Modrec International Limited

Modrec International Ltd, a small family business based in Whitley Bay, UK, has been operating for 38 years, holding assets of £2,856,222. The company, which employs 16 people, functions as both a holding company and a regular importer and exporter of leather goods, travel bags, and animal harnesses, with 85 months of import activity and 33 months of export activity. The registered address, while real, is likely a virtual one, as 66 companies are registered at the same location.

Modrec International’s core business revolves around supplying luggage, bags, and accessories, operating both as a manufacturer and supplier. The company’s website highlights its expertise in travel product design, manufacturing, and sourcing, offering a variety of materials, including a growing range of ecofriendly and recyclable options. It even boasts a history of innovation, having been the first to introduce wheeled luggage to the UK market. The company works with well-known brands like Gino Ferrari, Pierre Cardin, and London Fog, and has a global network with offices in North America, China, and India.

Financially, Modrec International’s numbers present a mixed picture. While assets remain substantial at £2,856,222, net assets have increased by 63% to £1,200,000. Bank borrowings have decreased by 66% to £130,000, a positive sign. However, cash reserves have plummeted by 82% to just £35,000, and creditors have increased by 2.7% to £2,000,000. The company’s small size (meeting two of three criteria for turnover under £10.2m, assets under £5.1m, and fewer than 50 employees) allows for agility, but the significant drop in cash reserves warrants attention. The unaudited financial statements, likely exempt due to its size, rely on director-reported data.

The company’s success is evident in its long-standing relationships with brands like Pierre Cardin, highlighted by appearances at the Venice Film Festival and Cannes business anniversary celebrations. However, the financial data suggests a need to manage cash flow effectively to sustain its operations and global network.

Registered in England/Wales under the registration number 02096753, with a registered address at NE26 3QX, United Kingdom, Whitley Bay, Tyne And Wear, 246 Park View.

WARNING:The numbers have been rounded for simplicity and may be inaccurate.Please, refer to the latest financial report for verification.