REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
MINKELS UK LIMITED |
REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
MINKELS UK LIMITED |
MINKELS UK LIMITED (REGISTERED NUMBER: 05482186) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 4 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Statement of Financial Position | 9 |
Statement of Changes in Equity | 10 |
Statement of Cash Flows | 11 |
Notes to the Statement of Cash Flows | 12 |
Notes to the Financial Statements | 13 |
MINKELS UK LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
& Statutory Auditors |
2 Manor Farm Court |
Old Wolverton Road |
Old Wolverton |
Milton Keynes |
Buckinghamshire |
MK12 5NN |
MINKELS UK LIMITED (REGISTERED NUMBER: 05482186) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the assembly and sale of computer cabinets for the data and telecommunications industries. |
REVIEW OF BUSINESS |
The company supplies high-quality solutions for data centre infrastructure. |
The company has seen a fall in both turnover and margins this year, although the directors will continue to pursue strategies aimed at maintaining a steady growth in turnover and improving profitability. |
The company's cash position is stable and the company has continuing support from its parent company. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2024. |
FUTURE DEVELOPMENTS |
The directors have increased the company's product portfolio and as a result are confident that the company's financial performance will continue to grow. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
MINKELS UK LIMITED (REGISTERED NUMBER: 05482186) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MINKELS UK LIMITED |
Opinion |
We have audited the financial statements of Minkels UK Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 company's affairs as at 31 December 2024 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the 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 in the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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. |
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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MINKELS UK LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of 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 two, 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 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. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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: |
In our process of identifying fraud risks we assessed events or conditions that indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud ("fraud risk factors") to determine how fraud risks are relevant to our audit. Based on the auditing standards we addressed two fraud risks that were relevant to our audit, in relation to revenue recognition and management override of controls. Based upon our analysis of fraud risk factors, we have not identified any additional fraud risks. |
Our audit procedures included an evaluation of the design, implementation as well as the operating effectiveness of internal controls relevant to mitigate these risks. We also performed substantive audit procedures, including detailed testing of high risk journal entries and procedures to satisfy ourselves that revenue has been properly recognised in the financial statements in accordance with financial reporting standards and the Company's accounting policies. Through these procedures, we did not identify any material actual or suspected incidences of fraud. |
We have evaluated facts and circumstances in order to assess laws and regulations relevant to the Company. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general and sector experience, through discussion with the Directors and other management (as required by auditing standards) and discussed with the Directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MINKELS UK LIMITED |
The potential effect of these laws and regulations on the financial statements varies considerably. |
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including taxation and financial reporting (including related company legislation) and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. |
Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: |
- Employment legislation, reflecting the Company's workforce |
- Health and safety regulation, reflecting the Company's production, distribution and operating processes |
- Data privacy, reflecting the Company's management of personal and corporate data |
- Environmental regulation, reflecting environmental impact restrictions, waste and contamination related to the Company's distribution and operating processes. |
Auditing standards limit the required audit procedures to identify non-compliance with these regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Through these procedures we did not identify any material actual or suspected non-compliance in any of the above areas. |
We note that our audit is not primarily designed to detect non-compliance with laws and regulations and the Directors and other management are responsible for such internal control as the Directors and other management of the Company determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to errors or fraud, including compliance with laws and regulations. Additionally, owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Certified Accountants |
& Statutory Auditors |
2 Manor Farm Court |
Old Wolverton Road |
Old Wolverton |
Milton Keynes |
Buckinghamshire |
MK12 5NN |
MINKELS UK LIMITED (REGISTERED NUMBER: 05482186) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 4 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
MINKELS UK LIMITED (REGISTERED NUMBER: 05482186) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
MINKELS UK LIMITED (REGISTERED NUMBER: 05482186) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks | 8 |
Debtors | 9 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
MINKELS UK LIMITED (REGISTERED NUMBER: 05482186) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2024 |
MINKELS UK LIMITED (REGISTERED NUMBER: 05482186) |
STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( | ) |
Tax paid | ( | ) | ( | ) |
Net cash from operating activities | ( | ) | ( | ) |
Cash flows from investing activities |
Interest received |
Net cash from investing activities |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year | 2 | 26 |
Cash and cash equivalents at end of year | 2 | 26 | 26 |
MINKELS UK LIMITED (REGISTERED NUMBER: 05482186) |
NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Amounts owed to group | (1,541,753 | ) | 293,856 |
Amounts owed by group | (327,032 | ) | 457,565 |
Finance income | (69,732 | ) | (21,691 | ) |
(1,580,708 | ) | 1,546,296 |
(Increase)/decrease in stocks | ( | ) |
Decrease/(increase) in trade and other debtors | ( | ) |
(Decrease)/increase in trade and other creditors | ( | ) |
Cash generated from operations | ( | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 December 2024 |
31/12/24 | 1/1/24 |
£ | £ |
Cash and cash equivalents | 26 | 26 |
Year ended 31 December 2023 |
31/12/23 | 1/1/23 |
£ | £ |
Cash and cash equivalents | 26 | 26 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/1/24 | Cash flow | At 31/12/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 26 | - | 26 |
26 | 26 |
Total | 26 | - | 26 |
MINKELS UK LIMITED (REGISTERED NUMBER: 05482186) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
1. | STATUTORY INFORMATION |
Minkels UK Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The company's place of business is Legrand Digital Infrastructures BU, Minkels UK, 4th floor, 25-26 Lime Street, London, EC3M 7HR, United Kingdom. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The financial statements have been prepared on a going concern basis which assumes that continuing support will be made available by the company's parent company to provide working capital and enable the company to meet its obligations as they fall due. |
The effects of events in relation to the year which occurred before the date of approval of the financial statements by the directors, have been included in the statements to the extent required to show a true and fair view of the state of affairs at the statement of financial position date and of the results for the year ended on that date. |
TURNOVER |
The company's turnover represents the value, excluding value added tax, of goods and services supplied to customers during the year. A sale is recognised when goods and services have been delivered and future economic benefits are probable. Revenue is measured at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, net of discounts and VAT. |
STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
FOREIGN CURRENCIES |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date except where settlement rates have been formally agreed in which cases these rates are used. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction, except where settlement rates have been formally agreed with the supplier in which case these rates are used. Exchange differences are taken into account in arriving at the operating result. |
HIRE PURCHASE AND LEASING COMMITMENTS |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
MINKELS UK LIMITED (REGISTERED NUMBER: 05482186) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
3. | ACCOUNTING POLICIES - continued |
|
DEBTORS AND CREDITORS RECEIVABLE/PAYABLE WITHIN ONE YEAR |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in administrative expenses. |
TAX |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. it is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date that are expected to apply to the reversal of timing differences. Deferred tax on non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom |
Rest of the World | 12,687 | - |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
MINKELS UK LIMITED (REGISTERED NUMBER: 05482186) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
5. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 2 | 2 |
Administration | 4 | 4 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Other operating leases |
Auditors' remuneration |
Foreign exchange differences |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on profit |
RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Total tax charge | 90,744 | 193,518 |
MINKELS UK LIMITED (REGISTERED NUMBER: 05482186) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
8. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Prepayments and accrued income |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
VAT | 181,180 | 536,388 |
Accruals and deferred income |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100,000 | 100,000 |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2024 |
Profit for the year |
At 31 December 2024 |
13. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme in respect of certain employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £9,745 (2023 - £9,633). |
MINKELS UK LIMITED (REGISTERED NUMBER: 05482186) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
14. | ULTIMATE PARENT COMPANY |
The immediate parent company of Minkels UK Limited is Minkels b.v., a company incorporated in the Netherlands. The ultimate parent company is Legrand SA, a company incorporated in France whose accounts are freely available on their website www.legrand.com . |
15. | RELATED PARTY DISCLOSURES |
2024 | 2023 |
£ | £ |
Purchases |
Amount due from related party |
Amount due to related party |