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REGISTERED NUMBER: 02878493 (England and Wales)















AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MECWASH SYSTEMS LIMITED

MECWASH SYSTEMS LIMITED (REGISTERED NUMBER: 02878493)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 3


MECWASH SYSTEMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: J Pattison





SECRETARY: K Lewis





REGISTERED OFFICE: Unit A, 64 Hundred
Severn Drive
Tewkesbury Business Park
Tewkesbury
Gloucestershire
GL20 8SF





REGISTERED NUMBER: 02878493 (England and Wales)





AUDITOR: Andorran Limited (Statutory Auditor)
6 Manor Park Business Centre
Mackenzie Way
Cheltenham
Gloucestershire
GL51 9TX

MECWASH SYSTEMS LIMITED (REGISTERED NUMBER: 02878493)

ABRIDGED STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 342,833 365,326
Investments 5 190 190
343,023 365,516

CURRENT ASSETS
Stocks 539,923 995,747
Debtors 1,225,137 1,412,812
Cash at bank and in hand 570,683 487,191
2,335,743 2,895,750
CREDITORS
Amounts falling due within one year (994,036 ) (1,565,464 )
NET CURRENT ASSETS 1,341,707 1,330,286
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,684,730

1,695,802

CREDITORS
Amounts falling due after more than one
year

(2,737

)

(18,048

)

PROVISIONS FOR LIABILITIES (12,160 ) (16,053 )
NET ASSETS 1,669,833 1,661,701

CAPITAL AND RESERVES
Called up share capital 8 120 120
Share premium 29,970 29,970
Retained earnings 1,639,743 1,631,611
SHAREHOLDERS' FUNDS 1,669,833 1,661,701

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 Statement of Financial Position for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 director and authorised for issue on 2 April 2024 and were signed by:




J Pattison - Director


MECWASH SYSTEMS LIMITED (REGISTERED NUMBER: 02878493)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Mecwash Systems 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Turnover
Turnover is recognised on the delivery of completed machines or components to the customer or when the majority of a machine has been paid for prior to shipment, typically 90%. Deposits received in advance of delivery are carried forward in creditors as income in advance. Service income is recognised once the service has taken place.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - in accordance with the property
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Assets costing under £250 are written off to revenue.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

MECWASH SYSTEMS LIMITED (REGISTERED NUMBER: 02878493)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off 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 statement of financial position 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 25 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 January 2023 762,080
Additions 9,212
Disposals (730 )
At 31 December 2023 770,562
DEPRECIATION
At 1 January 2023 396,754
Charge for year 31,705
Eliminated on disposal (730 )
At 31 December 2023 427,729
NET BOOK VALUE
At 31 December 2023 342,833
At 31 December 2022 365,326

Cost or valuation at 31 December 2023 is represented by:

Totals
£   
Valuation in 2014 75,000
Valuation in 2012 (90,882 )
Valuation in 2021 15,882
Cost 770,562
770,562

MECWASH SYSTEMS LIMITED (REGISTERED NUMBER: 02878493)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS - continued

If the property had not been revalued it would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 300,882 300,882
Aggregate depreciation 99,230 93,212

The freehold property was revalued by ETP Property Consultants on an open market value basis in December 2014. This valuation was adopted as the deemed cost of the property on transition to FRS102 in 2016. The director has reviewed the value of the property at the year-end date by reference to other, similar local properties and concluded that the value had risen from that valuation to a number approximate to the original purchase price of the property. The property was subsequently revalued to its original cost price of £300,882.

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 January 2023
and 31 December 2023 190
NET BOOK VALUE
At 31 December 2023 190
At 31 December 2022 190

6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 1,440 -
Between one and five years 4,680 -
6,120 -

7. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 18,597 33,183

The bank loan is secured by a first charge over the company's freehold property, a debenture over the company's assets and cross-guarantees from both the ultimate parent company and a company under common control.

MECWASH SYSTEMS LIMITED (REGISTERED NUMBER: 02878493)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
120 Ordinary £1 120 120

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

The Report of the Auditor was unqualified.

Roger Downes FCA (Senior Statutory Auditor)
for and on behalf of Andorran Limited (Statutory Auditor)

10. OTHER FINANCIAL COMMITMENTS

The company is party to a cross guarantee given to the bankers of its ultimate parent company, Ventureport Limited, in respect of facilities advanced by the bank to that company.

The company is also party to charges registered in favour of HSBC Bank Plc for Scarab Limited, a company in which the sole director is also a director and the majority shareholder.

11. RELATED PARTY DISCLOSURES

Ventureport Limited
Parent company
During the year a dividend of £225,000 (2022: £250,000) was paid to the parent company.

At the end of the year the company was owed £350,019 (2022: £423,526) by the parent company.

Scarab Limited
A company under common control
During the year, the related party invoiced £240,000 (2022: £240,000) on an arm's length basis for management consultancy services.

Scarab Limited owns the building from which the company operates. During the year the related party charged rent to the company on an arm's length basis totalling £49,800 (2022: £49,800). At the year end £Nil (2022: £24,000) was owed to Scarab Limited.

12. ULTIMATE CONTROLLING PARTY

The parent undertaking is Ventureport Limited which owns 100% of the share capital of MecWash Systems Limited.

Ventureport Limited is wholly owned by the Director John Pattison who is therefore the ultimate controlling party.