Registration number:
Melbye Limited
for the Year Ended 31 December 2024
Melbye Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Melbye Limited
Company Information
Directors |
J Koefoed J Moberg K Melsnes |
Registered office |
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Independent auditors |
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Melbye Limited
(Registration number: 12310046)
Statement of Financial Position as at 31 December 2024
Note |
2024 |
2023 |
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Non-current assets |
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Property, plant and equipment |
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Current assets |
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Inventories |
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Receivables |
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Cash at bank and in hand |
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Payables |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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( |
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Net assets |
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Equity |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.
The financial statements of Melbye Limited were approved and authorised for issue by the
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Director
Melbye Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
General information |
Melbye Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.
Accounting policies |
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.
Going concern
The directors have considered the company’s financial position, liquidity and future performance together with financial projections for the company over the foreseeable future and have also reviewed the ongoing committed financial support from the company's parent undertaking and are confident that this will be available for the foreseeable future. After making enquiries, the directors are satisfied that the company has sufficient resources to continue its operation for the foreseeable future, being at least 12 months from the date of signing the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Melbye Limited is reliant on the support of Melbye Group AS as the parent company which is committed to the UK market and has demonstrated its support through a letter of support.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK 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 functional currency of the company is considered to be pounds sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pounds sterling (£).
Summary of disclosure exemptions
The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its parent, Melbye Group AS, which may be obtained from Prost Stabelsvei 22, NO-2021 Skedsmokorset, Norway. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel.
Melbye Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
2 |
Accounting policies (continued) |
Critical judgements and key sources of estimation uncertainties
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. The following judgement and estimate has had the most significant effect on amounts recognised in the financial statements.
Inventory provision - At 31 December 2024, the company made a provision for obsolete inventory; this provision required an estimate of the likelihood of the inventory items being sold. This estimate was based on a variety of factors including the age, expected movement and provision for non-chargeable extras. The carrying amount at the year end is £1,736,675, net of a provision of £298,684 (2023: £2,300,078, net of a provision of £178,684).
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Revenue is shown net of value added tax and discounts. The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.
Other operating income
Foreign currency transactions and balances
Tax
The tax expense for the period comprises deferred 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.
Melbye Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
2 |
Accounting policies (continued) |
Property, plant and equipment
Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
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 |
Leasehold improvements |
5 years straight line method |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and at bank.
Receivables
Trade and other receivables that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.
Inventories
Inventories 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are classified as current liabilities if the company 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 and other payables that are payable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be paid. Those that are payable after more than one year or that constitute a financing transaction are recorded initially at transaction price and subsequently at amortised cost using the effective interest method.
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.
Melbye Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
2 |
Accounting policies (continued) |
Defined contribution pension obligation
The company operates a defined contribution pension scheme. The assets of the schemes are held separately from those of the company. Contributions to defined contribution plans are recognised as employee benefit expense when they become payable.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Taxation |
Tax charged/(credited) in the income statement
2024 |
2023 |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
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( |
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
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Loss before tax |
( |
( |
Corporation tax at standard rate |
( |
( |
Effect of expense not deductible in determining taxable profit |
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Effect of tax losses |
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- |
Total tax charge/(credit) |
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( |
Melbye Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
4 |
Taxation (continued) |
Deferred tax
Deferred tax assets and liabilities
2023 |
Asset |
Liability |
Tax losses carried forward |
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- |
Timing difference from effect of capital allowance and depreciation |
- |
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Property, plant and equipment |
Leasehold improvements |
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Cost |
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At 1 January 2024 |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Melbye Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
Inventories |
2024 |
2023 |
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Electronic equipment |
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Receivables |
2024 |
2023 |
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Trade receivables |
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Corporation tax recoverable |
- |
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Other receivables |
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Deferred tax assets |
- |
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Prepayments |
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Cash and cash equivalents |
2024 |
2023 |
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Cash at bank |
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Payables |
2024 |
2023 |
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Due within one year |
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Trade payables |
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Amounts due to group undertakings |
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Social security and other taxes |
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Other payables |
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Accruals and deferred income |
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The amounts owed to group undertakings disclosed as falling within one year is unsecured, payable on demand with interest charged at 5.9% per annum.
Melbye Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
Provisions for liabilities |
Deferred tax |
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At 1 January 2024 |
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Increase (decrease) in existing provisions |
( |
At 31 December 2024 |
- |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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310,000 |
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310,000 |
The company has one class of share capital which carries no right to fixed income.
Reserves
The retained earnings reserves represents cumulative profits and losses net of dividends paid and other adjustments.
Pension Scheme |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £5,520 (2023 - £4,777). Contributions totalling £Nil (2023 - £1,196) were payable to the scheme at the end of the year and are included in payables.
Melbye Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
Related party transactions |
The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of paragraph 1AC.35 of FRS 102 - Small Entities not to disclose transactions with entities that are wholly owned members of the group.
There were no other related party transactions to disclose.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
Events after the financial period |
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Audit report |