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Registration number: 06849861

MCT Reman Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

MCT Reman Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

MCT Reman Limited

(Registration number: 06849861)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

8,863

15,662

Tangible assets

5

936,055

551,754

 

944,918

567,416

Current assets

 

Stocks

6

561,901

551,009

Debtors

7

1,208,348

678,830

Cash at bank and in hand

 

145,546

779,561

 

1,915,795

2,009,400

Creditors: Amounts falling due within one year

8

(1,364,927)

(962,015)

Net current assets

 

550,868

1,047,385

Total assets less current liabilities

 

1,495,786

1,614,801

Creditors: Amounts falling due after more than one year

8

(130,303)

(40,934)

Provisions for liabilities

(486,857)

(447,384)

Net assets

 

878,626

1,126,483

Capital and reserves

 

Called up share capital

69

69

Share premium reserve

2,160

2,160

Revaluation reserve

7,638

15,830

Retained earnings

868,759

1,108,424

Shareholders' funds

 

878,626

1,126,483

 

MCT Reman Limited

(Registration number: 06849861)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 January 2025 and signed on its behalf by:
 

Mr J Stone
Director

   
     
 

MCT Reman Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Winchester House
Deane Gate Avenue
Taunton
Somerset
TA1 2UH
England

The principal place of business is:
Winterstoke Road
Weston-Super-Mare
North Somerset
BS24 9AT

These financial statements were authorised for issue by the Board on 28 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The directors have reviewed the supply chains, key customers and the capital resources available and consider that the company has adequate resources in place to continue trading for the next twelve months. Accordingly, the financial statements have been prepared on a going concern basis.

 

MCT Reman Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

20% straight line

Plant and machinery

10% to 20% straight line

Computer equipment

20% to 33% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

10 years straight line

 

MCT Reman Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the 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 receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 twelve 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 non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

MCT Reman Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

MCT Reman Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 58 (2023 - 62).

4

Intangible assets

Development costs
 £

Total
£

Cost or valuation

At 1 May 2023

67,795

67,795

At 30 April 2024

67,795

67,795

Amortisation

At 1 May 2023

52,132

52,132

Amortisation charge

6,800

6,800

At 30 April 2024

58,932

58,932

Carrying amount

At 30 April 2024

8,863

8,863

At 30 April 2023

15,662

15,662

 

MCT Reman Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Tangible assets

Short leasehold land and buildings
£

Furniture, fittings and equipment
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2023

40,326

206,882

1,034,780

1,281,988

Additions

176,455

31,374

307,876

515,705

Disposals

(34,020)

(76,914)

-

(110,934)

At 30 April 2024

182,761

161,342

1,342,656

1,686,759

Depreciation

At 1 May 2023

34,020

122,926

573,290

730,236

Charge for the year

2,346

27,872

101,184

131,402

Eliminated on disposal

(34,020)

(76,914)

-

(110,934)

At 30 April 2024

2,346

73,884

674,474

750,704

Carrying amount

At 30 April 2024

180,415

87,458

668,182

936,055

At 30 April 2023

6,306

83,957

461,491

551,754

Included within the net book value of land and buildings above is £180,415 (2023 - £6,306) in respect of short leasehold land and buildings.

Revaluation

The fair value of the company's Plant and machinery was revalued on 30 April 2013. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £657,999 (2023 - £440,384).

6

Stocks

2024
£

2023
£

Raw materials and consumables

461,013

417,430

Work in progress

19,629

9,871

Finished goods and goods for resale

81,259

123,708

561,901

551,009

 

MCT Reman Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Debtors

2024
£

2023
£

Trade debtors

853,500

343,264

Other debtors

100,208

126,463

Prepayments

254,640

209,103

1,208,348

678,830

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

435,527

141,912

Trade creditors

 

666,485

558,815

Taxation and social security

 

35,494

38,763

Other creditors

 

84,937

87,038

Accruals and deferred income

 

142,484

135,487

 

1,364,927

962,015

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

130,303

40,934

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

130,303

40,934

2024
£

2023
£

Current loans and borrowings

Hire purchase contracts

39,133

18,043

Confidential invoice discounting facility

396,394

123,869

435,527

141,912

 

MCT Reman Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Other borrowings

Finance lease liability is denominated in sterling with a nominal interest rate of between 3.0% and 5.8%, and the final instalment is due on 28 December 2027. The carrying amount at year end is £169,436 (2023 asset - £58,977).

The finance lease liabilities are secured against the asset of the company of which the finance lease is associated.

The confidential invoice discounting liability is denominated in sterling with a nominal interest rate of 4%. The carrying amount at year end is £396,394 (2023 asset - £123,869).

The confidential invoice discounting liability is secured by floating charge over the company's land, buildings and other assets.

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £5,017 (2023 - £199,410).

11

Parent and ultimate parent undertaking

The company's immediate parent is Reman Holdings Limited, incorporated in UK.