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Registration number: 09875461

MOLB UK Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2023

 

MOLB UK Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 8

Consolidated Profit and Loss Account

9

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Financial Statements

16 to 36

 

MOLB UK Limited

Company Information

Directors

C M Brennan

A Berthelet

Company secretary

Aldlex Limited

Registered office

Peachey & Co LLP
95 Aldwych
London
WC2B 4JF

Auditors

Bourner Bullock Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

 

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 Board on 11 March 2025 and signed on its behalf by:
 

.........................................
A Berthelet
Director

 

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:

H W Ashton (resigned 7 February 2024)

A Berthelet

The following director was appointed after the year end:

C M Brennan (appointed 7 February 2024)

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 Board on 11 March 2025 and signed on its behalf by:
 

.........................................
A Berthelet
Director

 

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.

......................................
Hannah Fowlie (Senior Statutory Auditor)
For and on behalf of Bourner Bullock, Statutory Auditor
 Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

11 March 2025

 

MOLB UK Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2023

Note

2023

(As restated)

2022

Turnover

4

14,037,898

13,798,318

Cost of sales

 

(1,884,110)

(2,065,370)

Gross profit

 

12,153,788

11,732,948

Administrative expenses

 

(10,538,336)

(10,963,049)

Other operating income

5

23,071

497,288

Operating profit

6

1,638,523

1,267,187

Other interest receivable and similar income

7

-

174

Interest payable and similar expenses

8

(66,092)

(43,561)

   

(66,092)

(43,387)

Profit before tax

 

1,572,431

1,223,800

Tax on profit

12

(391,724)

(245,646)

Profit for the financial year

 

1,180,707

978,154

Profit/(loss) attributable to:

 

Owners of the Company

 

1,180,707

978,154

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)

2022

Profit for the year

1,180,707

978,154

Total comprehensive income for the year

1,180,707

978,154

Total comprehensive income attributable to:

Owners of the Company

1,180,707

978,154

 

MOLB UK Limited

(Registration number: 09875461)
Consolidated Balance Sheet as at 31 December 2023

Note

2023

(As restated)

2022

Fixed assets

 

Intangible assets

13

590,786

563,846

Tangible assets

14

131,538

188,525

 

722,324

752,371

Current assets

 

Debtors

16

4,327,354

4,481,024

Cash at bank and in hand

 

5,444,494

6,106,573

 

9,771,848

10,587,597

Creditors: Amounts falling due within one year

18

(4,718,828)

(6,023,314)

Net current assets

 

5,053,020

4,564,283

Total assets less current liabilities

 

5,775,344

5,316,654

Creditors: Amounts falling due after more than one year

18

(2,367,151)

(3,155,616)

Provisions for liabilities

19

(312,610)

(246,162)

Net assets

 

3,095,583

1,914,876

Capital and reserves

 

Called up share capital

21

143

143

Other reserves

22

40,215

40,215

Retained earnings

22

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 Board on 11 March 2025 and signed on its behalf by:
 

.........................................
A Berthelet
Director

 

MOLB UK Limited

(Registration number: 09875461)
Balance Sheet as at 31 December 2023

Note

2023

(As restated)

2022

Fixed assets

 

Tangible assets

14

51,299

85,428

Investments

15

2,126,977

1,906,481

 

2,178,276

1,991,909

Current assets

 

Debtors

16

1,059,461

1,756,618

Cash at bank and in hand

 

1,112,322

1,678,980

 

2,171,783

3,435,598

Creditors: Amounts falling due within one year

18

(2,194,927)

(3,370,797)

Net current (liabilities)/assets

 

(23,144)

64,801

Net assets

 

2,155,132

2,056,710

Capital and reserves

 

Called up share capital

21

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 Board on 11 March 2025 and signed on its behalf by:
 

.........................................
A Berthelet
Director

 

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

143

40,215

1,813,918

1,854,276

1,854,276

Prior period adjustment

-

-

60,600

60,600

60,600

At 1 January 2023 (As restated)

143

40,215

1,874,518

1,914,876

1,914,876

Profit for the year

-

-

1,180,707

1,180,707

1,180,707

At 31 December 2023

143

40,215

3,055,225

3,095,583

3,095,583

Share capital

Other reserves

Retained earnings

Total

Total equity

At 1 January 2022

143

40,215

896,364

936,722

936,722

Profit for the year

-

-

978,154

978,154

978,154

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

143

1,995,967

1,996,110

Prior period adjustment

-

60,600

60,600

At 1 January 2023 (As restated)

143

2,056,567

2,056,710

Profit for the year

-

98,422

98,422

At 31 December 2023

143

2,154,989

2,155,132

Share capital

Retained earnings

Total

At 1 January 2022

143

1,625,134

1,625,277

Profit for the year

-

431,433

431,433

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

 

1,180,707

978,154

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

289,591

369,128

Loss from disposals of investments

250,000

250,000

Finance income

-

(174)

Finance costs

66,092

43,561

Income tax expense

12

391,724

245,646

 

2,178,114

1,886,315

Working capital adjustments

 

(Increase)/decrease in trade debtors

16

(213,189)

1,015,283

Decrease in trade creditors

18

(1,267,216)

(283,833)

Increase in provisions

19

66,448

39,034

Cash generated from operations

 

764,157

2,656,799

Income taxes paid

12

(114,670)

(596,739)

Net cash flow from operating activities

 

649,487

2,060,060

Cash flows from investing activities

 

Acquisition of subsidiaries

15

(220,496)

(44,330)

Acquisitions of tangible assets

(22,981)

(151,314)

Acquisition of intangible assets

13

(16,067)

-

Proceeds from sale of intangible assets

 

-

1,955

Net cash flows from investing activities

 

(259,544)

(193,689)

Cash flows from financing activities

 

Interest paid

(66,092)

(43,561)

Proceeds from bank borrowing draw downs

 

-

(744,099)

Repayment of bank borrowing

 

(985,930)

-

Net cash flows from financing activities

 

(1,052,022)

(787,660)

Net (decrease)/increase in cash and cash equivalents

 

(662,079)

1,078,711

Cash and cash equivalents at 1 January

 

6,106,573

5,027,862

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

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:
Peachey & Co LLP
95 Aldwych
London
WC2B 4JF
United Kingdom

These financial statements were authorised for issue by the Board on 11 March 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 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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to/from related parties and investments in non-puttable ordinary shares.

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

3

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).

4

Turnover

The analysis of the Group's Turnover for the year from continuing operations is as follows:

2023

(As restated)

2022

Rendering of services

14,037,898

13,798,318

The analysis of the Group's Turnover for the year by market is as follows:

2023

(As restated)

2022

UK

767,530

185,931

Europe

12,913,125

12,777,887

Rest of world

357,243

834,500

14,037,898

13,798,318

5

Other operating income

The analysis of the Group's other operating income for the year is as follows:

2023

2022

Miscellaneous other operating income

23,071

497,288

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

6

Operating profit

Arrived at after charging/(crediting)

2023

2022

Depreciation expense

79,969

246,677

Amortisation expense

209,622

122,451

7

Other interest receivable and similar income

2023

2022

Interest income on bank deposits

-

174

8

Interest payable and similar expenses

2023

2022

Interest on bank overdrafts and borrowings

66,092

39,629

Interest expense on other finance liabilities

-

3,932

66,092

43,561

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023

2022

Wages and salaries

6,137,399

6,339,844

Social security costs

1,497,754

1,518,802

Pension costs, defined contribution scheme

280,196

281,263

Other employee expense

133,595

297,949

8,048,944

8,437,858

The average number of persons employed by the Group (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

3

3

Other departments

125

123

128

126

 

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2023

2022

Remuneration

288,342

286,991

Contributions paid to money purchase schemes

1,534

-

289,876

286,991

In respect of the highest paid director:

2023

2022

Remuneration

288,342

286,991

Company contributions to money purchase pension schemes

1,534

-

11

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

43,523

16,233

Other fees to auditors

All other non-audit services

15,392

15,375


 

12

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023

2022

Current taxation

UK corporation tax

201,353

107,933

Foreign tax

190,371

137,713

Tax expense in the income statement

391,724

245,646

 

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 25% (2022 - 19%).

The differences are reconciled below:

2023

(As restated)

2022

Profit before tax

1,572,431

1,223,800

Corporation tax at standard rate

393,108

232,522

Tax (decrease)/increase from other short-term timing differences

(1,384)

13,124

Total tax charge

391,724

245,646

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

-

9,752

-

9,752

2022

Asset

Liability

Accelerated tax depreciation

-

16,832

-

16,832

 

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

13

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

-

85,123

528,643

1,090,375

17,798

1,721,939

Additions acquired separately

220,496

-

-

427,470

16,067

664,033

At 31 December 2023

220,496

85,123

528,643

1,517,845

33,865

2,385,972

Amortisation

At 1 January 2023

-

18,233

105,729

1,443,802

17,800

1,585,564

Amortisation charge

22,050

16,722

105,729

65,121

-

209,622

At 31 December 2023

22,050

34,955

211,458

1,508,923

17,800

1,795,186

Carrying amount

At 31 December 2023

198,446

50,168

317,185

8,922

16,065

590,786

At 31 December 2022

-

68,401

422,914

72,531

-

563,846

 

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Individually material intangible assets

Goodwill
The carrying amount of this asset is €198,496 (2022 -€Nil) and the remaining amortisation period is 4.5 years (2022 - 0).

Customer database
The carrying amount of this asset is €317,186 (2022 -€422,914) and the remaining amortisation period is 3 years (2022 - 4 years).

14

Tangible assets

Group

Short leasehold land and buildings

Office equipment

Motor vehicles
 €

Total

Cost or valuation

At 1 January 2023

20,888

715,115

28,062

764,065

Additions

1,731

21,250

-

22,981

At 31 December 2023

22,619

736,365

28,062

787,046

Depreciation

At 1 January 2023

20,272

527,205

28,062

575,539

Charge for the year

1,134

78,835

-

79,969

At 31 December 2023

21,406

606,040

28,062

655,508

Carrying amount

At 31 December 2023

1,213

130,325

-

131,538

At 31 December 2022

616

187,909

-

188,525

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

117,807

117,807

Additions

1,122

1,122

At 31 December 2023

118,929

118,929

Depreciation

At 1 January 2023

32,379

32,379

Charge for the year

35,251

35,251

At 31 December 2023

67,630

67,630

Carrying amount

At 31 December 2023

51,299

51,299

At 31 December 2022

85,428

85,428

 

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

15

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

MOLB France SAS

91 rue du Faubourg Saint-Honore, 75008 Paris

Ordinary shares

100%

100%

France

MOLB Italia SRL

Viale Antonio Silvani, 2, 40122 Bologna

Ordinary shares

100%

100%

Italy

MOLB Germany GmbH

Neureutherstrasse 26, 80799 Munich

Ordinary shares

100%

100%

Germany

MOLB Eastern Europe SRL

Str. Alexandru Borneanu, Bucharest

Ordinary shares

100%

100%

Romania

MOLB Czech s.r.o.

Evropska 695/73, Prague 16000

Ordinary shares

100%

100%

Czech Republic

Automotive Exterior Systems Components

91 rue du Faubourg Saint Honore, 75008 Paris

Ordinary shares

100%

100%

France

Automotive Interior Systems Components

91 rue du Faubourg Saint Honore, 75008 Paris

Ordinary shares

100%

100%

France

Concept et Creation

91 rue du Faubourg Saint Honore, 75008 Paris

Ordinary shares

100%

100%

France

Digital Modeling

91 rue du Faubourg Saint Honore, 75008 Paris

Ordinary shares

100%

100%

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 design services.

MOLB Italia SRL

The principal activity of MOLB Italia SRL is design services.

MOLB Germany GmbH

The principal activity of MOLB Germany GmbH is design services.

MOLB Eastern Europe SRL

The principal activity of MOLB Eastern Europe SRL is design services.

MOLB Czech s.r.o.

The principal activity of MOLB Czech s.r.o. is design services.

Automotive Exterior Systems Components

The principal activity of Automotive Exterior Systems Components is design services.

Automotive Interior Systems Components

The principal activity of Automotive Interior Systems Components is design services.

Concept et Creation

The principal activity of Concept et Creation is design services.

Digital Modeling

The principal activity of Digital Modeling is design services.

Company

2023

2022

Investments in subsidiaries

2,126,977

1,906,481

Subsidiaries

Cost or valuation

At 1 January 2023

1,906,481

Additions

220,496

At 31 December 2023

2,126,977

Provision

Carrying amount

At 31 December 2023

2,126,977

At 31 December 2022

1,906,481

 

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

16

Debtors

   

Group

Company

Current

Note

2023

(As restated)

2022

2023

(As restated)

2022

Trade debtors

 

3,225,679

2,622,578

503,984

969,921

Amounts owed by related parties

26

14,072

16,026

420,513

700,191

Other debtors

 

176,590

212,386

45,559

25,608

Prepayments

 

142,342

132,760

3,399

6,958

Accrued income

 

674,591

1,036,335

80,256

48,190

Income tax asset

12

94,080

460,939

5,750

5,750

   

4,327,354

4,481,024

1,059,461

1,756,618

17

Cash and cash equivalents

 

Group

Company

2023

2022

2023

2022

Cash on hand

291

291

291

291

Cash at bank

5,444,203

6,106,282

1,112,031

1,678,689

5,444,494

6,106,573

1,112,322

1,678,980

18

Creditors

   

Group

Company

Note

2023

2022

2023

2022

Due within one year

 

Loans and borrowings

23

795,250

992,715

-

-

Trade creditors

 

264,246

641,483

45,233

70,317

Amounts due to related parties

26

1,235,444

1,760,212

1,821,417

3,105,632

Social security and other taxes

 

878,085

1,149,395

106,656

73,496

Outstanding defined contribution pension costs

 

60,849

64,619

4,934

2,968

Other payables

 

959,791

1,138,522

-

39,706

Accruals

 

268,701

180,101

59,516

16,037

Income tax liability

12

256,462

96,267

157,171

62,641

 

4,718,828

6,023,314

2,194,927

3,370,797

 

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

23

2,367,151

3,155,616

-

-

19

Provisions for liabilities

Group

Deferred tax

Other provisions

Total

At 1 January 2023

16,832

229,330

246,162

Increase (decrease) in existing provisions

-

73,528

73,528

Provisions used

(7,080)

-

(7,080)

At 31 December 2023

9,752

302,858

312,610

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.

20

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 280,196 (2022 - 281,263).

Contributions totalling 60,849 (2022 - €64,619) were payable to the scheme at the end of the year and are included in creditors.

21

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

No.

Ordinary shares of £1 each

100

143

100

143

       

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
Each share has full rights in the company with respect to voting, dividends and distributions. No share shall have a preference over other shares in the event that the business is closed or bankrupt. There are no redeemable shares.

 

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

22

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.

23

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2023

2022

2023

2022

Bank borrowings

2,367,151

3,155,616

-

-

Current loans and borrowings

 

Group

Company

2023

2022

2023

2022

Bank borrowings

795,250

992,715

-

-

Company

Bank borrowings

A business bank loan in MOLB France SAS is denominated in Euros with a nominal interest rate of 1.04%, and the final instalment is due on 15 March 2024. The carrying amount at year end is €21,132 (2022 - €105,115).

The loan is secured against the assets of MOLB France SAS.

A Government-backed loan in MOLB France SAS is denominated in Euros with a nominal interest rate of 0.7%, and the final instalment is due on 15 June 2026. The carrying amount at year end is €628,276 (2022 - €876,525).

A Government-backed loan in MOLB France SAS is denominated in Euros with a nominal interest rate of 0.7%, and the final instalment is due on 10 January 2027. The carrying amount at year end is €193,324 (2022 - €250,000).

A business bank loan in MOLB France SAS is denominated in Euros with a nominal interest rate of 0.55%, and the final instalment is due on 26 May 2026. The carrying amount at year end is €606,795 (2022 - €855,533).

A business bank loan in MOLB France SAS is denominated in Euros with a nominal interest rate of 0.7%, and the final instalment is due on 15 March 2027. The carrying amount at year end is €130,794 (2022 - €170,444).

A business bank loan in MOLB France SAS is denominated in Euros with a nominal interest rate of 4.22%, and the final instalment is due on 24 November 2028. The carrying amount at year end is €1,152,000 (2022 - €1,152,000).

 

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

A business bank loan in MOLB Italia SRL is denominated in Euros with a nominal interest rate of 1.5%, and the final instalment is due on 24 August 2026. The carrying amount at year end is €234,310 (2022 - €319,790).

24

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

3,057

5,112

The amount of non-cancellable operating lease payments recognised as an expense during the year was €282,392 (2022 - €234,321).

Company

Operating leases

The total of future minimum lease payments is as follows:

2023

2022

Not later than one year

3,057

5,112

The amount of non-cancellable operating lease payments recognised as an expense during the year was €69,189 (2022 - €53,543).

25

Dividends

Final dividends paid

2023

2022

Final dividend of €Nil per each Ordinary shares

-

-

 

 
 

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

26

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).

27

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

28

Parent and ultimate parent undertaking

The Company's immediate parent is MOLB Asia Ltd, incorporated in Hong Kong.

 The ultimate controlling party is A Berthelet.

29

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.