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REGISTERED NUMBER: 02910074 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

MOTION CONTROL PRODUCTS LIMITED

MOTION CONTROL PRODUCTS LIMITED (REGISTERED NUMBER: 02910074)

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










Page

Balance sheet 1

Notes to the financial statements 3


MOTION CONTROL PRODUCTS LIMITED (REGISTERED NUMBER: 02910074)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 4 - 835
Tangible assets 5 259,264 321,441
259,264 322,276

Current assets
Stocks 465,248 386,829
Debtors 6 1,396,981 1,128,406
Cash at bank and in hand 80,304 294,966
1,942,533 1,810,201
Creditors
Amounts falling due within one year 7 1,106,923 1,009,876
Net current assets 835,610 800,325
Total assets less current liabilities 1,094,874 1,122,601

Creditors
Amounts falling due after more than one year 8 (127,233 ) (216,116 )

Provisions for liabilities 10 (47,574 ) (57,378 )
Net assets 920,067 849,107

Capital and reserves
Called up share capital 11 28,000 28,000
Share premium 35,000 35,000
Retained earnings 857,067 786,107
Shareholders' funds 920,067 849,107

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

MOTION CONTROL PRODUCTS LIMITED (REGISTERED NUMBER: 02910074)

BALANCE SHEET - continued
31 JULY 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 Statement of comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2024 and were signed on its behalf by:





Mr S P McKay - Director


MOTION CONTROL PRODUCTS LIMITED (REGISTERED NUMBER: 02910074)

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


1. Statutory information

Motion Control Products Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02910074. The registered office and business address is Unit 7, 11-15 Francis Avenue, Bournemouth, Dorset, BH11 8NX.

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.

Preparation of consolidated financial statements
The financial statements contain information about Motion Control Products Limited as an individual company. The company is a wholly owned subsidiary and the parent company has taken the option under S399 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised when goods are despatched to customers and title to the goods passes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development expenditure on an individual project are recognised as an intangible asset when the company can demonstrate:
- The technical feasibility of completing the intangible asset so that the asset will be available for use or sale
- Its intention to complete and its ability to use or sell the asset
- How the asset will generate future economic benefits
- The availability of resources to complete the asset
- The ability to measure reliably the expenditure during development
- The ability to use the intangible asset generated

Where the Directors are satisfied as to the technical, commercial and financial viability of individual projects, the identifiable expenditure is deferred and amortised over the period during which the company is expected to benefit. This period is expected to be five and eleven years.

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.
Tooling costs - 33% on reducing balance
Furniture, computers and equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Website - 33% on cost

Government grants
Using the accrual basis government grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants which become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

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


MOTION CONTROL PRODUCTS LIMITED (REGISTERED NUMBER: 02910074)

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


2. Accounting policies - continued
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.

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 is written off in the year in which it is incurred. The accounting treatment of development expenditure is detailed under "Intangible assets - development costs".

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
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
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 25 (2022 - 23 ) .

MOTION CONTROL PRODUCTS LIMITED (REGISTERED NUMBER: 02910074)

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


4. Intangible fixed assets
Development
costs
£   
Cost
At 1 August 2022
and 31 July 2023 92,633
Amortisation
At 1 August 2022 91,798
Amortisation for year 835
At 31 July 2023 92,633
Net book value
At 31 July 2023 -
At 31 July 2022 835

5. Tangible fixed assets
Furniture,
computers
Tooling and Motor
costs equipment vehicles Website Totals
£    £    £    £    £   
Cost
At 1 August 2022 39,697 215,876 303,076 10,618 569,267
Additions - 22,081 71,385 9,075 102,541
Disposals - - (139,245 ) (10,618 ) (149,863 )
At 31 July 2023 39,697 237,957 235,216 9,075 521,945
Depreciation
At 1 August 2022 27,475 65,306 144,427 10,618 247,826
Charge for year 4,074 25,898 32,772 3,025 65,769
Eliminated on disposal - - (40,296 ) (10,618 ) (50,914 )
At 31 July 2023 31,549 91,204 136,903 3,025 262,681
Net book value
At 31 July 2023 8,148 146,753 98,313 6,050 259,264
At 31 July 2022 12,222 150,570 158,649 - 321,441

MOTION CONTROL PRODUCTS LIMITED (REGISTERED NUMBER: 02910074)

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


5. Tangible fixed assets - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
Cost
At 1 August 2022 249,210
Additions 71,385
Disposals (139,245 )
At 31 July 2023 181,350
Depreciation
At 1 August 2022 101,850
Charge for year 29,950
Eliminated on disposal (40,296 )
At 31 July 2023 91,504
Net book value
At 31 July 2023 89,846
At 31 July 2022 147,360

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 666,365 756,802
Payments on account 26,638 38,760
Other debtors 646,167 263,309
RBSCS Bank financing 473 -
Directors' current accounts 29,403 17,748
Prepayments and accrued income 27,935 51,787
1,396,981 1,128,406

MOTION CONTROL PRODUCTS LIMITED (REGISTERED NUMBER: 02910074)

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


7. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 40,000 40,000
Hire purchase contracts 32,196 58,274
Payments on account 61,255 156,500
Trade creditors 262,242 295,303
Amounts owed to group undertakings 245,798 30,302
Tax 43,054 69,919
Social security and other taxes 17,481 18,580
VAT 58,102 116,974
RBSCS bank financing 144,689 26,917
Other creditors 69,958 27,862
Directors' current accounts 127,448 160,892
Accrued expenses 4,700 8,353
1,106,923 1,009,876

8. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans - 1-2 years 40,000 40,000
Bank loans - 2-5 years 33,334 73,333
Hire purchase contracts 53,899 102,783
127,233 216,116

9. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 86,095 161,057
RBSCS bank financing 144,689 26,917
230,784 187,974

All monies due to or to become due to Natwest Bank PLC are secured by way of a fixed and floating charge over all the assets of the company, dated 22nd March 2002.

All monies due to or to become due to RBS Invoice Finance Limited are secured by way of a fixed and floating charge over all the assets of the company, dated 30th January 2012.

Amounts owed under hire purchase contracts are secured against the asset to which they relate.

10. Provisions for liabilities
2023 2022
£    £   
Deferred tax 47,574 57,378

MOTION CONTROL PRODUCTS LIMITED (REGISTERED NUMBER: 02910074)

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


10. Provisions for liabilities - continued

Deferred
tax
£   
Balance at 1 August 2022 57,378
Credit to Income statement during year (9,804 )
Balance at 31 July 2023 47,574

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
25,200 Ordinary £1 25,200 25,200
1,400 Ordinary 'A' £1 1,400 1,400
1,400 Ordinary 'B' £1 1,400 1,400
28,000 28,000

12. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31 July 2023 and 31 July 2022:

2023 2022
£    £   
Mr L S McKay
Balance outstanding at start of year 17,399 12,499
Amounts advanced 29,104 17,399
Amounts repaid (17,399 ) (12,499 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 29,104 17,399

Mr Z O McKay
Balance outstanding at start of year 349 234
Amounts advanced 299 349
Amounts repaid (349 ) (234 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 299 349

13. Ultimate controlling party

The company is ultimately controlled by the director, Mr S McKay, by virtue of his 100% holding in the voting share capital of the parent company, MCP Holdings (U.K) Limited, which holds 90% of the issue share capital.