Company registration number 06351292 (England and Wales)
MINCRON SYSTEMS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
MINCRON SYSTEMS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MINCRON SYSTEMS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
Fixed assets
Tangible assets
4
400,000
400,000
Current assets
Debtors
5
6,000
13,562
Creditors: amounts falling due within one year
6
(43,527)
(465)
Net current (liabilities)/assets
(37,527)
13,097
Net assets
362,473
413,097
Capital and reserves
Called up share capital
7
696,000
746,000
Profit and loss reserves
(333,527)
(332,903)
Total equity
362,473
413,097

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 26 July 2024
Mr D J Bull
Director
Company registration number 06351292 (England and Wales)
MINCRON SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Mincron Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fore Royal, Gorley Road, Ringwood, Hampshire, BH24 3LD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in euro, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €.

The financial statements have been prepared under the historical cost convention, modified to include the freehold investment land and buildings at fair value. The principal accounting policies adopted are set out below.

1.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
None

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.3
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.

1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

MINCRON SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, to the extent that the director believes such an amount to be material, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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 balance sheet date that are expected to apply to the reversal of timing differences.

1.5
Foreign exchange

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit (or loss).

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount 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 these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Carrying value of land and buildings

The fair value estimate of the balance sheet carrying value of the freehold investment land and buildings at 31 December 2023 is based upon the director's own assessment of the value in conjunction with discussions with the shareholder who is fully familiar with the property and local market conditions. However, if the land and buildings were sold then the amount realised could be higher or lower than this estimate potentially generating a material profit or loss on disposal depending the circumstances of any future sales.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
MINCRON SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
4
Tangible fixed assets
Land and buildings
Cost or valuation
At 1 January 2023 and 31 December 2023
400,000
Depreciation and impairment
At 1 January 2023 and 31 December 2023
-
0
Carrying amount
At 31 December 2023
400,000
At 31 December 2022
400,000

The freehold investment land and buildings have been revalued by the director at fair value.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amount included would have been as follows:

2023
2022
Cost
547,500
547,500
5
Debtors
2023
2022
Amounts falling due within one year:
Amounts owed by shareholder
-
0
7,562
Other debtors
6,000
6,000
6,000
13,562
6
Creditors: amounts falling due within one year
2023
2022
Amounts owed to shareholder
42,967
-
0
Other creditors
560
465
43,527
465
MINCRON SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
7
Called up share capital
2023
2022
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
695,999 (2022: 745,999) Ordinary shares of €1 each
695,999
745,999
696,000
746,000
Reconciliation of movements during the year:
Ordinary
Number
At 1 January 2023
746,000
Shares cancelled
(50,000)
At 31 December 2023
696,000

On 14 July 2023 the company reduced its share capital under section 643 of the Companies Act 2006 following the passing of a special resolution by the member. The share capital so reduced comprised ordinary shares of €1 each which had an aggregate nominal value of €50,000.

8
Ultimate controlling party

The company has been under the ultimate control of N Fanelli throughout the current and previous years and at the balance sheet date.

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