REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
MAKRO LABELLING LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
MAKRO LABELLING LIMITED |
MAKRO LABELLING LIMITED (REGISTERED NUMBER: 07324174) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
MAKRO LABELLING LIMITED |
COMPANY INFORMATION |
for the Year Ended 31st December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Registered Auditors |
The Squires |
5 Walsall Street |
Wednesbury |
West Midlands |
WS10 9BZ |
MAKRO LABELLING LIMITED (REGISTERED NUMBER: 07324174) |
BALANCE SHEET |
31st December 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MAKRO LABELLING LIMITED (REGISTERED NUMBER: 07324174) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2023 |
1. | STATUTORY INFORMATION |
Makro Labelling Limited is a |
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, and encompasses preparation under the historical cost convention. The financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, writing the company’s assets down to net realisable value. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date. |
MAKRO LABELLING LIMITED (REGISTERED NUMBER: 07324174) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover encompasses the sale and servicing of labelling machines. Machine sales include deposit |
payments and factory acceptance tests. Sales are concluded and recognized as income upon final |
installation and commissioning of the machines. Parts and servicing is invoiced and recognised as income |
on completion of the transaction. |
Bank interest received is recognised as income, upon receipt. |
Rounding and currency |
For the purposes of presenting these financial statements, all figures are rounded to the nearest pound |
and stated in GBP. |
Trade debtors and amounts owed by group undertakings |
Trade debtors and amounts owed by group undertakings are recognised initially at transaction price. They |
are subsequently measured at the amortised cost using the effective interest method, less provision for |
impairment. A provision for impairment of trade debtors is established when there is objective evidence |
that the company will not be able to collect all amounts due, according to the original terms of the |
transaction. |
Trade creditors and amounts owed to group undertakings |
Trade creditors and amounts owed to group undertakings are classified as current liabilities if the |
company does not have an unconditional right, at the end of the reporting period, to defer settlement of the |
creditor for at least twelves months after the reporting date. If there is an unconditional right to defer |
settlement for at least twelve months after the reporting date, they are presented as amounts due after |
more than one year. |
Judgements and estimates |
Judgements, estimates and assumptions in compliance with FRS 102 requires the directors to make such |
decisions about the carrying amounts of assets and liabilities that are not readily apparent from other |
sources. The estimates and associated assumptions are based on historical experience and other factors |
that are considered to be relevant. Estimates and judgements are continually evaluated and are based on |
historical experience and factors, including expectations of future events that are believed to be |
reasonable under the circumstances. No material judgements in applying accounting policies were used |
and there were no key sources of estimation uncertainty during the preparation of these financial |
statements |
Reserves policy |
Reserves are maintained to provide financial stability and protect against unforeseen circumstances or |
any future downturns. These ensure that there are sufficient funds to meet on going operational |
commitments. |
Tangible fixed assets |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
MAKRO LABELLING LIMITED (REGISTERED NUMBER: 07324174) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
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 profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st January 2023 |
and 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
and 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
MAKRO LABELLING LIMITED (REGISTERED NUMBER: 07324174) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Due by group undertakings | 12,839 | - |
Advance payments | 154,800 | 129,000 |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Due to group undertakings | 172,994 | 136,801 |
Tax |
Social security and other taxes |
Advance receipts | 580,140 | 580,694 |
Other creditors |
Accrued expenses |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 40,000 | 40,000 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
We draw attention to Note 10 to the financial statements which explains that the directors intend to liquidate the company on 31st August 2024 and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 2. Our opinion is not modified in respect of this matter. |
for and on behalf of |
9. | OTHER FINANCIAL COMMITMENTS |
Total financial commitments which are not included in the balance sheet amount to £20,482 (2022 - £12,216) in respect of non-cancellable leasing contracts. |
MAKRO LABELLING LIMITED (REGISTERED NUMBER: 07324174) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2023 |
10. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
11. | POST BALANCE SHEET EVENTS |
On 10th May 2024, the Board of Directors passed a resolution for all trading to cease by 31st May 2024, with the distribution of products and provision of services to be undertaken by Makro Labelling Srl from 1st June 2024. It was further resolved that Makro Labelling Limited would enter into a solvent liquidation following the cessation of trading activities. Due to various ongoing processes, the employees transferred on 1st June 2024, and trading ceased on 31st August 2024. |
12. | ULTIMATE CONTROLLING PARTY |
From 1st January 2023 to 25th January 2023 the company was controlled by it's parent company, Makro Labelling S.R.L, incorporated in Italy. From 25th January 2023 to 31st December 2023 the company was controlled by its ultimate parent company, Tetra Laval International SA, 70, Avenue Général Guisan, CH-1009 Pully, Switzerland. |