MAYBE INDUSTRIAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Maybe Industrial UK Limited is a private company limited by shares and incorporated in England and Wales, registration number 07938753. The registered office is 1st Floor Prospect House, Rouen Road, Norwich, Norfolk, United Kingdom, NR1 1RE.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The following principal accounting policies have been applied:
The Company is dependent upon the performance of its subsidiary company Benchmark Wireline Products Limited.
The subsidiary's forecasts and projections, taking account of reasonably possible changes in trading performance, show that they should be able to continue to operate within the level of its current facilities.
The Company's ultimate parent company, MayBe Holdings Inc, have agreed to continue to support Benchmark Wireline Products Limited if required.
On this basis the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Investments in subsidiaries are measured at cost less accumulated impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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