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Registered number: 06787640









MASTERFLOW UK LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MASTERFLOW UK LIMITED
REGISTERED NUMBER: 06787640

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 3 
19,310
31,967

Current assets
  

Stocks
  
99,962
102,776

Debtors: amounts falling due within one year
 4 
230,940
169,324

Cash at bank and in hand
 5 
31,738
100,185

  
362,640
372,285

Creditors: amounts falling due within one year
 6 
(318,327)
(340,985)

Net current assets
  
 
 
44,313
 
 
31,300

  

Net assets
  
63,623
63,267


Capital and reserves
  

Called up share capital 
  
35,000
35,000

Profit and loss account
  
28,623
28,267

  
63,623
63,267


Page 1

 
MASTERFLOW UK LIMITED
REGISTERED NUMBER: 06787640
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 comprehensive income 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 20 March 2024.




P Sanden
Director


The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
MASTERFLOW UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

MasterFlow UK Limited is a private limited company incorporated and domiciled in England.  Its registered office and principal place of business is situated at 1st Floor, 1 Midland Court, Central Park, Lutterworth, Leicestershire, LE17 4PN.
The principal activity of the company is the supply and maintenance of hot-runner plastic moulding machines.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis.  The director believes that the company has sufficient resources to be able to continue to trade until at least April 2025. 

 
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

 
MASTERFLOW UK LIMITED
 
 
 
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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 4

 
MASTERFLOW UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Taxation

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.

 
2.7

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.

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 and machinery
-
33%
straight line
Motor vehicles
-
25%
straight line

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.

 
2.8

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 first in, first out 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.

Page 5

 
MASTERFLOW UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 January 2023
28,000
52,961
80,961



At 31 December 2023

28,000
52,961
80,961



Depreciation


At 1 January 2023
23,333
25,661
48,994


Charge for the year on owned assets
4,667
7,990
12,657



At 31 December 2023

28,000
33,651
61,651



Net book value



At 31 December 2023
-
19,310
19,310



At 31 December 2022
4,667
27,300
31,967


4.


Debtors

2023
2022
£
£


Trade debtors
68,732
9,704

Amounts owed by group undertakings
150,000
140,000

Other debtors
3,000
6,975

Prepayments and accrued income
9,208
11,599

Tax recoverable
-
1,046

230,940
169,324



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
31,738
100,185


Page 6

 
MASTERFLOW UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
294,312
295,884

Corporation tax
3,166
4,097

Other taxation and social security
10,745
35,803

Other creditors
6,416
1,666

Accruals and deferred income
3,688
3,535

318,327
340,985



7.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £17,138 (2022 - £945). £296 (2022 - £296) was outstanding at the balance sheet date.


8.


Related party transactions

During the year the company purchased goods to the value of £301,636 (2022 - £144,674) from MasterFlow AB, a subsidiary of this company's ultimate parent undertaking, Ewebe AB. £287,904 (2022 - £271,058) was owed to this company at the balance sheet date.
The company also received other income of £150,000 (2022 - £140,000) from MasterFlow AB during the year. £150,000 (2022 - £140,000) was outstanding at the balance sheet date. 


9.


Ultimate parent undertaking and controlling party

The company is a wholly owned subsidiary of Per Sanden AB, a company incorporated in Sweden.  Per Sanden AB is a wholly owned subsidiary of Ewebe AB, also incorporated in Sweden.

 
Page 7