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REGISTERED NUMBER: 01121712 (England and Wales)















MASTENBROEK LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






MASTENBROEK LIMITED (REGISTERED NUMBER: 01121712)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 7


MASTENBROEK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: F I Clarke
C J Pett
M Taylor





SECRETARY: P Coote





REGISTERED OFFICE: 83 Swineshead Road
Wyberton Fen
Boston
Lincolnshire
PE21 7JG





REGISTERED NUMBER: 01121712 (England and Wales)





AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

MASTENBROEK LIMITED (REGISTERED NUMBER: 01121712)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
ASSETS

FIXED ASSETS
Tangible assets 4 98,676 120,478

CURRENT ASSETS
Stocks 2,768,890 3,073,929
Debtors 5 3,236,455 516,421
Cash at bank and in hand 86,621 202,486
6,091,966 3,792,836
6,190,642 3,913,314

CAPITAL, RESERVES AND LIABILITIES

CAPITAL AND RESERVES
Called up share capital 6 50,000 50,000
Share premium 1,875 1,875
Retained earnings 1,742,903 1,573,446
SHAREHOLDERS' FUNDS 1,794,778 1,625,321

PROVISIONS FOR LIABILITIES 20,448 25,504

CREDITORS
Amounts falling due within one year 7 4,250,416 2,037,489
Amounts falling due after more than one year 8 125,000 225,000
4,375,416 2,262,489
6,190,642 3,913,314

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2024 and were signed on its behalf by:




C J Pett - Director F I Clarke - Director




M Taylor - Director


MASTENBROEK LIMITED (REGISTERED NUMBER: 01121712)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Mastenbroek 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sale of goods are recognised upon delivery to the customer, or upon collection by the customer, when title has passed.

Revenue from the rendering of services and construction contracts is recognised based on the stage of completion of the contracted activity over the course of the contract. Stage of completion is estimated based on labour hours.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost included costs directly attributable to making the assets capable of operating as intended,

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery10% & 20% on cost
Fixtures & Fittings10%-20% on cost
Motor vehicles25% 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.

Stocks
Stocks are stated at the lower of cost and net realisable values, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

Contracted work in progress stocks are recognised based on stage of completion with the appropriate levels of contract revenue and contract costs recognised in the profit and loss account for the period. The balancing cost figure is then included in stock. Work performed to date is valued using the percentage of completion method as prescribed under FRS 102.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less cost to complete and sell. The impairment loss is recognised immediately in profit or loss.

MASTENBROEK LIMITED (REGISTERED NUMBER: 01121712)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

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. Accounts 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.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 currency transactions
Foreign currency transactions are translated into the functional current using the spot exchange rates at the date of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income with 'other operating income'.

MASTENBROEK LIMITED (REGISTERED NUMBER: 01121712)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The Company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, and impairment loss is recognised in the income statement unless the asset is carried at a revalued amount where the impairment loss is recognised in the revaluation reserve.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2022 - 35 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 1,058,801 215,278 120,513 1,394,592
Additions 15,517 5,805 - 21,322
Disposals (1,457 ) (583 ) - (2,040 )
At 31 December 2023 1,072,861 220,500 120,513 1,413,874
DEPRECIATION
At 1 January 2023 963,251 190,356 120,507 1,274,114
Charge for year 33,448 9,674 - 43,122
Eliminated on disposal (1,456 ) (582 ) - (2,038 )
At 31 December 2023 995,243 199,448 120,507 1,315,198
NET BOOK VALUE
At 31 December 2023 77,618 21,052 6 98,676
At 31 December 2022 95,550 24,922 6 120,478

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,868,030 271,186
Amounts owed by group undertakings - 29,291
Other debtors 368,425 215,944
3,236,455 516,421

MASTENBROEK LIMITED (REGISTERED NUMBER: 01121712)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50,000 Ordinary £1 50,000 50,000

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 422,662 -
Trade creditors 386,096 634,451
Amounts owed to group undertakings 1,671,806 119,790
Taxation and social security 102,365 148,483
Other creditors 1,667,487 1,134,765
4,250,416 2,037,489

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 125,000 225,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 422,662 -
Amounts owed to group 1,795,355 344,790
2,218,017 344,790

The amounts owed to group undertakings (both within one year and due after more than one year) relate to loans received from the parent company, Mastenbroek Holding Company Limited. The loan is secured by a floating charge over a number of assets which comprise all intellectual property, workshop equipment, stock, book debts and other debts.

The bank facilities are secured by a charge on the company's assets. There is a debenture in favour of National Westminster Bank Plc dated 17th July 1991 in respect of the overdraft facility.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alistair Main FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

11. OTHER FINANCIAL COMMITMENTS

The total amount of financial commitments, guarantees and contingencies that are not included in the statement of financial position is £661 (2022 - £1,775).

MASTENBROEK LIMITED (REGISTERED NUMBER: 01121712)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. ULTIMATE CONTROLLING PARTY

The company is controlled by Mastenbroek Holding Company Limited a company incorporated in Great Britain. In the opinion of the directors this is the company's ultimate parent company.

At the date of the financial statements, Mastenbroek Holding Company Limited was controlled by John Geelhoed, Jeff Geelhoed, and James Geelhoed equally resulting in no individual having ultimate control of the group.