Company registration number 03045150 (England and Wales)
MARTECH (UK) LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
MARTECH (UK) LTD
COMPANY INFORMATION
Directors
Mr C A Marney
Mr D Marney
Mr A C Nixon
Company number
03045150
Registered office
Conway House
Thornhill Road Business Park
Tenter Fields
Dewsbury
West Yorkshire
WF12 9QW
Auditor
Azets Audit Services Limited
12 King Street
Leeds
LS1 2HL
MARTECH (UK) LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 27
MARTECH (UK) LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023
- 1 -

The directors present the strategic report for the year ended 30 April 2023.

Fair review of the business and future developments

The financial statements for the year ended 30 April 2023 show an increase in turnover to £8,092,380 compared to the previous year of £7,140,269 (growth of 14%). Profit for the year increased again, year on year, to £228,156.

It was a turbulent year for the country, and wider economy, with continued high inflation and interest rates increasing through the year which dented business spending power, and confidence. Our business defied this turbulence, however, with another strong year and continued optimism for the future. Our long-term strategy remains to continue to produce high-quality British made low energy lighting solutions, backed by our own in-house design team, production and testing facilities.

One area of the business that continues to grow is the retro-fit market which, at a time when business spending power has taken a hit post Brexit and Covid, it is a sustainable way to rework old, less economical, light fittings. This also helps the sustainability plan that our business has for our products and services as we prepare for new standards that will focus on our customers’ reduction of carbon emissions.

The business is well positioned with its current product range, and the support services we offer to our customers is key to our ongoing success. We remain one of the most flexible and agile companies in the lighting industry with a strategic plan to continue to offer a full partnership of British made products.

UK construction projects remain difficult for the healthcare and education sectors. Given that, traditionally, these have been key markets of ours, we are looking to the Government to kick-start these sectors with a fiscal policy that supports investment across these, and wider markets.

During the year we saw interest rates climb which increased our borrowing costs, putting further pressure on profitability. The concern in the year, and post year end, is the reluctance by UK businesses to invest in large scale projects and interest rates, inflation and Brexit are continued contributing factors behind this. Again, we need strong fiscal and monetary policy by the Government to give businesses the confidence to kick-start the economy.

Inflation continued to remain high and we saw price increases from suppliers which affected profit margin. We saw inflation starting to slow at the back end of the year, and also post year end, but we need more stability to ensure our profit margins are not continued to be affected by unforeseen cost increases. Cost of living remained a huge issue for the business with profit margins further affected by a National Living Wage increase, which immediately had an impact on material purchases, carriage and labour costs.

Energy costs remained a constant financial pressure during the year and the war in Ukraine, a major contributing factor, showed no sign of ending. We saw the end of the Energy Bill Relief Scheme at the end of the financial year which immediately impacted cashflow and affected profitability. This continues to be a concern post year end and with our energy usage reducing year on year, but costs increasing, our profitability will continue to be affected by these external influences.

The country saw further political turmoil with three UK Prime Ministers during the year which put further pressure on the country economically. This was compounded with Liz Truss’s disastrous mini-budget which saw the pound weaken against the US Dollar, further affecting our cashflows due to the nature of our overseas component purchases aligned to foreign exchange rate movements.

Key performance indicators

The directors use a number of key performance indicators to monitor business performance.

 

 

 

2023

 

2022

 

 

£

 

£

Turnover

 

8,092,380

 

7,140,269

Profit/(loss) for the year

 

228,156

 

156,505

Shareholders’ equity

 

3,420,649

 

3,192,493

 

 

 

 

 

Number of employees

 

74

 

69

Current ratio

 

1.03

 

0.78

 

MARTECH (UK) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -
Principal risks and uncertainties

Risks are formally reviewed by the Directors and Senior Leadership Team as part of our ISO9001 accreditation requirements upon which appropriate processes are implemented to monitor and mitigate them.

Competitive Risks

The lighting industry continues to be highly competitive throughout the UK the wider global market. This remains to be primarily price driven. Lead times have improved post-Covid and because of this we have seen the need for increased stock purchases reduced due to the accessibility of components.

Credit Risk and Cashflow

We remain committed to having a firm but fair approach to credit account customers and this is reflected in our low bad debt to turnover ratio. All our accounts are backed by credit insurance and there are periodic reviews of all our customer accounts to ensure we are offering credit diligently. We have seen an improvement to payment terms in the last year which has enabled us to pay suppliers on better terms too.

Legislative and Political Risks

The National Living Wage rose again during the year which immediately impacted gross profit margins and this was exacerbated by continued high inflation, interest rates and a cost-of-living crisis. All of these factors put pressure on our business at a time when, economically, the country needs stability and a stable Government is needed to ensure this. Unfortunately, during the year this was not the case.

Foreign exchange risk

We continue to import a large volume of components from overseas and we saw continued volatility in the strength of the pound against the US Dollar. We use forward contracts for bulk currency purchases but until there is more stability in the exchange rate market then it will continue to be difficult to purchase currency effectively.

On behalf of the board

Mr C A Marney
Director
30 November 2023
MARTECH (UK) LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -

The directors present their annual report and financial statements for the year ended 30 April 2023.

Principal activities

The principal activity of the company continued to be that of developing and distributing electrical lighting equipment.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr C A Marney
Mr D Marney
Mr A C Nixon
Auditor

The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr C A Marney
Director
30 November 2023
MARTECH (UK) LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MARTECH (UK) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MARTECH (UK) LTD
- 5 -
Opinion

We have audited the financial statements of Martech (UK) Ltd (the 'company') for the year ended 30 April 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

MARTECH (UK) LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARTECH (UK) LTD
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MARTECH (UK) LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARTECH (UK) LTD
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jessica Lawrence
Senior Statutory Auditor
For and on behalf of Azets Audit Services Limited
30 November 2023
Chartered Accountants
Statutory Auditor
12 King Street
Leeds
LS1 2HL
MARTECH (UK) LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
8,092,380
7,140,269
Cost of sales
(6,022,024)
(5,197,723)
Gross profit
2,070,356
1,942,546
Administrative expenses
(1,973,842)
(1,792,049)
Other operating income
136,371
149,900
Operating profit
4
232,885
300,397
Interest receivable and similar income
6
3
Interest payable and similar expenses
6
(209,506)
(108,895)
Fair value adjustments
7
200,000
-
Profit before taxation
223,385
191,505
Tax on profit
8
4,771
(35,000)
Profit for the financial year
228,156
156,505

There was no other comprehensive income for the year ended 30 April 2023 (2022 - £nil).

 

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

MARTECH (UK) LTD
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
9
1,166,772
1,121,760
Investment property
10
3,733,006
3,533,006
Investments
11
1,000
1,000
4,900,778
4,655,766
Current assets
Stocks
13
2,174,357
2,181,901
Debtors
14
1,716,247
2,103,585
Cash at bank and in hand
51,111
81,918
3,941,715
4,367,404
Creditors: amounts falling due within one year
15
(3,626,653)
(5,628,769)
Net current assets/(liabilities)
315,062
(1,261,365)
Total assets less current liabilities
5,215,840
3,394,401
Creditors: amounts falling due after more than one year
16
(1,638,161)
(56,908)
Provisions for liabilities
Deferred tax liability
19
157,030
145,000
(157,030)
(145,000)
Net assets
3,420,649
3,192,493
Capital and reserves
Called up share capital
21
423,400
423,400
Capital redemption reserve
156,600
156,600
Profit and loss reserves
2,840,649
2,612,493
Total equity
3,420,649
3,192,493
The financial statements were approved by the board of directors and authorised for issue on 30 November 2023 and are signed on its behalf by:
Mr C A Marney
Director
Company Registration No. 03045150
MARTECH (UK) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 May 2021
423,400
156,600
2,455,988
3,035,988
Year ended 30 April 2022:
Profit and total comprehensive income for the year
-
-
156,505
156,505
Balance at 30 April 2022
423,400
156,600
2,612,493
3,192,493
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
228,156
228,156
Balance at 30 April 2023
423,400
156,600
2,840,649
3,420,649
MARTECH (UK) LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
346,650
149,269
Interest paid
(209,506)
(75,016)
Income taxes refunded
-
0
6,900
Net cash inflow from operating activities
137,144
81,153
Investing activities
Purchase of tangible fixed assets
(140,718)
(31,372)
Purchase of investment property
-
0
(33,006)
Interest received
6
3
Net cash used in investing activities
(140,712)
(64,375)
Financing activities
Repayment of borrowings
-
0
(5,744)
Repayment of bank loans
(103,223)
(130,967)
Payment of finance leases obligations
75,984
24,554
Net cash used in financing activities
(27,239)
(112,157)
Net decrease in cash and cash equivalents
(30,807)
(95,379)
Cash and cash equivalents at beginning of year
81,918
177,297
Cash and cash equivalents at end of year
51,111
81,918
MARTECH (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 12 -
1
Accounting policies
Company information

Martech (UK) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Conway House, Thornhill Road Business Park, Tenter Fields, Dewsbury, WF12 9QW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts on the grounds that all subsidiaries are dormant. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for electrical lighting goods net of VAT and trade discounts.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Plant and machinery
33% reducing balance
Motor vehicles
25% reducing balance

Freehold land and assets in the course of construction are not depreciated.

MARTECH (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 13 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

MARTECH (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 14 -
1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

MARTECH (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, 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. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

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 finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

Changes in the fair value of derivatives that are designated and quality as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged assets or liability that are attributable to the hedged risk.

 

 

 

 

MARTECH (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 16 -
1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

MARTECH (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 17 -

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance related conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

MARTECH (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 18 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

 

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock provision

The company converts raw materials to finished goods as part of its production operations. Stock values include any costs such as labour and overheads attributable to generating finished goods, as management believe this is the most suitable costing method to take into account the matching concept of accounting.

 

At each reporting date an assessment is made for provisions required to properly recognise wastage, damaged goods and over absorbed overheads. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss and provided for in the balance sheet. Reversals of impairment losses are also recognised in profit or loss where these arise.

Depreciation

The depreciation policy has been set according to managements experience of the useful lives of a typical asset in each category, something which is reviewed annually. It is not considered practical to use a per unit basis to allocate depreciation without undue cost and therefore amounts are charged annually. The depreciation charged during the year was £95,706 (2022 - £64,734) which the directors feel is a fair reflection of the benefits derived from the consumption of the tangible fixed assets in use during the period.

Bad debt provision

Outstanding trade debtor balances are reviewed on a line by line basis by management to identify possible amounts where a provision is required. Management closely manage the collection of trade debtors and are therefore able to identify balances where there is uncertainty about its recoverability, and determine what provision is required (if any).

Investment property valuation

As required by FRS 102, properties which qualify as investment properties are revalued to fair value at each period end. The directors are of the opinion the initial cost of the property remains a fair valuation, which is comparable to a desktop valuation completed. The directors do not consider this to give risk to a material risk as at the year end.

MARTECH (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 19 -
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Distributing electrical lighting equipment
8,092,380
7,140,269
2023
2022
£
£
Turnover analysed by geographical market
UK
7,900,475
6,921,726
Europe
188,754
218,409
Rest of the world
3,151
134
8,092,380
7,140,269
2023
2022
£
£
Other revenue
Interest income
6
3
Grants received
-
47,464
Rental income
135,000
102,000
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(102)
(87,887)
Research and development costs
6,188
7,947
Government grants
-
(47,464)
Fees payable to the company's auditor for the audit of the company's financial statements
14,120
11,780
Depreciation of owned tangible fixed assets
95,706
64,734
Operating lease charges
18,000
15,229
MARTECH (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 20 -
5
Employees

The average monthly number of persons employed by the company during the year was:

2023
2022
Number
Number
Administration
35
33
Manufacturing
36
33
Directors
3
3
Total
74
69

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
1,790,328
1,708,831
Social security costs
160,595
155,438
Pension costs
51,333
38,590
2,002,256
1,902,859
6
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
77,408
40,355
Interest on invoice finance arrangements
69,860
33,771
147,268
74,126
Other finance costs:
Interest on finance leases and hire purchase contracts
3,317
890
Unwinding of discount on provisions
-
33,879
Other interest
58,921
-
0
209,506
108,895
7
Amounts written off investments
2023
2022
£
£
Changes in the fair value of investment properties
200,000
-
MARTECH (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 21 -
8
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
(4,771)
37,501
Changes in tax rates
-
0
(2,501)
Total deferred tax
(4,771)
35,000

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
223,385
191,505
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
42,443
36,386
Tax effect of expenses that are not deductible in determining taxable profit
1,671
2,388
Tax effect of income not taxable in determining taxable profit
-
0
(6,271)
Effect of change in corporation tax rate
-
0
(2,501)
Depreciation on assets not qualifying for tax allowances
-
0
5,289
Research and development tax credit
-
0
(3,228)
Effect of revaluations of investments
(38,980)
-
0
Other adjustments
(9,905)
2,937
Taxation (credit)/charge for the year
(4,771)
35,000

The UK corporation tax rate was 19% throughout the year.

 

The UK budget on 3 March 2021 announced the intention to increase the tax rate from the current rate of 19% to 25%, with effect from April 2023. All deferred tax balances at the reporting date are therefore measured at 25% (2022: 25%).

MARTECH (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 22 -
9
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2022
1,509,879
1,287,149
54,146
2,851,174
Additions
2,815
98,670
39,233
140,718
At 30 April 2023
1,512,694
1,385,819
93,379
2,991,892
Depreciation and impairment
At 1 May 2022
471,782
1,230,558
27,074
1,729,414
Depreciation charged in the year
27,894
51,236
16,576
95,706
At 30 April 2023
499,676
1,281,794
43,650
1,825,120
Carrying amount
At 30 April 2023
1,013,018
104,025
49,729
1,166,772
At 30 April 2022
1,038,097
56,591
27,072
1,121,760

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£
£
Motor vehicles
29,425
25,474

Depreciation charged in the year in respect of leased assets amounted to £9,808 (2022 - £8,491).

10
Investment property
2023
£
Fair value
At 1 May 2022
3,533,006
Net gains or losses through fair value adjustments
200,000
At 30 April 2023
3,733,006

The fair value of the investment property has been arrived on the basis of a valuation carried out at the premises on 16 March 2023 by Carter Towler Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and other considerations regarding rental income opportunities and location data. The directors are satisfied that the current net book value is not materially different to the open market value of the properties.

MARTECH (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 23 -
11
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
12
1,000
1,000
12
Subsidiaries

These financial statements are separate company financial statements for Martech (UK) Limited

Details of the company's subsidiaries at 30 April 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Rise Advanced Cable Systems Limited
England and Wales
Dormant
Ordinary
100.00

The registered office of Rise Advanced Cable Systems Limited is Conway House, Thornhill Road Business Park, Tenter Fields, Dewsbury, WF12 9QW.

13
Stocks
2023
2022
£
£
Finished goods and goods for resale
2,174,357
2,181,901
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,252,054
1,711,713
Other debtors
-
0
881
Prepayments and accrued income
293,392
236,991
1,545,446
1,949,585
Deferred tax asset (note 19)
170,801
154,000
1,716,247
2,103,585
MARTECH (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 24 -
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
17
135,826
1,762,408
Obligations under finance leases
18
33,946
15,856
Trade creditors
1,149,104
1,311,611
Taxation and social security
249,474
239,455
Other creditors
2,015,944
2,265,663
Accruals and deferred income
42,359
33,776
3,626,653
5,628,769
16
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
17
1,559,006
35,647
Obligations under finance leases
18
79,155
21,261
1,638,161
56,908
17
Loans and overdrafts
2023
2022
£
£
Bank loans
1,694,832
1,798,055
Directors Loans
211,873
185,376
Asset financing
794,936
662,602
2,701,641
2,646,033
Payable within one year
1,142,635
2,738,270
Payable after one year
1,559,006
35,647

The bank loans of the company are secured on property and a fixed and floating charge over all current and future assets of the company.

 

Director loans are included within other creditors, including a split between within and after more than one year. No interest is charged on loans to the company by directors, with no fixed date for repayment or security provided.

 

Invoice financing is secured against trade debtors on which funds have been advanced.

 

Asset finance is secured against the asset with which the balance relates.

 

MARTECH (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 25 -
18
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
43,407
16,548
In two to five years
93,878
21,535
137,285
38,083
Less: future finance charges
(24,184)
(966)
113,101
37,117

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Finance lease obligations are secured against the assets to which they relate.

19
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Accelerated Capital Allowances
157,030
145,000
-
-
Tax losses
-
-
170,801
154,000
157,030
145,000
170,801
154,000
2023
Movements in the year:
£
Asset at 1 May 2022
(9,000)
Credit to profit or loss
(4,771)
Asset at 30 April 2023
(13,771)
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
51,333
38,590

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

MARTECH (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 26 -
21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each of £1 each
423,400
423,400
423,400
423,400
22
Operating lease commitments
Lessee

The company is party to operating leases for the use of some machinery.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
6,696
16,153
Between two and five years
15,111
22,294
21,807
38,447
23
Events after the reporting date

Since the year end, the company has entered into an agreement with its lenders to remortgage a property held within the company.

24
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel, excluding directors, is as follows.

2023
2022
£
£
Aggregate compensation
136,953
162,738
25
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
195,203
207,243
Company pension contributions to defined contribution schemes
12,100
5,109
207,303
212,352
MARTECH (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
25
Directors' remuneration
(Continued)
- 27 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
n/a
99,738

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

26
Directors' transactions

At the year end, an amount of £200,763 (2022 - £211,873) was included in creditors: amounts falling due within one year, in relation to loans received from the directors of the company.

 

27
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
228,156
156,505
Adjustments for:
Taxation (credited)/charged
(4,771)
35,000
Finance costs
209,506
108,895
Investment income
(6)
(3)
Fair value gain on investment properties
(200,000)
-
0
Depreciation and impairment of tangible fixed assets
95,706
64,734
Decrease in provisions
-
0
(33,879)
Movements in working capital:
Decrease/(increase) in stocks
7,544
(275,774)
Decrease/(increase) in debtors
404,139
(739,598)
(Decrease)/increase in creditors
(393,624)
833,389
Cash generated from operations
346,650
149,269
28
Analysis of changes in net debt
1 May 2022
Cash flows
30 April 2023
£
£
£
Cash at bank and in hand
81,918
(30,807)
51,111
Borrowings excluding overdrafts
(1,798,055)
103,223
(1,694,832)
Obligations under finance leases
(37,117)
(75,984)
(113,101)
(1,753,254)
(3,568)
(1,756,822)
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