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REGISTERED NUMBER: 10467515 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

FOR

MULTAX LIMITED

MULTAX LIMITED (REGISTERED NUMBER: 10467515)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MULTAX LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2021







DIRECTORS: Mr A Mizen
Mr J D McNab





REGISTERED OFFICE: 14 London Street
Andover
Hampshire
SP10 2PA





REGISTERED NUMBER: 10467515 (England and Wales)





ACCOUNTANTS: Hysons
Chartered Accountants
14 London Street
Andover
Hampshire
SP10 2PA

MULTAX LIMITED (REGISTERED NUMBER: 10467515)

BALANCE SHEET
30 NOVEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 2,018,111 1,713,873

CURRENT ASSETS
Stocks 60,000 33,500
Debtors 6 534,209 305,402
Cash at bank 201,681 342,754
795,890 681,656
CREDITORS
Amounts falling due within one year 7 796,468 806,599
NET CURRENT LIABILITIES (578 ) (124,943 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,017,533

1,588,930

CREDITORS
Amounts falling due after more than
one year

8

(1,367,306

)

(867,140

)

PROVISIONS FOR LIABILITIES (231,213 ) (301,327 )
NET ASSETS 419,014 420,463

CAPITAL AND RESERVES
Called up share capital 102 102
Retained earnings 418,912 420,361
419,014 420,463

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MULTAX LIMITED (REGISTERED NUMBER: 10467515)

BALANCE SHEET - continued
30 NOVEMBER 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 August 2022 and were signed on its behalf by:




Mr A Mizen - Director



Mr J D McNab - Director


MULTAX LIMITED (REGISTERED NUMBER: 10467515)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

1. STATUTORY INFORMATION

Multax Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - 1% on cost
Plant and machinery - 10% on cost and 10% on reducing balance
Fixtures and fittings - 25% on reducing balance and 20% on reducing balance
Motor vehicles - 25% on cost
Office and computer equipment - 33% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.


MULTAX LIMITED (REGISTERED NUMBER: 10467515)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2020 - 16 ) .

MULTAX LIMITED (REGISTERED NUMBER: 10467515)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021

5. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 December 2020 627,918 1,339,851 41,608
Additions - 500,265 1,919
Disposals - (14,700 ) -
At 30 November 2021 627,918 1,825,416 43,527
DEPRECIATION
At 1 December 2020 7,252 288,725 10,455
Charge for year 6,279 183,776 7,875
Eliminated on disposal - (2,205 ) -
At 30 November 2021 13,531 470,296 18,330
NET BOOK VALUE
At 30 November 2021 614,387 1,355,120 25,197
At 30 November 2020 620,666 1,051,126 31,153

Office
and
Motor computer
vehicles equipment Totals
£    £    £   
COST
At 1 December 2020 - 24,789 2,034,166
Additions 11,490 11,466 525,140
Disposals - - (14,700 )
At 30 November 2021 11,490 36,255 2,544,606
DEPRECIATION
At 1 December 2020 - 13,861 320,293
Charge for year 2,873 7,604 208,407
Eliminated on disposal - - (2,205 )
At 30 November 2021 2,873 21,465 526,495
NET BOOK VALUE
At 30 November 2021 8,617 14,790 2,018,111
At 30 November 2020 - 10,928 1,713,873

MULTAX LIMITED (REGISTERED NUMBER: 10467515)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Long Plant and
leasehold machinery Totals
£    £    £   
COST
At 1 December 2020 80,100 1,100,668 1,180,768
Additions - 485,000 485,000
Transfer to ownership - (76,037 ) (76,037 )
Reclassification/transfer 5,925 - 5,925
At 30 November 2021 86,025 1,509,631 1,595,656
DEPRECIATION
At 1 December 2020 750 249,854 250,604
Charge for year 860 150,963 151,823
Transfer to ownership - (29,072 ) (29,072 )
At 30 November 2021 1,610 371,745 373,355
NET BOOK VALUE
At 30 November 2021 84,415 1,137,886 1,222,301
At 30 November 2020 79,350 850,814 930,164

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 445,149 291,938
Other debtors 2,600 3,400
Tax 57,674 -
VAT 26,541 -
Prepayments and accrued income 2,245 10,064
534,209 305,402

MULTAX LIMITED (REGISTERED NUMBER: 10467515)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 50,875 -
Hire purchase contracts 281,940 191,794
Trade creditors 260,425 198,652
Tax - 69,463
Social security and other taxes 39,708 29,525
Pensions creditor 2,610 2,077
VAT - 131,012
Other creditors 6,387 9,822
Directors' current accounts 149,728 163,626
Accruals and deferred income 4,795 10,628
796,468 806,599

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2021 2020
£    £   
Bank loans - 1-2 years 90,252 24,126
Bank loans - 2-5 years 270,755 122,378
Bank loans more 5 yr by instal 283,359 217,362
Hire purchase contracts 722,940 503,274
1,367,306 867,140

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 283,359 217,362

9. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Bank loans 695,241 363,866
Hire purchase contracts 1,004,880 695,068
1,700,121 1,058,934