Mantracourt Electronics Limited

Contents

Statement of Financial Position	1
Notes to the Financial Statements	2 to 10

Mantracourt Electronics Limited

(Registration number: 01749118)
Statement of Financial Position as at 31 December 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	774,481	812,632
Current assets
Stocks	5	1,384,127	1,625,471
Debtors	6	3,093,242	2,774,330
Cash at bank and in hand		4,256,816	3,567,462
		8,734,185	7,967,263
Creditors: Amounts falling due within one year	7	(430,435)	(309,745)
Net current assets		8,303,750	7,657,518
Total assets less current liabilities		9,078,231	8,470,150
Provisions for liabilities		(189,352)	(191,187)
Net assets		8,888,879	8,278,963
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		8,881,189	8,271,273
Shareholders' funds		8,888,879	8,278,963

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 21 May 2026 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 2025

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.

Going concern

The financial statements have been prepared on a going concern basis.

Mantracourt Electronics Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (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 26 May 2026 was Robyn Gifford-England ACA, who signed for and on behalf of Westcotts (SW) LLP.

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.

Mantracourt Electronics Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2	Accounting policies (continued)

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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.

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.

Mantracourt Electronics Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2	Accounting policies (continued)

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

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.

Mantracourt Electronics Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2	Accounting policies (continued)

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 36 (2024 - 37).

Mantracourt Electronics Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

4	Tangible assets

	Fixtures and fittings £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2025	1,551,942	599,370	213,885	2,365,197
Additions	31,494	8,724	190,843	231,061
Disposals	-	-	(138,854)	(138,854)
At 31 December 2025	1,583,436	608,094	265,874	2,457,404
Depreciation
At 1 January 2025	918,933	529,381	104,251	1,552,565
Charge for the year	131,454	28,674	50,213	210,341
Eliminated on disposal	-	-	(79,983)	(79,983)
At 31 December 2025	1,050,387	558,055	74,481	1,682,923
Carrying amount
At 31 December 2025	533,049	50,039	191,393	774,481
At 31 December 2024	633,009	69,989	109,634	812,632

5

Stocks

	2025 £	2024 £
Work in progress	204,322	219,517
Finished goods and goods for resale	1,179,805	1,405,954
	1,384,127	1,625,471

Mantracourt Electronics Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

6

Debtors

	Note	2025 £	2024 £
Trade debtors		738,621	436,043
Amounts owed by related parties		167,225	179,498
Other debtors		1,506,029	1,519,754
Prepayments		154,554	124,421
Accrued income		27,222	15,023
Tax recoverable		499,591	499,591
		3,093,242	2,774,330

Mantracourt Electronics Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

6	Debtors (continued)

Details of non-current trade and other debtors

£Nil (2024 -£Nil) of DLA is classified as non current.

7

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Trade creditors	99,554	119,704
Taxation and social security	222,480	106,511
Accruals and deferred income	76,382	54,381
Other creditors	32,019	29,149
	430,435	309,745

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:

	2025 £	2024 £
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:

2025	At 1 January 2025 £	At 31 December 2025 £
Directors	1,488,200	1,488,200

Mantracourt Electronics Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

10	Related party transactions (continued)

2024	At 1 January 2024 £	At 31 December 2024 £
Directors	1,488,200	1,488,200

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