Registered number
02414044
Manuscript Pen Company Ltd
Filleted Accounts
31 December 2023
Manuscript Pen Company Ltd
Registered number: 02414044
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 303,007 321,448
Tangible assets 4 260,178 281,646
563,185 603,094
Current assets
Stocks 1,664,486 1,572,802
Debtors 5 833,637 683,152
Cash at bank and in hand 210,417 323,407
2,708,540 2,579,361
Creditors: amounts falling due within one year 6 (687,824) (602,638)
Net current assets 2,020,716 1,976,723
Total assets less current liabilities 2,583,901 2,579,817
Creditors: amounts falling due after more than one year 7 (207,231) (226,926)
Provisions for liabilities (38,890) (46,269)
Net assets 2,337,780 2,306,622
Capital and reserves
Called up share capital 300,000 300,000
Profit and loss account 2,037,780 2,006,622
Shareholders' funds 2,337,780 2,306,622
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr C R H Stockbridge
Director
Approved by the board on 23 September 2024
Manuscript Pen Company Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Goodwill
Goodwill arising on acquisitions consists of the excess of the purchase price over the fair value of the net assets of the businesses acquired. Goodwill arising on acquisitions is capitalised as a fixed asset and amortised on a straight line basis over its estimated useful life up to a maximum of 10 years. To the extent that the carrying value exceeds the value in use, determined from the estimated discounted future cash flows, goodwill is written down to the value in use and an impairment charge is recognised in the profit and loss account.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Development costs will be amortised when the company starts to receive economic benefits from these costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings not provided
Plant, machinery, fixtures and fittings 5-15% straight line
Tools 5-15% straight line
The directors consider that leasehold properties are maintained in such a state that their residual value is at least equal to their net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
1 Accounting policies (continued)
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. Where necessary, provision is made for obsolete, slow moving and defective stocks.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
1 Accounting policies (continued)
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Customer discounts, rebates and allowances
The company accounts for discounts, rebates and allowances, charged to the company by customers, in the period in which the claim or deduction is taken.
Research and development
Expenditure on research and development is written off in the period in which it is incurred.
Consolidation
In the opinion of the directors, the company and its subsidiary undertaking comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 37 39
3 Intangible fixed assets
Goodwill: Goodwill Intellectual property rights and Nib manu- facture Develop- ment costs Total
£ £ £ £
Cost
At 1 January 2023 184,488 42,664 203,050 430,202
At 31 December 2023 184,488 42,664 203,050 430,202
Amortisation
At 1 January 2023 66,090 42,664 - 108,754
Provided during the year 18,441 - - 18,441
At 31 December 2023 84,531 42,664 - 127,195
Net book value
At 31 December 2023 99,957 - 203,050 303,007
At 31 December 2022 118,398 - 203,050 321,448
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Leasehold property Plant, machinery, fixtures and fittings Tools Total
£ £ £ £
Cost
At 1 January 2023 96,572 459,063 345,587 901,222
Additions 8,048 9,256 - 17,304
Disposals - (1,188) - (1,188)
At 31 December 2023 104,620 467,131 345,587 917,338
Depreciation
At 1 January 2023 - 300,531 319,045 619,576
Charge for the year - 27,962 9,787 37,749
On disposals - (165) - (165)
At 31 December 2023 - 328,328 328,832 657,160
Net book value
At 31 December 2023 104,620 138,803 16,755 260,178
At 31 December 2022 96,572 158,532 26,542 281,646
5 Debtors 2023 2022
£ £
Trade debtors 714,929 573,196
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 761
Other debtors 118,708 109,195
833,637 683,152
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 24,627 -
Obligations under finance lease and hire purchase contracts 23,953 23,953
Trade creditors 333,601 222,862
Amounts owed to group undertakings and undertakings in which the company has a participating interest 112,742 207,231
Taxation and social security costs 137,285 96,161
Other creditors 55,616 52,431
687,824 602,638
7 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 7,231 26,926
Amounts owed to group undertakings and undertakings in which the company has a participating interest 200,000 200,000
207,231 226,926
8 Secured debt 2023 2022
£ £
Creditors include:
Hire purchase contracts 31,184 50,879
31,184 50,879
The company is party to a cross-guarantee with its parent company in regard to bank borrowings secured against the assets of both companies. At 31 December 2023, the secured loan by its parent company amounted to £530,000 (2022 - £570,000).
The hire purchase liability is secured against the assets to which the liability relates.
9 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 109,919 84,312
10 Controlling party
The directors regard Highley Pens Limited, a company registered in England and Wales, as the ultimate controlling party.
11 Other information
Manuscript Pen Company Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Manuscript House
Netherton Lane
Highley
Shropshire
WV16 6BF
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