Company registration number NI619450 (Northern Ireland)
TERBERG MPM IRELAND LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
TERBERG MPM IRELAND LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 13
TERBERG MPM IRELAND LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
5
3,875,873
1,969,125
Current assets
Stocks
703,467
359,727
Debtors
6
799,009
404,687
Cash at bank and in hand
601,311
276,394
2,103,787
1,040,808
Creditors: amounts falling due within one year
7
(1,587,870)
(684,440)
Net current assets
515,917
356,368
Total assets less current liabilities
4,391,790
2,325,493
Creditors: amounts falling due after more than one year
8
(2,161,241)
(818,910)
Provisions for liabilities
10
(346,326)
(243,082)
Net assets
1,884,223
1,263,501
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,884,123
1,263,401
Total equity
1,884,223
1,263,501
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
TERBERG MPM IRELAND LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 June 2023 and are signed on its behalf by:
Mr Mark McCluskey
Director
Company Registration No. NI619450
TERBERG MPM IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Terberg MPM Ireland Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 3D Ballygowan Road, Hillsborough, Co. Down, Northern Ireland, BT26 6HX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of truck rentals is recognised on a straight-line basis over the contract term.
TERBERG MPM IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land
10% straight line
Buildings
20% - 25% straight line
Plant and machinery
20% straight line
Fixtures and fittings
33.3% straight line
Motor vehicles
25% straight line
Rental fleet
14% straight line with 10% residual value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
TERBERG MPM IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
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.
TERBERG MPM IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 6 -
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
TERBERG MPM IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 7 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Provisions for the expected cost of warranty obligations under local sale of goods legislation are recognised at the date of sale of the relevant products, at the directors' best estimate of the expenditure required to settle the company's obligation.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
TERBERG MPM IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 8 -
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
18
13
TERBERG MPM IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2022 and 31 December 2022
75,000
Amortisation and impairment
At 1 January 2022 and 31 December 2022
75,000
Carrying amount
At 31 December 2022
At 31 December 2021
TERBERG MPM IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
5
Tangible fixed assets
Freehold land
Buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Rental fleet
Total
£
£
£
£
£
£
£
Cost
At 1 January 2022
412,730
47,975
95,450
54,693
176,847
1,879,085
2,666,780
Additions
12,650
16,061
182,161
2,203,109
2,413,981
Disposals
(40,000)
(144,833)
(184,833)
At 31 December 2022
412,730
60,625
111,511
54,693
319,008
3,937,361
4,895,928
Depreciation and impairment
At 1 January 2022
28,788
52,472
26,631
85,876
503,888
697,655
Depreciation charged in the year
5,429
18,349
14,282
56,771
297,853
392,684
Eliminated in respect of disposals
(35,375)
(34,909)
(70,284)
At 31 December 2022
34,217
70,821
40,913
107,272
766,832
1,020,055
Carrying amount
At 31 December 2022
412,730
26,408
40,690
13,780
211,736
3,170,529
3,875,873
At 31 December 2021
412,730
19,187
42,978
28,062
90,971
1,375,197
1,969,125
TERBERG MPM IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 11 -
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
729,916
314,113
Amounts owed by group undertakings
52,474
40,188
Other debtors
16,636
Prepayments and accrued income
16,619
33,750
799,009
404,687
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
9
236,900
16,359
Obligations under finance leases
27,273
36,692
Amounts owed to parent undertakings
9
465,863
123,995
Trade creditors
129,992
181,036
Amounts owed to group undertakings
318,331
19,457
Corporation tax
101,917
71,835
Other taxation and social security
37,798
29,942
Other creditors
230
Accruals and deferred income
269,796
204,894
1,587,870
684,440
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
Amounts owed to parent undertakings are subject to varying interest rates as disclosed in Note 13.
8
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans
9
236,900
Obligations under finance leases
38,727
66,000
Amounts owed to parent undertakings
9
2,122,514
516,010
2,161,241
818,910
TERBERG MPM IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 12 -
9
Loans and overdrafts
2022
2021
£
£
Bank loans
236,900
253,259
Loans from group undertakings and related parties
2,588,377
640,005
2,825,277
893,264
Payable within one year
702,763
140,354
Payable after one year
2,122,514
752,910
Danske Bank hold a fixed and floating charge over all the property or undertaking of the company in respect of bank loans and overdrafts.
10
Provisions for liabilities
2022
2021
£
£
Warranty provision
40,825
7,946
Deferred tax liabilities
305,501
235,136
346,326
243,082
Movements on provisions apart from deferred tax liabilities:
Warranty provision
£
At 1 January 2022
7,946
Additional provisions in the year
32,879
At 31 December 2022
40,825
A provision of £40,825 (2021: £7,946) has been recognised for expected warranty claims on goods sold. It is expected that this expenditure will be incurred in the next financial year.
TERBERG MPM IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 13 -
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Teresa Campbell and the auditor was FPM Accountants Limited.
12
Contingent liabilities
During the year the company received funding from Invest NI. There exists a contingent liability to repay all of the financial assistance received under this agreement if a default occurs under the terms and conditions. There has not been nor is there expected to be a breach of the terms and conditions.
13
Related party transactions
Transactions with related parties
During the year the parent company advanced £2,044,831 to Terberg MPM Ireland Limited. This loan is subject to varying interest rates from 2% to 5.5%.
14
Parent company
The Company's ultimate controlling party is Royal Terberg Group B.V. by virtue of majority shareholding.
The smallest group for which consolidated accounts including Terberg MPM Ireland Ltd are prepared is Royal Terberg Group B.V. These consolidation financial statements are available from its registered office, Newtownstraat 2, 3401 ja, iJSSELTEIN, Netherlands.
15
Comparative information
Certain comparative information has been restated to reflect a fairer comparison with current year disclosure. These restatements have not had any effect on reported results for the period ended 31 December 2021 nor on total equity as at 31 December 2021.
2022-12-312022-01-01false29 June 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedMr Mark McCluskeyMrs Joanne McCluskeyMr Rob Van HoveNI6194502022-01-012022-12-31NI6194502022-12-31NI6194502021-12-31NI619450core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-31NI619450core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-31NI619450core:PlantMachinery2022-12-31NI619450core:FurnitureFittings2022-12-31NI619450core:MotorVehicles2022-12-31NI619450core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-31NI619450core:LandBuildingscore:OwnedOrFreeholdAssets2021-12-31NI619450core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-12-31NI619450core:PlantMachinery2021-12-31NI619450core:FurnitureFittings2021-12-31NI619450core:MotorVehicles2021-12-31NI619450core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2021-12-31NI619450core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-31NI619450core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-31NI619450core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-31NI619450core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-31NI619450core:CurrentFinancialInstruments2022-12-31NI619450core:CurrentFinancialInstruments2021-12-31NI619450core:Non-currentFinancialInstruments2022-12-31NI619450core:Non-currentFinancialInstruments2021-12-31NI619450core:ShareCapital2022-12-31NI619450core:ShareCapital2021-12-31NI619450core:RetainedEarningsAccumulatedLosses2022-12-31NI619450core:RetainedEarningsAccumulatedLosses2021-12-31NI619450bus:Director12022-01-012022-12-31NI619450core:Goodwill2022-01-012022-12-31NI619450core:LandBuildingscore:OwnedOrFreeholdAssets2022-01-012022-12-31NI619450core:LandBuildingscore:LongLeaseholdAssets2022-01-012022-12-31NI619450core:PlantMachinery2022-01-012022-12-31NI619450core:FurnitureFittings2022-01-012022-12-31NI619450core:MotorVehicles2022-01-012022-12-31NI619450core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-01-012022-12-31NI6194502021-04-012021-12-31NI619450core:NetGoodwill2021-12-31NI619450core:NetGoodwill2022-12-31NI619450core:NetGoodwill2021-12-31NI619450core:LandBuildingscore:OwnedOrFreeholdAssets2021-12-31NI619450core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-12-31NI619450core:PlantMachinery2021-12-31NI619450core:FurnitureFittings2021-12-31NI619450core:MotorVehicles2021-12-31NI619450core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2021-12-31NI6194502021-12-31NI619450core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-01-012022-12-31NI619450bus:PrivateLimitedCompanyLtd2022-01-012022-12-31NI619450bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-31NI619450bus:FRS1022022-01-012022-12-31NI619450bus:Audited2022-01-012022-12-31NI619450bus:Director22022-01-012022-12-31NI619450bus:Director32022-01-012022-12-31NI619450bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP