Company registration number 14953510 (England and Wales)
LINSTOL MNH LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LINSTOL MNH LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
LINSTOL MNH LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
Notes
$
$
Fixed assets
Investments
4
11,012,446
Current assets
Debtors
6
12,366
Creditors: amounts falling due within one year
7
(8,699,786)
Net current liabilities
(8,687,420)
Total assets less current liabilities
2,325,026
Provisions for liabilities
8
(2,411,540)
Net liabilities
(86,514)
Capital and reserves
Called up share capital
12,366
Profit and loss reserves
(98,880)
Total equity
(86,514)
The directors of the company have elected not to include a copy of the income statement 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 24 August 2024 and are signed on its behalf by:
K J Peat
Director
Company Registration No. 14953510
LINSTOL MNH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Linstol MNH Limited is a private company limited by shares incorporated in England and Wales. The registered office is Beech House North East Wing, Ancells Road, Fleet, Hampshire, GU51 2UN.
1.1
Reporting period
The company was incorporated on 22 June 2023. The financial statements represent the results of the company from 22 June 2023 to 31 December 2023.
1.2
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 US Dollars, 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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that thetrue company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered the likely future cashflows of the business and have considered the balance sheet and the group facilities available at this point in time.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
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.
LINSTOL MNH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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 statement of financial position 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, 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.
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.
1.7
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.
1.8
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.9
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.
LINSTOL MNH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Earn-out provision
All earn outs represent contingent consideration and have been discounted at the weighted average cost of capital applicable to the acquisition. This rate reflects the fact that the earn-out payments carry an equity-like risk to the counterparty.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
2
4
Fixed asset investments
2023
$
Shares in group undertakings and participating interests
11,012,446
Movements in fixed asset investments
Shares in subsidiaries
$
Cost or valuation
Additions
11,012,446
At 31 December 2023
11,012,446
Carrying amount
At 31 December 2023
11,012,446
LINSTOL MNH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
MNH GRP Ltd
Rowfant Business Park, Wallage Lane, Rowfant, West Sussex, RH10 4NQ, United Kingdom.
Ordinary A, B, C, M, O and P
80.00
-
MNH Sustainable Cabin Services Ltd
Rowfant Business Park, Wallage Lane, Rowfant, West Sussex, RH10 4NQ, United Kingdom.
Ordinary A and B
-
80.00
MNH Management Services Ltd
Rowfant Business Park, Wallage Lane, Rowfant, West Sussex, RH10 4NQ, United Kingdom.
Ordinary
-
80.00
MNH Sustainable Cabin Services Pty Ltd
62-64 Burwood Road, Burwood, NSW 2134,
Australia.
Ordinary
-
80.00
MNH Global Laundry Services Pty Ltd
62-64 Burwood Road, Burwood, NSW 2134,
Australia.
Ordinary
-
80.00
MNH Global Laundry Services Inc
1300-1969 Upper Water Street, Halifax NS, B3J
3R7, Canada.
Ordinary
-
80.00
6
Debtors
2023
Amounts falling due within one year:
$
Amounts owed by group undertakings
12,366
7
Creditors: amounts falling due within one year
2023
$
Amounts owed to group undertakings
8,680,615
Other creditors
19,171
8,699,786
8
Provisions for liabilities
2023
$
Earn-out provision
2,411,540
Movements on provisions:
Earn-out provision
$
Additional provisions in the year
2,411,540
LINSTOL MNH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 6 -
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:
Michael Wesley FCA
Statutory Auditor:
Azets Audit Services
10
Parent company
The immediate parent company, which draws up consolidated financial statements, is Linstol UK Limited, incorporated in England and Wales. The registered office address is Beech House North East Wing, Ancells Road, Fleet, Hampshire, GU51 2UN.
The ultimate parent entity is The Jerrylin M. Hoffmann Trust, registered in the United States of America. The registered office is 825 Green Bay Road, Wilmette, IL 60091, United States of America.