Motion Control Products Limited - Accounts to registrar (filleted) - small 18.2
Motion Control Products Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 |
| FOR |
| MOTION CONTROL PRODUCTS LIMITED |
| MOTION CONTROL PRODUCTS LIMITED (REGISTERED NUMBER: 02910074) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2021 |
| Page |
| Balance sheet | 1 |
| Notes to the financial statements | 3 |
| MOTION CONTROL PRODUCTS LIMITED (REGISTERED NUMBER: 02910074) |
| BALANCE SHEET |
| 31 JULY 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Current assets |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| Creditors |
| Amounts falling due within one year | 7 |
| Net current assets |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| Provisions for liabilities | 10 | ( |
) | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital | 11 |
| Share premium |
| Retained earnings |
| Shareholders' funds |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| MOTION CONTROL PRODUCTS LIMITED (REGISTERED NUMBER: 02910074) |
| BALANCE SHEET - continued |
| 31 JULY 2021 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| MOTION CONTROL PRODUCTS LIMITED (REGISTERED NUMBER: 02910074) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 1. | Statutory information |
| Motion Control Products Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02910074. The registered office and business address is Unit 7, 11-15 Francis Avenue, Bournemouth, Dorset, BH11 8NX. |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about Motion Control Products Limited as an individual company. The company is a wholly owned subsidiary and the parent company has taken the option under S399 of the Companies Act 2006 not to prepare consolidated financial statements. |
| Turnover |
| Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised when goods are despatched to customers and title to the goods passes. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Development expenditure on an individual project are recognised as an intangible asset when the company can demonstrate: |
| - The technical feasibility of completing the intangible asset so that the asset will be available for use or sale |
| - Its intention to complete and its ability to use or sell the asset |
| - How the asset will generate future economic benefits |
| - The availability of resources to complete the asset |
| - The ability to measure reliably the expenditure during development |
| - The ability to use the intangible asset generated |
| Where the Directors are satisfied as to the technical, commercial and financial viability of individual projects, the identifiable expenditure is deferred and amortised over the period during which the company is expected to benefit. This period is expected to be five and eleven years. |
| Tangible fixed assets |
| Short leasehold | - |
| Tooling costs | - |
| Furniture, computers and equipment | - |
| Motor vehicles | - |
| Website | - |
| Stocks |
| Stock and Work In Progress are valued at the lower of cost and net realisable value. |
| MOTION CONTROL PRODUCTS LIMITED (REGISTERED NUMBER: 02910074) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 2. | Accounting policies - continued |
| 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 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. |
| Research and development |
| Expenditure on research is written off in the year in which it is incurred. The accounting treatment of development expenditure is detailed under "Intangible assets - development costs". |
| 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 |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| 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. |
| Financial instruments |
| Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities. |
| At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| MOTION CONTROL PRODUCTS LIMITED (REGISTERED NUMBER: 02910074) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 4. | Intangible fixed assets |
| Development |
| costs |
| £ |
| Cost |
| At 1 August 2020 |
| and 31 July 2021 |
| Amortisation |
| At 1 August 2020 |
| Amortisation for year |
| At 31 July 2021 |
| Net book value |
| At 31 July 2021 |
| At 31 July 2020 |
| 5. | Tangible fixed assets |
| Furniture, |
| computers |
| Short | Tooling | and |
| leasehold | costs | equipment |
| £ | £ | £ |
| Cost |
| At 1 August 2020 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 July 2021 |
| Depreciation |
| At 1 August 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 July 2021 |
| Net book value |
| At 31 July 2021 |
| At 31 July 2020 |
| MOTION CONTROL PRODUCTS LIMITED (REGISTERED NUMBER: 02910074) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 5. | Tangible fixed assets - continued |
| Motor |
| vehicles | Website | Totals |
| £ | £ | £ |
| Cost |
| At 1 August 2020 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 July 2021 |
| Depreciation |
| At 1 August 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 July 2021 |
| Net book value |
| At 31 July 2021 |
| At 31 July 2020 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| Cost |
| At 1 August 2020 |
| Additions |
| At 31 July 2021 |
| Depreciation |
| At 1 August 2020 |
| Charge for year |
| At 31 July 2021 |
| Net book value |
| At 31 July 2021 |
| At 31 July 2020 |
| 6. | Debtors: amounts falling due within one year |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Payments on account |
| Other debtors |
| RBSCS Bank financing | 10,748 | 249 |
| Directors' current accounts | 12,733 | - |
| Prepayments and accrued income |
| MOTION CONTROL PRODUCTS LIMITED (REGISTERED NUMBER: 02910074) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 7. | Creditors: amounts falling due within one year |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Payments on account |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| VAT | 56,813 | 13,021 |
| Other creditors | 12,722 | 9,280 |
| Directors' current accounts | 165,434 | 155,058 |
| Accrued expenses |
| 8. | Creditors: amounts falling due after more than one year |
| 2021 | 2020 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Bank loans more 5 yr by instal |
| Hire purchase contracts |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | - | 36,667 |
| 9. | Secured debts |
| The following secured debts are included within creditors: |
| 2021 | 2020 |
| £ | £ |
| Hire purchase contracts | 119,262 | 71,300 |
| All monies due to or to become due to Natwest Bank PLC are secured by way of a fixed and floating charge over all the assets of the company, dated 22nd March 2002. |
| All monies due to or to become due to RBS Invoice Finance Limited are secured by way of a fixed and floating charge over all the assets of the company, dated 30th January 2012. |
| Amounts owed under hire purchase contracts are secured against the asset to which they relate. |
| 10. | Provisions for liabilities |
| 2021 | 2020 |
| £ | £ |
| Deferred tax | 65,195 | 20,233 |
| MOTION CONTROL PRODUCTS LIMITED (REGISTERED NUMBER: 02910074) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 10. | Provisions for liabilities - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 August 2020 |
| Charge to Income statement during year |
| Balance at 31 July 2021 |
| 11. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| Ordinary | £1 | 25,200 | 25,000 |
| Ordinary 'A' | £1 | 1,400 | - |
| Ordinary 'B' | £1 | 1,400 | - |
| 28,000 | 25,000 |
| The following shares were issued during the year for cash at par : |
| 200 Ordinary shares of £1 |
| 1,400 Ordinary 'A' shares of £1 |
| 1,400 Ordinary 'B' shares of £1 |
| 12. | Directors' advances, credits and guarantees |
| The following advances and credits to directors subsisted during the years ended 31 July 2021 and 31 July 2020: |
| 2021 | 2020 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 13. | Ultimate controlling party |
| The company is ultimately controlled by the director, Mr S McKay, by virtue of his 100% holding in the voting share capital of the parent company, MCP Holdings (U.K) Limited, which holds 90% of the issue share capital. |