Company registration number 03620429 (England and Wales)
MNH SUSTAINABLE CABIN SERVICES LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MNH SUSTAINABLE CABIN SERVICES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
MNH SUSTAINABLE CABIN SERVICES LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
Unaudited
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
71,896
83,758
Current assets
Stocks
10,000
10,000
Debtors
5
1,591,045
1,782,262
Cash at bank and in hand
1,273,299
794,185
2,874,344
2,586,447
Creditors: amounts falling due within one year
6
(1,756,161)
(1,893,314)
Net current assets
1,118,183
693,133
Total assets less current liabilities
1,190,079
776,891
Creditors: amounts falling due after more than one year
7
-
(204,167)
Provisions for liabilities
(6,750)
(6,000)
Net assets
1,183,329
566,724
Capital and reserves
Called up share capital
8
1,900
1,900
Profit and loss reserves
1,181,429
564,824
Total equity
1,183,329
566,724
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 15 August 2024 and are signed on its behalf by:
Mr K Peat
Director
Company registration number 03620429 (England and Wales)
MNH SUSTAINABLE CABIN SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
MNH Sustainable Cabin Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Rowfant Business Park, Wallage Lane, Rowfant, West Sussex, RH10 4NQ.
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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the 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.true
1.3
Turnover
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Income is recognised when the company obtains the right to consideration for the goods and services provided.
Other operating income
Royalty income
Royalty income, included within other operating income, is recognised on a fixed percentage, based on the respective company's turnover for the financial year.
Commission income
Commission income, included within other operating income, is recognised on a usage basis, based on the ERP system created by the company, and used by fellow group companies.
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 or valuation of assets less their residual values over their useful lives on the following bases:
Computer software
25% per annum on a straight line basis
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
MNH SUSTAINABLE CABIN SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Over the life of the lease
Plant and equipment
25% per annum on a straight line basis
Fixtures and fittings
10% - 33.3% per annum on a straight line basis
Motor vehicles
25% per annum on a diminishing value basis
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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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.
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.9
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.
1.10
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.
MNH SUSTAINABLE CABIN SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
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 except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
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 18 (2022 - 14).
3
Intangible fixed assets
Computer software
£
Cost
At 1 January 2023
70,622
Disposals
(70,622)
At 31 December 2023
Amortisation and impairment
At 1 January 2023
70,622
Disposals
(70,622)
At 31 December 2023
Carrying amount
At 31 December 2023
At 31 December 2022
MNH SUSTAINABLE CABIN SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
83,384
48,145
249,203
8,581
389,313
Additions
22,725
2,076
6,080
30,881
At 31 December 2023
106,109
50,221
255,283
8,581
420,194
Depreciation and impairment
At 1 January 2023
24,246
42,966
229,762
8,581
305,555
Depreciation charged in the year
34,379
(757)
9,121
42,743
At 31 December 2023
58,625
42,209
238,883
8,581
348,298
Carrying amount
At 31 December 2023
47,484
8,012
16,400
71,896
At 31 December 2022
59,138
5,179
19,441
83,758
5
Debtors
Unaudited
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,201,414
1,443,059
Amounts owed by group undertakings
342,620
290,145
Other debtors
47,011
49,058
1,591,045
1,782,262
6
Creditors: amounts falling due within one year
Unaudited
2023
2022
£
£
Bank loans
70,000
Trade creditors
458,481
1,560,679
Amounts owed to group undertakings
777,090
1
Taxation and social security
254,568
96,689
Other creditors
266,022
165,945
1,756,161
1,893,314
The bank loans are secured by a fixed and floating charge over the assets of the company.
MNH SUSTAINABLE CABIN SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Creditors: amounts falling due after more than one year
Unaudited
2023
2022
£
£
Bank loans
204,167
The bank loans are secured by a fixed and floating charge over the assets of the company.
8
Called up share capital
Unaudited
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,800 Ordinary 'A' shares of £1 each
1,800
1,800
100 Ordinary 'B' shares of £1 each
100
100
1,900
1,900
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.
Other matter
The financial statements for the year ended 31 December 2022 were unaudited.
Senior Statutory Auditor:
Michael Wesley FCA
Statutory Auditor:
Azets Audit Services
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:
Unaudited
2023
2022
£
£
44,885
123,023
MNH SUSTAINABLE CABIN SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
11
Parent company
The immediate parent company is MNH GRP Limited, a company incorporated in England and Wales. Their registered office is Rowfant Business Park, Wallage Lane, Rowfant, West Sussex, RH10 4NQ.
The parent of the largest group for which consolidated financial statements are prepared is Linstol UK Limited, incorporated in England and Wales. The registered office 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.