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MPE Limited
Registered number: 03291415
Information for filing with the Registrar
For the 8 month period ended 30 September 2024
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03291415
30 September 2024
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MPE LIMITED
REGISTERED NUMBER: 03291415
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Capital redemption reserve
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- 1 -
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03291415
30 September 2024
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MPE LIMITED
REGISTERED NUMBER: 03291415
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2025.
The notes on pages 3 to 19 form part of these financial statements.
- 2 -
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03291415
30 September 2024
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MPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 8 MONTH PERIOD ENDED 30 SEPTEMBER 2024
MPE Limited ('the Company') is a private company limited by shares and incorporated in the United Kingdom, registered number 03291415. The address of its registered office and principal place of business is:
C/O Forvis Mazars LLP
30 Old Bailey
London
United Kingdom
EC4M 7AU
The principal activity of MPE Limited is the manufacture of high performance EMC/EMP filters and capacitor products for supply to the automotive, defence, telecoms and other professional industries.
The accounting period reports to the 8 month period ended 30 September 2024, previously the year ended 31 January 2024, therefore the results for the period are not wholly comparable with the prior year.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
These financial statements have been prepared on a going concern basis.
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubt upon the Company's ability to continue as a going concern. Thus the directors have continued to adopt the going concern basis of accounting in preparing these financial statements.
- 3 -
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03291415
30 September 2024
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MPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 8 MONTH PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP, rounded to the nearest £.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
- 4 -
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03291415
30 September 2024
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MPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 8 MONTH PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Interest income is recognised in profit or loss using the effective interest method.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
- 5 -
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03291415
30 September 2024
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MPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 8 MONTH PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the 8 month period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Product Certification
Product Certification represents the amounts paid for the costs associated in acquiring a license of certification to sell in the USA. Following a change of ownership and strategic direction for the US market these costs were impaired in the prior year.
- 6 -
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03291415
30 September 2024
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MPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 8 MONTH PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Assets under construction
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is 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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
- 7 -
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03291415
30 September 2024
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MPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 8 MONTH PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Research and development tax credits
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Research and development tax credits are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Statement of Financial Position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Statement of Financial Position date.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously
- 8 -
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03291415
30 September 2024
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MPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 8 MONTH PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially
- 9 -
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03291415
30 September 2024
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MPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 8 MONTH PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
- 10 -
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03291415
30 September 2024
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MPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 8 MONTH PERIOD ENDED 30 SEPTEMBER 2024
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amount of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
Critical judgements in applying the Company's accounting policies
In preparing these financial statements, the directors have had to make the following judgements:
(i) Assessing indicators of impairment
The Company has had to determine whether there are indicators of impairment of the Company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
(i) Recoverability of receivables
The Company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the aging of the receivables, past experience of recoverability and the credit profiles of individual customers.
(ii) Determining useful economic lives of plant and equipment
The Company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.
(iii) Warranty provision
The Company holds a warranty provision to recognised anticipated future costs related to product returns. The provision is calculated based on past performance. There is uncertainty surrounding the anticipated timing and ultimate cost of the returns.
(iv) Stock provision
The Company operates a stock provision for goods that have not moved for a set period of time. When assessing whether to remove the provision against the stock item, management consider factors such as past experience and future expectations for usage.
- 11 -
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03291415
30 September 2024
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MPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 8 MONTH PERIOD ENDED 30 SEPTEMBER 2024
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The average monthly number of employees, including directors, during the 8 month period was 67 (2024 - 58).
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The product certification intangible asset had a brought forward cost of £217,749. The asset is fully impaired, resulting in a carrying value of £Nil at the year end (31 January 2024 - £Nil).
- 12 -
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03291415
30 September 2024
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MPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 8 MONTH PERIOD ENDED 30 SEPTEMBER 2024
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Assets under construction
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Transfers between classes
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Charge for the 8 month period
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- 13 -
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03291415
30 September 2024
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MPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 8 MONTH PERIOD ENDED 30 SEPTEMBER 2024
6.Tangible fixed assets (continued)
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Transfers between classes
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Charge for the 8 month period
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- 14 -
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03291415
30 September 2024
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MPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 8 MONTH PERIOD ENDED 30 SEPTEMBER 2024
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Raw materials and consumables
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Work in progress (goods to be sold)
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Finished goods and goods for resale
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Stock recognised in cost of sales during the period as an expense was £968,337 (year ended 31 January 2024: £800,615).
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Prepayments and accrued income
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Cash and cash equivalents
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- 15 -
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03291415
30 September 2024
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MPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 8 MONTH PERIOD ENDED 30 SEPTEMBER 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
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- 16 -
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03291415
30 September 2024
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MPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 8 MONTH PERIOD ENDED 30 SEPTEMBER 2024
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Short term timing differences
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Charged to profit or loss
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The Company holds a warranty provision to recognise anticipated future costs related to product returns. The provision is calculated based on past performance and amended to reflect any known actual returns. There is uncertainty surrounding the timing of returns, although management expects the majority of returns to occur within 6 months of sale.
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- 17 -
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03291415
30 September 2024
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MPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 8 MONTH PERIOD ENDED 30 SEPTEMBER 2024
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Allotted, called up and fully paid
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13,000 (2024 - 13,000) Ordinary shares of £1.00 each
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Share premium account
This reserve records the amount above the nominal value received for shares sold, less transaction costs.
Capital redemption reserve
This reserve records the nominal value of shares repurchased by the Company.
Profit & loss account
This represents the cumulative profits and losses recognised by the Company.
The company operates a defined contribution pension scheme. During the 8 month period contributions totalling £28,433 (year ended 31 January 2024: £37,216) were payable to the scheme. At 30 September 2024, there were outstanding contributions of £18,760 (31 January 2024: £15,037) due to the scheme and are included in creditors.
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Related party transactions
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During the 8 month period the Company made sales of £5,896 (year ended 31 January 2024: £106,820) from a related party.
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The immediate parent company is Esco Uk Global Holdings Ltd , a company incorporated in England and Wales, by virtue of holding 100% of the share capital.
The ultimate controlling party is Esco Technologies Inc, incorporated in the United States, through ownership of shares.
- 18 -
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03291415
30 September 2024
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MPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 8 MONTH PERIOD ENDED 30 SEPTEMBER 2024
The auditor's report on the financial statements for the 8 month period ended 30 September 2024 was unqualified.
The audit report was signed on 30 September 2025 by John Daly (Senior Statutory Auditor) on behalf of Forvis Mazars LLP.
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