REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31st May 2024 |
for |
Masterhitch Europe Limited |
REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31st May 2024 |
for |
Masterhitch Europe Limited |
Masterhitch Europe Limited (Registered number: 02949004) |
Contents of the Financial Statements |
for the Year Ended 31st May 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Masterhitch Europe Limited |
Company Information |
for the Year Ended 31st May 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
1-3 Manor Road |
Chatham |
Kent |
ME4 6AE |
Masterhitch Europe Limited (Registered number: 02949004) |
Balance Sheet |
31st May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Masterhitch Europe Limited (Registered number: 02949004) |
Notes to the Financial Statements |
for the Year Ended 31st May 2024 |
1. | STATUTORY INFORMATION |
Masterhitch Europe Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions 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. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
In preparing the financial statements the directors have made the following judgements: |
Determining the valuation of stock. Stock valuation is based on a first-in, first-out method and a proportion of production overheads are allocated to stock items based on the length of time it takes to augment them. Stock items are constantly reviewed to determine if the net realisable value has fallen below the carrying amount. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable from the provision of goods and services, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Tangible fixed assets are stated in the balance sheet at cost less accumulated depreciation. The cost of tangible fixed assets includes directly attributable costs incurred in their acquisition and installation. |
Depreciation |
Plant and machinery are depreciated at 25% on a reducing balance basis. |
Fixtures and fittings are depreciated at 25% on a reducing balance basis. |
Stocks |
Stocks are stated at the lower of cost and net realisable value. Cost is determined using a first-in, first-out method. |
Stock of work in progress and finished goods are valued based on the cost of materials and a proportion of production overheads. The allocation of production overheads is based on the length of time stock items are worked on. |
Stock items are regularly reviewed to determine if the net realisable value has fallen below the carrying amount. |
Masterhitch Europe Limited (Registered number: 02949004) |
Notes to the Financial Statements - continued |
for the Year Ended 31st May 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. 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. |
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. |
Debt instruments that comply with all of the conditions of paragraph 11.9 of FRS 102 are classified as 'basic'. For debt instruments that do not meet the conditions of FRS 102.11.9, the company considers whether the debt instrument is consistent with the principle in paragraph 11.9A of FRS 102 in order to determine whether it can be classified as basic. Instruments classified as 'basic' financial instruments are measured subsequently at amortised cost using the effective interest method. Debt instruments that have no stated interest rate (and do not constitute financing transaction) and are classified as payable or receivable within one year are initially measured at an undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. |
With the exception of some hedging instruments, other debt instruments not meeting conditions of being 'basic' financial instruments are measured at fair value through profit or loss. |
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment. |
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. |
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. |
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. |
Masterhitch Europe Limited (Registered number: 02949004) |
Notes to the Financial Statements - continued |
for the Year Ended 31st May 2024 |
2. | ACCOUNTING POLICIES - continued |
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 profit. |
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 |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1st June 2023 |
Additions |
At 31st May 2024 |
DEPRECIATION |
At 1st June 2023 |
Charge for year |
At 31st May 2024 |
NET BOOK VALUE |
At 31st May 2024 |
At 31st May 2023 |
Masterhitch Europe Limited (Registered number: 02949004) |
Notes to the Financial Statements - continued |
for the Year Ended 31st May 2024 |
5. | STOCKS |
2024 | 2023 |
£ | £ |
Raw materials |
Work-in-progress |
Finished goods |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors and prepayments |
Deferred tax asset |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
Other creditors and accruals |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | 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 Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Masterhitch Europe Limited (Registered number: 02949004) |
Notes to the Financial Statements - continued |
for the Year Ended 31st May 2024 |
9. | RELATED PARTY DISCLOSURES - continued |
The company had transactions with key management personnel as follows: |
Related Party | Transaction details | 2024 | 2023 |
£ | £ |
Key management personnel | Indirect expenses | 3,380 | 3,380 |
Other related parties with material transactions existed during the period. The nature of the relationship for each of them was that of shared individuals controlling the businesses and close family members of key management personnel. |
Related Party | Transaction details | 2024 | 2023 |
£ | £ |
Other related parties | Sales | 38,358 | 14,715 |
Other debtors | 2,940 | 317 |
No amounts were written off in the year. |
10. | PARENT COMPANY |
H.E. Group Ltd is the immediate and ultimate parent company. H.E. Group Ltd prepares consolidated financial statements. |
H.E. Group Ltd is incorporated in England and Wales, its principle place of business is Whitewall Road, Strood, Rochester, Kent. ME2 4DZ. |
Mr H R Edeleanu is the ultimate controlling party. |