REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Miller Weblift Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Miller Weblift Limited |
Miller Weblift Limited (Registered number: 00646337) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Miller Weblift Limited |
Company Information |
for the year ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
St George's Court |
Winnington Avenue |
Northwich |
Cheshire |
CW8 4EE |
Miller Weblift Limited (Registered number: 00646337) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Miller Weblift Limited (Registered number: 00646337) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Miller Weblift Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
Going Concern |
The Company has net liabilities of £2,900,825. The directors have assessed the Company's forecasts for future profitability and have concluded that the Company is reliant on the support of its parent company, Unitex UK Limited and ultimately, the parent company Unitex Holding BV. |
The above companies have confirmed that, for a period of at least 12 months from the date of approving the financial statements : |
- financial support will continue to be provided in order for the Company to trade normally; and |
- repayment of the intercompany loans due to the parent and other group companies will not be requested. |
However, due to the current global economic environment and the trading activity of the wider group, and the requirement for the parent company to continue to be supported by it's shareholder, uncertainty exists over the parent company's ability to continue as a going concern and whether repayment of the loans will not be requested. This constitutes a material uncertainty which may cast significant doubt over the company's ability to continue as a going concern for the foreseeable future and, therefore, the Company might be unable to realise its assets and discharge its liabilities in the normal course of business. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable and represents the invoiced value, net of Value Added Tax of goods and services provided to customers. Turnover is derived entirely from the Company’s principal activities and is recognised upon the date of despatch. |
Other income |
Interest income |
Interest income is accrued on a time-apportioned basis, by reference to the principal outstanding at the effective interest rate. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Plant and machinery 10% - 20% per annum straight line |
Fixtures and fittings 10% - 33.3% per annum straight line |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
Residual value is calculated on prices prevailing at the reported date, after estimated costs of disposal, for the asset as if it were at the age and in the condition expected at the end of its useful life. |
Miller Weblift Limited (Registered number: 00646337) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value. In determining the cost of raw materials, consumables and goods purchased for resale the average cost method is used. For work in progress and finished goods, cost is taken as production cost, which includes an appropriate proportion of labour and attributable overheads. Net realisable value is the estimated selling price less further costs to completion and costs to be incurred in selling and distribution. Provision is made where necessary for obsolete, slow moving stock or work in progress. |
Taxation |
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable. |
Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity. |
Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously. |
Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date. |
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date. |
Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Transactions in currencies other than the functional currency (foreign currencies) are initially recorded at the exchange rate prevailing on the date of the transaction. |
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction or, if the asset or liability is measured at fair value, the rate when that fair value was determined. |
All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income. |
Hire purchase and leasing commitments |
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 group personal pension plan and makes contributions to this together with contributions to individual personal pension plans. The amount charged to profit or loss in respect of pension costs and other post retirement benefits is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
Miller Weblift Limited (Registered number: 00646337) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Financial instruments |
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include trade, group and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including trade, group and other creditors, and loans from fellow group companies, 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. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Equity instruments |
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
Critical accounting judgements and key sources of estimation uncertainty |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the |
circumstances. |
Critical accounting estimates and assumptions |
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The directors consider that accounting estimates, assumptions and judgements made do not have a significant risk of causing a material difference to the carrying amounts of assets and liabilities within the next financial year. |
Critical areas of judgement |
There are procedures in place to monitor stock items considered to be slow moving to ensure that the carrying value of these items is still recoverable. Where necessary, a provision is made for items where the recoverable amount is lower than the carrying value. |
The directors exercise significant judgement in applying the going concern basis in preparing the financial statements. This judgement being the assumption that the parent company and ultimate shareholder are able to fund the business for a period of 12 months from the approval of the accounts. As stated in the directors report, the directors have judged that this constitutes a material uncertainty which may cast significant doubt over the company's ability to continue as a going concern for the foreseeable future and, therefore, the Company might be unable to realise its assets and discharge its liabilities in the normal course of business. |
Miller Weblift Limited (Registered number: 00646337) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Amounts owed to group undertakings are unsecured, repayable on demand and bear interest at varying rates between 7 and 8.95%. |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
Miller Weblift Limited (Registered number: 00646337) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
The Report of the Auditors included the following paragraph: |
Material uncertainty related to going concern |
We draw attention to the going concern paragraph in Note 2 in the financial statements which states that the Company has net liabilities, including significant intercompany loans and as a result is dependent upon the financial support of Unitex UK Limited and the parent company, which have all confirmed that for a period not less that twelve months from the date the financial statements are approved they will not request the repayment of any debt due from the Company. |
Due to a material uncertainty about the parent company's ability to continue as a going concern, these conditions indicate the existence of a material uncertainty which may cast significant doubt about the Company's ability to continue as a going concern if the parent company were to request repayment of the loans within 12 months of the accounts being signed. Our opinion is not modified in respect of this matter. |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
9. | FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES |
The company has given a fixed and floating charge dated 8 December 2019 in favour of Barclays Bank plc as security against all property or undertaking of the company. |
The Company is a member of a VAT group. At 31 December 2023 the aggregate VAT creditor of the other companies in the group was £104,885 (2022: £938 debtor). |
10. | RELATED PARTY DISCLOSURES |
During the year, the Company purchased £706,846 (2022: £838,608) of goods from related parties. At the year end, the Company owed £144,972 (2022: £203,307) to the related parties and was owed £267,330 (2022: £280,770) from the related parties. |
A bad debt provision of £267,330 (2022: £280,770) has been provided for in relation to amounts owed by related parties. |
These are related parties of the Company because the ultimate controlling parties have a common interest in these companies. |
The amounts outstanding are unsecured, non-interest bearing and will be settled in cash. |
No guarantees have been given or received. A credit of £13,440 has been recognised in the year (2022: £28,820 expense) in respect of bad debts from related parties. |
11. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling parties are Dr F M and Mrs B A Repetto. |
12. | PARENT UNDERTAKINGS |
The parent of the smallest group for which consolidated accounts are drawn upon which the Company is a member is Unitex UK Limited, a company with a registered office at Marling Mills, Nelson Street, Leek, Staffordshire, ST13 6BB. |
The largest group in which the results of the Company are consolidated is that headed by Unitex Holding |
B.V. The consolidated accounts of this group are available to the public and may be obtained from: |
Unitex Holding B.V. |
Glashurst 111 |
PO Box 7 |
3925 ZG |
Scherpenzeel |
Netherlands |