ML2 Networx Limited 07539798 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is installation of industrial machinery and equipment. Digita Accounts Production Advanced 6.30.9574.0 true true 07539798 2022-03-01 2023-02-28 07539798 2023-02-28 07539798 bus:Director1 1 2023-02-28 07539798 bus:Director2 1 2023-02-28 07539798 bus:Director3 1 2023-02-28 07539798 core:CurrentFinancialInstruments 2023-02-28 07539798 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 07539798 core:Non-currentFinancialInstruments 2023-02-28 07539798 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 07539798 core:FurnitureFittings 2023-02-28 07539798 core:OfficeEquipment 2023-02-28 07539798 core:PlantMachinery 2023-02-28 07539798 bus:SmallEntities 2022-03-01 2023-02-28 07539798 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 07539798 bus:FullAccounts 2022-03-01 2023-02-28 07539798 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 07539798 bus:RegisteredOffice 2022-03-01 2023-02-28 07539798 bus:Director1 2022-03-01 2023-02-28 07539798 bus:Director1 1 2022-03-01 2023-02-28 07539798 bus:Director2 2022-03-01 2023-02-28 07539798 bus:Director2 1 2022-03-01 2023-02-28 07539798 bus:Director3 2022-03-01 2023-02-28 07539798 bus:Director3 1 2022-03-01 2023-02-28 07539798 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 07539798 core:FurnitureFittings 2022-03-01 2023-02-28 07539798 core:OfficeEquipment 2022-03-01 2023-02-28 07539798 core:PlantMachinery 2022-03-01 2023-02-28 07539798 countries:EnglandWales 2022-03-01 2023-02-28 07539798 2022-02-28 07539798 bus:Director1 1 2022-02-28 07539798 bus:Director2 1 2022-02-28 07539798 bus:Director3 1 2022-02-28 07539798 core:FurnitureFittings 2022-02-28 07539798 core:OfficeEquipment 2022-02-28 07539798 core:PlantMachinery 2022-02-28 07539798 2021-03-01 2022-02-28 07539798 2022-02-28 07539798 bus:Director1 1 2022-02-28 07539798 bus:Director2 1 2022-02-28 07539798 bus:Director3 1 2022-02-28 07539798 core:CurrentFinancialInstruments 2022-02-28 07539798 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 07539798 core:Non-currentFinancialInstruments 2022-02-28 07539798 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 07539798 core:FurnitureFittings 2022-02-28 07539798 core:OfficeEquipment 2022-02-28 07539798 core:PlantMachinery 2022-02-28 07539798 bus:Director1 1 2021-03-01 2022-02-28 07539798 bus:Director2 1 2021-03-01 2022-02-28 07539798 bus:Director3 1 2021-03-01 2022-02-28 07539798 bus:Director1 1 2021-02-28 07539798 bus:Director2 1 2021-02-28 07539798 bus:Director3 1 2021-02-28 iso4217:GBP xbrli:pure

Registration number: 07539798

ML2 Networx Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

ML2 Networx Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

ML2 Networx Limited

Company Information

Directors

MJ Naylor

AT Trifunovic

Registered office

Unit 3 Bramley Grange
Skeltons Lane
Thorner
Leeds
LS14 3DW

 

ML2 Networx Limited

(Registration number: 07539798)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,156

3,513

Current assets

 

Stocks

5

120,000

120,000

Debtors

6

315,318

529,573

Cash at bank and in hand

 

13,559

490

 

448,877

650,063

Creditors: Amounts falling due within one year

7

(320,326)

(327,615)

Net current assets

 

128,551

322,448

Total assets less current liabilities

 

133,707

325,961

Creditors: Amounts falling due after more than one year

7

(127,896)

(162,375)

Provisions for liabilities

(727)

(358)

Net assets

 

5,084

163,228

Capital and reserves

 

Called up share capital

96

96

Retained earnings

4,988

163,132

Shareholders' funds

 

5,084

163,228

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

ML2 Networx Limited

(Registration number: 07539798)
Balance Sheet as at 28 February 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 October 2023 and signed on its behalf by:
 

MJ Naylor
Director

AT Trifunovic
Director

 
     
 

ML2 Networx Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 3 Bramley Grange
Skeltons Lane
Thorner
Leeds
LS14 3DW

These financial statements were authorised for issue by the Board on 4 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

ML2 Networx Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

33% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

ML2 Networx Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 7).

 

ML2 Networx Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2022

1,345

2,012

17,641

20,998

Additions

-

-

3,342

3,342

At 28 February 2023

1,345

2,012

20,983

24,340

Depreciation

At 1 March 2022

771

1,741

14,973

17,485

Charge for the year

144

68

1,487

1,699

At 28 February 2023

915

1,809

16,460

19,184

Carrying amount

At 28 February 2023

430

203

4,523

5,156

At 28 February 2022

574

271

2,668

3,513

5

Stocks

2023
£

2022
£

Other inventories

120,000

120,000

6

Debtors

2023
£

2022
£

Trade debtors

130,715

214,978

Other debtors

184,603

314,595

315,318

529,573

 

ML2 Networx Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

100,871

57,506

Trade creditors

 

24,459

16,055

Taxation and social security

 

177,190

208,263

Accruals and deferred income

 

2,100

2,100

Other creditors

 

15,706

43,691

 

320,326

327,615

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

127,896

162,375

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

127,896

162,375

2023
£

2022
£

Current loans and borrowings

Bank borrowings

100,871

54,346

Bank overdrafts

-

3,160

100,871

57,506

 

ML2 Networx Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

9

Related party transactions

Transactions with directors

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

DA Naughton

Interest in charged at 2.5% p.a. All amounts are aggregates.

102,878

26,187

(129,065)

-

         
       

MJ Naylor

Interest in charged at 2.5% p.a. All amounts are aggregates.

108,187

120,774

(133,225)

95,736

         
       

AT Trifunovic

Interest in charged at 2.5% p.a. All amounts are aggregates.

103,531

129,691

(144,355)

88,867

         
       

 

2022

At 1 March 2021
£

Advances to director
£

Repayments by director
£

At 28 February 2022
£

DA Naughton

Interest in charged at 2.5% p.a. All amounts are aggregates.

37,323

102,555

(37,000)

102,878

         
       

MJ Naylor

Interest in charged at 2.5% p.a. All amounts are aggregates.

39,723

98,464

(30,000)

108,187

         
       

AT Trifunovic

Interest in charged at 2.5% p.a. All amounts are aggregates.

37,323

96,208

(30,000)

103,531