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Registration number: 2074363

Mipa Paints Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Mipa Paints Limited

Contents

Company Information

1

Strategic Report

2

Director's Report

3

Statement of Director's Responsibilities

4

Independent Auditor's Report

5 to 8

Profit and Loss Account and Statement of Retained Earnings

9

Balance Sheet

10

Statement of Cash Flows

11

Notes to the Financial Statements

12 to 21

 

Mipa Paints Limited

Company Information

Director

Mr MB Fritzsche

Company secretary

Mr D Rudd

Registered office

Fulflood Road
Leigh Park
Havant
PO9 5AX

Auditors

MMO Limited
Chartered Accountants and Statutory Auditors
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Mipa Paints Limited

Strategic Report for the Year Ended 31 December 2023

The director presents his strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the company is that of the supply and distribution of specialist paints and equipment

Fair review of the business

The company has seen a substantial increase in turnover. Even given that market conditions were considered more favourable than for some considerable time. The company has maintained it's vigilance with regard to risk and customer profiles. This reflects in the improvement in turnover.

The position of the company remains satisfactory, as reflected in the year end balance sheet.

Principal risks and uncertainties

The principle risks and uncertainties remain as the levels of demand in a recovering economy. In the capital goods sector our product range tends to be dependent on the availabilty of finance, and as such the quantity of new business seen has affected the level of demand in a positive way.

The company is exploring new market places to balance these risks, into the medium term.

The price of core materials remains weak, leading to better buying and margin retention.


The company has entered into a collaborative agreement with a leading academic institution. This is a medium term project engaging advances in technology.

Approved and authorised by the director on 3 September 2024
 

.........................................
Mr MB Fritzsche
Director

 

Mipa Paints Limited

Director's Report for the Year Ended 31 December 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director of the company

The director who held office during the year was as follows:

Mr MB Fritzsche

Financial instruments

Objectives and policies

The companys main objective is to re-establish revenues in existing, new and related markets and increasing the turnover from ancillary products to the mezzanine flooring such as the installation of partitioning and flooring.

Price risk, credit risk, liquidity risk and cash flow risk

The business' principal financial instruments comprise bank balances, trade debtors and trade creditors. the main purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding through the use of overdrafts at floating rates of interest. All of the business' cash balances are held in such a way that it achieves a competitive rate of interest. The business makes use of the money market facilities where funds are available.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

The trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Disclosure of information to the auditors

The director has taken 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. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.

Approved and authorised by the director on 3 September 2024
 

.........................................
Mr MB Fritzsche
Director

 

Mipa Paints Limited

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

 

Mipa Paints Limited

Independent Auditor's Report to the Members of Mipa Paints Limited

Opinion

We have audited the financial statements of Mipa Paints Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows, and 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 auditor 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 director's 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 original financial statements were authorised for issue.

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

Other information

The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Mipa Paints Limited

Independent Auditor's Report to the Members of Mipa Paints Limited

Opinion on other matter 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Director's Report.

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 director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities [set out on page 4], the director is 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 director determines is 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 an auditor’s report 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Mipa Paints Limited

Independent Auditor's Report to the Members of Mipa Paints Limited

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
• Reviewing minutes of meetings of those charged with governance;
• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 an auditor’s report 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.

 

Mipa Paints Limited

Independent Auditor's Report to the Members of Mipa Paints Limited

......................................
Gillian McIntosh (Senior Statutory Auditor)
For and on behalf of MMO Limited, Statutory Auditor

Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

3 September 2024

 

Mipa Paints Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

11,256,979

11,967,991

Cost of sales

 

(8,036,526)

(8,070,753)

Gross profit

 

3,220,453

3,897,238

Distribution costs

 

(380,219)

(975,339)

Administrative expenses

 

(1,990,654)

(1,749,605)

Operating profit

4

849,580

1,172,294

Interest payable and similar charges

5

(40,396)

(149,671)

 

(40,396)

(149,671)

Profit before tax

 

809,184

1,022,623

Taxation

8

(191,084)

(136,901)

Profit for the financial year

 

618,100

885,722

Retained earnings brought forward

 

5,593,509

4,707,787

Retained earnings carried forward

 

6,211,609

5,593,509

 

Mipa Paints Limited

(Registration number: 2074363)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

10

5,032,057

5,160,768

Investments

11

100

100

 

5,032,157

5,160,868

Current assets

 

Stocks

12

2,648,078

2,311,242

Debtors

13

1,718,940

2,067,564

Cash at bank and in hand

 

663,813

1,249,429

 

5,030,831

5,628,235

Creditors: Amounts falling due within one year

15

(1,757,574)

(2,017,279)

Net current assets

 

3,273,257

3,610,956

Total assets less current liabilities

 

8,305,414

8,771,824

Creditors: Amounts falling due after more than one year

15

(1,949,360)

(3,033,870)

Provisions for liabilities

16

(94,445)

(94,445)

Net assets

 

6,261,609

5,643,509

Capital and reserves

 

Called up share capital

50,000

50,000

Retained earnings

6,211,609

5,593,509

Shareholders' funds

 

6,261,609

5,643,509

Approved and authorised by the director on 3 September 2024
 

.........................................
Mr MB Fritzsche
Director

 

Mipa Paints Limited

Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

618,100

885,722

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

456,596

413,358

Finance costs

5

40,396

149,671

Income tax expense

8

191,084

136,901

 

1,306,176

1,585,652

Working capital adjustments

 

Increase in stocks

12

(336,836)

(457,839)

Decrease/(increase) in trade debtors

13

348,624

(477,357)

(Decrease)/increase in trade creditors

15

(220,412)

385,858

Cash generated from operations

 

1,097,552

1,036,314

Income taxes paid

8

(230,377)

(131,522)

Net cash flow from operating activities

 

867,175

904,792

Cash flows from investing activities

 

Acquisitions of tangible assets

(327,885)

(432,381)

Cash flows from financing activities

 

Interest paid

5

(40,396)

(149,671)

Proceeds from bank borrowing draw downs

 

915,490

(620,017)

Repayment of other borrowing

 

(2,000,000)

-

Net cash flows from financing activities

 

(1,124,906)

(769,688)

Net decrease in cash and cash equivalents

 

(585,616)

(297,277)

Cash and cash equivalents at 1 January

 

1,249,429

1,546,707

Effect of exchange rate fluctuations on cash held

 

-

(1)

Cash and cash equivalents at 31 December

 

663,813

1,249,429

 

Mipa Paints Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Fulflood Road
Leigh Park
Havant
PO9 5AX
England

These financial statements were authorised for issue by the director on 3 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in Sterling which is the functional currency of the company.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Mipa Paints Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment purchased for loan

33% straight line

Plant & machinery

33% straight line

Fixtures & fittings

33% straight line

Office equipment

33% straight line

Land & buildings

2% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Mipa Paints Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Intangible assets

Other intangible assets are stated in the statement of financial position at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets are amortised on a straight line basis over their useful economic life. All classes of intangible assets are reviewed for indicators of impairment, particularly if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years straight line

Computer software

3 years straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving items. Cost is determined using the weighted average cost method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the loss is recognised immediately in profit or loss.

 

Mipa Paints Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Mipa Paints Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Financial instruments

Recognition and measurement
Basic financial instruments are initially recognised at the transaction value.

Financial assets are derecognised when either the contractual right to cash flows from the asset are fully settled or they expire, or substantially all of the risks and rewards of the asset are transferred to another party.

Financial liabilities are derecognised when the liability is cancelled, discharged or expires.

 

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Sale of goods

11,256,979

11,967,991

4

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

456,596

413,358

Operating lease expense - plant and machinery

94,261

94,246

5

Interest payable and similar expenses

2023
£

2022
£

Interest expense on other finance liabilities

40,396

149,671

 

Mipa Paints Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

2023
£

2022
£

Wages and salaries

1,298,170

1,172,522

Social security costs

153,004

155,806

Pension costs, defined contribution scheme

24,199

23,271

Other employee expense

9,576

9,409

1,484,949

1,361,008

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

31

31

31

31

7

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

11,593

9,456


 

8

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

191,084

158,377

UK corporation tax adjustment to prior periods

-

(25,840)

191,084

132,537

Deferred taxation

Arising from origination and reversal of timing differences

-

4,364

Tax expense in the income statement

191,084

136,901

 

Mipa Paints Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Deferred tax

Deferred tax assets and liabilities

9

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

179,500

179,500

At 31 December 2023

179,500

179,500

Amortisation

At 1 January 2023

179,500

179,500

At 31 December 2023

179,500

179,500

Carrying amount

At 31 December 2023

-

-

10

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

4,736,249

1,461,869

6,198,118

Additions

81,116

246,769

327,885

At 31 December 2023

4,817,365

1,708,638

6,526,003

Depreciation

At 1 January 2023

141,533

895,817

1,037,350

Charge for the year

96,074

360,522

456,596

At 31 December 2023

237,607

1,256,339

1,493,946

Carrying amount

At 31 December 2023

4,579,758

452,299

5,032,057

At 31 December 2022

4,594,716

566,052

5,160,768

Included within the net book value of land and buildings above is £4,579,758 (2022 - £4,594,716) in respect of freehold land and buildings.
 

 

Mipa Paints Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

11

Investments

2023
£

2022
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 January 2023

100

Provision

Carrying amount

At 31 December 2023

100

At 31 December 2022

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Monofil Limited

Applied House
Fulflood Road
Leigh Park
Havant
PO9 5AX

England

Ordinary

100%

100%

Subsidiary undertakings

Monofil Limited

The principal activity of Monofil Limited is is that of a dormant company..

12

Stocks

2023
£

2022
£

Other inventories

2,648,078

2,311,242

 

Mipa Paints Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

13

Debtors

Current

2023
£

2022
£

Trade debtors

1,621,948

2,032,863

Other debtors

-

2,014

Prepayments

96,992

32,687

 

1,718,940

2,067,564

14

Cash and cash equivalents

2023
£

2022
£

Cash on hand

100

252

Cash at bank

663,713

1,249,177

663,813

1,249,429

15

Creditors

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

60,660

101,935

Amounts due to related parties

999,421

1,032,339

Social security and other taxes

 

161,615

350,816

Other payables

 

2,218

2,293

Accruals

 

414,576

371,519

Corporation tax liability

8

119,084

158,377

 

1,757,574

2,017,279

Due after one year

 

Loans and borrowings

19

1,949,360

1,033,870

Other non-current financial liabilities

 

-

2,000,000

 

1,949,360

3,033,870

 

Mipa Paints Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

16

Provisions for liabilities

Deferred tax
£

Total
£

At 1 January 2023

94,445

94,445

At 31 December 2023

94,445

94,445

17

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £24,199 (2022 - £23,271).

18

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £100 each

500

50,000

500

50,000

       

19

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

1,949,360

1,033,870

20

Parent and ultimate parent undertaking

Mipa Paints Limited is exempt from completing consolidated accounts, as it is the parent of a small group.

 The company's immediate parent is MIPA SE, incorporated in Germany.

 The ultimate controlling party is Mr M B Fritsche, the director, by virtue of his majority shareholding in MIPA SE. A copy of the consolidated accounts can be obtained from Am Oberen Moos 1, D-84051 Essenbach.