Registration number:
MOLB UK Limited
for the Year Ended 31 December 2023
MOLB UK Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Consolidated Profit and Loss Account |
|
Consolidated Statement of Comprehensive Income |
|
Consolidated Balance Sheet |
|
Balance Sheet |
|
Consolidated Statement of Changes in Equity |
|
Statement of Changes in Equity |
|
Consolidated Statement of Cash Flows |
|
Notes to the Financial Statements |
MOLB UK Limited
Company Information
Directors |
C M Brennan A Berthelet |
Company secretary |
Aldlex Limited |
Registered office |
|
Auditors |
|
MOLB UK Limited
Strategic Report for the Year Ended 31 December 2023
The directors present their strategic report for the year ended 31 December 2023.
Principal activity
The principal activity of the Group is design and technology services for the automotive industry.
Fair review of the business
The company is focusing on developing the design services provided to OEMs and engineering services provided both to OEMs and Tier 1st suppliers.
In 2023 the general trend of the market was positive with a reasonable volume of projects launched by the Car Makers.
2023 was a year of consolidation of the Company’s market shares.
The level of inflation of the current and past years was not reflected in pricing revision that the market was and is still reluctant to accept.
The Company shows strong stability in its market, maintaining the revenue at the same level and its costs as well, resulting into a similar solid profit level.
Principal risks and uncertainties
The key risks affecting the group are:
Market risk: The group is affected by the dynamic-trend of the car industry.
Operational risk: This is not a specific risk affecting the group as there is strong stability within each team.
Currency risk: The group operate EUR and GBP accounts which help to mitigate currency risk.
Approved and authorised by the
......................................... |
MOLB UK Limited
Directors' Report for the Year Ended 31 December 2023
The directors present their report and the for the year ended 31 December 2023.
Directors of the Group
The directors who held office during the year were as follows:
The following director was appointed after the year end:
Financial instruments
Objectives and policies
The directors aim to ensure the group have sufficient working capital to continue to funds its day to day operations.
Price risk, credit risk, liquidity risk and cash flow risk
The key risks affecting the group are:
Liquidity risk: This is not a specific risk affecting the company as the group has access to its cash through its current accounts.
Credit risk: This is not a specific risk for the group, because banks are supporting the development of the group.
Price risk: There is pressure on the price versus the inflation for keeping the group's market share.
Cashflow risk: This is not a specific risk affecting the group as the group have sufficient working capital to ensure its day to day payments.
Future developments
The Group will continue to develop and strengthen its collaboration with its established portfolio of Clients with the aim of being a solid strategic key partner for them. Design and Engineering activities for the Car Industry will still be the focus with an extension to the Mobility Industry.
The Group will maintain the necessary level of expertise and keep a dynamic growth strategy based on its international footprint.
Important non adjusting events after the financial period
The Group acquired a competitor in California to accelerate its growth in the design field in this region. MOLB France SAS bought the shares of Vintech LLC in January 2024.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information. The directors confirm that there is no relevant information (as defined by section 418(3) of the Companies Act 2006) that they know of and of which they know the auditor is unaware.
MOLB UK Limited
Directors' Report for the Year Ended 31 December 2023
Approved and authorised by the
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MOLB UK Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements 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; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
MOLB UK Limited
Independent Auditor's Report to the Members of MOLB UK Limited
Opinion
We have audited the financial statements of MOLB UK Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 Group's and the parent Company's affairs as at 31 December 2023 and of the Group's profit 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.
Without qualifying our opinion we would like to draw to your attention that the prior period group figures are unaudited.
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 Group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our 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.
MOLB UK Limited
Independent Auditor's Report to the Members of MOLB UK Limited
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent Company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' 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 Statement of Directors' Responsibilities [set out on page 5], the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor 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 auditor’s 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
MOLB UK Limited
Independent Auditor's Report to the Members of MOLB UK Limited
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions an enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the group.
The following laws and regulations were identified as being of significance to the group:
• |
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting regulations, Company Law, Tax and Pensions legislation, and distributable profits legislation. |
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the group complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. |
|
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the group’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 2006. Our 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 auditor’s 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.
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For and on behalf of
114 St Martin's Lane
Covent Garden
London
WC2N 4BE
MOLB UK Limited
Consolidated Profit and Loss Account for the Year Ended 31 December 2023
Note |
2023 |
(As restated) |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Other interest receivable and similar income |
- |
|
|
Interest payable and similar expenses |
( |
( |
|
(66,092) |
(43,387) |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
|
Profit/(loss) attributable to: |
|||
Owners of the Company |
|
|
The Group has no recognised gains or losses for the year other than the results above.
MOLB UK Limited
Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2023
2023 |
(As restated) |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
|
Total comprehensive income attributable to: |
||
Owners of the Company |
|
|
MOLB UK Limited
(Registration number: 09875461)
Consolidated Balance Sheet as at 31 December 2023
Note |
2023 |
(As restated) |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
143 |
143 |
|
Other reserves |
40,215 |
40,215 |
|
Retained earnings |
3,055,225 |
1,874,518 |
|
Equity attributable to owners of the company |
3,095,583 |
1,914,876 |
|
Shareholders' funds |
3,095,583 |
1,914,876 |
Approved and authorised by the
......................................... |
MOLB UK Limited
(Registration number: 09875461)
Balance Sheet as at 31 December 2023
Note |
2023 |
(As restated) |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current (liabilities)/assets |
( |
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
143 |
143 |
|
Retained earnings |
2,154,989 |
2,056,567 |
|
Shareholders' funds |
2,155,132 |
2,056,710 |
The company made a profit after tax for the financial year of €98,422 (2022 - profit of €431,433).
Approved and authorised by the
......................................... |
MOLB UK Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 December 2023
Equity attributable to the parent company
Share capital |
Other reserves |
Retained earnings |
Total |
Total equity |
|
At 1 January 2023 |
|
|
|
|
|
Prior period adjustment |
- |
- |
|
|
|
At 1 January 2023 (As restated) |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
At 31 December 2023 |
|
|
|
|
|
Share capital |
Other reserves |
Retained earnings |
Total |
Total equity |
|
At 1 January 2022 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
At 31 December 2022 |
143 |
40,215 |
1,874,518 |
1,914,876 |
1,914,876 |
MOLB UK Limited
Statement of Changes in Equity for the Year Ended 31 December 2023
Share capital |
Retained earnings |
Total |
|
At 1 January 2023 |
|
|
|
Prior period adjustment |
- |
|
|
At 1 January 2023 (As restated) |
|
|
|
Profit for the year |
- |
|
|
At 31 December 2023 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 January 2022 |
|
|
|
Profit for the year |
- |
|
|
At 31 December 2022 |
143 |
2,056,567 |
2,056,710 |
MOLB UK Limited
Consolidated Statement of Cash Flows for the Year Ended 31 December 2023
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Loss from disposals of investments |
|
|
|
Finance income |
- |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
(Increase)/decrease in trade debtors |
( |
|
|
Decrease in trade creditors |
( |
( |
|
Increase in provisions |
|
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Acquisition of subsidiaries |
( |
( |
|
Acquisitions of tangible assets |
( |
( |
|
Acquisition of intangible assets |
( |
- |
|
Proceeds from sale of intangible assets |
- |
|
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from bank borrowing draw downs |
- |
( |
|
Repayment of bank borrowing |
( |
- |
|
Net cash flows from financing activities |
( |
( |
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 1 January |
|
|
|
Cash and cash equivalents at 31 December |
5,444,494 |
6,106,573 |
MOLB UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The Company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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 prior period figures for the group are unaudited.
The financial statements are presented in Euros, which is the functional currency of the group and the parent company.
Two of the subsidiaries have a functional currency different than Euros and have been translated as follows:
MOLB Czech: financial statements are prepared in Czech Koruna and so for the purposes of consolidation, Balance Sheet items have been translated at the year end rate of 1 EUR: 24.7069 CZK (2022: 1 EUR: 24.2204 CZK), and Profit & Loss items have been translated at the average rate of 1 EUR: 24.0096 CZK (2022: 1 EUR: 24.5649 CZK).
MOLB Eastern Europe financial statements are prepared in Romanian Leu and so for the purposes of consolidation, Balance Sheet items have been translated at the year end rate of 1 EUR: 4.9631 RON (2022: 1 EUR: 4.9679 RON), and Profit & Loss items have been translated at the average rate of 1 EUR: 4.9489 RON (2022: 1 EUR: 4.9306 RON).
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31 December 2023.
MOLB UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
A subsidiary is an entity controlled by the Company. Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the Group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the Company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Where subsidiaries have a functional currency other than Euros, their financial statements have been translated into Euros for their inclusion in the consolidated accounts. Balance sheet items are translated at the year end rate and items relating to the Profit and Loss Account are translated at the average rate for the year. Any foreign exchange movements are accounted for in the foreign exchange translation reserve if material, otherwise these are taken to the Profit and Loss Account reserve. The foreign exchange rates used for translation are disclosed in the ‘basis of preparation’ accounting policy.
Going concern
The financial statements have been prepared on a going concern basis.
MOLB UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Prior period errors
During the year it was identified that one sales invoice had not been accounted for in the company's prior year financial statements. An adjustment has therefore been made to correct this in the current year:
Relating to the current period disclosed in these financial statements | Relating to the prior period disclosed in these financial statements | Relating to periods before the prior period disclosed in these financial statements | |
Sales | - | (60,600) | - |
Trade debtors | 60,600 | 60,600 | - |
Retained earnings | (60,600) | - | - |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the Group.
The Group 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 Group's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current 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 Group operates and generates taxable income.
MOLB UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
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 |
Office equipment |
3 years straight line |
Leasehold improvements |
6 to 10 years straight line |
Motor vehicles |
5 years straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
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 |
Goodwill |
5 years straight line |
Trademarks and licenses |
5 years straight line |
Software |
1 to 3 years straight line |
MOLB UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Customer database |
5 years straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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 inventories 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.
Financial instruments
Classification
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
Trade debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
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.
MOLB UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Group 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.
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 Group 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 Group has an obligation at the reporting date as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Group 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.
MOLB UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Significant judgements and key sources of estimation uncertainty |
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. |
Key sources of estimation uncertainty
Intangible assets useful life is an estimation uncertainty as it is not known for how long the intangible asset will be used in the business, or carry its initial value. The amortisation rates used have been disclosed in the amortisation accounting policy and are management's best estimate of the useful life of each of the asset categories. The carrying amount is €590,786 (2022 -€563,846).
Turnover |
The analysis of the Group's Turnover for the year from continuing operations is as follows:
2023 |
(As restated) |
|
Rendering of services |
|
|
The analysis of the Group's Turnover for the year by market is as follows:
2023 |
(As restated) |
|
UK |
|
|
Europe |
|
|
Rest of world |
|
|
|
|
Other operating income |
The analysis of the Group's other operating income for the year is as follows:
2023 |
2022 |
|
Miscellaneous other operating income |
|
|
Included in other operating income in the prior year is €384,171 of recharged costs relating to seconded personnel. No such income was recorded in the current year.
MOLB UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Other interest receivable and similar income |
2023 |
2022 |
|
Interest income on bank deposits |
- |
|
Interest payable and similar expenses |
2023 |
2022 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest expense on other finance liabilities |
- |
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the Group (including directors) during the year, analysed by category was as follows:
2023 |
2022 |
|
Administration and support |
|
|
Other departments |
|
|
|
|
MOLB UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Directors' remuneration |
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
- |
289,876 |
286,991 |
In respect of the highest paid director:
2023 |
2022 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
|
- |
Auditors' remuneration |
2023 |
2022 |
|
Audit of these financial statements |
38,023 |
10,533 |
Audit of the financial statements of subsidiaries of the company pursuant to legislation |
5,500 |
5,700 |
|
|
|
Other fees to auditors |
||
All other non-audit services |
|
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
Foreign tax |
|
|
Tax expense in the income statement |
|
|
MOLB UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
(As restated) |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Tax (decrease)/increase from other short-term timing differences |
( |
|
Total tax charge |
|
|
In the 2021 Budget the Chancellor announced that the main rate of UK corporation tax would increased to 25% from 1 April 2023.
Deferred tax
Group
Deferred tax assets and liabilities
2023 |
Asset |
Liability |
Accelerated tax depreciation |
- |
|
- |
|
2022 |
Asset |
Liability |
Accelerated tax depreciation |
- |
|
- |
|
MOLB UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Intangible assets |
Group
Goodwill |
Trademarks, patents and licenses |
Contractual customer relationships |
Internally generated software development costs |
Other intangible assets |
Total |
|
Cost or valuation |
||||||
At 1 January 2023 |
- |
|
|
|
|
|
Additions acquired separately |
|
- |
- |
|
|
|
At 31 December 2023 |
|
|
|
|
|
|
Amortisation |
||||||
At 1 January 2023 |
- |
|
|
|
|
|
Amortisation charge |
|
|
|
|
- |
|
At 31 December 2023 |
|
|
|
|
|
|
Carrying amount |
||||||
At 31 December 2023 |
|
|
|
|
|
|
At 31 December 2022 |
- |
|
|
|
- |
|
MOLB UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Individually material intangible assets
|
|
Tangible assets |
Group
Short leasehold land and buildings |
Office equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 January 2023 |
|
|
|
|
Additions |
|
|
- |
|
At 31 December 2023 |
|
|
|
|
Depreciation |
||||
At 1 January 2023 |
|
|
|
|
Charge for the year |
|
|
- |
|
At 31 December 2023 |
|
|
|
|
Carrying amount |
||||
At 31 December 2023 |
|
|
- |
|
At 31 December 2022 |
|
|
- |
|
Included within the net book value of land and buildings above is €1,213 (2022 - €616) in respect of short leasehold land and buildings.
MOLB UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Company
Office equipment |
Total |
|
Cost or valuation |
||
At 1 January 2023 |
|
|
Additions |
|
|
At 31 December 2023 |
|
|
Depreciation |
||
At 1 January 2023 |
|
|
Charge for the year |
|
|
At 31 December 2023 |
|
|
Carrying amount |
||
At 31 December 2023 |
|
|
At 31 December 2022 |
|
|
MOLB UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Investments |
Group
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the Group holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2023 |
2022 |
|||
Subsidiary undertakings |
||||
|
91 rue du Faubourg Saint-Honore, 75008 Paris |
|
|
|
France |
||||
|
Viale Antonio Silvani, 2, 40122 Bologna |
|
|
|
Italy |
||||
|
Neureutherstrasse 26, 80799 Munich |
|
|
|
Germany |
||||
|
Str. Alexandru Borneanu, Bucharest |
|
|
|
Romania |
||||
|
Evropska 695/73, Prague 16000 |
|
|
|
Czech Republic |
||||
|
91 rue du Faubourg Saint Honore, 75008 Paris |
|
|
|
France |
||||
|
91 rue du Faubourg Saint Honore, 75008 Paris |
|
|
|
France |
||||
|
91 rue du Faubourg Saint Honore, 75008 Paris |
|
|
|
France |
||||
|
91 rue du Faubourg Saint Honore, 75008 Paris |
|
|
|
France |
MOLB UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Subsidiary undertakings
MOLB France SAS The principal activity of MOLB France SAS is |
MOLB Italia SRL The principal activity of MOLB Italia SRL is |
MOLB Germany GmbH The principal activity of MOLB Germany GmbH is |
MOLB Eastern Europe SRL The principal activity of MOLB Eastern Europe SRL is |
MOLB Czech s.r.o. The principal activity of MOLB Czech s.r.o. is |
Automotive Exterior Systems Components The principal activity of Automotive Exterior Systems Components is |
Automotive Interior Systems Components The principal activity of Automotive Interior Systems Components is |
Concept et Creation The principal activity of Concept et Creation is |
Digital Modeling The principal activity of Digital Modeling is |
Company
2023 |
2022 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
€ |
Cost or valuation |
|
At 1 January 2023 |
|
Additions |
|
At 31 December 2023 |
|
Provision |
|
Carrying amount |
|
At 31 December 2023 |
|
At 31 December 2022 |
|
MOLB UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Debtors |
Group |
Company |
||||
Current |
Note |
2023 |
(As restated) |
2023 |
(As restated) |
Trade debtors |
|
|
|
|
|
Amounts owed by related parties |
|
|
|
|
|
Other debtors |
|
|
|
|
|
Prepayments |
|
|
|
|
|
Accrued income |
|
|
|
|
|
Income tax asset |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Cash on hand |
|
|
|
|
Cash at bank |
|
|
|
|
|
|
|
|
Creditors |
Group |
Company |
||||
Note |
2023 |
2022 |
2023 |
2022 |
|
Due within one year |
|||||
Loans and borrowings |
|
|
- |
- |
|
Trade creditors |
|
|
|
|
|
Amounts due to related parties |
|
|
|
|
|
Social security and other taxes |
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
|
Other payables |
|
|
- |
|
|
Accruals |
|
|
|
|
|
Income tax liability |
256,462 |
96,267 |
157,171 |
62,641 |
|
|
|
|
|
MOLB UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Group |
Company |
||||
Note |
2023 |
2022 |
2023 |
2022 |
|
Due after one year |
|||||
Loans and borrowings |
|
|
- |
- |
Provisions for liabilities |
Group
Deferred tax |
Other provisions |
Total |
|
At 1 January 2023 |
|
|
|
Increase (decrease) in existing provisions |
- |
|
|
Provisions used |
( |
- |
( |
At 31 December 2023 |
|
|
|
|
Other provisions relates to the severance indemnity fund in MOLB Italia, which is a provision required under Italian employment law. Funds are payable to employees when they cease their employment with the company.
Pension and other schemes |
Defined contribution pension scheme
The Group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Group to the scheme and amounted to €
Contributions totalling €
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
€ |
No. |
€ |
|
|
|
143 |
|
143 |
Rights, preferences and restrictions
Ordinary shares have the following rights, preferences and restrictions: |
MOLB UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Reserves |
Group
Other reserves
Other reserves comprise legal reserves, which are a requirement under local company law applicable to MOLB Eastern Europe SRL, MOLB Czech s.r.o., MOLB Italia SRL and MOLB France SAS.
Loans and borrowings |
Non-current loans and borrowings
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Bank borrowings |
|
|
- |
- |
Current loans and borrowings
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Bank borrowings |
|
|
- |
- |
Company
Bank borrowings
The loan is secured against the assets of MOLB France SAS. |
|
|
|
|
|
MOLB UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
|
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was €
Company
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was €
Dividends |
Final dividends paid
2023 |
2022 |
|||
Final dividend of €Nil per each |
- |
- |
||
MOLB UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Related party transactions |
Group
Other transactions with directors |
A Berthelet (Director)
During the year the group advanced funds to the Director of €39,272 and the Director repaid amounts of €37,798. The balance owed to the Director at the year end is €9,642 (2022: €8,168).
Financial instruments |
Group
Financial assets measured at fair value
Cash at bank
The fair value is €5,444,494 (2022 - €6,106,573) and the change in value included in profit or loss is €Nil (2022 - €Nil).
Trade and other receivables
The fair value is €4,313,282 (2022 - €4,464,997) and the change in value included in profit or loss is €Nil (2022 - €Nil).
Amounts due from related parties
The fair value is €14,072 (2022 - €16,027) and the change in value included in profit or loss is €Nil (2022 - €Nil).
Financial liabilities measured at fair value
Trade and other creditors
The fair value is €5,581,835 (2022 - €7,238,617) and the change in value included in profit or loss is €Nil (2022 - €Nil).
Accruals
The fair value is €268,701 (2022 - €180,101) and the change in value included in profit or loss is €Nil (2022 - €Nil).
Amounts due to related parties
The fair value is €1,235,443 (2022 - €1,760,212) and the change in value included in profit or loss is €Nil (2022 - €Nil).
MOLB UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Parent and ultimate parent undertaking |
The Company's immediate parent is
The ultimate controlling party is
Non adjusting events after the financial period |
|