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REGISTERED NUMBER: 01695342 (England and Wales)















REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

MURRELEKTRONIK LIMITED

MURRELEKTRONIK LIMITED (REGISTERED NUMBER: 01695342)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31st December 2023










Page

Company Information 1

Report of the Director 2

Report of the Independent Auditors 3

Profit and Loss Account 7

Statement of Financial Position 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


MURRELEKTRONIK LIMITED

COMPANY INFORMATION
for the Year Ended 31st December 2023







DIRECTOR: Mr P M Rogers





REGISTERED OFFICE: Albion Street
Pendlebury Industrial Estate
Swinton
Manchester
M27 4FG





REGISTERED NUMBER: 01695342 (England and Wales)





AUDITORS: Xeinadin Audit Limited
Statutory Auditors
100 Barbirolli Square
Manchester
M2 3BD

MURRELEKTRONIK LIMITED (REGISTERED NUMBER: 01695342)

REPORT OF THE DIRECTOR
for the Year Ended 31st December 2023


The director presents his report with the financial statements of the company for the year ended 31st December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of suppliers of electrical and electronic control equipment.

DIRECTOR
Mr P M Rogers held office during the whole of the period from 1st January 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Report of the Director 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the 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.

AUDITORS
In accordance with section 485 of the Companies Act 2006, Xeinadin Audit Limited will be proposed for reappointment.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr P M Rogers - Director


5th April 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MURRELEKTRONIK LIMITED


Opinion
We have audited the financial statements of Murrelektronik Limited (the 'company') for the year ended 31st December 2023 which comprise the Profit and Loss Account, Statement of Financial Position, Statement of Changes in Equity 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 31st 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 Auditors' 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 financial statements are 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 is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Director has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MURRELEKTRONIK LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director.

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; or
- the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page two, 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 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 has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MURRELEKTRONIK LIMITED


Auditors' 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 a Report of the Auditors 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:

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations we have considered the following:

- The nature of the industry and sector, control environment and business performance including the company's remuneration policies, key drivers for directors remuneration, bonus levels and performance targets;
- Results of the enquiries of management about their own identification and assessment of the risks of irregularities;
- Any matters we have identified having obtained and reviewed the company's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of income, going concern and the value of investment cars. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, environmental laws, employment law, health and safety, pensions legislation and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified
Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MURRELEKTRONIK LIMITED


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 a Report of the Auditors 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.




Richard Lloyd (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Statutory Auditors
100 Barbirolli Square
Manchester
M2 3BD

5th April 2024

MURRELEKTRONIK LIMITED (REGISTERED NUMBER: 01695342)

PROFIT AND LOSS ACCOUNT
for the Year Ended 31st December 2023

2023 2022
Notes £    £   

TURNOVER 7,934,231 8,230,411

Cost of sales (5,488,998 ) (5,742,157 )
GROSS PROFIT 2,445,233 2,488,254

Distribution costs (377,069 ) (434,919 )
Administrative expenses (1,454,892 ) (1,443,960 )
613,272 609,375

Other operating income 7,382 4,170
OPERATING PROFIT 5 620,654 613,545

Interest receivable and similar income 21,780 2,339
PROFIT BEFORE TAXATION 642,434 615,884

Tax on profit (152,307 ) (115,974 )
PROFIT FOR THE FINANCIAL YEAR 490,127 499,910

MURRELEKTRONIK LIMITED (REGISTERED NUMBER: 01695342)

STATEMENT OF FINANCIAL POSITION
31st December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 6 131,822 165,140

CURRENT ASSETS
Stocks 231,101 239,569
Debtors 7 1,248,916 1,702,904
Cash at bank and in hand 1,759,974 1,014,985
3,239,991 2,957,458
CREDITORS
Amounts falling due within one year 8 (703,605 ) (944,017 )
NET CURRENT ASSETS 2,536,386 2,013,441
TOTAL ASSETS LESS CURRENT LIABILITIES 2,668,208 2,178,581

CREDITORS
Amounts falling due after more than one year 9 (8,218 ) (8,718 )
NET ASSETS 2,659,990 2,169,863

CAPITAL AND RESERVES
Called up share capital 11 20,000 20,000
Capital redemption reserve 30,000 30,000
Retained earnings 2,609,990 2,119,863
SHAREHOLDERS' FUNDS 2,659,990 2,169,863

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 5th April 2024 and were signed by:





Mr P M Rogers - Director


MURRELEKTRONIK LIMITED (REGISTERED NUMBER: 01695342)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31st December 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st January 2022 20,000 1,619,953 30,000 1,669,953
Profit for the year - 499,910 - 499,910
Total comprehensive income - 499,910 - 499,910
Balance at 31st December 2022 20,000 2,119,863 30,000 2,169,863
Profit for the year - 490,127 - 490,127
Total comprehensive income - 490,127 - 490,127
Balance at 31st December 2023 20,000 2,609,990 30,000 2,659,990

MURRELEKTRONIK LIMITED (REGISTERED NUMBER: 01695342)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31st December 2023


1. STATUTORY INFORMATION

Murrelektronik Limited is a private company, limited by shares, registered in England and Wales, registration number 01695342. The address of the registered office and the principal place of business is Albion Street, Pendlebury Industrial Estate, Swinton, Manchester, M27 4FG.

These financial statements are presented in sterling, which is also the Company's functional currency, and are rounded to the nearest pound.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents amounts recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts. Turnover principally consists of the sale of electronics, which are recognised at the point of which the goods are delivered and legal title is passed.

Trade and other debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade and other creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand and at the bank.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods:

Long Leasehold-2% on cost
Fixtures and fittings-20%-50% on cost
Motor vehicles-25% on cost

At each balance sheet date, the Company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items of tangible fixed assets have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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. Impairment loss is recognised as an expense immediately.

MURRELEKTRONIK LIMITED (REGISTERED NUMBER: 01695342)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2023


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

MURRELEKTRONIK LIMITED (REGISTERED NUMBER: 01695342)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2023


3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies above, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period.

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

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:

Useful life of fixed assets
In making decisions regarding the depreciation of fixed assets, management must estimate the useful life of said assets to the business. A change in estimate would result in a change in the depreciation charged to the statement of total comprehensive income in each year.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 19 ) .

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 35,607 61,572
Auditors' remuneration 14,750 10,100
Foreign exchange differences (222 ) (20,327 )

MURRELEKTRONIK LIMITED (REGISTERED NUMBER: 01695342)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2023


6. TANGIBLE FIXED ASSETS
Fixtures
Long and Motor
leasehold fittings vehicles Totals
£    £    £    £   
COST
At 1st January 2023 278,830 377,249 286,397 942,476
Additions - 2,289 - 2,289
Disposals - (44,232 ) - (44,232 )
At 31st December 2023 278,830 335,306 286,397 900,533
DEPRECIATION
At 1st January 2023 178,460 330,521 268,355 777,336
Charge for year 5,576 16,732 13,299 35,607
Eliminated on disposal - (44,232 ) - (44,232 )
At 31st December 2023 184,036 303,021 281,654 768,711
NET BOOK VALUE
At 31st December 2023 94,794 32,285 4,743 131,822
At 31st December 2022 100,370 46,728 18,042 165,140

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,152,329 1,529,230
Other debtors 21,653 123,229
Deferred tax asset 28,082 25,675
Prepayments and accrued income 46,852 24,770
1,248,916 1,702,904

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 123,109 115,515
Amounts owed to group undertakings 157,046 256,349
Tax 74,714 59,493
Social security and other taxes 27,023 23,258
VAT 239,084 344,260
Other creditors 4,836 6,655
Accrued expenses 77,793 138,487
703,605 944,017

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Accruals and deferred income 8,218 8,718

MURRELEKTRONIK LIMITED (REGISTERED NUMBER: 01695342)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2023


10. DEFERRED TAX
£   
Balance at 1st January 2023 (25,675 )
Provided during year (2,407 )
Balance at 31st December 2023 (28,082 )

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
20,000 Ordinary £1.00 20,000 20,000

12. OFF-BALANCE SHEET ARRANGEMENTS

Operating lease commitments not included in the balance sheet amount to £Nil (2022 - £3,360).

13. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Hafner-Familienstiftung, a private foundation registered in Germany.

Murrelektronik Limited is a wholly owned subsidiary of MEG Murrelektronik GmbH Beteiligungen, a company incorporated in Germany with a registered office at District Court, Stuttgart, HRB 270279.