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REGISTERED NUMBER: 12260883 (England and Wales)












Audited Financial Statements

for the Year Ended 31 December 2023

for

Maselis Cereals Limited

Maselis Cereals Limited (Registered number: 12260883)






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


Maselis Cereals Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: G M Maenhout
Mr P V Maselis
K R Matten





SECRETARY: MYUKOFFICE LIMITED





REGISTERED OFFICE: Westwood House
Annie Med Lane
South Cave
HU15 2HG





REGISTERED NUMBER: 12260883 (England and Wales)





AUDITORS: Try Lunn & Co
Chartered Accountants
and Statutory Auditors
Roland House
Princes Dock Street
HULL HU1 2LD

Maselis Cereals Limited (Registered number: 12260883)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 4 2,195,164 2,386,107
Cash at bank 174,100 254,727
2,369,264 2,640,834
CREDITORS
Amounts falling due within one year 5 2,328,036 2,605,338
NET CURRENT ASSETS 41,228 35,496
TOTAL ASSETS LESS CURRENT
LIABILITIES

41,228

35,496

CAPITAL AND RESERVES
Called up share capital 6 25,000 25,000
Retained earnings 7 16,228 10,496
SHAREHOLDERS' FUNDS 41,228 35,496

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 25 September 2024 and were signed on its behalf by:





K R Matten - Director


Maselis Cereals Limited (Registered number: 12260883)

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

1. STATUTORY INFORMATION

Maselis Cereals Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 is wholly reliant on one customer and on the financial support of Maselis NV. The Directors of Maselis NV have agreed to provide continued financial support to ensure the company will be able to trade as a going concern for the foreseeable future.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover comprising sale of goods is recognised on despatch of the goods in accordance with the company's terms of sale.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

Maselis Cereals Limited (Registered number: 12260883)

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

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,193,888 2,248,430
Other debtors 1,276 137,677
2,195,164 2,386,107

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors - 60
Amounts owed to group undertakings 2,321,763 2,600,552
Taxation and social security 1,344 125
Other creditors 4,929 4,601
2,328,036 2,605,338

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
25,000 Ordinary £1 25,000 25,000

7. RESERVES
Retained
earnings
£   

At 1 January 2023 10,496
Profit for the year 5,732
At 31 December 2023 16,228

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

The Report of the Auditors was unqualified.

Andrew Ewart FCA FCCA (Senior Statutory Auditor)
for and on behalf of Try Lunn & Co

9. RELATED PARTY DISCLOSURES

During the year the company purchased goods, at arms length, amounting to £3,864,036 (2022 - £4,045,657) from Maselis NV, the parent company, who is registered in Belgium. At 31 December 2023 £2,321,763 (2022 - £2,600,552) was owed to Maselis NV. The outstanding balance is interest free and repayable on demand.

10. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Maselis NV, consolidated accounts are available from Kaaistraat 19, B-8800 Roeselare, Belgium.

The company is ultimately controlled by Mrs S. M. Lecluyse.