Registered number:
For the Year Ended
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MRDB HOLDINGS LIMITED
COMPANY INFORMATION
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MRDB HOLDINGS LIMITED
CONTENTS
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MRDB HOLDINGS LIMITED
STRATEGIC REPORT
For the Year Ended 31 December 2019
The directors present their strategic report for the year ended 31 December 2019.
The Company is an intermediate holding company which owns 100% of Miriad Products Limited.
The business has benefitted in the year from the involvement of the Investment Company Duke Royalty following the Buy-In-Management-Buy-Out (BIMBO) that took place in Feb 2019, this has enabled the business to retain the previous experience of the Directors and introduce and expand the existing management to bring in additional shareholder-directors with specific commercial expertise. Investment in people, technology, marketing, & branding for it's subsidiary, Miriad Products Limited, has enabled it to expand and explore opportunity markets outside of Europe and in differing markets, whilst exploring and capitalising on routes to market, selling practises and product offerings to enhance the customers experience.
The directors have assessed the main risk facing the Group, that this Company is apart of, as being the continued impact of general economic conditions in the UK and Europe. The Group’s activities are well established and continuing to grow through existing routes and identification of future markets, routes to market and product offerings. This strategy has created diversification and reduced the associated risks.
Covid 19 had a short term negative impact on the business during lockdown, However since then there has been a positive impact seen due to “Staycation” being a preference to overseas holidays which in turn has presented high demand of products from our customers. The 20 year relationship with our supply chain was crucial when Covid 19 began, which evidenced the strong relationships that Miriad has established over the years.
The directors continue to use both financial and non-financial key performance indicators to manage the business activity, maintain strong management information systems and reports which are focused on regular and accurate reporting. Such reporting concentrates on core customer turnover, margins, and overall profitability of the business.
This report was approved by the board on 26 August 2020
and signed on its behalf.
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MRDB HOLDINGS LIMITED
DIRECTORS' REPORT
For the Year Ended 31 December 2019
The directors present their report and the financial statements for the year ended 31 December 2019.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the
financial statements in accordance with applicable law and regulations.
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:
∙
select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙
make judgments 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.
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 to 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.
The profit for the year, after taxation, amounted to £
1,966,941
(2018 -
£
704,314
)
.
During the year the Company paid dividends totalling £1,965,703 (2018: Nil).
The directors who served during the year were:
There are no significant events that significantly affect this Company.
Each of the persons who are
directors at the time when this Directors' Report is approved has confirmed that:
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MRDB HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
For the Year Ended 31 December 2019
There are no significant events that significantly affecting this Compny since the yearend other than the COVID-19 situation that is discussed in the Strategic Report.
Under section 487(2) of the Companies Act 2006, Smith Cooper Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on
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MRDB HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MRDB HOLDINGS LIMITED
We have audited the financial statements of MRDB Holdings Limited (the 'Company') for the year ended 31 December 2019, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity
and the related notes, 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).
In our opinion the financial statements:
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 United Kingdom, including the Financial Reporting Council'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.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙
the directors
' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. 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.
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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
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MRDB HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MRDB HOLDINGS LIMITED (CONTINUED)
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
As explained more fully in the Directors' Responsibilities Statement on page 2, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
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.
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 an Auditors' Report 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.
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 Auditors' Report.
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MRDB HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MRDB HOLDINGS LIMITED (CONTINUED)
This report is made solely to the Company's members
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 an Auditors' Report 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 for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
St Helens House
Cathedral Quarter
Kings Street
DE1 3EE
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MRDB HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
For the Year Ended 31 December 2019
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MRDB HOLDINGS LIMITED
Registered number:
06772302
BALANCE SHEET
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 10 to 21 form part of these financial statements.
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MRDB HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
For the Year Ended
31 December 2019
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MRDB HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2019
MRDB Holdings Limited is a private company limited by shares and incorporated in England, the registration number is 06772302. The registered office is the same as the place of business:
Park Lane Dove Valley Park Foston Derbyshire DE65 5BG
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The financial statements are rounded to the nearest £.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland:
- the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv); - the requirements of Section 7 Statement of Cash Flows; - the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); - the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Slake Holdings Limited as at 31 December 2019 and these financial statements may be obtained from Companies House.
The Company is a parent Company that is also a subsidiary included in the consolidated financial statements of its immediate parent undertaking established under the law of an EEA state and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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MRDB HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2019
2.
Accounting policies (continued)
The Directors believe that the Companies financial statements should be prepared on a going concern basis and have considered a period of twelve months from the date of approval of these financial statements.
Subsequent to the year end, as discussed in the Strategic Report, the outbreak of Covid 19 has had a significant effect on the global economy and at the date of signing the future consequences of the outbreak cannot be accurately predicted. Whilst the Company continues to trade it is reliant on the continued support of the Bank in providing the Invoice discounting facility and Duke Royalty, the investors in the groups holding company. Notwithstanding the above after reviewing the Group's forecasts and projections, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. As such the Group continues to adopt the going concern basis in preparing it's financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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MRDB HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2019
2.
Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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MRDB HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2019
2.
Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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MRDB HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2019
Analysis of turnover by country of destination:
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MRDB HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2019
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MRDB HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2019
8.
Taxation (continued)
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MRDB HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2019
Page 17
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MRDB HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2019
Page 18
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MRDB HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2019
Page 19
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MRDB HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2019
18.
Share capital (continued)
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
The pension charge represents a contribution payble by the company to the fund and amounted to £13,930 (2018: £21,793). Contributions totaling £Nil (2018: £Nil) were payable to the fund at the balance sheet date.
The company's immediate parent company is Slake BidCo Limited by virtue of owning the entire issued share capital of the company.
The ultimate parent company is Slake Holdings Limited by virtue of owning the entire issued share capital, registered office: Park Lane Dove Valley Park Foston Derbyshire DE65 5BG
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MRDB HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2019
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