Registration number:
Manufax Ltd
for the Year Ended 31 October 2023
Manufax Ltd
(Registration number: 02790594)
Statement of Financial Position as at 31 October 2023
Note |
2023 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Profit and loss account |
946,885 |
648,242 |
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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
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Manufax Ltd
Notes to the Financial Statements for the Year Ended 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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.
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
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
.........................................
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
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 November 2022 |
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Additions |
- |
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At 31 October 2023 |
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Depreciation |
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At 1 November 2022 |
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Charge for the year |
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At 31 October 2023 |
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Carrying amount |
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At 31 October 2023 |
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At 31 October 2022 |
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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)
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 November 2022 |
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Provision |
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Carrying amount |
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At 31 October 2023 |
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At 31 October 2022 |
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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 |
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2023 |
2022 |
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Subsidiary undertakings |
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Bath Road, Bridgwater, Somerset, TA6 4YQ England |
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Debtors |
Note |
2023 |
2022 |
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Amounts owed by related parties |
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- |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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- |
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Taxation and social security |
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- |
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Manufax Ltd
Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
(As restated) |
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Due within one year |
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Trade creditors |
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- |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
- |
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Accruals and deferred income |
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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.
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)
Related party transactions |
Summary of transactions with parent
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
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 |
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Rent of buildings and machinery |
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The total of these transactions comprise the whole of the company's turnover for the year.
2022 |
Johnson Elevanja Limited |
Management charges |
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Rent of buildings and machinery |
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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 |
- |
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Advanced |
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- |
At end of period |
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2022 |
Johnson Elevanja Limited |
At start of period |
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Advanced |
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At end of period |
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Loans from related parties
2023 |
Subsidiary |
Total |
Advanced |
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At end of period |
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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
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.