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Registered number: 03952594










M&P INTERNATIONAL (UK) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
M&P INTERNATIONAL (UK) LIMITED
 
 
COMPANY INFORMATION


Director
G Brett 




Registered number
03952594



Registered office
Unit 2, Highview Business Centre
High Street

Bordon

Hampshire

GU35 0AX




Independent auditors
Shaw Gibbs (Audit) Limited
Statutory Auditor

Wey Court West

Union Road

Farnham

Surrey

GU9 7PT





 
M&P INTERNATIONAL (UK) LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 2
Director's Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 8
Statement of Income and Retained Earnings
 
 
9
Statement of Financial Position
 
 
10
Statement of Changes in Equity
 
 
11
Notes to the Financial Statements
 
 
12 - 23


 
M&P INTERNATIONAL (UK) LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
M&P International (UK) Limited, supplier of Test and Measurement products in the field of noise and vibration measurements and NVH testing, experienced a very challenging business year due to low overall market activity.  This outlook was experienced by many suppliers within our industry and the likely cause was the general downturn in the UK/European economy and the general election.  

Business review
 
The revenue of the company in the year 2024 amounted to £576,575 (2023: £742,703) which represents a -22.37% decline in sales turnover from the year before.  This was a disappointing result, although given the overall economic situation across the UK and Europe as well as the general elections, it was not surprising that capital investment for many of our customers was not forthcoming or delayed pending further review of the situation in 2025.  There were, extended periods of very low market activity (longer than I can ever remember) and this was highlighted by the drop in technical support calls.
Following discussions with wider contacts in the industry, it was evident that this sentiment has been shared by partners and competitors across the industry, so for the time being, we must remain financially resilient and dynamic to what ever changes occur over the coming years.
On the plus side, the space industry appears to remain relatively immune to general economic conditions and we welcomed some new users into our customer base.  Further to this, 2024 saw the delivery and installation of the UKs first DFAN system at STFC RAL with which we are very proud.  Hopefully this will pave the way for future satellite test developments and it was a huge milestone for m+p UK.

Principal risks and uncertainties
 
The company is committed to maintaining its strong position by focusing on high standards of system accuracy and reliability as well as customer support. 
Within the industry there is always the risk posed by competitor activity.  Currently, M&P International (UK) Limited is well regarded and has a competitive product portfolio, however, some industries are in a state of saturation meaning that more and more sales will have to be won over from the competition rather than as a first time installation project.  As a global company, we welcome competition and keep abreast of the latest market requirements and maintain a healthy project success rate.
M+p UK entered 2024 with now only 2 staff, meaning that the team is having to work a lot harder to keep abreast of workload.  Although we are not unique in having such a small team, it has been very important to ensure effective communication in order to provide a reliable service to our customers and to ensure staff retention.

Page 1

 
M&P INTERNATIONAL (UK) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators
 
The company uses the following Key Performance Indicators (KPI's) to track its progress:
                                                        
 2024            2023
Sales growth %                                                (22.37%)         3.44%
Administration expenses growth/(decline) %          (18.6%)         16.3%
Sales profitability (decline) %                                 6.96%           (0.10%)
Staff number (end of year)                                         2                    3

 

This report was approved by the board and signed on its behalf.





G Brett
Director

Date: 20 January 2025

Page 2

 
M&P INTERNATIONAL (UK) LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company throughout the year was the supply and service of industrial test product systems and software. 

Results and dividends

The loss for the year, after taxation, amounted to £2,373 (2023 - profit £46,596).

The company did not pay an interim dividend (2023: £Nil). A dividend with respect to the 2024 year was declared and paid in the amount of £32,704 (2023: £85,813).

Director

The director who served during the year was:

G Brett 

Future developments

The company has no significant future developments to note.

Page 3

 
M&P INTERNATIONAL (UK) LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company's auditors are unaware, and

 has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsShaw Gibbs (Audit) Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 







G Brett
Director

Date: 20 January 2025

Page 4

 
M&P INTERNATIONAL (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M&P INTERNATIONAL (UK) LIMITED
 

Opinion


We have audited the financial statements of M&P International (UK) Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 5

 
M&P INTERNATIONAL (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M&P INTERNATIONAL (UK) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
M&P INTERNATIONAL (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M&P INTERNATIONAL (UK) LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 7

 
M&P INTERNATIONAL (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M&P INTERNATIONAL (UK) LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.







Stephen Morgan FCA (Senior Statutory Auditor)
for and on behalf of
Shaw Gibbs (Audit) Limited
Statutory Auditor
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT

20 January 2025
Page 8

 
M&P INTERNATIONAL (UK) LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
576,575
742,703

Cost of sales
  
(259,951)
(283,150)

Gross profit
  
316,624
459,553

Administrative expenses
  
(321,017)
(394,439)

Operating (loss)/profit
 5 
(4,393)
65,114

Interest receivable and similar income
 9 
636
305

(Loss)/profit before tax
  
(3,757)
65,419

Tax on (loss)/profit
 10 
1,384
(18,823)

(Loss)/profit after tax
  
(2,373)
46,596

  

  

Retained earnings at the beginning of the year
  
46,551
85,768

  
46,551
85,768

(Loss)/profit for the year
  
(2,373)
46,596

Dividends declared and paid
  
(32,704)
(85,813)

Retained earnings at the end of the year
  
11,474
46,551
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

The notes on pages 12 to 23 form part of these financial statements.

Page 9

 
M&P INTERNATIONAL (UK) LIMITED
REGISTERED NUMBER: 03952594

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
18,205
28,792

  
18,205
28,792

Current assets
  

Stocks
 13 
11,776
33,891

Debtors: amounts falling due within one year
 14 
192,782
144,624

Cash at bank and in hand
 15 
143,384
94,658

  
347,942
273,173

Creditors: amounts falling due within one year
 16 
(295,298)
(193,283)

Net current assets
  
 
 
52,644
 
 
79,890

Total assets less current liabilities
  
70,849
108,682

Provisions for liabilities
  

Deferred tax
 17 
(4,415)
(7,171)

  
 
 
(4,415)
 
 
(7,171)

Net assets
  
66,434
101,511


Capital and reserves
  

Called up share capital 
 18 
30,000
30,000

Share premium account
 19 
24,960
24,960

Profit and loss account
 19 
11,474
46,551

  
66,434
101,511


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 January 2025.




G Brett
Director

The notes on pages 12 to 23 form part of these financial statements.

Page 10

 

 
M&P INTERNATIONAL (UK) LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024



Called up share capital
Share premium account
Profit and loss account
Total equity


£
£
£
£



At 1 January 2023
30,000
24,960
85,768
140,728



Comprehensive income for the year


Profit for the year
-
-
46,596
46,596


Dividends: Equity capital
-
-
(85,813)
(85,813)





At 1 January 2024
30,000
24,960
46,551
101,511



Comprehensive income for the year


Loss for the year
-
-
(2,373)
(2,373)



Contributions by and distributions to owners


Dividends: Equity capital
-
-
(32,704)
(32,704)



At 31 December 2024
30,000
24,960
11,474
66,434



The notes on pages 12 to 23 form part of these financial statements.

Page 11

 
M&P INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

M&P International (UK) Ltd, which was incorporated and registered in England and Wales (registered number 03952594), is a privately owned company limited by shares. The registered office is Unit 2, Highview Business Centre, High Street, Bordon, GU35 0AX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historic cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102 (FRS 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 (see note 3).

  
2.2

Disclosure exemptions adopted

The company, being a subsidiary of INDUS Holding AG, whose consolidated financial statements are publicly available, has taken advantage of the following disclosure exemptions:
(a) the requirement to provide a statement of cash flows,
(b) the requirement to disclose financial liabilities and assets measured at amortised cost,
The financial statements of Indus AG can be found on www.indus.de

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when the Company has transferred the significant risks and rewards of ownership to the buyer and the amount of revenue can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when the amount of revenue can be measured reliably.

 
2.4

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.

Page 12

 
M&P INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following methods.

Depreciation is provided on the following basis:

Plant and machinery
-
33%
on cost
Fixtures and fittings
-
25%
reducing balance
Office equipment
-
33%
on cost

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.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

Page 13

 
M&P INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.9

Creditors

Short term creditors are measured at the transaction price.

Page 14

 
M&P INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.12

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 15

 
M&P INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.



3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the accounting policies, management is required to make judgments, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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.
The key sources of estimation uncertainty that may have a significant effect on the amounts recognised in the financial statements are:
Useful economic lives of tangible assets
The annual depreciation charge is sensitive to changes in the economic lives and residual values of the assets.
Revenue recognition and support contracts
The company defers 100% of the revenue based on the date of the invoice and recognises the revenue across the period of the support contract. This represents the expected support cost over the agreed period of support.

Page 16

 
M&P INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Product sales
294,426
379,235

Licences, services and support
282,149
363,468

576,575
742,703


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
551,847
634,062

Rest of Europe
24,728
108,641

576,575
742,703



5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2024
2023
£
£

Depreciation
10,589
4,279

Exchange differences
1,001
1,630

Other operating lease rentals
25,708
29,931


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
9,665
9,295

Page 17

 
M&P INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

Staff costs, including director's remuneration, were as follows:


2024
2023
£
£

Wages and salaries
150,997
218,972

Social security costs
13,528
19,629

Cost of defined contribution scheme
3,624
4,238

168,149
242,839


The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Engineers
1
2



Director
1
1

2
3


8.


Director's remuneration

2024
2023
£
£

Director's emoluments
86,686
95,806

Company contributions to defined contribution pension schemes
2,428
2,496

89,114
98,302



9.


Interest receivable

2024
2023
£
£


Other interest receivable
636
305

636
305

Page 18

 
M&P INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,960
12,730

Adjustments in respect of previous periods
(588)
-


1,372
12,730


Total current tax
1,372
12,730

Deferred tax


Origination and reversal of timing differences
(2,756)
6,093

Total deferred tax
(2,756)
6,093


Tax on (loss)/profit
(1,384)
18,823

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(3,757)
65,419


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
(939)
16,355

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
144
3,288

Capital allowances for year in excess of depreciation
2,647
(6,229)

Deferred tax
(2,756)
6,093

Adjustments to tax charge in respect of prior periods
(588)
-

Other timing differences leading to an increase (decrease) in taxation
108
(116)

Other differences leading to an increase (decrease) in the tax charge
-
(568)

Total tax charge for the year
(1,384)
18,823

Page 19

 
M&P INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2024
2023
£
£


Dividends
32,704
85,813

32,704
85,813


12.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2024
84,369
4,874
19,948
109,191



At 31 December 2024

84,369
4,874
19,948
109,191



Depreciation


At 1 January 2024
70,151
597
9,650
80,398


Charge for the year on owned assets
5,374
1,069
4,145
10,588



At 31 December 2024

75,525
1,666
13,795
90,986



Net book value



At 31 December 2024
8,844
3,208
6,153
18,205



At 31 December 2023
14,218
4,276
10,298
28,792

Page 20

 
M&P INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Stocks

2024
2023
£
£

Finished goods and goods for resale
11,776
33,891

11,776
33,891



14.


Debtors

2024
2023
£
£


Trade debtors
152,511
85,323

Other debtors
5,000
2,639

Prepayments and accrued income
35,271
56,662

192,782
144,624



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
143,384
94,658

143,384
94,658



16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
17,888
16,497

Amounts owed to group undertakings
78,717
12,812

Corporation tax
203
3,004

Other taxation and social security
51,909
19,838

Other creditors
8,784
500

Accruals and deferred income
137,797
140,632

295,298
193,283


Page 21

 
M&P INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Deferred taxation




2024


£






At beginning of year
(7,171)


Charged to profit or loss
2,756



At end of year
(4,415)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(4,551)
(7,198)

Pension surplus
136
27

(4,415)
(7,171)


Deferred tax is expected to reverse within the next two years.


18.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



30,000 (2023 - 30,000) Ordinary shares of £1.00 each
30,000
30,000



19.


Reserves

Share premium account

The share premium account represents the additional amount the shareholders paid in excess of the par value of the shares.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of other adjustments.

Page 22

 
M&P INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £3,624 (2023 - £4,328). The pension liabilities outstanding at the year end was £546 (2023 - £500).


21.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£

Land and buildings


Not later than 1 year
19,866
19,866

Later than 1 year and not later than 5 years
6,622
26,488

26,488
46,354

2024
2023

£
£

Other operating leases


Not later than 1 year
611
3,055

Later than 1 year and not later than 5 years
-
611

611
3,666


22.


Controlling party

The parent company is M&P International Mess-und Rechnertechnik GmbH incorporated in Germany. The ultimate parent of the M&P group is INDUS Holding AG a company incorporated in Germany. The registered office of the ultimate parent is:
Klöner Str. 32,
Bergisch Gladback
51429
Germany
The smallest company into which these accounts are consolidated is M&P International Mess - und Rechnertechnik GmbH, a company incorporated in Germany. The largest company into which these accounts are consolidated is Indus Holding AG, a company incorporated in Germany and listed on the German stock exchange.

 
Page 23