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COMPANY REGISTRATION NUMBER: 02094339
MENNEKES ELECTRIC LIMITED
FILLETED FINANCIAL STATEMENTS
31 December 2023
MENNEKES ELECTRIC LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
112,717
158,041
Current assets
Stocks
728,136
546,421
Debtors
6
1,251,501
1,185,458
Cash at bank and in hand
1,297,965
1,294,144
------------
------------
3,277,602
3,026,023
Creditors: amounts falling due within one year
7
1,350,268
830,780
------------
------------
Net current assets
1,927,334
2,195,243
------------
------------
Total assets less current liabilities
2,040,051
2,353,284
Provisions
Taxation including deferred tax
6,282
7,929
------------
------------
Net assets
2,033,769
2,345,355
------------
------------
Capital and reserves
Called up share capital
300,000
300,000
Profit and loss account
1,733,769
2,045,355
------------
------------
Shareholders funds
2,033,769
2,345,355
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 24 July 2024 , and are signed on behalf of the board by:
C Stockdale
Director
Company registration number: 02094339
MENNEKES ELECTRIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Numeric House, 98 Station Road, Sidcup, Kent, DA15 7BY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through the statement of comprehensive income. The financial statements are prepared in sterling, which is the functional currency of the entity.
Foreign currency translation
Purchases denominated in euros are translated at the fixed rate of exchange of 1.08 €/£.
Liabilities at the year end denominated in euros are translated at the year end exchange rate of 0.867731 £/€.
Debtors
Debtors are initially recorded at fair value and are assessed for impairment at each year end. If any impairments exist the debtors are remeasured to the present value of the expected future cash inflows.
Creditors
Creditors are initially recorded at fair value and are then remeasured to the present value of the expected future cash outflows.
Statement of cash flows
The company has taken advantage of the small companies exemptions and not prepared a statement of cash flows.
Judgements and key sources of estimation uncertainty
There are no significant estimates or assumptions made that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Revenue refers to the revenue earned from the Company's principal activity; the distribution and marketing of the products of Mennekes Elektrotechnik GmBH and Co. KG, a manufacturer of electrical equipment registered in Germany.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in the statement of comprehensive income. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in the statement of comprehensive income.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Property
-
10 years straight line
Plant and Machinery
-
7 years, 8 years, 10 years straight line
Office Furniture and Fixtures
-
3 years straight line
Motor Vehicles
-
6 years straight line
Office Equipment
-
10 years straight line
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in the statement of comprehensive income unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in the statement of comprehensive income in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 12 ).
5. Tangible assets
Leasehold Property
Plant and machinery
Office equipment
Motor vehicles
Office furniture & fixtures
Total
£
£
£
£
£
£
Cost
At 1 Jan 2023
42,127
33,834
11,664
239,435
124,471
451,531
Disposals
( 23,135)
( 23,135)
--------
--------
--------
---------
---------
---------
At 31 Dec 2023
42,127
33,834
11,664
216,300
124,471
428,396
--------
--------
--------
---------
---------
---------
Depreciation
At 1 Jan 2023
42,127
29,204
10,114
96,270
115,775
293,490
Charge for the year
1,485
804
37,014
2,486
41,789
Disposals
( 19,600)
( 19,600)
--------
--------
--------
---------
---------
---------
At 31 Dec 2023
42,127
30,689
10,918
113,684
118,261
315,679
--------
--------
--------
---------
---------
---------
Carrying amount
At 31 Dec 2023
3,145
746
102,616
6,210
112,717
--------
--------
--------
---------
---------
---------
At 31 Dec 2022
4,630
1,550
143,165
8,696
158,041
--------
--------
--------
---------
---------
---------
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
6. Debtors
2023
2022
£
£
Trade debtors
1,170,232
1,087,630
Other debtors
81,269
97,828
------------
------------
1,251,501
1,185,458
------------
------------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Other debtors
30,000
30,000
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
970,030
496,549
Accruals and deferred income
10,000
38,000
Corporation tax
69,284
24,434
Social security and other taxes
300,954
271,797
------------
---------
1,350,268
830,780
------------
---------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
31,939
63,878
Later than 1 year and not later than 5 years
31,939
--------
--------
31,939
95,817
--------
--------
9. Summary audit opinion
The auditor's report for the year dated 24 July 2024 was unqualified .
The senior statutory auditor was Philip Benson Woodman FCCA , for and on behalf of Opass Billings Wilson & Honey LLP .
10. Ultimate parent company and controlling party
The company's ultimate parent company is Mennekes Global GmbH registered in Germany. The ultimate controlling party is by Mr C Mennekes, a director. Copies of the consolidated financial statements can be obtained from Kirchhundem, Aloys-Mennekes-Straße 1, Germany.