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Registration number: 01749118

Mantracourt Electronics Limited

Filleted Financial Statements

for the Year Ended 31 December 2024

 

Mantracourt Electronics Limited

Contents

Statement of Financial Position

1

Notes to the Financial Statements

2 to 8

 

Mantracourt Electronics Limited

(Registration number: 01749118)
Statement of Financial Position as at 31 December 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

812,632

916,068

Current assets

 

Stocks

5

1,625,471

1,706,464

Debtors

6

2,774,330

3,447,333

Cash at bank and in hand

 

3,567,462

2,920,818

 

7,967,263

8,074,615

Creditors: Amounts falling due within one year

7

(309,745)

(679,591)

Net current assets

 

7,657,518

7,395,024

Total assets less current liabilities

 

8,470,150

8,311,092

Provisions for liabilities

(191,187)

(220,712)

Net assets

 

8,278,963

8,090,380

Capital and reserves

 

Called up share capital

46

46

Share premium reserve

7,639

7,639

Capital redemption reserve

5

5

Profit and loss account

8,271,273

8,082,690

Shareholders' funds

 

8,278,963

8,090,380

These financial statements have been prepared and 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 10 July 2025 and signed on its behalf by:
 


Mr D R Willmington
Director

 

Mantracourt Electronics Limited

Notes to the 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 and Wales.

The address of its registered office is:
Farringdon Park
Farringdon
Exeter
Devon
EX5 2JB

Principal activity

The principal activity of the company is the design, development and production of electrical equipment.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Group accounts not prepared

Consolidated accounts have not been prepared for the group during the year as the group qualifies as a small group.

 

Mantracourt Electronics Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 11 July 2025 was Robyn Gifford-England ACA, who signed for and on behalf of Westcotts (SW) LLP.

Prior period errors

The comparative financial year has been restated due to identifying that taxation had been incorrectly accounted for. The restatement has resulted in an adjustment to debtors, creditors and profit and loss account reserves.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Key sources of estimation uncertainty

The key area of estimation uncertainty relates to the inclusion of a stock provision to account for slow moving or obsolete stock. The stock provision is calculated based on stock usage and known industry factors.

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 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.

 

Mantracourt Electronics Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

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 statement of financial position 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

20% straight line

Fittings fixtures and equipment

20% reducing balance

Motor vehicles

25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Mantracourt Electronics Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 37 (2023 - 38).

 

Mantracourt Electronics Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

1,483,436

590,759

172,595

2,246,790

Additions

68,506

8,611

41,290

118,407

At 31 December 2024

1,551,942

599,370

213,885

2,365,197

Depreciation

At 1 January 2024

768,228

493,641

68,853

1,330,722

Charge for the year

150,705

35,740

35,398

221,843

At 31 December 2024

918,933

529,381

104,251

1,552,565

Carrying amount

At 31 December 2024

633,009

69,989

109,634

812,632

At 31 December 2023

715,208

97,118

103,742

916,068

5

Stocks

2024
£

2023
£

Work in progress

219,517

185,517

Finished goods and goods for resale

1,405,954

1,520,947

1,625,471

1,706,464

6

Debtors

Note

2024
£

(As restated)

2023
£

Trade debtors

 

436,043

1,096,167

Amounts owed by related parties

 

179,498

176,749

Other debtors

 

1,519,754

1,571,648

Prepayments

 

124,421

105,449

Accrued income

 

15,023

13,865

Tax recoverable

499,591

483,455

 

2,774,330

3,447,333

 

Mantracourt Electronics Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

6

Debtors (continued)

Details of non-current trade and other debtors

£Nil (2023 -£Nil) of DLA is classified as non current.

7

Creditors

Creditors: amounts falling due within one year

2024
£

(As restated)

2023
£

Due within one year

Trade creditors

119,704

118,656

Taxation and social security

106,511

461,695

Accruals and deferred income

54,381

68,055

Other creditors

29,149

31,185

309,745

679,591

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

61,000

61,000

10

Related party transactions

Transactions with directors

During the year the directors entered into the following advances and credits with the company:

2024

At 1 January 2024
£

At 31 December 2024
£

Directors

1,488,200

1,488,200

     
   

 

 

Mantracourt Electronics Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

10

Related party transactions (continued)

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Directors

214,101

1,277,000

(2,901)

1,488,200

 

Interest on the above balance has been charged at the official rate of interest and has been paid by the director.