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REGISTERED NUMBER: 04484725 (England and Wales)















MANNASOL PRODUCTS LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






MANNASOL PRODUCTS LIMITED (REGISTERED NUMBER: 04484725)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


MANNASOL PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J Caslin
L W Liu



SECRETARY: S Griffiths



REGISTERED OFFICE: 1 Rivington Road
Whitehouse Industrial Estate
Runcorn
Cheshire
WA7 3DT



REGISTERED NUMBER: 04484725 (England and Wales)



AUDITORS: DJH Audit Limited
Accountants
Statutory Auditors
The Exchange
5 Bank Street
Bury
BL9 0DN



BANKERS: National Westminster Bank plc
35 King William Street
Blackburn
Lancashire
BB1 7DL

MANNASOL PRODUCTS LIMITED (REGISTERED NUMBER: 04484725)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 580,041 583,147

CURRENT ASSETS
Inventories 982,278 1,531,459
Debtors 5 2,165,874 2,915,240
Cash at bank and in hand 187,045 136,064
3,335,197 4,582,763
CREDITORS
Amounts falling due within one year 6 (3,018,359 ) (4,526,583 )
NET CURRENT ASSETS 316,838 56,180
TOTAL ASSETS LESS CURRENT
LIABILITIES

896,879

639,327

CREDITORS
Amounts falling due after more than one
year

7

(220,642

)

(220,642

)
NET ASSETS 676,237 418,685

CAPITAL AND RESERVES
Called up share capital 1,100,002 1,100,002
Retained earnings (423,765 ) (681,317 )
SHAREHOLDERS' FUNDS 676,237 418,685

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

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 26 September 2024 and were signed on its behalf by:





J Caslin - Director


MANNASOL PRODUCTS LIMITED (REGISTERED NUMBER: 04484725)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Mannasol Products Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 04484725 and its registered office address is 1 Rivington Road, Whitehouse Industrial Estate, Runcorn, Cheshire, WA7 3DT.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company continues to meet its day to day working capital requirements through invoice discounting. Additional financial support is provided by group / related undertakings and it is envisaged that this support will be maintained whilst it is required by the company.

The directors believe that, even taking account of reasonably possible changes in trading performance, the company should be able to operate within the level of its current facilities. The company is in regular contact with its finance providers and during these ongoing discussions about its future borrowing needs no matters have been drawn to its attention that suggest that the existing facilities will not continue on acceptable terms.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Revenue
Revenue comprises the value of the sale of goods provided, net of value-added tax, rebates and discounts. Sales of goods are recognised when the company has despatched products to the customer and collection of the related debt is anticipated.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost of property excluding land
Plant and machinery etc - 15% on reducing balance, 10% on cost, 10% and 12.5% on cost and 2% on cost

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

The cost of purchase comprises all direct expenditure which has been incurred in bringing the product to its present location and condition at the year end date.


MANNASOL PRODUCTS LIMITED (REGISTERED NUMBER: 04484725)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial
position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement as incurred.

MANNASOL PRODUCTS LIMITED (REGISTERED NUMBER: 04484725)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Critical accounting estimates and judgements
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:-

i) Making judgement based on historical experience on the level of provision required for impairment of inventories. Further information received after the statement of financial position date may impact on the level of provision required.

ii) Estimating the useful economic life of an asset and the anticipated residual value are considered key judgements in calculating an appropriate depreciation charge.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 15 ) .

MANNASOL PRODUCTS LIMITED (REGISTERED NUMBER: 04484725)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 318,958 738,261 1,057,219
Additions - 55,305 55,305
At 31 December 2023 318,958 793,566 1,112,524
DEPRECIATION
At 1 January 2023 69,822 404,250 474,072
Charge for year 5,179 53,232 58,411
At 31 December 2023 75,001 457,482 532,483
NET BOOK VALUE
At 31 December 2023 243,957 336,084 580,041
At 31 December 2022 249,136 334,011 583,147

Included in the cost of long leasehold property is land of £60,000 (2022 - £60,000) which is not depreciated.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,067,861 1,755,584
Amounts owed by group undertakings 770,479 770,479
Other debtors 327,534 389,177
2,165,874 2,915,240

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 121,169
Trade creditors 1,349,658 2,008,538
Taxation and social security 204,735 109,668
Other creditors 1,463,966 2,287,208
3,018,359 4,526,583

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 220,642 220,642

MANNASOL PRODUCTS LIMITED (REGISTERED NUMBER: 04484725)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 5,316 6,564
Between one and five years 12,121 17,437
17,437 24,001

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 121,169
Invoice discounting facility 584,711 1,479,741
584,711 1,600,910

The invoice discounting facility debt and bank loan are secured via a fixed and floating charge over the assets of the company.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Richard Taylor (Senior Statutory Auditor)
for and on behalf of DJH Audit Limited

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within debtors falling due within one year is a director's loan account balance of £145,210 (2022 - £126,206) owed by J Caslin. The maximum overdrawn balance in the year was £152,879 (2022 - £128,355) and there have not been any single advances which are considered material.

This advance is unsecured, interest free and repayable upon demand.

12. RELATED PARTY DISCLOSURES

Teejoy Technology Co. Limited is the parent of the smallest group for which consolidated financial statements are drawn up including Mannasol Products Limited.

Teejoy Technology Co. Limited is incorporated in Hong Kong, with its head office at Flat 2301, BLK 02, 23/F, Enterprise Square Five, 38 Wang Chiu Road, Kowloon Bay, KL, Hong Kong.