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Registration number: 10095066

Mauser-MDL Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Mauser-MDL Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

Mauser-MDL Limited

Company Information

Directors

Mrs J Minnock

Mr M N Vermeulen

Mr G Cornforth

Mr E Van Den Boogerd

Registered office

Bower Street
Newton Heath
Manchester
M40 2AF

Auditors

Williamson & Croft Audit Ltd
York House
20 York Street
Manchester
M2 3BB

 

Mauser-MDL Limited

(Registration number: 10095066)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,494,267

1,832,591

Tangible assets

5

430,832

404,291

 

1,925,099

2,236,882

Current assets

 

Stocks

6

77,102

80,256

Debtors

7

2,043,516

1,097,911

Cash at bank and in hand

 

1,847,345

2,048,950

 

3,967,963

3,227,117

Creditors: Amounts falling due within one year

8

(2,733,355)

(2,931,432)

Net current assets

 

1,234,608

295,685

Total assets less current liabilities

 

3,159,707

2,532,567

Provisions for liabilities

(386,195)

(442,842)

Net assets

 

2,773,512

2,089,725

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

2,773,412

2,089,625

Shareholders' funds

 

2,773,512

2,089,725

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.

Approved and authorised by the Board on 27 June 2024 and signed on its behalf by:
 

.........................................
Mrs J Minnock
Director

 

Mauser-MDL 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 England and Wales.

The address of its registered office is:
Bower Street
Newton Heath
Manchester
M40 2AF

These financial statements were authorised for issue by the Board on 27 June 2024.

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 presented in sterling which is the functional currency of the company.

Summary of disclosure exemptions

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Going concern

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

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 27 June 2024 was Tor Stringfellow FCA, who signed for and on behalf of Williamson & Croft Audit Ltd.

Reclassification of comparative amounts

An amount of £82,453 accrued within wages in the prior period was reclassified to be included as a dividend payable in the comparative figures as the balance was settled by voting of a dividend during the prior period.

There is no impact on the brought forward reserves reported as at 1 January 2023 in respect of this reclassification.

 

Mauser-MDL Limited

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Leasehold improvements

10% straight line

 

Mauser-MDL Limited

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

Plant and equipment

20% straight line

Fixtures and fittings

15% reducing balance

Computers

33% straight line

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful expected life, which is 12 years.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Customer list

Straight line basis over 12 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Mauser-MDL Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 24 (2022 - 28).

 

Mauser-MDL Limited

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

4

Intangible assets

Goodwill
 £

Contractual customer relationships
 £

Total
£

Cost or valuation

At 1 January 2023

949,381

3,110,511

4,059,892

At 31 December 2023

949,381

3,110,511

4,059,892

Amortisation

At 1 January 2023

520,841

1,706,460

2,227,301

Amortisation charge

79,115

259,209

338,324

At 31 December 2023

599,956

1,965,669

2,565,625

Carrying amount

At 31 December 2023

349,425

1,144,842

1,494,267

At 31 December 2022

428,540

1,404,051

1,832,591

5

Tangible assets

Land and buildings
£

Plant and
machinery
(etc)
£

Total
£

Cost or valuation

At 1 January 2023

409,368

603,625

1,012,993

Additions

3,070

146,347

149,417

Disposals

-

(12,954)

(12,954)

At 31 December 2023

412,438

737,018

1,149,456

Depreciation

At 1 January 2023

216,357

392,345

608,702

Charge for the year

41,038

79,539

120,577

Eliminated on disposal

-

(10,655)

(10,655)

At 31 December 2023

257,395

461,229

718,624

Carrying amount

At 31 December 2023

155,043

275,789

430,832

At 31 December 2022

193,011

211,280

404,291

 

Mauser-MDL Limited

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

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

77,102

80,256

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

1,347,535

1,045,127

Amounts owed by group undertakings

11

695,791

54,112

Prepayments

 

-

(1,328)

Other debtors

 

190

-

 

2,043,516

1,097,911

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

330,009

358,206

Amounts owed to group undertakings

11

137,437

442,114

Taxation and social security

 

757,924

637,568

Accruals and deferred income

 

1,431,286

1,425,819

Other creditors

 

76,699

67,725

 

2,733,355

2,931,432

Amounts owed to group undertakings are provided interest free, unsecured and repayable on demand.

 

Mauser-MDL Limited

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

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

A Ordinary of £1 each

51

51

51

51

B Ordinary of £1 each

44

44

44

44

C Ordinary of £1 each

5

5

5

5

100

100

100

100

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments, guarantees and contingencies not included in the balance sheet is £447,801 (2022 - £420,094).

 

Mauser-MDL Limited

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

11

Related party transactions

During the year, the company made sales totalling £251,188 (2022: £971,021) and purchases totalling £1,959,845 (2022: £3,239,421) to / from the parent company and fellow subsidiaries of the group.

The company paid rent of £50,000 (2022: £50,000) for the yard at Bower Street to Drummer Boy Estates Limited, a company in which a Director is majority shareholder. The lease is on normal commercial terms.

The company also incurred consultancy fees of £49,992 (2022: £48,326) payable to MDL Industrial Services Limited, a company in which a Director is majority shareholder.

At the balance sheet date the company owed an amount of £31,306 (2022: £Nil) to Directors and this amount is included within other creditors due within one year and is provided interest free, unsecured and repayable on demand.

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

103,842

93,710

12

Parent and ultimate parent undertaking

The company's immediate parent is Mauser Holding International GmbH, incorporated in Germany.

  These financial statements are available upon request from Schildgesstrabe 71-163, 50321, Bruhl, Germany.