06-3006151719ns6:AllPeriods2023-06-3006151719ns6:AllPeriods2022-06-3006151719ns6:DeferredTaxation2022-06-3006151719ns6:DeferredTaxation2022-07-012023-06-3006151719ns6:DeferredTaxation2023-06-3006151719ns11:OrdinaryShareClass22023-06-3006151719ns11:OrdinaryShareClass32023-06-3006151719ns11:OrdinaryShareClass52023-06-3006151719ns6:RetainedEarningsAccumulatedLosses2022-06-3006151719ns6:CapitalRedemptionReserve2022-06-3006151719ns6:RetainedEarningsAccumulatedLosses2022-07-012023-06-30
REGISTERED NUMBER: 06151719 (England and Wales)












FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

MAINCOR LIMITED

MAINCOR LIMITED (REGISTERED NUMBER: 06151719)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 June 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


MAINCOR LIMITED

COMPANY INFORMATION
for the year ended 30 June 2023







DIRECTORS: R E Hickmott
K Liscombe





REGISTERED OFFICE: Seven Stars House
1 Wheler Road
Coventry
CV3 4LB





REGISTERED NUMBER: 06151719 (England and Wales)





AUDITORS: Harrison Beale & Owen Limited
Chartered Accountants and Statutory Auditors
Seven Stars House
1 Wheler Road
Coventry
CV3 4LB

MAINCOR LIMITED (REGISTERED NUMBER: 06151719)

ABRIDGED BALANCE SHEET
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 72,766 89,017

CURRENT ASSETS
Stocks 1,401,281 1,014,743
Debtors 1,593,614 1,575,013
Cash at bank and in hand 2,119,476 2,071,443
5,114,371 4,661,199
CREDITORS
Amounts falling due within one year 2,796,898 2,821,243
NET CURRENT ASSETS 2,317,473 1,839,956
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,390,239

1,928,973

CREDITORS
Amounts falling due after more than one year - (39,652 )

PROVISIONS FOR LIABILITIES 6 (3,333 ) (5,751 )
NET ASSETS 2,386,906 1,883,570

CAPITAL AND RESERVES
Called up share capital 7 94 100
Capital redemption reserve 8 6 -
Retained earnings 8 2,386,806 1,883,470
SHAREHOLDERS' FUNDS 2,386,906 1,883,570

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 June 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 December 2023 and were signed on its behalf by:




R E Hickmott - Director


MAINCOR LIMITED (REGISTERED NUMBER: 06151719)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2023

1. STATUTORY INFORMATION

Maincor Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT. Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred to be incurred in respect of the transaction can be measured reliably. This is usually on despatch of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold improvements - Over 10 years
Plant and machinery - Straight line over 5 years
Fixtures & fittings - at varying rates on cost
Motor vehicles - 25% on cost

Items are capitalised where their value exceeds £1,000.

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase and other costs incurred in bringing stock to its present location and condition.

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


MAINCOR LIMITED (REGISTERED NUMBER: 06151719)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023

2. 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.

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.

The company uses short term forward currency contracts to reduce exposure to foreign exchange rates.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2022 - 32 ) .

MAINCOR LIMITED (REGISTERED NUMBER: 06151719)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 July 2022 278,260
Additions 15,725
At 30 June 2023 293,985
DEPRECIATION
At 1 July 2022 189,243
Charge for year 31,976
At 30 June 2023 221,219
NET BOOK VALUE
At 30 June 2023 72,766
At 30 June 2022 89,017

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 July 2022
and 30 June 2023 62,499
DEPRECIATION
At 1 July 2022 2,677
Charge for year 16,059
At 30 June 2023 18,736
NET BOOK VALUE
At 30 June 2023 43,763
At 30 June 2022 59,822

5. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 40,127 11,973
Between one and five years - 39,652
40,127 51,625

MAINCOR LIMITED (REGISTERED NUMBER: 06151719)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023

5. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 106,685 100,920
Between one and five years 174,540 213,810
281,225 314,730

6. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 3,333 5,751

Deferred
tax
£   
Balance at 1 July 2022 5,751
Credit to Income Statement during year (2,418 )
Balance at 30 June 2023 3,333

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
41 A Ordinary £1 41 41
21 B Ordinary £1 21 21
NIL C Ordinary £1 - 6
20 D Ordinary £1 20 20
6 E Ordinary £1 6 6
6 F Ordinary £1 6 6
94 100

MAINCOR LIMITED (REGISTERED NUMBER: 06151719)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023

8. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 July 2022 1,883,470 - 1,883,470
Profit for the year 890,602 890,602
Dividends (274,266 ) (274,266 )
Purchase of own shares (113,000 ) 6 (112,994 )
At 30 June 2023 2,386,806 6 2,386,812

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

The Report of the Auditors was unqualified.

Wayne Gutteridge ACA (Senior Statutory Auditor)
for and on behalf of Harrison Beale & Owen Limited

10. PENSION COMMITMENTS

The pension charge of £38,770 (2022: £38,413) represents contributions to the defined contribution scheme. At the year end, contributions of £3,000 (2022: £8,000) were outstanding.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year R E Hickmott received £20,000 (2022: £145,000) in respect of dividends.

During the year K Liscombe received £117,996 (2022: £334,399) in respect of dividends.

12. RELATED PARTY DISCLOSURES

During the year a loan was made to a participator of £330,000. The loan bears interest and is fully repayable by the 29th February 2024. As at the balance sheet date the original loan and accumulated interest was £335,022.

13. CONTROLLING INTEREST

The directors are considered to be the ultimate controlling parties by virtue of their ability to act in concert in respect of the financial and operating policies of the company.