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REGISTERED NUMBER: 01250477 (England and Wales)




STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MARPOSS LIMITED

MARPOSS LIMITED (REGISTERED NUMBER: 01250477)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Statement of Income and Retained Earnings 9

Balance Sheet 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


MARPOSS LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: J S Beaumont
M Benassi
M Balestra





SECRETARY: C Philpott





REGISTERED OFFICE: Leofric Business Park
Progress Way
Coventry
West Midlands
CV3 2TJ





REGISTERED NUMBER: 01250477 (England and Wales)





AUDITORS: Luckmans Duckett Parker Limited
Chartered Accountants
Statutory Auditors
1110 Elliott Court
Herald Avenue
Coventry Business Park
Coventry
West Midlands
CV5 6UB

MARPOSS LIMITED (REGISTERED NUMBER: 01250477)

STRATEGIC REPORT
for the year ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

PRINCIPAL ACTIVITIES AND BUSINESS REVIEW
The principal activity of the company during the year was the distribution and servicing of measurement and data acquisition systems within the United Kingdom and Eire for the Marposs Group of companies.

The company's turnover for the year was £7,388,860 which was 46% higher than the previous year. As confidence has continued to grow within our customer base, our customers have committed to new capital expenditure projects which has driven the increase in turnover in the year.

The company made an operating profit of £526,154 in the year which reflects the improvement in our trading environment and the continuing effect of the cost control measures put in place during COVID, consequently the directors are satisfied with the profit for the year and the state of affairs at the balance sheet date.

The company exited 2023 with a strong order book and we are expecting further growth in 2024 which is supported by the intelligent acquisitions that the parent company made over the last few years.

The company's key financial performance indicators were as follows:

2023 2022


£'000

£'000

Turnover 7,389 5,072
Operating profit 526 97
Profit after tax 448 84

RESULTS AND DIVIDENDS
The profit for the year, after taxation, amounted to £448,373 (2022: £84,478).

Dividends of £Nil (2022: £Nil) were paid during the year.

PRINCIPAL RISKS AND UNCERTAINTIES
The company carries on business principally within the United Kingdom, but with some transactions denominated in Euros. Its activities therefore expose it to financial risks which centre mainly on the impact of changes in foreign currency exchange rates on profitability and the valuation of cash, debtor and creditor amounts in the balance sheet. The company did not participate in any form of hedging transactions during the financial year. Currency exposure is minimised by a policy of denominating purchases in the same currency as the sale.

Historically, the majority of the company's turnover has derived from the supply of equipment to support the production of internal combustion engine vehicles. The Marposs Group is now producing equipment for the manufacture of electrical and hybrid vehicles and is developing the technical expertise to produce equipment for other new markets, all of which should support continued growth going forward.

In common with all businesses, the company is exposed to the continuing impact of the exit of the United Kingdom from the European Union. The main risks are from the impact of increased costs of doing business and of delays in bringing in product from the European Union. The company does not expect these to have significant impact on trading but, where possible, has taken steps to minimise their impact.

There is no other material exposure of the company relating to price risk, credit risk, liquidity risk or cash flow risk which is material for the assessment of the assets, liabilities, financial position and profit of the company.


MARPOSS LIMITED (REGISTERED NUMBER: 01250477)

STRATEGIC REPORT
for the year ended 31 December 2023

GOING CONCERN
The directors have reviewed the financial condition of the company including consideration of the uncertainties arising from the current economic climate. Based on this review the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and, therefore, they continue to adopt the going concern basis of accounting in preparing the financial statements.

ON BEHALF OF THE BOARD:





J S Beaumont - Director


12 March 2024

MARPOSS LIMITED (REGISTERED NUMBER: 01250477)

REPORT OF THE DIRECTORS
for the year ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

J S Beaumont
M Benassi
M Balestra

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Luckmans Duckett Parker Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J S Beaumont - Director


12 March 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MARPOSS LIMITED

Opinion
We have audited the financial statements of Marposs Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MARPOSS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MARPOSS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- reference to past history and experience of the Entity,
- enquiring of management, including obtaining and reviewing supporting documentation, concerning the Entity's procedures relating to:
- identifying and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detection and response to risk of fraud and whether they were aware of any actual or suspected instances of fraud.
- assessment of the controls and processes that the Entity has in place to mitigate risk in these areas

We obtained an understanding of the legal and regulatory frameworks applicable to the company based on our understanding of the company and sector experience and discussions with management. The most significant considerations for the company are the Companies Act 2006, corporate taxes and VAT legislation, employment taxes, health and safety and the Bribery Act 2010.

We carried out discussions among the engagement team, who also undertook the audit testing, to assess how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of these discussions, we identified potential for fraud in the following areas:
- management override of control; and
- revenue recognition - specifically in respect of completeness and cut-off and manipulation of revenue through management override of journals.

We designed and executed procedures in line with our responsibilities to detect material misstatements in respect of irregularities, including fraud. These procedures, together with the extent to which they are capable of detecting irregularities, including fraud, are detailed below:
- We critically assessed the appropriateness and tested the application of the revenue and cost recognition policies.
- We tested the appropriateness of accounting journals and other adjustments made in the preparation of the financial statements. We were able to identify and analyse the complete population of all journals in the year to identify and substantively test any which we considered were indicative of management override.
- We reviewed the company's accounting policies for non-compliance with relevant standards. Our work also included considering significant accounting estimates for evidence of misstatement or possible bias and testing any significant transactions that appeared to be outside the normal course of business.
- We made enquiries of management and reviewed correspondence with the relevant authorities to identify any irregularities or instances of non-compliance with laws and regulations.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements,recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery,misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MARPOSS LIMITED


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mark Spafford FCA FCCA (Senior Statutory Auditor)
for and on behalf of Luckmans Duckett Parker Limited
Chartered Accountants
Statutory Auditors
1110 Elliott Court
Herald Avenue
Coventry Business Park
Coventry
West Midlands
CV5 6UB

13 March 2024

MARPOSS LIMITED (REGISTERED NUMBER: 01250477)

STATEMENT OF INCOME AND
RETAINED EARNINGS
for the year ended 31 December 2023

2023 2022
Notes £    £    £    £   

TURNOVER 3 7,388,860 5,072,449

Cost of sales 5,647,196 3,785,606
GROSS PROFIT 1,741,664 1,286,843

Distribution costs 654,305 627,551
Administrative expenses 561,205 562,413
1,215,510 1,189,964
OPERATING PROFIT 5 526,154 96,879

Income from fixed asset investments 565 538
Interest receivable and similar income 63,048 6,699
63,613 7,237
PROFIT BEFORE TAXATION 589,767 104,116

Tax on profit 7 141,394 19,638
PROFIT FOR THE FINANCIAL YEAR 448,373 84,478

Retained earnings at beginning of year 4,470,728 4,386,250

RETAINED EARNINGS AT END OF
YEAR

4,919,101

4,470,728

MARPOSS LIMITED (REGISTERED NUMBER: 01250477)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 560,624 529,776
Investments 9 26,513 27,180
587,137 556,956

CURRENT ASSETS
Stocks 10 836,142 590,669
Debtors 11 3,770,086 2,198,925
Cash at bank 3,542,381 3,151,241
8,148,609 5,940,835
CREDITORS
Amounts falling due within one year 12 3,472,603 1,692,172
NET CURRENT ASSETS 4,676,006 4,248,663
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,263,143

4,805,619

PROVISIONS FOR LIABILITIES 14 44,042 34,891
NET ASSETS 5,219,101 4,770,728

CAPITAL AND RESERVES
Called up share capital 15 300,000 300,000
Retained earnings 16 4,919,101 4,470,728
SHAREHOLDERS' FUNDS 5,219,101 4,770,728

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2024 and were signed on its behalf by:





J S Beaumont - Director


MARPOSS LIMITED (REGISTERED NUMBER: 01250477)

CASH FLOW STATEMENT
for the year ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 418,549 (147,193 )
Tax paid (60,000 ) 6,689
Net cash from operating activities 358,549 (140,504 )

Cash flows from investing activities
Purchase of tangible fixed assets (75,836 ) (17,657 )
Sale of tangible fixed assets 44,814 -
Interest received 63,048 6,699
Dividends received 565 538
Net cash from investing activities 32,591 (10,420 )

Increase/(decrease) in cash and cash equivalents 391,140 (150,924 )
Cash and cash equivalents at
beginning of year

2

3,151,241

3,302,165

Cash and cash equivalents at end of
year

2

3,542,381

3,151,241

MARPOSS LIMITED (REGISTERED NUMBER: 01250477)

NOTES TO THE CASH FLOW STATEMENT
for the year ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 589,767 104,116
Depreciation charges 34,493 41,711
Profit on disposal of fixed assets (36,003 ) -
Loss on revaluation of fixed assets 667 8,240
Finance income (63,613 ) (7,237 )
525,311 146,830
(Increase)/decrease in stocks (245,473 ) 187,269
Increase in trade and other debtors (1,582,405 ) (1,176,704 )
Increase in trade and other creditors 1,721,116 695,412
Cash generated from operations 418,549 (147,193 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 3,542,381 3,151,241
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 3,151,241 3,302,165


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 3,151,241 391,140 3,542,381
3,151,241 391,140 3,542,381
Total 3,151,241 391,140 3,542,381

MARPOSS LIMITED (REGISTERED NUMBER: 01250477)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Marposs Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the invoiced value, excluding VAT, of goods and services supplied by the company.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 3 to 7 years straight line
Fixtures and fittings - 50% on cost and 10% on cost

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Where parts of an item of tangible fixed assets have different useful lives, they are accounted for as separate items of tangible fixed assets, for example land is treated separately from buildings.

The company assesses at each reporting date whether tangible fixed assets (including those leased under a finance lease) are impaired.

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits.

Stocks
Stocks are stated at the lower of cost and estimated selling price less cost to complete and sell. Cost is based on the weighted average cost principle and includes expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to their existing location and condition. For work in progress, cost is taken as production cost which includes an appropriate proportion of attributable overheads.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


MARPOSS LIMITED (REGISTERED NUMBER: 01250477)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments in preference and ordinary shares
Investments in equity instruments are measured initially at fair value, which is normally the transaction price. Subsequent to initial recognition investments that can be measured reliably are measured at fair value with changes recognised in profit or loss. Other investments are measured at cost less impairment in profit or loss.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Sale of goods and services 7,388,860 5,072,449
7,388,860 5,072,449

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 7,104,479 4,926,680
Europe 279,976 139,460
Rest of world 4,405 6,309
7,388,860 5,072,449

MARPOSS LIMITED (REGISTERED NUMBER: 01250477)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 864,541 787,454
Social security costs 124,869 108,556
Other pension costs 180,196 190,113
1,169,606 1,086,123

The average number of employees during the year was as follows:
2023 2022

Sales, service and administrative 21 23

2023 2022
£    £   
Directors' remuneration 155,855 113,012
Directors' pension contributions to money purchase schemes 4,000 4,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 3,062 3,658
Vehicle contract hire 59,316 64,824
Depreciation - owned assets 34,493 41,711
Profit on disposal of fixed assets (36,003 ) -
Foreign exchange differences 5,116 17,267

6. AUDITORS' REMUNERATION
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

16,875

15,000
Auditors' remuneration for non audit work 1,000 1,000

MARPOSS LIMITED (REGISTERED NUMBER: 01250477)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 132,243 27,073

Deferred tax 9,151 (7,435 )
Tax on profit 141,394 19,638

UK corporation tax has been charged at 23.50% (2022 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 589,767 104,116
Profit multiplied by the standard rate of corporation tax in the UK of
23.521% (2022 - 19%)

138,719

19,782

Effects of:
Expenses not deductible for tax purposes 2,788 2,470
Income not taxable for tax purposes (133 ) (102 )
Fixed asset differences 20 (728 )
Adjust closing deferred tax to rate of 25% - (1,784 )
Total tax charge 141,394 19,638

Following the Spring 2021 Budget statement, 3 March 2021, an increase in the UK corporation tax rate from 19% to 25% (effective from 1 April 2023) was substantially enacted. This will increase the company's future current tax charge accordingly. The deferred tax liability at 31 December 2022 has been calculated based on this increased rate.

MARPOSS LIMITED (REGISTERED NUMBER: 01250477)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

8. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 January 2023 907,896 264,404 636,695 1,808,995
Additions - 6,335 69,501 75,836
Disposals - - (30,390 ) (30,390 )
At 31 December 2023 907,896 270,739 675,806 1,854,441
DEPRECIATION
At 1 January 2023 455,312 231,065 592,842 1,279,219
Charge for year - 16,563 17,930 34,493
Eliminated on disposal - - (19,895 ) (19,895 )
At 31 December 2023 455,312 247,628 590,877 1,293,817
NET BOOK VALUE
At 31 December 2023 452,584 23,111 84,929 560,624
At 31 December 2022 452,584 33,339 43,853 529,776

Included in cost of land and buildings is freehold land of £ 280,279 (2022 - £ 280,279 ) which is not depreciated.

9. FIXED ASSET INVESTMENTS
Listed
investments
£   
COST OR VALUATION
At 1 January 2023 27,180
Revaluations (667 )
At 31 December 2023 26,513
NET BOOK VALUE
At 31 December 2023 26,513
At 31 December 2022 27,180

The fair value of the listed investments are determined by reference to their quoted bid price at the balance sheet date as per the UK stock exchange.

10. STOCKS
2023 2022
£    £   
Stocks 836,142 590,669

MARPOSS LIMITED (REGISTERED NUMBER: 01250477)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,599,173 2,055,794
Amounts owed by group undertakings 72,130 55,981
Other debtors 3,516 1,279
Tax - 12,927
Prepayments and accrued income 95,267 72,944
3,770,086 2,198,925

Amounts owed by group undertakings are repayable on demand.

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 30,839 20,325
Amounts owed to group undertakings 2,591,402 1,036,098
Tax 59,315 -
Social security and other taxes 33,929 27,363
VAT 579,796 312,864
Other creditors 24,388 15,359
Accruals and deferred income 152,934 280,163
3,472,603 1,692,172

Amounts owed to group undertakings are repayable on demand.

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 53,519 50,900
Between one and five years 57,868 65,507
111,387 116,407

During the year, £57,625 was recognised as an expense in the profit and loss account in respect of operating leases (2022: £64,824).

14. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 40,793 23,921
Other timing differences 3,249 10,970
44,042 34,891

MARPOSS LIMITED (REGISTERED NUMBER: 01250477)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

14. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 34,891
Provided during year 9,151
Balance at 31 December 2023 44,042

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
300,000 Ordinary £1 300,000 300,000

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company.

16. RESERVES
Retained
earnings
£   

At 1 January 2023 4,470,728
Profit for the year 448,373
At 31 December 2023 4,919,101

17. ULTIMATE PARENT COMPANY

Marposs A.G. (incorporated in Switzerland ) is regarded by the directors as being the company's ultimate parent company.

18. RELATED PARTY DISCLOSURES

Fellow group companies
2023 2022
£    £   
Sales of goods and services 128,517 83,770
Purchases of goods and services 5,264,138 3,006,167
Amount due to the company at 31 December 72,130 55,981
Amount due by the company at 31 December 2,591,402 1,036,098

In the year the company transacted in the normal course of business at arm's length with fellow group companies. Aggregate details of these transactions, together with the amounts outstanding at the balance sheet date, can be seen in the table above.

19. ULTIMATE CONTROLLING PARTY

There is no single ultimate controlling party. The joint ultimate controlling parties are Mr Stefano Possati, Mr Edoardo Possati and Mr Alberto Possati.