Registration number:
Molan UK (Holdings) Limited
for the Year Ended 31 December 2024
Molan UK (Holdings) Limited
Contents
|
Company Information |
|
|
Strategic Report |
|
|
Directors' Report |
|
|
Statement of Directors' Responsibilities |
|
|
Independent Auditor's Report |
|
|
Profit and Loss Account |
|
|
Balance Sheet |
|
|
Statement of Changes in Equity |
|
|
Notes to the Financial Statements |
Molan UK (Holdings) Limited
Company Information
|
Directors |
S Michael O Jakobovitz J A S Armitage H Sharon |
|
Company secretary |
C L Strydom |
|
Registered office |
|
|
Auditors |
|
Molan UK (Holdings) Limited
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is a holding company
Fair review of the business
The company did not trade in the year.
The net assets of the company at 31 December 2024 were £142,685 (2023 - £142,685).
Given that the company did not trade, the company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.
Principal risks and uncertainties
In order to manage the company successfully, the strategic and operational risks facing the company are regularly reviewed and the company's risk management procedures are updated to reflect this process. Further discussion of these risks and uncertainties in the context of the group as a whole is provided in the group annual report.
Approved and authorised by the
|
......................................... |
Molan UK (Holdings) 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:
The following director was appointed after the year end:
Going concern
After making suitable enquires, the Directors have a reasonable expectation that the company and the Palram Group, of which the company is a member, have adequate internal and external funding to continue in operational existence for the foreseeable future. Consequently, they continue to adopt the going concern basis in preparing these financial statements.
Disclosure of information to the auditors
Each director of the company who held office at the date of the approval of this Annual Report, as set out above, confirms that:
• so far as they are aware, there is no relevant audit information (information needed by the company's auditors in connection with preparing their report) of which the company's auditors are unaware, and
• they have taken all the steps they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Reappointment of auditors
The auditors Hawsons Chartered Accountants are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved and authorised by the
|
......................................... |
Molan UK (Holdings) Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
|
• |
select suitable accounting policies and apply them consistently; |
|
• |
make judgements and accounting estimates that are reasonable and prudent; |
|
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
|
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Molan UK (Holdings) Limited
Independent Auditor's Report to the Members of Molan UK (Holdings) Limited
Opinion
We have audited the financial statements of Molan UK (Holdings) Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Molan UK (Holdings) Limited
Independent Auditor's Report to the Members of Molan UK (Holdings) Limited (continued)
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
|
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
|
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors’ remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Molan UK (Holdings) Limited
Independent Auditor's Report to the Members of Molan UK (Holdings) Limited (continued)
The company is subject to laws and regulations that directly and indirectly affect the financial statements. Based on our understanding of the company and the environment it operates within, we determined that the laws and regulations which were most significant included FRS 102, Companies Act 2006 and Health and Safety regulations. We considered the extent to which non-compliance with these laws and regulations might have a material effect on the financial statements, including how fraud might occur. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries to improve the company’s result for the period, and management bias in key accounting estimates.
Audit procedures performed by the engagement team included:
|
• |
Discussions with management and those responsible for legal compliance procedures within the company to obtain an understanding of the legal and regulatory framework applicable to the company and how the company complies with that framework, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; |
|
• |
Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud and non-compliance with laws and regulations; |
|
• |
Challenging assumptions and judgements made by management in their significant accounting estimates. |
|
• |
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or posted by senior management. |
There are inherent limitations in the audit procedures described above and the more removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Molan UK (Holdings) Limited
Independent Auditor's Report to the Members of Molan UK (Holdings) Limited (continued)
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
5 Sidings Court
White Rose Way
South Yorkshire
DN4 5NU
Molan UK (Holdings) Limited
Statement of Comprehensive Income for the Year Ended 31 December 2024
|
Note |
2024 |
2023 |
|
|
Turnover |
- |
- |
|
|
Gross profit/(loss) |
- |
- |
|
|
Operating profit/(loss) |
- |
- |
|
|
Income from shares in group undertakings |
|
- |
|
|
Profit before tax |
|
- |
|
|
Profit for the financial year |
|
- |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Molan UK (Holdings) Limited
(Registration number: 05882598)
Balance Sheet as at 31 December 2024
|
Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Investments |
|
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Capital redemption reserve |
|
|
|
|
Retained earnings |
|
|
|
|
Shareholders' funds |
|
|
These financial statements were approved and authorised for issue by the
.........................................
Director
Molan UK (Holdings) Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
|
At 1 January 2024 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
|
At 1 January 2023 |
|
|
|
|
|
At 31 December 2023 |
70,000 |
30,000 |
42,685 |
142,685 |
Molan UK (Holdings) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Accounting policies |
Statutory information
Molan UK (Holdings) Limited is a private company, limited by shares, domiciled in England and Wales, company number 05882598. The registered office is at 5.2 Central House, 1 Ballards Lane, , London, N3 1LQ.
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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 presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.
Summary of disclosure exemptions
Statement of cash flows:
The exemption of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17(d) to produce Statement of Cash Flows.
Group accounts:
The company is exempt from the requirement to prepare group accounts in accordance with CA 2006 S401 (non EEA parent) as the company itself is a subsidiary undertaking and the company and its subsidiary undertaking are included in the consolidated financial statements of its ultimate parent company, Palram Industries (1990) Limited. Their consolidated financial statements are publicly available and are drawn up in accordance with the EEC 7th directive.
Going concern
After making suitable enquires, the Directors have a reasonable expectation that the company and the Palram Group, of which the company is a member, have adequate internal and external funding to continue in operational existence for the foreseeable future. Consequently, they continue to adopt the going concern basis in preparing these financial statements.
Molan UK (Holdings) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
1 |
Accounting policies (continued) |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
|
Staff costs |
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Administration and support |
|
|
|
|
|
|
Investments |
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
Molan UK (Holdings) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
3 |
Investments (continued) |
|
Subsidiaries |
£ |
|
Cost |
|
|
At 1 January 2024 |
|
|
At 31 December 2024 |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
||||
|
2024 |
2023 |
||||||
|
Subsidiary undertakings |
|||||||
|
|
5.2 Central House 1 Ballards Lane, London, England, N3 1LQ |
|
|
|
|||
The principal activity of Molan (UK) Limited is the manufacture and distribution of roof line products to the building and construction sector.
|
Creditors |
|
2024 |
2023 |
|
|
Due within one year |
||
|
Amounts due to related parties |
2,639,565 |
2,639,565 |
Molan UK (Holdings) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
70,000 |
|
70,000 |
|
Parent and ultimate parent undertaking |
The Company's immediate parent is Century Plastics Limited, incorporated in England and Wales.
The most senior parent producing publicly available financial statements is Palram Industries (1990) Limited. These financial statements are available upon request from Palram Industries (1990) Limited, Ramat-Yohanan 30035, Israel.