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Registered number :01856541










MASSILLY (UK) LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MASSILLY (UK) LIMITED
REGISTERED NUMBER: 01856541

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,306,624
1,313,245

  
1,306,624
1,313,245

Current assets
  

Stocks
  
1,688,855
2,134,520

Debtors: amounts falling due within one year
 5 
1,523,389
2,200,460

Cash at bank and in hand
  
643,114
1,014,003

  
3,855,358
5,348,983

Creditors: amounts falling due within one year
 6 
(10,272,342)
(11,497,695)

Net current liabilities
  
 
 
(6,416,984)
 
 
(6,148,712)

Total assets less current liabilities
  
(5,110,360)
(4,835,467)

  

Net liabilities
  
(5,110,360)
(4,835,467)


Capital and reserves
  

Called up share capital 
  
1,540,000
1,540,000

Profit and loss account
  
(6,650,360)
(6,375,467)

  
(5,110,360)
(4,835,467)


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 August 2024.




Patrick Bindschedler
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 1

 
MASSILLY (UK) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
1,540,000
(6,375,467)
(4,835,467)


Comprehensive income for the year

Loss for the year
-
(274,893)
(274,893)
Total comprehensive income for the year
-
(274,893)
(274,893)


At 31 December 2023
1,540,000
(6,650,360)
(5,110,360)


The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
MASSILLY (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Massilly (UK) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 01856541 and registered office address is Unit 2 Hendy Industrial Estate, Hendy, Swansea, SA4 0XP. 
The presentation currency of the financial statements is the Pound Sterling (£).
Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

  
2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future, notwithstanding net liabilities of £5,110,360. The parent company, Massilly Holding S.A., has confirmed that it will provide such financial support as is required to enable the company to meet its obligations as they fall due. The support will continue for at least twelve months from the date of approval of these financial statements and thereafter for the foreseeable future.
As with any company placing reliance on the group entities for financial support, the directors
acknowledge that there can be no certainty that this will continue. As at the date of approval of these
financial statements, the directors have no reason to believe that support will not be forthcoming and
therefore the going concern basis is considered to be appropriate.
 

  
2.3

Turnover and Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable and represents the amounts receivable from the provision of goods and services to customers, net of discounts, VAT and other sales related taxes. 
Income is recognised when all significant risks and rewards of ownership have been transferred to the customer, which is generally on the despatch of goods from the company or on the provision of services by the company .

Page 3

 
MASSILLY (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.4

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent thst 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
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.
 

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
5 - 15 years
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
MASSILLY (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.6

Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discontinued to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

  
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, after making allowance for obsolete and slow-moving items. Cost includes direct materials and, where applicable, direct labour costs and an appropriate proportion of fixed and variable overheads that have been incurred in bringing the stocks to their present location and condition.
Net Realisable Value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

  
2.8

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 in the company's balance sheet 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.

Page 5

 
MASSILLY (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.9

Basic financial assets

Basic financial assets, which include 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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when therecognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

  
2.10

Classification of financial liabilites

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.

  
2.11

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, thy are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

  
2.12

Equity instruments

Equity instruments issued by the company are recorded at the 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.

Page 6

 
MASSILLY (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.13

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless these 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.

  
2.14

Foreign exchange

Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account.

  
2.15

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease.

  
2.16

Retirement benefits

The company operates two defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. The amount charged against profits represents the contributions payable to the schemes in respect of the accounting period.


3.


Employees and directors

The average number of employees during the year was 27 (2022 - 28)

Page 7

 
MASSILLY (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant and machinery
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
3,280,599
-
3,280,599


Additions
326,691
9,794
336,485



At 31 December 2023

3,607,290
9,794
3,617,084



Depreciation


At 1 January 2023
1,967,353
-
1,967,353


Charge for the year on owned assets
341,095
2,011
343,106



At 31 December 2023

2,308,448
2,011
2,310,459



Net book value



At 31 December 2023
1,298,842
7,783
1,306,625



At 31 December 2022
1,313,245
-
1,313,245


5.


Debtors

2023
2022
£
£


Trade debtors
1,440,913
2,152,974

Other debtors
4,761
-

Prepayments and accrued income
77,715
47,486

1,523,389
2,200,460


Page 8

 
MASSILLY (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
318,722
422,939

Amounts owed to group undertakings
9,520,768
10,365,100

Other taxation and social security
320,489
459,759

Other creditors
38,140
21,714

Accruals and deferred income
74,223
228,183

10,272,342
11,497,695



7.

Leasing agreements

Minimun lease payments under non-cancellable operating leases fall due as follows:

2023
2022
        £
        £
Within one year

15,562

37,715
 
Between one and five years

5,884

20,283
 

21,446

57,998
 


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,540,000 Ordinary shares of £1.00 each
1,540,000
1,540,000



9.


Capital commitments


At 31 December 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
69,893
-

69,893
-

Page 9

 
MASSILLY (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Related party exemption

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. 


11.


Parent company

The company is a subsidiary undertaking of Massilly Holding SA, a company incorporated in France.
The smallest and largest group in which results of the company are consolidated is that headed by Massilly Holding SA. The consolidated financial statements of this group are available to the public and may be obtained from Massilly Holding SA, 581 Rue de Freres Lumiere, 71000 Macon, France. 


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 20 December 2024 by Brian Garland BA ACA (Senior statutory auditor) on behalf of MHA.

 
Page 10