Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseSale and servicing of strapping equipment and materials4846truetrue 03911521 2023-01-01 2023-12-31 03911521 2022-01-01 2022-12-31 03911521 2023-12-31 03911521 2022-12-31 03911521 c:Director2 2023-01-01 2023-12-31 03911521 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 03911521 d:Buildings d:ShortLeaseholdAssets 2023-12-31 03911521 d:Buildings d:ShortLeaseholdAssets 2022-12-31 03911521 d:PlantMachinery 2023-01-01 2023-12-31 03911521 d:PlantMachinery 2023-12-31 03911521 d:PlantMachinery 2022-12-31 03911521 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03911521 d:ComputerEquipment 2023-01-01 2023-12-31 03911521 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 03911521 d:OtherPropertyPlantEquipment 2023-12-31 03911521 d:OtherPropertyPlantEquipment 2022-12-31 03911521 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03911521 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03911521 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03911521 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03911521 d:ShareCapital 2023-12-31 03911521 d:ShareCapital 2022-12-31 03911521 d:RetainedEarningsAccumulatedLosses 2023-12-31 03911521 d:RetainedEarningsAccumulatedLosses 2022-12-31 03911521 c:FRS102 2023-01-01 2023-12-31 03911521 c:Audited 2023-01-01 2023-12-31 03911521 c:AbridgedAccounts 2023-01-01 2023-12-31 03911521 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03911521 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 03911521













 
MOSCA DIRECT LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023




































Page Kirk LLP
Chartered Accountants and Statutory Auditors
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB


 
MOSCA DIRECT LIMITED
 


CONTENTS



Page
Balance Sheet
1 - 2
Notes to the Financial Statements
3 - 10


 
MOSCA DIRECT LIMITED
REGISTERED NUMBER:03911521


BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
210,148
312,441

Current assets
  

Stocks
  
1,071,961
1,224,098

Debtors
  
2,187,335
2,227,445

Cash at bank and in hand
  
872,773
878,638

  
4,132,069
4,330,181

Creditors: amounts falling due within one year
  
(1,627,800)
(2,055,883)

Net current assets
  
 
 
2,504,269
 
 
2,274,298

Total assets less current liabilities
  
2,714,417
2,586,739

Provisions for liabilities
  

Deferred tax
  
(35,532)
(40,827)

Other provision
  
(140,550)
(130,030)

  
 
 
(176,082)
 
 
(170,857)

Net assets
  
2,538,335
2,415,882


Capital and reserves
  

Called up share capital 
  
100,000
100,000

Profit and loss account
  
2,438,335
2,315,882

  
2,538,335
2,415,882


Page 1


 
MOSCA DIRECT LIMITED
REGISTERED NUMBER:03911521

    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 June 2024.




Mrs G M Tytherley
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2


 
MOSCA DIRECT LIMITED
 

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

1.


General information

The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
Colliers Way
Colliers Business Park
Cotgrave
Nottinghamshire
NG12 3HA
These financial statements were authorised for issue by the Board on 17 June 2024.

2.Accounting policies

  
2.1

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

 
2.2

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.3

Going concern

The company meets its working capital requirements through retained profits.
Management prepare annual budgets and forecasts in order to ensure that they have sufficient facilities in place.
Having regard to the above, the directors believe it is appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Page 3


 
MOSCA DIRECT LIMITED
 

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

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

  
2.5

Judgements

Preparation of the financial statements requires management to make significant judgements, estimates and assumptions about the carrying amounts 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 their estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that financial year, or in the financial year of the revision and future financial years if the revision affects both current and future periods. Stock provisions are based on a full provision against stock not sold or issued within the last 18 months.
The 'Other provision' recorded within the accounts is a provision against future warranty costs. Estimates have been used in the calculation of this provision. See 'Warranties' policy below.

Page 4


 
MOSCA DIRECT LIMITED
 

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

2.Accounting policies (continued)

 
2.6

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.8

Pensions

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 profit or loss 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.

Page 5


 
MOSCA DIRECT LIMITED
 

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

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10% - 33% straight line
Plant and machinery
-
10% straight line
Machines held for lease
-
7 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6


 
MOSCA DIRECT LIMITED
 

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

2.Accounting policies (continued)

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

  
2.16

Warranties

Various terms of warranty are offered by the company to customers purchasing strapping machines.
A provision is made for the costs of repairs under these warranties based on an average repair cost
over the life of the warranty.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 7


 
MOSCA DIRECT LIMITED
 

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

2.Accounting policies (continued)

  
2.18

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

  
2.19

Derivatives

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. The method of recognising any resulting gain or loss depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged.
Changes in the fair value of any derivative instruments that do not qualify for hedge accounting are recognised immediately in the income statement.

  
2.20

Hedging

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. The method of recognising any resulting gain or loss depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged.
Changes in the fair value of any derivative instruments that do not qualify for hedge accounting are recognised immediately in the income statement.


3.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 17 June 2024 by John Wallis FCA (Senior Statutory Auditor) on behalf of Page Kirk LLP.


4.


Employees

The average monthly number of employees, including directors, during the year was 48 (2022 - 46).

Page 8


 
MOSCA DIRECT LIMITED
 

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

5.


Tangible fixed assets





Short leasehold
Plant and machinery
Machines held for lease
Total

£
£
£
£



Cost or valuation


At 1 January 2023
611,617
301,030
381,450
1,294,097


Additions
-
11,401
4,314
15,715


Disposals
-
(112,626)
(1,000)
(113,626)



At 31 December 2023

611,617
199,805
384,764
1,196,186



Depreciation


At 1 January 2023
394,996
222,038
364,622
981,656


Charge for the year on owned assets
64,063
42,753
9,422
116,238


Disposals
-
(111,689)
(167)
(111,856)



At 31 December 2023

459,059
153,102
373,877
986,038



Net book value



At 31 December 2023
152,558
46,703
10,887
210,148



At 31 December 2022
216,621
78,992
16,828
312,441


6.


Receivables under leases and hire purchase contract

Operating leases

At 31 December 2023 the company had total receivables under non-cancellable operating leases over
the remaining life of those leases of £3,000 (2022 - £55,180).


7.


Legal charges

All monies due or to become due from the company to HSBC Bank PLC are secured by way of debenture dated 13 August 2012. The debenture includes a fixed and floating charge over the undertaking and all property and assets of the company.


8.


Parent and ultimate parent undertaking

Mosca GmbH is the parent company of the only group of companies containing Mosca Direct Limited
which prepares consolidated financial statements. Mosca GmbH's registered office address is
Gerd-Mosca-Straße 1 Waldbrunn, 69429.

Page 9


 
MOSCA DIRECT LIMITED
 

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

9.


Obligations under leases and hire purchase contract

Operating leases

At 31 December 2023 the company had total commitments under non-cancellable operating leases
over the remaining life of those leases of £534,830 (2022 - £360,748).

 
Page 10