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Financial Statements |
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for the Year Ended 31 December 2019 |
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for |
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Muvantex UK Ltd |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 December 2019 |
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for |
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Muvantex UK Ltd |
Muvantex UK Ltd (Registered number: 11187591) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Muvantex UK Ltd |
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Company Information |
for the Year Ended 31 December 2019 |
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DIRECTOR: |
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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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Chartered Accountants |
and Statutory Auditors |
Roland House |
Princes Dock Street |
HULL HU1 2LD |
Muvantex UK Ltd (Registered number: 11187591) |
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Balance Sheet |
31 December 2019 |
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2019 | 2018 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
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Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
6 |
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NET ASSETS/(LIABILITIES) |
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( |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings | 8 |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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Muvantex UK Ltd (Registered number: 11187591) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Muvantex UK Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The company is reliant on the financial support of MGI BV. The directors of MGI BV have agreed to provide continued financial support to ensure the company will be able to trade as a going concern for the foreseeable future. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Muvantex UK Ltd (Registered number: 11187591) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Amounts owed to group undertakings |
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7. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Share capital 1 | £1 | 100 | 100 |
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8. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2019 | ( |
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Profit for the year |
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At 31 December 2019 |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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Muvantex UK Ltd (Registered number: 11187591) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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10. | RELATED PARTY DISCLOSURES |
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During the year the Company received loans from its parent company MGI BV totalling £907,816. At the Balance Sheet date an amount of £945,334 (2018 - £37,518) was outstanding. The loan is unsecured. Interest of £6,206 has been accrued on this loan, this is being charged at 2% per annum. |
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During the year the company purchased services from from its parent company MGI BV of £25,801 (2018 - £1,525). At the balance sheet date an amount of £4,206 (2018 - £598) was owed to MGI BV. |
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Also during the year the Company purchased goods from Muvantex NV, a company owned by MGI BV, totalling £908,925 and made sales of goods to Muvantex NV totalling £198,008. At the balance sheet date an amount of £17,772 was owed to Muvantex NV. |
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11. | ULTIMATE CONTROLLING PARTY |
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The company's ultimate parent company and immediate controlling party is MGI BV, a company incorporated in Belgium. |