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Registration number: 02790594

Manufax Ltd

Filleted Financial Statements

for the Year Ended 31 October 2023

 

Manufax Ltd

Contents

Statement of Financial Position

1

Notes to the Financial Statements

2 to 10

 

Manufax Ltd

(Registration number: 02790594)
Statement of Financial Position as at 31 October 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

4

322,485

160,152

Investments

5

2

2

 

322,487

160,154

Current assets

 

Debtors

6

119,616

13,767

Cash at bank and in hand

 

560,104

514,948

 

679,720

528,715

Creditors: Amounts falling due within one year

7

(12,761)

(39,514)

Net current assets

 

666,959

489,201

Total assets less current liabilities

 

989,446

649,355

Provisions for liabilities

(42,461)

(1,013)

Net assets

 

946,985

648,342

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

946,885

648,242

Shareholders' funds

 

946,985

648,342

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

For details of the prior year restatement see Note 7.

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 


Mr D Johnson
Director

 

Manufax Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bath Road
Bridgwater
Somerset
TA6 4YQ

Principal activity

The principal activity of the company is to act as a holding company for Johnson Elevanja Limited, its subsidiary, in an administrative capacity and to hold the fixed assets of that company.

2

Accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Group accounts not prepared

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group..

Going concern

The financial statements have been prepared on a going concern basis.

 

Manufax Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 31 July 2024 was Peter Lomax, who signed for and on behalf of Westcotts.

.........................................

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

The turnover shown in the profit and loss account represents the amount invoiced in the year, net of Value Added Tax.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the
date of the transaction. Monetary assets and liabilities denominated in foreign currencies are
retranslated into the respective functional currency of the entity at the rates prevailing on the reporting
period date. Non-monetary items carried at fair value that are denominated in foreign currencies are
retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

 

Manufax Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

The Land and buildings held are an Investment property, and are rented to another group entity, therefore the property does not need to be shown at fair value, instead it is presented at cost.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line

Plant and machinery

25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends and other distributions received from the investment are recognised as income when they are declared’

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Manufax Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 November 2022

253,844

374,746

628,590

Additions

-

182,000

182,000

At 31 October 2023

253,844

556,746

810,590

Depreciation

At 1 November 2022

98,153

370,285

468,438

Charge for the year

3,385

16,282

19,667

At 31 October 2023

101,538

386,567

488,105

Carrying amount

At 31 October 2023

152,306

170,179

322,485

At 31 October 2022

155,691

4,461

160,152

Included within the net book value of land and buildings above is £152,306 (2022 - £155,691) in respect of freehold land and buildings.

The property, plant and machinery of the company are rented to Johnson Elevanja Limited, a subsidiary company.

 

Manufax Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)

5

Investments

2023
£

2022
£

Investments in subsidiaries

2

2

Subsidiaries

£

Cost or valuation

At 1 November 2022

2

Provision

Carrying amount

At 31 October 2023

2

At 31 October 2022

2

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Johnson Elevanja Ltd

Bath Road, Bridgwater, Somerset, TA6 4YQ

England

Ordinary share capital

100%

100%

6

Debtors

Note

2023
£

2022
£

Amounts owed by related parties

9

50,000

-

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

36,400

13,767

Prepayments

 

29,088

-

Taxation and social security

4,128

-

 

119,616

13,767

 

Manufax Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

(As restated)

2022
£

Due within one year

 

Trade creditors

 

3,550

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

4,976

4,976

Taxation and social security

 

-

30,598

Accruals and deferred income

 

4,235

3,940

 

12,761

39,514

Last year the corporation tax creditor was included in ‘Other creditors’ which has now been amended to ‘Taxation and social security’. Management have made this change as they feel this improves the clarity of presentation.

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Manufax Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)

9

Related party transactions

Summary of transactions with parent

Manufax Holdings Inc.
 Mr D Johnson is also a director of Manufax Holdings Inc (a company registered in Canada), the company's ultimate holding company.

During the year, Manufax Holdings Inc. purchased the shares held by a minority shareholder for £50,000. Manufax Limited transferred the funds on behalf of Manufax Holdings Inc. and at the end of the year, Manufax Holdings Inc. owed the company £50,000 (2022: £Nil).

 

Summary of transactions with subsidiaries

Johnson Elevanja Limited
 During the year ended 31 October 2023 the company was controlled by Mr D Johnson as director of the company and its subsidiary Johnson Elevanja Limited.

The company also received a dividend from Johnson Elevanja Ltd of £195,285 (2022: £250,000).

 

 

Manufax Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)

9

Related party transactions (continued)

Income and receivables from related parties

2023

Johnson Elevanja Limited
£

Management charges

50,000

Rent of buildings and machinery

115,200

165,200

The total of these transactions comprise the whole of the company's turnover for the year.

2022

Johnson Elevanja Limited
£

Management charges

50,000

Rent of buildings and machinery

115,200

165,200

The total of these transactions comprise the whole of the company's turnover for the year.

Loans to related parties

2023

Manufax Holdings Inc.
£

Johnson Elevanja Limited
£

At start of period

-

4,976

Advanced

50,000

-

At end of period

50,000

4,976

2022

Johnson Elevanja Limited
£

At start of period

1,980

Advanced

2,996

At end of period

4,976

Loans from related parties

2023

Subsidiary
£

Total
£

Advanced

36,400

36,400

At end of period

36,400

36,400

 

Manufax Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)

9

Related party transactions (continued)

Terms of loans from related parties

The Company and Johnson Elevanja Ltd are in a VAT group. During the year Manufax Ltd purchased machinery which had VAT attributed of £36,400, this £36,400 has been claimed by Johnson Elevanja on it's VAT returns, and this amount is thus repayable to Manufax Ltd.
 

10

Parent and ultimate parent undertaking

The company's immediate parent is Manufax Holdings inc, incorporated in Canada.

The ultimate parent is Manufax Holdings Inc, incorporated in Canada.

The ultimate controlling party is Manufax Holdings Inc.