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Registration number: 01749118

Mantracourt Electronics Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Mantracourt Electronics Limited

Contents

Statement of Financial Position

1

Notes to the Financial Statements

2 to 8

 

Mantracourt Electronics Limited

(Registration number: 01749118)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

916,068

510,140

Current assets

 

Stocks

5

1,706,464

1,737,577

Debtors

6

2,963,878

1,361,350

Cash at bank and in hand

 

2,920,818

6,359,785

 

7,591,160

9,458,712

Creditors: Amounts falling due within one year

7

(610,218)

(636,964)

Net current assets

 

6,980,942

8,821,748

Total assets less current liabilities

 

7,897,010

9,331,888

Provisions for liabilities

(220,712)

(122,972)

Net assets

 

7,676,298

9,208,916

Capital and reserves

 

Called up share capital

46

51

Share premium reserve

7,639

7,639

Capital redemption reserve

5

-

Profit and loss account

7,668,608

9,201,226

Shareholders' funds

 

7,676,298

9,208,916

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 20 August 2024 and signed on its behalf by:
 


Mr D R Willmington
Director

 

Mantracourt Electronics 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 and Wales.

The address of its registered office is:
Farringdon Park
Farringdon
Exeter
Devon
EX5 2JB

Principal activity

The principal activity of the company is the design, development and production of electrical equipment.

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 entity.

Group accounts not prepared

Consolidated accounts have not been prepared for the group during the year as the group qualifies as a small group..

Going concern

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

 

Mantracourt Electronics Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 20 August 2024 was David Cresswell FCA, who signed for and on behalf of Westcotts (SW) LLP.

.........................................

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

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.

 

Mantracourt Electronics Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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

Office equipment

20% straight line

Fittings fixtures and equipment

20% reducing balance

Motor vehicles

25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Mantracourt Electronics Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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.

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 38 (2022 - 35).

 

Mantracourt Electronics Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

1,128,817

540,930

176,158

1,845,905

Additions

552,982

49,829

67,090

669,901

Disposals

(198,363)

-

(70,653)

(269,016)

At 31 December 2023

1,483,436

590,759

172,595

2,246,790

Depreciation

At 1 January 2023

813,761

451,574

70,430

1,335,765

Charge for the year

130,103

42,067

30,622

202,792

Eliminated on disposal

(175,636)

-

(32,199)

(207,835)

At 31 December 2023

768,228

493,641

68,853

1,330,722

Carrying amount

At 31 December 2023

715,208

97,118

103,742

916,068

At 31 December 2022

315,056

89,356

105,728

510,140

5

Stocks

2023
£

2022
£

Work in progress

185,517

210,673

Finished goods and goods for resale

1,520,947

1,526,904

1,706,464

1,737,577

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

1,096,167

659,885

Amounts owed by related parties

10

176,749

186,104

Other debtors

 

1,571,648

292,999

Prepayments

 

105,449

102,517

Accrued income

 

13,865

217

Income tax asset

-

119,628

 

2,963,878

1,361,350

 

Mantracourt Electronics Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

6

Debtors (continued)

Details of non-current trade and other debtors

£Nil (2022 -£214,101) of DLA is classified as non current.

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

118,656

361,107

Taxation and social security

392,322

166,310

Accruals and deferred income

68,055

88,810

Other creditors

31,185

20,737

610,218

636,964

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

61,000

61,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £Nil (2022 - £Nil).

 

Mantracourt Electronics Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

10

Related party transactions

Transactions with directors

During the year the directors entered into the following advances and credits with the company:

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Directors

214,101

1,277,000

(2,901)

1,488,200

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Directors

356,087

13,000

(154,986)

214,101

 

Interest on the above balance has been charged at the official rate of interest and has been paid by the director.