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REGISTERED NUMBER: 00188425 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 December 2023

for

The Mad Group (HQ) Limited

The Mad Group (HQ) Limited (Registered number: 00188425)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Mad Group (HQ) Limited

Company Information
for the Year Ended 31 December 2023







Directors: C A Elliott
D S J Elliott





Secretary: C A Elliott





Registered office: 430 Enterprise Way
Vale Park
Evesham
Worcestershire
WR11 1AD





Registered number: 00188425 (England and Wales)





Accountants: Crowthers Chartered Accountants
19 High Street
Pershore
Worcestershire
WR10 1AA

The Mad Group (HQ) Limited (Registered number: 00188425)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 35,714 42,857
Property, plant and equipment 5 86,049 112,729
121,763 155,586

CURRENT ASSETS
Inventories 897,864 916,262
Debtors 6 569,278 566,063
Investments 7 - 28,888
Cash at bank and in hand 1,926,526 1,631,334
3,393,668 3,142,547
CREDITORS
Amounts falling due within one year 8 1,241,322 883,875
NET CURRENT ASSETS 2,152,346 2,258,672
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,274,109

2,414,258

PROVISIONS FOR LIABILITIES 20,239 21,419
NET ASSETS 2,253,870 2,392,839

CAPITAL AND RESERVES
Called up share capital 10 111,002 111,002
Share premium 12,500 12,500
Capital redemption reserve 16,550 16,550
Retained earnings 2,113,818 2,252,787
SHAREHOLDERS' FUNDS 2,253,870 2,392,839

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The Mad Group (HQ) Limited (Registered number: 00188425)

Balance Sheet - continued
31 December 2023


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

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 8 April 2024 and were signed on its behalf by:





D S J Elliott - Director


The Mad Group (HQ) Limited (Registered number: 00188425)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

The Mad Group (HQ) 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.

Revenue
Revenue 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. Revenue 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

Revenue 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 to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is seven years. Provision is made for any impairment.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - Over lease term
Plant and machinery - 25% on cost
Fixtures and fittings - Straight line over 5 years
Motor vehicles - 25% on reducing balance

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

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

The Mad Group (HQ) Limited (Registered number: 00188425)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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 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 amortised cost using the effective interest method. Debt instruments that are payable or 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.

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 the 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

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.

Valuation of investments
Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in the profit and loss for the period.

The Mad Group (HQ) Limited (Registered number: 00188425)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Debtors and creditors receivable/payable within one year
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 profit and loss account in administrative expenses.

Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 26 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
Cost
At 1 January 2023
and 31 December 2023 50,000
Amortisation
At 1 January 2023 7,143
Charge for year 7,143
At 31 December 2023 14,286
Net book value
At 31 December 2023 35,714
At 31 December 2022 42,857

The Mad Group (HQ) Limited (Registered number: 00188425)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
Cost
At 1 January 2023 185,459 77,091 92,502 27,000 382,052
Additions - - 960 - 960
Disposals - (60,263 ) (56,858 ) - (117,121 )
At 31 December 2023 185,459 16,828 36,604 27,000 265,891
Depreciation
At 1 January 2023 111,767 69,089 76,022 12,445 269,323
Charge for year 12,364 4,207 7,430 3,639 27,640
Eliminated on disposal - (60,263 ) (56,858 ) - (117,121 )
At 31 December 2023 124,131 13,033 26,594 16,084 179,842
Net book value
At 31 December 2023 61,328 3,795 10,010 10,916 86,049
At 31 December 2022 73,692 8,002 16,480 14,555 112,729

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 498,857 498,042
Other debtors 70,421 68,021
569,278 566,063

7. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Listed investments - 28,888

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 145
Trade creditors 517,403 406,142
Amounts owed to group undertakings 156,223 151,980
Taxation and social security 386,789 189,998
Other creditors 180,907 135,610
1,241,322 883,875

The Mad Group (HQ) Limited (Registered number: 00188425)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 96,000 96,000
Between one and five years 384,000 384,000
In more than five years 288,000 384,000
768,000 864,000

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
111,002 Ordinary 1 111,002 111,002

11. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption available in FRS 102 Section 1A paragraph 33.1A to not disclose any transactions with other wholly owned subsidiaries of T.L. Elliott & Co Limited.

The key management personnel of the company are deemed to be the directors. All of the key management personnel's employee benefits are borne by the parent company, T.L. Elliott & Co Limited.

12. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of T.L. Elliott & Co Limited, a company registered in England and Wales.

The registered office is 430 Enterprise Way, Vale Park, Evesham, Worcestershire, WR11 1AD.

The directors do not consider there to be an ultimate controlling party.