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Melba Products Holdings Limited |
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 March 2022 |
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REGISTERED NUMBER:
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Melba Products Holdings Limited |
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 March 2022 |
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Melba Products Holdings Limited (Registered number: 07661309) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2022 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Profit and loss account | 9 |
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Other Comprehensive Income | 10 |
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Balance Sheet | 11 |
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Statement of Changes in Equity | 12 |
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Cash Flow Statement | 13 |
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Notes to the Cash Flow Statement | 14 |
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Notes to the Financial Statements | 15 |
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Melba Products Holdings Limited |
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Company Information |
for the Year Ended 31 March 2022 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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1, The Green |
Richmond |
TW9 1PL |
Melba Products Holdings Limited (Registered number: 07661309) |
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Strategic Report |
for the Year Ended 31 March 2022 |
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The directors present their strategic report for the year ended 31 March 2022. |
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REVIEW OF BUSINESS |
The company received dividend of £529,550 from Melba Products Limited for the year ended 31 March 2022 (2021 - £338,000). |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The Company considers the principal risks to its financial performance to be increased raw material prices from suppliers and a general downturn in construction work by utility companies and civil engineering contractors. The Company has limited exposure to foreign currencies and generally contracts forward to mitigate the sudden movement in exchange rates. |
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The business's principal financial instruments comprise bank facilities and import loans, trade debtors and creditors and finance lease agreements. The main purpose of these instruments is to finance the continuing business operations. |
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Liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of factoring facilities at competitive floating rates of interest. Loans from financial institutions have fixed interest rates and monthly repayments. The business manages liquidity risk in this respect and in respect of finance leased assets by ensuring that there are sufficient funds available to meet amounts due. |
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Trade debtors are managed in respect of both credit and cash flow risk by policies concerning the credit offered to customers and regular monitoring of amounts outstanding in respect of ageing and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debts. |
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The Company did not suffer any downturn in business due to the Covid 19 pandemic. This was because there was strong demand for safety products that the business produces from new sectors in the economy both at home and abroad. No staff were furloughed and no grants were received from the government in the period covered by these accounts. |
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ON BEHALF OF THE BOARD: |
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Melba Products Holdings Limited (Registered number: 07661309) |
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Report of the Directors |
for the Year Ended 31 March 2022 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2022. |
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PRINCIPAL ACTIVITY |
The principal activity of the company is that of a holding company. |
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DIVIDENDS |
The total distribution of dividends for the year ended 31 March 2022 will be £
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2021 to the date of this report. |
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FUTURE DEVELOPMENTS |
The directors remain optimistic for the future. order book activities are reviewed to ensure that future planned |
performance will continue. The directors aim to maintain a strategy to continue to improve performance and drive the |
business through targeted growth opportunities. |
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STRATEGIC REPORT |
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The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments, research & development and financial instruments. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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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: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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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. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Melba Products Holdings Limited (Registered number: 07661309) |
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Report of the Directors |
for the Year Ended 31 March 2022 |
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AUDITORS |
The auditors, Feltons,Chartered Accountants & Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Melba Products Holdings Limited |
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Opinion |
We have audited the financial statements of Melba Products Holdings Limited (the 'company') for the year ended 31 March 2022 which comprise the Profit and loss account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2022 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. |
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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 Auditors' 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. |
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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. |
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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. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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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. |
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In connection with our audit of the financial statements, 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 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. |
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Opinions on other matters 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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Melba Products Holdings Limited |
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Matters on which we are required to report by exception |
In the light of the 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 Report of the Directors. |
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We have nothing to report in respect of the following matters where 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. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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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. |
Report of the Independent Auditors to the Members of |
Melba Products Holdings Limited |
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Auditors' 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 a Report of the Auditors 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. |
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The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. |
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The following laws and regulations were identified as being of significance to the entity: |
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- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation. |
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- It is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business. |
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Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud. |
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No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Melba Products Holdings Limited |
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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 a Report of the Auditors 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. |
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for and on behalf of
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1, The Green |
Richmond |
TW9 1PL |
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Melba Products Holdings Limited (Registered number: 07661309) |
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Profit and loss account |
for the Year Ended 31 March 2022 |
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2022 | 2021 |
Notes | £ | £ |
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TURNOVER |
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OPERATING PROFIT |
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Investment income |
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PROFIT BEFORE TAXATION |
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Tax on profit | 5 |
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PROFIT FOR THE FINANCIAL YEAR |
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Melba Products Holdings Limited (Registered number: 07661309) |
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Other Comprehensive Income |
for the Year Ended 31 March 2022 |
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2022 | 2021 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR |
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Melba Products Holdings Limited (Registered number: 07661309) |
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Balance Sheet |
31 March 2022 |
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2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 7 |
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CURRENT ASSETS |
Debtors | 8 |
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CREDITORS |
Amounts falling due within one year | 9 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Share premium | 11 |
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Other reserve | 11 |
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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Melba Products Holdings Limited (Registered number: 07661309) |
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Statement of Changes in Equity |
for the Year Ended 31 March 2022 |
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Called up |
share | Retained | Share | Other | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
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Balance at 1 April 2020 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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- |
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Balance at 31 March 2021 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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- |
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Balance at 31 March 2022 |
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Melba Products Holdings Limited (Registered number: 07661309) |
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Cash Flow Statement |
for the Year Ended 31 March 2022 |
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2022 | 2021 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Cash flows from investing activities |
Dividends received |
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Net cash from investing activities |
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Cash flows from financing activities |
Equity dividends paid | ( |
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Net cash from financing activities | ( |
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Increase in cash and cash equivalents |
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Cash and cash equivalents at
beginning of year |
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Cash and cash equivalents at end of
year |
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Melba Products Holdings Limited (Registered number: 07661309) |
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Notes to the Cash Flow Statement |
for the Year Ended 31 March 2022 |
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1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2022 | 2021 |
£ | £ |
Profit before taxation |
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Finance income | (529,550 | ) | (338,000 | ) |
Cash generated from operations |
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Melba Products Holdings Limited (Registered number: 07661309) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2022 |
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1. | STATUTORY INFORMATION |
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Melba Products Holdings Limited is a
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2. | STATEMENT OF COMPLIANCE |
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These financial statements were prepared in accordance with Financial Reporting Standard 102' The |
Financial Reporting Standard applicable in the UK and Republic of lreland'. |
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3. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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INVESTMENTS IN SUBSIDIARIES |
Investments in subsidiaries are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid. |
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TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
Melba Products Holdings Limited (Registered number: 07661309) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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3. | ACCOUNTING POLICIES - continued |
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GOING CONCERN |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
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CASH & 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. |
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DEBTORS |
Trade debtors are amounts due from customers for merchandise sold or services performed in the |
ordinary course of business. |
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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. |
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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. |
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Trade creditors are recognised initially at the transaction price and subsequently measured at amortised |
cost using the effective interest method. |
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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. |
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Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. |
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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. |
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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. |
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FINANCIAL INSTRUMENTS |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
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Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
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Melba Products Holdings Limited (Registered number: 07661309) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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3. | ACCOUNTING POLICIES - continued |
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. |
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BASIC FINANCIAL ASSETS |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
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OTHER FINANCIAL ASSETS |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
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IMPAIRMENT OF FINANCIAL ASSETS |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
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Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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. |
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If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
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DERECOGNITION OF FINANCIAL ASSETS |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
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OTHER FINANCIAL LIABILITIES |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
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Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. |
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DERECOGNITION OF FINANCIAL LIABILITIES |
Melba Products Holdings Limited (Registered number: 07661309) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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3. | ACCOUNTING POLICIES - continued |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
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4. | EMPLOYEES AND DIRECTORS |
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There were no staff costs for the year ended 31 March 2022 nor for the year ended 31 March 2021. |
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The average number of employees during the year was as follows: |
2022 | 2021 |
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2022 | 2021 |
£ | £ |
Directors' remuneration |
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5. | TAXATION |
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Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 March 2022 nor for the year ended 31 March 2021. |
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6. | DIVIDENDS |
2022 | 2021 |
£ | £ |
Interim |
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7. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
£ |
COST |
At 1 April 2021 |
and 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Amounts owed by group undertakings |
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Melba Products Holdings Limited (Registered number: 07661309) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Amounts owed to group undertakings |
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Accrued expenses |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
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Ordinary shares | £ 1 | 11,523 | 11,523 |
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11. | RESERVES |
Retained | Share | Other |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
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At 1 April 2021 |
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7,218,532 |
Profit for the year |
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Dividends | ( |
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At 31 March 2022 |
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7,218,532 |
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12. | RELATED PARTY DISCLOSURES |
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During the year dividend income of £529,550 (2021 - £338,000) were received from its subsidiary company Melba Products Limited. As on 31st March 2022 company owed £645,721 (2021 - £116,071) from it. |
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Company declared dividend of £529,550 (2021 - £338,000) to parent company Melba Group Limited. And as on 31st March 2022 company owed £909,717 (2021 - £380,167) to it. |
Melba Products Holdings Limited (Registered number: 07661309) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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13. | INVESTMENTS |
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Details of undertakings |
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Details of the investments in which the group holds 20% or more of the nominal value of any class of |
share capital are as follows: |
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Registered | Proportion of votingrights |
Undertakings | office | Holding | and shares held |
Subsidiary undertakings | 2022 | 2021 |
Melba Products Limited | UK | Ordinary | 100% | 100% |
Swintex Limited | UK | Ordinary | 100% | 100% |
Melbaswintex Limited | UK | Ordinary | 100% | 100% |
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Subsidiary undertakings |
The principal activity of Melba Products Limited is Manufacture of plastic traffic management products |
comprising mainly barriers, cones, temporary signs and speed ramps |
The principal activity of Swintex Limited is Dormant |
The principal activity of Melbaswintex Limited is Dormant |
The subsidiary undertakings are exempt from audit by virtue of s480 of the Companies Act 2006. |
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14. | ULTIMATE PARENT COMPANY |
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Melba Group Limited (incorporated in England & Wales) is regarded by the directors as being the |
company's ultimate parent company. |
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15. | POST BALANCE SHEET EVENTS |
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The Coronavirus (COVID-19) has emerged globally resulting in a significant impact on businesses worldwide and the UK government continued to impose restrictions in late 2021. As a result some business operations have been restricted, however the company continues to operate using alternative methods and remote working. Hence financial statements do not include any adjustments that might result from the outcome of this uncertainty. There has been a short term impact although the directors are confident that they will continue to achieve growth next year. |