Company registration number 01265916 (England and Wales)
MARATHON BELTING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MARATHON BELTING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
MARATHON BELTING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
36,751
73,500
Tangible assets
4
1,208,492
1,302,823
1,245,243
1,376,323
Current assets
Stocks
1,430,311
1,187,426
Debtors
5
833,316
1,043,695
Cash at bank and in hand
455,748
417,853
2,719,375
2,648,974
Creditors: amounts falling due within one year
6
(4,174,857)
(3,939,211)
Net current liabilities
(1,455,482)
(1,290,237)
Total assets less current liabilities
(210,239)
86,086
Creditors: amounts falling due after more than one year
7
-
0
(23,406)
Net (liabilities)/assets
(210,239)
62,680
Capital and reserves
Called up share capital
8
10,000
10,000
Profit and loss reserves
(220,239)
52,680
Total equity
(210,239)
62,680

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

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 by the board of directors and authorised for issue on 25 July 2024 and are signed on its behalf by:
Mr D A A Halftermeyer
Director
Company registration number 01265916 (England and Wales)
MARATHON BELTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Marathon Belting Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Heimbach UK Limited, Bradnor Road, Wythenshawe, Manchester, M22 4TS. The company's principal place of business is Healey Mill, Whitworth Road, Rochdale, OL12 0TF.

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 pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements of the company are consolidated in the financial statements of its ultimate parent undertaking, Albany International Corporation Inc (AIC Inc.), a company incorporated in the USA. The consolidated financial statements of AIC Inc. are available to the public and may be obtained from 216 Airport Dr, Rochester, NH 03867, USA.

1.2
Going concern

The directors are confident that the parent company will continue to provide support to the company, should the need arise, to allow the company to meet its obligations as they fall due for a period of at least twelve months following approval of the accounts. This is supported by the fact that the directors have received written confirmation from its parent company that they will not recall the intercompany loan within the twelve-month period following approval of the accounts. true

 

Therefore, at the time of approving the accounts, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the accounts.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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

Software
10 years straight line
MARATHON BELTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Tangible fixed assets

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

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

Plant and machinery
5% - 33% straight line
Office equipment
20% - 33% straight line
Vehicles
10% - 33% straight line

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the standard cost principle and includes expenditure incurred in acquiring the stock, production or conversion costs and other costs in bringing them to their present location and condition. In the case of manufactured stocks and work in progress, cost includes an appropriate share of overheads based on normal operating capacity.

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.

MARATHON BELTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.8
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

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.

Other financial assets

The company does not have any non basic financial instruments.

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.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies 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.

Other financial liabilities

The company does not have any non basic financial instruments.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

MARATHON BELTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.11
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.

1.12
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, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognised as an expenses if the company has made any offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be measured reliably. If benefits are payable more than twelve months after the reporting date, then they are discounted to their present value.

1.13
Retirement benefits

A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal of constructive obligation to pay further amounts. Payments to defined contribution retirement benefit schemes are charged as an expense to the profit and loss account as they fall due.

MARATHON BELTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.14
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.

1.15
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.

2
Employees

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

2023
2022
Number
Number
Total
53
60
3
Intangible fixed assets
Software
£
Cost
At 1 January 2023 and 31 December 2023
367,493
Amortisation and impairment
At 1 January 2023
293,993
Amortisation charged for the year
36,749
At 31 December 2023
330,742
Carrying amount
At 31 December 2023
36,751
At 31 December 2022
73,500
MARATHON BELTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Tangible fixed assets
Assets under construction
Plant and machinery
Office equipment
Vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
-
0
3,893,239
67,123
29,777
3,990,139
Additions
82,380
12,953
2,320
-
0
97,653
Disposals
-
0
(233,444)
(3,216)
-
0
(236,660)
Transfers
50,900
(50,900)
-
0
-
0
-
0
At 31 December 2023
133,280
3,621,848
66,227
29,777
3,851,132
Depreciation and impairment
At 1 January 2023
-
0
2,593,776
63,763
29,777
2,687,316
Depreciation charged in the year
-
0
186,594
2,488
-
0
189,082
Eliminated in respect of disposals
-
0
(230,542)
(3,216)
-
0
(233,758)
At 31 December 2023
-
0
2,549,828
63,035
29,777
2,642,640
Carrying amount
At 31 December 2023
133,280
1,072,020
3,192
-
0
1,208,492
At 31 December 2022
-
0
1,299,463
3,360
-
0
1,302,823
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
726,019
905,728
Amounts owed by group undertakings
-
0
1,881
Other debtors
107,297
136,086
833,316
1,043,695
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
331,116
482,968
Amounts owed to group undertakings
3,645,610
3,175,423
Taxation and social security
37,237
38,145
Other creditors
160,894
242,675
4,174,857
3,939,211
MARATHON BELTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Creditors: amounts falling due within one year
(Continued)
- 8 -

Included within the above are creditors of £23,406 (2022: £120,753) which are secured over the underlying assets.

 

Included in amounts owed by group undertakings is an unsecured loan totalling £3,622,000 (2022: £3,082,000).

 

During the year, the company signed a revised loan agreement with the ultimate parent company, Heimbach GmbH. The revised loan agreement consolidates the two previously separate loans under one agreement. As part of this agreement, the company also took out an additional loan of £540,000. The total value of the revised loan is £3.622m and is available to the company until 31 December 2025.

 

The loan remains unsecured and either party may terminate the loan by giving six weeks written notice. The principal and accrued interest must then be repaid within ten weeks following the termination notice. There are no regular instalment repayments of the loan, instead full repayment is due on termination. The parent company has confirmed that it will continue to support the company and has no intention of seeking early repayment.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
-
0
23,406

Included within the above are creditors of £nil (2022: £23,406) which are secured over the underlying assets.

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Paul Spencer BSc(Hons) FCA
Statutory Auditor:
MHA
MARATHON BELTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
10
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
£
£
487,660
626,749
11
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2022
£
£
Acquisition of tangible fixed assets
28,720
99,000
12
Related party transactions

The company has also taken advantage of the exemption permitted under paragraph 1AC.35 of FRS 102 from disclosing related party transactions which were concluded under normal market conditions and from disclosing any transactions entered into between two or more members of the group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

13
Parent company

Marathon Belting Limited is a wholly owned subsidiary undertaking of JSD Marathon Limited.

 

Marathon Belting Limited's ultimate parent company is Albany International Corporation Inc (AIC Inc), a company incorporated in United States of America.

The largest and smallest group in which the results of the company are consolidated is that headed by Albany International Corporation Inc (AIC Inc.). The consolidated financial statements of AIC Inc. are available to the public and may be obtained from 216 Airport Dr, Rochester, NH 03867, USA.

2023-12-312023-01-01false25 July 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedMr R A KaldenhoffMr D PayneMr J M GaugMr D A A Halftermeyerfalsefalse012659162023-01-012023-12-31012659162023-12-31012659162022-12-3101265916core:PatentsTrademarksLicencesConcessionsSimilar2023-12-3101265916core:PatentsTrademarksLicencesConcessionsSimilar2022-12-3101265916core:ConstructionInProgressAssetsUnderConstruction2023-12-3101265916core:PlantMachinery2023-12-3101265916core:FurnitureFittings2023-12-3101265916core:MotorVehicles2023-12-3101265916core:ConstructionInProgressAssetsUnderConstruction2022-12-3101265916core:PlantMachinery2022-12-3101265916core:FurnitureFittings2022-12-3101265916core:MotorVehicles2022-12-3101265916core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3101265916core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3101265916core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3101265916core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3101265916core:CurrentFinancialInstruments2023-12-3101265916core:CurrentFinancialInstruments2022-12-3101265916core:ShareCapital2023-12-3101265916core:ShareCapital2022-12-3101265916core:RetainedEarningsAccumulatedLosses2023-12-3101265916core:RetainedEarningsAccumulatedLosses2022-12-3101265916bus:Director42023-01-012023-12-3101265916core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3101265916core:PatentsTrademarksLicencesConcessionsSimilar2023-01-012023-12-3101265916core:PlantMachinery2023-01-012023-12-3101265916core:FurnitureFittings2023-01-012023-12-3101265916core:MotorVehicles2023-01-012023-12-31012659162022-01-012022-12-3101265916core:PatentsTrademarksLicencesConcessionsSimilar2022-12-3101265916core:ConstructionInProgressAssetsUnderConstruction2022-12-3101265916core:PlantMachinery2022-12-3101265916core:FurnitureFittings2022-12-3101265916core:MotorVehicles2022-12-31012659162022-12-3101265916core:ConstructionInProgressAssetsUnderConstruction2023-01-012023-12-3101265916core:WithinOneYear2023-12-3101265916core:WithinOneYear2022-12-3101265916core:Non-currentFinancialInstruments2023-12-3101265916core:Non-currentFinancialInstruments2022-12-3101265916bus:PrivateLimitedCompanyLtd2023-01-012023-12-3101265916bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3101265916bus:FRS1022023-01-012023-12-3101265916bus:Audited2023-01-012023-12-3101265916bus:Director12023-01-012023-12-3101265916bus:Director22023-01-012023-12-3101265916bus:Director32023-01-012023-12-3101265916bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP