Company registration number 01212744 (England and Wales)
MANN MCGOWAN LIMITED
(FORMERLY MANN MCGOWAN FABRICATIONS LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MANN MCGOWAN LIMITED
(FORMERLY MANN MCGOWAN FABRICATIONS LIMITED)
COMPANY INFORMATION
Directors
Mr J A Scott
Mr M R Buxton
(Appointed 4 December 2023)
Mr N A Tilsley
(Appointed 4 December 2023)
Company number
01212744
Registered office
International House
Millfield Lane
Haydock
Merseyside
WA11 9GA
MANN MCGOWAN LIMITED
(FORMERLY MANN MCGOWAN FABRICATIONS LIMITED)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
MANN MCGOWAN LIMITED
(FORMERLY MANN MCGOWAN FABRICATIONS LIMITED)
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
30 November 2023
31 December 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
294,442
323,526
Current assets
Stocks
499,146
208,051
Debtors
4
1,406,753
1,388,478
Cash at bank and in hand
164,833
242,761
2,070,732
1,839,290
Creditors: amounts falling due within one year
5
(786,599)
(805,904)
Net current assets
1,284,133
1,033,386
Total assets less current liabilities
1,578,575
1,356,912
Creditors: amounts falling due after more than one year
6
(5,114)
(7,540)
Provisions for liabilities
(54,725)
(58,038)
Net assets
1,518,736
1,291,334
Capital and reserves
Called up share capital
7
24,500
24,500
Capital redemption reserve
10,460
10,460
Profit and loss reserves
1,483,776
1,256,374
Total equity
1,518,736
1,291,334
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 period 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.
MANN MCGOWAN LIMITED
(FORMERLY MANN MCGOWAN FABRICATIONS LIMITED)
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 August 2024 and are signed on its behalf by:
Mr M R Buxton
Director
Company Registration No. 01212744
MANN MCGOWAN LIMITED
(FORMERLY MANN MCGOWAN FABRICATIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information
Mann McGowan Limited is a private company limited by shares incorporated in England and Wales. The registered office is International House, Millfield Lane, Haydock, Merseyside, WA11 9GA. The business address is Unit 4, Brook Trading Estate Deadbrook Lane, Aldershot, Hampshire, GU12 4XB.
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 sterling, 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. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have paid particular attention to the likely effects on the business of the current global economic uncertainty and remain confident that sufficient funding is in place and that the company has adequate resources to enable the company to continue as a going concern for the foreseeable future.
1.3
Reporting period
The financial statements are presented for the period from 1 January 2023 to 30 November 2023. The prior period financial statements were prepared for the year from 1 January 2022 to 31 December 2022. As a result the comparative amounts presented in the financial statements, including the related notes, are not entirely comparable.
The accounting period was shortened due to the company being purchased in December 2023.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.5
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:
Plant and equipment
10% on cost and over the term of the lease
Fixtures and fittings
20% on cost
Office equipment
33% on cost
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.
MANN MCGOWAN LIMITED
(FORMERLY MANN MCGOWAN FABRICATIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
MANN MCGOWAN LIMITED
(FORMERLY MANN MCGOWAN FABRICATIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
MANN MCGOWAN LIMITED
(FORMERLY MANN MCGOWAN FABRICATIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.15
Expenditure on research and development is written off in the year in which it is incurred.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
36
30
MANN MCGOWAN LIMITED
(FORMERLY MANN MCGOWAN FABRICATIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 7 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Office equipment
Total
£
£
£
£
Cost
At 1 January 2023
847,094
193,098
67,223
1,107,415
Additions
40,857
3,632
584
45,073
At 30 November 2023
887,951
196,730
67,807
1,152,488
Depreciation and impairment
At 1 January 2023
601,202
119,899
62,788
783,889
Depreciation charged in the period
46,414
24,904
2,839
74,157
At 30 November 2023
647,616
144,803
65,627
858,046
Carrying amount
At 30 November 2023
240,335
51,927
2,180
294,442
At 31 December 2022
245,892
73,199
4,435
323,526
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
639,935
554,148
Corporation tax recoverable
70,454
99,429
Other debtors
696,364
734,901
1,406,753
1,388,478
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
618,424
550,247
Amounts owed to group undertakings
44,152
45,457
Taxation and social security
26,523
66,269
Other creditors
97,500
143,931
786,599
805,904
The finance lease liabilities, included in other creditors, are secured over the assets to which they relate.
MANN MCGOWAN LIMITED
(FORMERLY MANN MCGOWAN FABRICATIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 8 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
5,114
7,540
The finance lease liabilities, included in other creditors, are secured over the assets to which they relate.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
24,500
24,500
24,500
24,500
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
540,127
645,066
9
Related party transactions
2023
2022
Amounts due to related parties
£
£
Key management personnel
9,261
24,325
The loan is interest free and repayable on demand.
2023
2022
Amounts due from related parties
£
£
Other related parties
633,923
674,774
10
Parent company
The parent company is Mann McGowan Group Limited, incorporated in England and Wales. The registered office address of the parent is the same as the company.
On 4 December 2023 Mann McGowan Group Limited was acquired by Pluto Bidco Limited. The ultimate controlling party at that date is Technical Fire Safety Group Limited and the registered office address of the ultimate parent is the same as Mann McGowan Limited.