Mogas Industries Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 06216311 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MOGAS INDUSTRIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr C Lawrence

Mr S U Mir

REGISTERED OFFICE:

31 High View Close

Hamilton Office Park

Leicester

Leicestershire

LE4 9LJ

REGISTERED NUMBER:

06216311 (England and Wales)

AUDITORS:

TC Group

31 High View Close

Hamilton Office Park

Leicester

Leicestershire

LE4 9LJ

FIXED ASSETS

Tangible assets

4

11,748

44,441

CURRENT ASSETS

Stocks

1,273,583

1,371,347

Debtors

5

3,011,910

1,808,079

Cash at bank and in hand

142,977

357,964

4,428,470

3,537,390

CREDITORS

Amounts falling due within one year

6

250,621

81,355

NET CURRENT ASSETS

4,177,849

3,456,035

TOTAL ASSETS LESS CURRENT LIABILITIES

4,189,597

3,500,476

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

4,189,497

3,500,376

4,189,597

3,500,476

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2025 and were signed on its behalf by:

Mr C Lawrence - Director

1.	STATUTORY INFORMATION

Mogas Industries Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The business address is as follows:

Units 2,3 and 5 Kingsley Business Park

New Road, Kibworth

Leicester LE8 0LE

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

Over remaining period of the lease

Plant and machinery

-

10% on cost

Fixtures and fittings

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. 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

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

Since the year-end the parent company, Flowserve Corporation, made the decision to close the UK operation and transfer all assets and contracts to their German legal entity, Flowserve Ettingen.

The company ceased trading on 30 June 2025.

The company has subsequently transferred relevant assets and employees within the group where possible.

On that basis, the company has prepared its accounts on a basis other than going concern.

Assets have been assessed for impairment and a review for additional liabilities has been conducted as a result of the cessation of trade.

The group will continue to maintain the company as a non-trading entity until such time that they have concluded the process of cessation and assessed any future needs for the entity.

Flowserve Corporation will continue to fund the company until all operations are transferred to their German legal entity.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

Totals

£

COST

At 1 January 2024

140,095

340,921

19,585

500,601

Additions

-

25,638

-

25,638

Disposals

-

(9,053

)

(9,053

)

At 31 December 2024

140,095

366,559

10,532

517,186

DEPRECIATION

At 1 January 2024

140,095

296,480

19,585

456,160

Charge for year

-

24,879

-

24,879

Eliminated on disposal

-

(9,053

)

(9,053

)

Impairments

-

33,452

-

33,452

At 31 December 2024

140,095

354,811

10,532

505,438

NET BOOK VALUE

At 31 December 2024

-

11,748

-

11,748

At 31 December 2023

-

44,441

-

44,441

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

584,811

43,441

Amounts owed by group undertakings

2,343,428

1,620,058

Other debtors

83,671

144,580

3,011,910

1,808,079

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade creditors

57,843

65,625

Taxation and social security

170,354

-

Other creditors

22,424

15,730

250,621

81,355

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

Within one year

40,625

42,693

Between one and five years

-

40,625

83,318

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Dilun Mistry FCA (Senior Statutory Auditor)

for and on behalf of TC Group

9.	RELATED PARTY DISCLOSURES

During the year the company made sales to its parent company, Mogas Industries Inc. of £50,070 (2023: £59,475) and received reimbursements for wages and expenses totalling £153,568 (2023: £61,978).

In addition, the company purchased materials from Mogas Industries Inc. costing £1,429,673 (2023: £1,727,372) and was charged a royalty fee and management fee for manufacturing services and a service and repair fees on sales totalling £264,186 (2023: £149,363).

At the balance sheet date Mogas Industries Inc. owed the company £2,407,659 (2023: £1,742,501) via the intercompany loan, £89,083 (2023: £Nil) via trade creditors for stock purchased and £Nil (2023: £8,104) for sales made.

During the year the company purchased materials from a group company, Mogas Industries PTY, costing £15,292 (2023: £213,314) and made a charge for royalties to Mogas Industries PTY of £24,852 (2023: £52,303).

At the balance sheet date the company owed Mogas Industries Pty £Nil (2023: £Nil) and was owed £24,852 (2023: £52,303).

10.	ULTIMATE CONTROLLING PARTY

The company's immediate parent is Mogas Industries Inc., incorporated in USA.

On 15 October 2024 the full share capital of Mogas Industries Inc was acquired by Flowserve Corporation. The ultimate parent company is Flowserve Corporation, incorporated in USA. The financial statements of the ultimate parent company can be obtained from the registered office at 28 Liberty Street, New York, NY, USA, 10005.

11.	SUBSEQUENT EVENTS

Since the year-end the parent company, Flowserve Corporation, made the decision to close the UK operation and transfer all assets and contracts to their German legal entity, Flowserve Ettingen.

The company has subsequently transferred relevant assets and employees within the group where possible.

On that basis, the company has prepared its accounts on a basis other than going concern.

Assets have been assessed for impairment and a review for additional liabilities has been conducted as a result of the cessation of trade.

The group will continue to maintain the company as a non-trading entity until such time that they have concluded the process of cessation and assessed any future needs for the entity.

Flowserve Corporation will continue to fund the company until all operations are transferred to their German legal entity.