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Registration number: 03904376

Machinery World Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Machinery World Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 13

 

Machinery World Limited

Company Information

Directors

Mr Paul Crowter

Mrs Louise Crowter

Company secretary

Mrs Louise Crowter

Registered office

8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

Accountants

Pattinsons Business Services Ltd 8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

 

Machinery World Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Paul Crowter

Mrs Louise Crowter - Company secretary and director

Principal activity

The principal activity of the company is the sale of food processing equipment.

Small companies provision statement

This report has 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.

Approved by the Board on 11 April 2025 and signed on its behalf by:

.........................................
Mr Paul Crowter
Director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Machinery World Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Machinery World Limited for the year ended 31 December 2024 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Machinery World Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Machinery World Limited and state those matters that we have agreed to state to the Board of Directors of Machinery World Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Machinery World Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Machinery World Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Machinery World Limited. You consider that Machinery World Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Machinery World Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Pattinsons Business Services Ltd
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

11 April 2025

 

Machinery World Limited

(Registration number: 03904376)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

291,478

291,890

Investment property

6

618,754

452,922

Other financial assets

7

184,879

570,000

 

1,095,111

1,314,812

Current assets

 

Stocks

8

3,188,213

3,702,105

Debtors

9

187,107

132,863

Cash at bank and in hand

 

2,524,411

4,539,253

 

5,899,731

8,374,221

Creditors: Amounts falling due within one year

10

(4,229,919)

(4,294,476)

Net current assets

 

1,669,812

4,079,745

Total assets less current liabilities

 

2,764,923

5,394,557

Creditors: Amounts falling due after more than one year

10

(4,226)

(13,755)

Provisions for liabilities

(23,756)

(19,720)

Net assets

 

2,736,941

5,361,082

Capital and reserves

 

Called up share capital

11

170

170

Retained earnings

2,736,771

5,360,912

Shareholders' funds

 

2,736,941

5,361,082

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Machinery World Limited

(Registration number: 03904376)
Balance Sheet as at 31 December 2024

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 11 April 2025 and signed on its behalf by:
 

.........................................
Mr Paul Crowter
Director

 

Machinery World Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

These financial statements were authorised for issue by the Board on 11 April 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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company 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 company'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 and 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.

 

Machinery World Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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 company operates and generates taxable 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.

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

Plant and machinery

25% reducing balance

Office equipment

4 years straight line

Motor vehicles

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Machinery World Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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.

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 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 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 company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Machinery World Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company 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.

3

Staff numbers

The average number of persons employed by the company during the year, was 19 (2023 - 16).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

49,700

76,635

 

Machinery World Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and
machinery
£

Total
£

Cost or valuation

At 1 January 2024

108,701

122,692

270,288

246,920

748,601

Additions

-

17,072

4,634

32,344

54,050

At 31 December 2024

108,701

139,764

274,922

279,264

802,651

Depreciation

At 1 January 2024

-

111,953

122,247

222,511

456,711

Charge for the year

-

8,040

38,070

8,352

54,462

At 31 December 2024

-

119,993

160,317

230,863

511,173

Carrying amount

At 31 December 2024

108,701

19,771

114,605

48,401

291,478

At 31 December 2023

108,701

10,739

148,041

24,409

291,890

Included within the net book value of land and buildings above is £108,701 (2023 - £108,701) in respect of freehold land and buildings.
 

 

Machinery World Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Investment properties

2024
£

At 1 January

452,922

Additions

165,832

At 31 December

618,754

There has been no valuation of investment property by an independent valuer.

7

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2024

570,000

570,000

Fair value adjustments

(3,041)

(3,041)

Disposals

(382,080)

(382,080)

At 31 December 2024

184,879

184,879

Impairment

Carrying amount

At 31 December 2024

184,879

184,879

8

Stocks

2024
£

2023
£

Other inventories

3,188,213

3,702,105

9

Debtors

2024
£

2023
£

Trade debtors

52,184

21,729

Prepayments

60,385

37,313

Other debtors

74,538

73,821

187,107

132,863

 

Machinery World Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

10

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

12

9,529

15,094

Trade creditors

 

78,013

519,203

Amounts owed to associated undertakings and undertakings in which the company has a participating interest

13

1,580,581

-

Taxation and social security

 

295,860

457,821

Other creditors

 

2,265,936

3,302,358

 

4,229,919

4,294,476

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

12

4,226

13,755

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Ordinary A shares of £1 each

10

10

10

10

Ordinary B shares of £1 each

10

10

10

10

Ordinary C shares of £1 each

10

10

10

10

Ordinary D shares of £1 each

10

10

10

10

Ordinary E shares of £1 each

10

10

10

10

Ordinary F shares of £1 each

10

10

10

10

Ordinary G shares of £1 each

10

10

10

10

170

170

170

170

 

Machinery World Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

12

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

4,226

13,755

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

9,529

15,094

13

Related party transactions

Loans from related parties


Parts Station Limited
Included within creditors is an amount of £175,898 (2023: £352,402) due to Parts Station Limited, a company connected by virtue of common directorship. The loan was interest free and has no set repayment terms.


Rokk Processing Limited
Included within creditors is an amount of £650,058 (2023: £1,575,777) due to Rokk Processing Limited, a company connected by virtue of common directorship. The loan was interest free and has no set repayment terms.


The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. not to disclose related party transactions with wholly owned subsidiaries within the group.

14

Reserves

2024
 £

2023
 £

Distributable reserves

2,706,889

5,274,018

Non-distributable reserves

29,882

86,894

2,736,771

5,360,912

The non-distributable reserves are used to record increases in the fair value of investments and decreases to the extent that such relates to an increase on the same assets. Revaluations are recorded through other comprehensive income.