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Registered number: 01641366










MINKON LTD.










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MINKON LTD.
REGISTERED NUMBER: 01641366

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Intangible assets
 5 
-
200

Tangible assets
 6 
120,745
60,250

  
120,745
60,450

CURRENT ASSETS
  

Stocks
 7 
191,500
193,461

Debtors: amounts falling due within one year
 8 
178,579
187,019

Cash at bank and in hand
 9 
33,637
17,784

  
403,716
398,264

Creditors: amounts falling due within one year
 10 
(257,936)
(287,778)

NET CURRENT ASSETS
  
 
 
145,780
 
 
110,486

TOTAL ASSETS LESS CURRENT LIABILITIES
  
266,525
170,936

Creditors: amounts falling due after more than one year
 11 
(72,350)
(27,041)

PROVISIONS FOR LIABILITIES
  

Deferred tax
  
(30,186)
(11,305)

NET ASSETS
  
163,989
132,590


CAPITAL AND RESERVES
  

Called up share capital 
  
100,000
100,000

Profit and loss account
  
63,989
32,590

  
163,989
132,590


Page 1

 
MINKON LTD.
REGISTERED NUMBER: 01641366
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 September 2024.




Mr G Wuensch
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
MINKON LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

The company is a private company, limited by shares, incorporated in England and Wales and its
registered office is :-
Tofts Farm Industrial Estate
Brenda Road
Hartlepool
Cleveland
TS25 2BS

2.ACCOUNTING POLICIES

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
MINKON LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the company as a lessee

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

 
2.6

Leasing and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account on a straight line basis.

  
2.7

Invoice discounting

All sales invoices, other than those to other group companies and some non-European countries, are subject to an invoice discounting arrangement. Invoices are included within trade debtors until the related monies are received from the customer by the discounting company. The amount due to the discounting company is included in other creditors.

Page 4

 
MINKON LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the profit and loss account income over its useful economic life which has been assessed as 10 years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
MINKON LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant & machinery
-
10%
Motor vehicles
-
20%
Office equipment
-
10%
- 25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
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.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.


3.


AUDITORS' REMUNERATION

During the year, the company obtained the following services from the company's auditors:


2023
2022
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
7,350
6,060


4.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 13 (2022 - 13)

Page 6

 
MINKON LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


INTANGIBLE ASSETS




Goodwill

£



Cost


At 1 January 2023
11,001



At 31 December 2023

11,001



Amortisation


At 1 January 2023
10,801


Charge for the year on owned assets
200



At 31 December 2023

11,001



Net book value



At 31 December 2023
-



At 31 December 2022
200



Page 7

 
MINKON LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


TANGIBLE FIXED ASSETS





Other fixed assets

£



Cost


At 1 January 2023
433,833


Additions
105,830


Disposals
(55,494)



At 31 December 2023

484,169



Depreciation


At 1 January 2023
373,583


Charge for the year on owned assets
9,074


Charge for the year on financed assets
13,911


Disposals
(33,144)



At 31 December 2023

363,424



Net book value



At 31 December 2023
120,745



At 31 December 2022
60,250

The net book value of assets held under finance lease or hire purchase contracts, included above is £94,883 (2022: £30,309).


7.


STOCKS

2023
2022
£
£

Raw materials
123,148
106,023

Work in progress
1,473
1,596

Finished goods and goods for resale
66,879
85,842

191,500
193,461


Page 8

 
MINKON LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


DEBTORS

2023
2022
£
£


Trade debtors
139,797
160,879

Other debtors
12,986
2,884

Prepayments and accrued income
25,796
23,256

178,579
187,019


Included in trade debtors is £139,797 (2022: £160,879) under factoring.


9.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
33,637
17,784

33,637
17,784



10.


CREDITORS: Amounts falling due within one year

2023
2022
£
£

Trade creditors
28,993
36,608

Amounts owed to group undertakings
120,272
98,447

Corporation tax
22,665
35,273

Other taxation and social security
40,227
45,165

Obligations under finance lease and hire purchase contracts
14,887
7,969

Other creditors
2,275
3,756

Accruals and deferred income
28,617
60,560

257,936
287,778


Hire purchase creditors are secured over the assets to which they relate. Advances under the invoice discounting arrangement are secured on the book debt to which they relate.

Page 9

 
MINKON LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


CREDITORS: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
72,350
27,041

72,350
27,041



12.


DEFERRED TAXATION




2023


£






At beginning of year
11,305


Charged to profit or loss
18,881



At end of year
30,186

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
30,186
11,305

30,186
11,305


13.


PENSION COMMITMENTS

The company contributes to a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
At the year end £2,274 (2022: £3,755) was payable to the fund and included in other creditors.

Page 10

 
MINKON LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


RELATED PARTY TRANSACTIONS AND CONTROLLING PARTY

The directors regard Minkon GmbH, which is incorporated in Germany, as being the company's holding company at 31 December 2022.
The registered office of Minkon GmbH is:
30-32 Heinrich Hertz Strasse
D-4006 Erkrath 1
Unterfeldhaus
Gemany
Guarantee
Minkon GmbH has agreed to act as guarantor for the company in relation to its obligations under an operating lease relating to land and buildings.


15.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 16 September 2024 by Heather O'Driscoll FCA (senior statutory auditor) on behalf of Waltons Business Advisers Limited.

 
Page 11