Mocap Limited 03088682 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the manufacture and supply of vinyl and silicone caps, grips, sleeves, plugs, packaging cases and clear plastic tubing. 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Registration number: 03088682

Mocap Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Mocap Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Profit and Loss Account

9

Balance Sheet

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Financial Statements

13 to 26

 

Mocap Limited

Company Information

Directors

G J Miller

J T Miller

P T Miller

Company secretary

S S Miller

Registered office

Hortonwood 35
Telford
Shropshire
TF1 7YW

Auditors

CBSL Accountants Limited
Chartered accountant & statutory auditor
Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 

Mocap Limited

Strategic Report for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the company is the manufacture and supply of vinyl and silicone caps, grips, sleeves, plugs, packaging cases and clear plastic tubing.

Manufacture is via Blow Moulding, Injection Moulding, Extrusion and Dip Moulding processes.

Fair review of the business

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the end of the year. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

During the year, the company focussed on cost efficiencies and diversifying its customer base with a new sales director appointed to focus on group sales strategies.

The company has invested in a significant amount of tooling during recent years to support the production of Blow and Injection Moulded products and reduce the requirement to import various products. The company anticipates the efficiencies from these machines will continue to come to fruition during 2024 and subsequent years thereafter.

The company continually re-evaluates its manufacturing capabilities and resources required to expand into new product lines. We will look to refocus on additional investment in marketing, exhibitions and a possible dispatch warehouse located in Poland in order to create an improved presence in Europe in 2024. We continue to promote our ability to produce a diverse range of quality products within key timescales.

We consider that our key performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover and gross profit margin.

The turnover of the company has increased slightly this year, from £7,797,535 to £8,173,454. It is now back in line with 2021 levels as disruption in the market last year resulted in a decrease in turnover in 2022. The gross profit margin also increased on the prior year (2023 - 29.56%, 2022 - 26.67%) due to cost efficiencies from the UK based machines, reducing the costs of import.

Labour efficiencies have been a key focus of management this year, the impact of which has been seen in 2023 with growth expected to continue into 2024.

The company made a profit before tax this year of £369,952, primarily driven by increased turnover and increased gross profit margin but also a foreign exchange gain of £50,119 (2022 - loss of £266,028) attributable to the fluctuations in exchange rates during the year. At the end of the year the net assets totalled £3,587,609.

Approved and authorised by the Board on 14 May 2024 and signed on its behalf by:
 


P T Miller
Director

 

Mocap Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

G J Miller

J T Miller

P T Miller

Financial instruments

Objectives and policies

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

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

In respect of bank balances, all of the business' cash balances are held in such a way that achieves a competitive rate of interest.

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 amounts presented in the balance sheet are net of allowances for doubtful debtors.

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

The company is a lessee in respect of short leasehold property. The liquidity risk in respect of these is managed by ensuring that there are sufficient funds available to meet the payments when they become due.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the Board on 14 May 2024 and signed on its behalf by:


P T Miller
Director

 

Mocap Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

 

Mocap Limited

Independent Auditor's Report to the Members of Mocap Limited

Opinion

We have audited the financial statements of Mocap Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.

 

Mocap Limited

Independent Auditor's Report to the Members of Mocap 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' 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 Directors' 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 directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are 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 directors determine 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 directors are 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 directors either intend 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.

 

Mocap Limited

Independent Auditor's Report to the Members of Mocap Limited

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

• We obtained an understanding of the legal and regulatory frameworks that are applicable to this company and its sector and determined that the most significant are those relating to the reporting framework and the relevant UK tax legislation.

• We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures.

• As an audit engagement team, we assessed the susceptibility of the company’s financial statements to material misstatement including how fraud might occur and considered the opportunities and incentives that may exist within the company for fraud. We considered the controls that the company has established to address the risks identified to prevent, deter and detect fraud; and how the management and directors monitor those controls.

• Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Those procedures involved: - enquiries of management and those charged with governance; - journal entry testing; - assessing whether judgements 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.

• Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included revenue recognition and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

• We remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

 

Mocap Limited

Independent Auditor's Report to the Members of Mocap 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 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.





Adrian Barker BA FCA (Senior Statutory Auditor)
For and on behalf of CBSL Accountants Limited, Statutory Auditor

Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

28 May 2024

 

Mocap Limited

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

8,173,454

7,797,535

Cost of sales

 

(5,757,422)

(5,718,224)

Gross profit

 

2,416,032

2,079,311

Administrative expenses

 

(2,049,707)

(1,992,694)

Operating profit

4

366,325

86,617

Other interest receivable and similar income

5

57,750

1,821

Interest payable and similar expenses

6

(54,123)

(310,936)

   

3,627

(309,115)

Profit/(loss) before tax

 

369,952

(222,498)

Tax on profit/(loss)

9

1,337

41,798

Profit/(loss) for the financial year

 

371,289

(180,700)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Mocap Limited

(Registration number: 03088682)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

10

3,944,884

4,003,325

Investments

11

469,956

469,956

 

4,414,840

4,473,281

Current assets

 

Stocks

12

2,413,387

2,585,163

Debtors

13

883,647

753,554

Cash at bank and in hand

 

328,219

560,155

 

3,625,253

3,898,872

Creditors: Amounts falling due within one year

15

(3,331,240)

(3,699,610)

Net current assets

 

294,013

199,262

Total assets less current liabilities

 

4,708,853

4,672,543

Creditors: Amounts falling due after more than one year

15

(1,028,304)

(1,361,946)

Provisions for liabilities

16

(92,940)

(94,277)

Net assets

 

3,587,609

3,216,320

Capital and reserves

 

Called up share capital

111,002

111,002

Retained earnings

3,476,607

3,105,318

Shareholders' funds

 

3,587,609

3,216,320

Approved and authorised by the Board on 14 May 2024 and signed on its behalf by:
 


G J Miller
Director

 

Mocap Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

111,002

3,105,318

3,216,320

Profit for the year

-

371,289

371,289

At 31 December 2023

111,002

3,476,607

3,587,609

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

111,002

3,286,018

3,397,020

Loss for the year

-

(180,700)

(180,700)

At 31 December 2022

111,002

3,105,318

3,216,320

 

Mocap Limited

Statement of Cash Flows for the Year Ended 31 December 2023

2023
£

2022
£

Cash flows from operating activities

Profit/(loss) for the year

371,289

(180,700)

Adjustments to cash flows from non-cash items

Depreciation and amortisation

412,164

355,055

(Profit)/loss on disposal of tangible assets

(6,000)

8,236

Finance income

(7,631)

(1,821)

Finance costs

54,123

44,908

Income tax expense

(1,337)

(41,798)

822,608

183,880

Working capital adjustments

Decrease/(increase) in stocks

171,776

(381,440)

(Increase)/decrease in trade debtors

(130,093)

211,252

(Decrease)/increase in trade creditors

(370,873)

1,632,410

Decrease in deferred income, including government grants

-

(8,732)

Cash generated from operations

493,418

1,637,370

Income taxes paid

-

(27,786)

Net cash flow from operating activities

493,418

1,609,584

Cash flows from investing activities

Interest received

7,631

1,821

Acquisitions of tangible assets

(353,723)

(1,588,968)

Proceeds from sale of tangible assets

6,000

1,851

Net cash flows from investing activities

(340,092)

(1,585,296)

Cash flows from financing activities

Interest paid

(54,123)

(44,908)

Repayment of bank borrowing

(321,000)

(321,000)

Payments to finance lease creditors

(10,139)

(10,184)

Net cash flows from financing activities

(385,262)

(376,092)

Net decrease in cash and cash equivalents

(231,936)

(351,804)

Cash and cash equivalents at 1 January

560,155

911,959

Cash and cash equivalents at 31 December

328,219

560,155

 

Mocap 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:
Hortonwood 35
Telford
Shropshire
TF1 7YW

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.

Judgements and key sources of estimation uncertainty

In preparing these financial statements, the Directors are required to make judgements, estimates and assumptions which will impact on the application of accounting policies. These judgements, estimates and assumptions will also affect the amounts reported in respect of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Management estimates and assumptions are continually reviewed and any variances are adjusted in the profit and loss account as and when more accurate information is obtained.

Judgements that management have made in applying the company's accounting policies and which could have the most significant impact on the financial statements relate to the following:
Accruals
Depreciation
Stock provision.

Group accounts not prepared

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 402 of the Companies Act 2006 on the basis that the company's subsidiary undertaking is dormant.

Going concern

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

 

Mocap Limited

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

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Foreign currency transactions and balances

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange exchange rate as at the date of the settlement. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are stated in the balance sheet 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

Freehold buildings

2% straight line

Freehold land

Not depreciated

Leasehold property improvements

15 years straight line

Plant and machinery

10% to 33% straight line

Motor vehicles

25% 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.

 

Mocap Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Related parties

The company has applied the exemption under FRS 102 section 33.1A and does not disclose transactions with members of the same group that are wholly owned.

 

Mocap Limited

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

3

Revenue

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

2023
 £

2022
 £

Sale of goods

8,173,454

7,797,535

The analysis of the company's turnover for the year by market is as follows:

2023
 £

2022
 £

UK

2,182,135

2,092,832

Rest of world

5,991,319

5,704,703

8,173,454

7,797,535

4

Operating profit

Arrived at after charging/(crediting)

2023
 £

2022
 £

Depreciation expense

412,164

355,055

Operating lease expense - other

11,598

-

(Profit)/loss on disposal of property, plant and equipment

(6,000)

8,236

5

Other interest receivable and similar income

2023
 £

2022
 £

Interest income on bank deposits

7,631

1,821

Foreign currency gains

50,119

-

57,750

1,821

6

Interest payable and similar expenses

2023
 £

2022
 £

Interest expense on other finance liabilities

54,123

44,908

Foreign exchange losses

-

266,028

54,123

310,936

 

Mocap Limited

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

7

Staff costs

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

2023
 £

2022
 £

Wages and salaries

2,120,215

2,247,071

Social security costs

213,433

228,055

Other short-term employee benefits

15,507

16,413

Pension costs, defined contribution scheme

64,940

68,785

Other employee expense

66,679

42,480

2,480,774

2,602,804


 

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

2023
No.

2022
No.

Production

25

30

Administration and support

16

16

Other departments

24

25

65

71

8

Auditors' remuneration

2023
 £

2022
 £

Audit of the financial statements

13,800

13,500


 

 

Mocap Limited

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

9

Taxation

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

2023
£

2022
£

Deferred taxation

Arising from origination and reversal of timing differences

209

(36,911)

Arising from changes in tax rates and laws

(1,546)

-

Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods

-

(4,887)

Total deferred taxation

(1,337)

(41,798)

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 25% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit/(loss) before tax

369,952

(222,498)

Corporation tax at standard rate

92,488

(42,275)

Effect of expense not deductible in determining taxable profit (tax loss)

7,058

5,364

Deferred tax credit relating to changes in tax rates or laws

(1,546)

-

Deferred tax credit from unrecognised temporary difference from a prior period

(99,172)

(4,887)

Tax decrease from effect of capital allowances and depreciation

(165)

-

Total tax credit

(1,337)

(41,798)

 

Mocap Limited

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

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Accelerated tax depreciation

-

595,158

Losses carried forward

495,185

-

Pension accrual

7,033

-

502,218

595,158

2022

Asset
£

Liability
£

Accelerated tax depreciation

-

549,349

Losses carried forward

452,904

-

Pension accrual

2,168

-

455,072

549,349

 

Mocap Limited

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

10

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

1,675,827

5,341,432

1,080

7,018,339

Additions

2,750

350,973

-

353,723

Disposals

-

(42,773)

-

(42,773)

At 31 December 2023

1,678,577

5,649,632

1,080

7,329,289

Depreciation

At 1 January 2023

508,425

2,505,509

1,080

3,015,014

Charge for the year

30,419

381,745

-

412,164

Eliminated on disposal

-

(42,773)

-

(42,773)

At 31 December 2023

538,844

2,844,481

1,080

3,384,405

Carrying amount

At 31 December 2023

1,139,733

2,805,151

-

3,944,884

At 31 December 2022

1,167,402

2,835,923

-

4,003,325

Land and buildings includes freehold land with a cost of £527,569 (2022 - £527,569) that is not depreciated.

 

Mocap Limited

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

11

Investments in subsidiaries, joint ventures and associates

2023
 £

2022
 £

Investments in subsidiaries

469,956

469,956

Subsidiaries

£

Cost or valuation

At 1 January 2023

1,855,109

At 31 December 2023

1,855,109

Provision

At 1 January 2023

1,385,153

At 31 December 2023

1,385,153

Carrying amount

At 31 December 2023

469,956

At 31 December 2022

469,956

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

William Beckett Plastics Limited

Hortonwood 35
Telford
Shropshire
TF1 7YW

England and Wales

Ordinary

100%

100%

Subsidiary undertakings

William Beckett Plastics Limited

The principal activity of William Beckett Plastics Limited is that of a dormant company.

 

Mocap Limited

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

12

Stocks

2023
 £

2022
 £

Finished goods and goods for resale

2,413,387

2,585,163

13

Debtors

Current

2023
£

2022
£

Trade debtors

618,666

605,425

Other debtors

46,781

2,689

Prepayments

218,200

145,440

 

883,647

753,554

14

Cash and cash equivalents

2023
 £

2022
 £

Cash on hand

520

1,159

Cash at bank

327,699

558,996

328,219

560,155

15

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

19

349,717

347,214

Trade creditors

 

264,599

154,630

Amounts due to related parties

2,547,543

3,049,747

Other payables

 

28,082

13,009

Accrued expenses

 

141,299

135,010

 

3,331,240

3,699,610

Due after one year

 

Loans and borrowings

19

558,348

891,990

Other non-current financial liabilities

 

469,956

469,956

 

1,028,304

1,361,946

 

Mocap Limited

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

16

Deferred tax and other provisions

Deferred tax
£

Total
£

At 1 January 2023

94,277

94,277

Deferred tax charged to the P&L account

(1,337)

(1,337)

At 31 December 2023

92,940

92,940

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 £64,940 (2022 - £68,785).

18

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary 'A' of £1 each

1,000

1,000

1,000

1,000

Ordinary 'B' of £1 each

110,002

110,002

110,002

110,002

 

111,002

111,002

111,002

111,002

 

Mocap Limited

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

19

Loans and borrowings

2023
 £

2022
 £

Non-current loans and borrowings

Bank borrowings

456,500

777,500

HP and finance lease liabilities

101,848

114,490

558,348

891,990

2023
 £

2022
 £

Current loans and borrowings

Bank borrowings

321,000

321,000

HP and finance lease liabilities

28,717

26,214

349,717

347,214

The bank borrowings relates to two loans drawn down during the year.

The first bank loan balance of £487,500 is repayable by quarterly instalments, at an interest rate of 3.94%.

The loan is secured against a first Legal Charge over Plot 11, Hortonwood 35, Telford, Shropshire and a floating charge over the company's assets.

The second bank loan balance of £290,000 is through the CBIL government support scheme and is repayable by quarterly instalments.

 

Mocap Limited

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

20

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

28,717

26,214

Later than one year and not later than five years

101,848

114,490

130,565

140,704

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

218,343

216,956

Later than one year and not later than five years

867,883

867,883

Later than five years

710,965

929,310

1,797,191

2,014,149

21

Commitments

Capital commitments

The total amount contracted for but not provided in the financial statements was £87,099 (2022 - £Nil).

22

Analysis of changes in net debt

At 1 January 2023
£

Financing cash flows
£

Other non-cash changes
£

At 31 December 2023
£

Cash and cash equivalents

Cash

560,155

(231,936)

-

328,219

Borrowings

Long term borrowings

(777,500)

-

321,000

(456,500)

Short term borrowings

(321,000)

321,000

(321,000)

(321,000)

Lease liabilities

(140,704)

10,139

-

(130,565)

(1,239,204)

331,139

-

(908,065)

 

(679,049)

99,203

-

(579,846)

 

Mocap Limited

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

23

Parent and ultimate parent undertaking

The company's immediate parent is Mocap LLC, incorporated in United States of America.