Registration number:
Mark Water Pumps Limited
for the Year Ended 31 March 2025
Mark Water Pumps Limited
Contents
|
Company Information |
|
|
Balance Sheet |
|
|
Notes to the Financial Statements |
Mark Water Pumps Limited
Company Information
|
Director |
Mr Rattan Kapur |
|
Registered office |
|
|
Auditors |
|
Mark Water Pumps Limited
(Registration number: 08572880)
Balance Sheet as at 31 March 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Non current assets |
|||
|
Debtors |
308,552 |
361,060 |
|
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
1,100,000 |
1,100,000 |
|
|
Revaluation reserve |
132,465 |
195,249 |
|
|
Retained earnings |
(1,011,982) |
(1,104,204) |
|
|
Shareholders' funds |
220,483 |
191,045 |
|
Approved and authorised by the
|
......................................... |
Mark Water Pumps Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
|
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.
Functional currency
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Summary of disclosure exemptions
In accordance with FRS 102, the company has taken advantage of the exemptions from the following disclosure requirements:
- Section 33 'Related Party Disclosures' - the disclosure exemptions from paragraph 33.1A from disclosing transactions entered into between two or more members of a group.
Going concern
The financial statements have been prepared on a going concern basis. Mark Water Pumps Limited has negative retained profits and a parent company loan of £1,932,376 which is repayable on demand, however, the parent company provides a letter of support confirming that repayment of the loan will not be demanded within the next twelve months. Interest is payable at the rate of 5%. The Directors have considered the ability of the Company to continue as a going concern, they are aware that the company will require the continued support of the parent company, Mark Exhaust Systems Limited (a company registered in India).
Mark Water Pumps Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Audit report
The name of the Senior Statutory Auditor who signed the audit report on
.........................................
Key sources of estimation uncertainty
The directors are required to make judgements, estimates and assumptions in the application of the company’s accounting policies particularly where carrying amount of assets and liabilities are not readily apparent from other sources.
The estimates and associated assumptions are based on historical experience and other relevant factors, they are reviewed on an ongoing basis.
One area of estimation uncertainty in the accounts are the valuation plant and machinery, the valuation is provided by directors and is based on other market values of similar assets in similar locations. Plant & machinery were revalued last year.
Judgements
Recognition of deferred tax - The company has brought forward corporation tax losses, however, the company has returned to profitability and now expects that pre 2017 losses will be fully recovered over a period of time. |
The intercompany loan is repayable on demand, however, the parent company provides a letter of support confirming that repayment of the loan will not be demanded within the next twelve months and therefore this balance has been included in creditors more than one year. |
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
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.
Mark Water Pumps Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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 initially measured at cost, and subsequently measured at cost or valuation, net of any depreciation and subsequent accumulated impairment losses.
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 |
|
Other tangible assets |
3 - 17 years straight line |
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.
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.
Mark Water Pumps Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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.
Mark Water Pumps Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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
Rentals payable under operating leases, including any lease incentive received, are charged to profit or loss on a straight line basis over the term of relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases assets are consumed.
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.
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.
|
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
|
Profit before tax |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Impairment loss |
- |
|
Revenue by geographical location
The analysis of the company's revenue by geographical location is as follows;
Mark Water Pumps Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
2025 |
2024 |
||||
|
£ |
£ |
||||
|
UK |
3,796,456 |
1,800,673 |
|||
|
Europe |
240,997 |
50,127 |
|||
|
USA |
40,062 |
88,194 |
|||
|
Rest of World |
22,542 |
127,535 |
|||
|
India |
50,986 |
311,100 |
|||
|
Total |
4,151,043 |
2,377,629 |
|
Tangible assets |
|
Furniture, fittings and equipment |
Other tangible assets |
Total |
|
|
Cost or valuation |
|||
|
At 1 April 2024 |
|
|
|
|
Additions |
|
- |
|
|
Disposals |
- |
( |
( |
|
At 31 March 2025 |
|
|
|
|
Depreciation |
|||
|
At 1 April 2024 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
|
At 31 March 2025 |
|
|
|
|
Carrying amount |
|||
|
At 31 March 2025 |
|
|
|
|
At 31 March 2024 |
- |
|
|
Revaluation
The fair value of the company's Plant & Machinery was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
|
Stocks |
|
2025 |
2024 |
|
|
Other inventories |
|
|
Mark Water Pumps Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Debtors |
|
Current |
Note |
2025 |
2024 |
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
- |
|
|
Prepayments |
|
|
|
|
Other debtors |
- |
|
|
|
|
|
|
Non-current |
2025 |
2024 |
|
Other debtors |
|
|
|
|
|
Details of non-current trade and other debtors
£308,552 (2024: £361,060) of deferred tax asset is classified as non current.
A deferred tax asset has been recognised in respect of tax losses brought forward, as the company has returned to profitability, and it is considered probable that these tax losses will be utilised against the future profits of the company over a number of years.
The carried forward tax losses at the balance sheet date are £1,234,024 (2024: £1,444,240).
Mark Water Pumps Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Creditors |
Creditors: amounts falling due within one year
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Taxation and social security |
|
|
|
|
Accruals and deferred income |
|
|
|
|
Other creditors |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
Note |
2025 |
2024 |
|
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
|
Other financial liabilities |
|
|
|
|
1,933,921 |
2,234,219 |
Creditors due after one year includes a loan balance payable to Mark Exhaust System Limited, the parent company of Mark Water Pump Limited of £1,932,376 (2024 - £2,222,481). The intercompany loan is repayable on demand, however, the parent company provides a letter of support confriming that repayment of the loan will not be demanded within the next twelve months. Interest is payable at the rate of 5%.
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
- |
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Mark Water Pumps Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
1,100,000 |
|
1,100,000 |
|
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
|
Revaluation reserve |
Retained earnings |
Total |
|
|
Surplus/deficit on property, plant and equipment revaluation |
( |
- |
( |
|
Other comprehensive income |
- |
22,015 |
22,015 |
|
( |
|
( |
|
|
|
|||
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
|
Revaluation reserve |
Retained earnings |
Total |
|
|
Surplus/deficit on property, plant and equipment revaluation |
( |
- |
( |
|
Other comprehensive income |
- |
50,380 |
50,380 |
|
( |
|
( |
|
|
|
|||
Deferred tax has been calculated on the revaluation of assets. This amounted to a charge of £36,258 in the year which has been debited to the Statement of Comprehensive Income (2024: £nil).
Mark Water Pumps Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Loans and borrowings |
Non-current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
|
Current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
|
|
Related party transactions |
Key management personnel
Precision Engineering Products Limited
Summary of transactions with key management
During the year consultancy fees of £96,000 (2024: NIL) were paid to Precision Engineering Products Limited. Also during the year goods worth £248,914 (2024: £239,196) were purchased, and goods worth £72,647 (2024: £448,945) were sold to Precision Engineering Products Limited.
At year end £NIL (2024: £94,599) was owed from Precision Engineering Products Limited.
Summary of transactions with other related parties
Karmic Enginecring Private Limited is a company registered in New Delhi India is owned by Mr R Kapur and family.
During the year goods worth £2,964,226 (2024: £916,665) were purchased from related parties. At year end 31 March 2025 £507,379 (2024: £131,170) was due from was due from Karmic Engineering Ltd and £110,316 (2024: £15,494) from Precision Exhaust & Catalyst (FZC).
Parent and ultimate parent undertaking
The company's immediate parent is Mark Exhaust Systems Limited, incorporated in India, S-430, Greater Kalash-II New Delhi, Delhi 110048, India.
The ultimate controling party is Maruti Suzuki India Ltd and Mr Rattan Kapur.