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REGISTERED NUMBER: 06228143 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

3X MOTION TECHNOLOGIES (EUROPE) LTD

3X MOTION TECHNOLOGIES (EUROPE) LTD (REGISTERED NUMBER: 06228143)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023










Page

Balance sheet 1

Notes to the financial statements 2


3X MOTION TECHNOLOGIES (EUROPE) LTD (REGISTERED NUMBER: 06228143)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 4 646 760

Current assets
Stocks 35,768 -
Debtors 5 91,685 225,773
Cash at bank 188,707 216,442
316,160 442,215
Creditors
Amounts falling due within one year 6 238,662 393,655
Net current assets 77,498 48,560
Total assets less current liabilities 78,144 49,320

Provisions for liabilities 7 162 190
Net assets 77,982 49,130

Capital and reserves
Called up share capital 8 10 10
Retained earnings 77,972 49,120
Shareholders' funds 77,982 49,130

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 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.

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 comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2024 and were signed on its behalf by:





Mr S P McKay - Director


3X MOTION TECHNOLOGIES (EUROPE) LTD (REGISTERED NUMBER: 06228143)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


1. Statutory information

3X Motion Technologies (Europe) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 06228143. The registered office is 7 & 8 Church Street, Wimborne, Dorset, BH21 1JH and business address is Unit 7, 11-15 Francis Avenue, Bournemouth, Dorset, BH11 8NX.

2. Accounting policies

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

Preparation of consolidated financial statements
The financial statements contain information about 3X Motion Technologies (Europe) Limited as an individual company. The company is a wholly owned subsidiary and the parent company has taken the option under S399 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised when goods are despatched to customers and title to the goods passes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer software - 15% on reducing balance

Stocks
Stock and Work In Progress are valued at the lower of cost and net realisable value.

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.

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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3X MOTION TECHNOLOGIES (EUROPE) LTD (REGISTERED NUMBER: 06228143)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


2. Accounting policies - continued

Financial instruments
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

Government grants
Grants are recognised at the fair value of the asset received.

A grant that does not impose specified future performance-related conditions on the company is recognised as income when the grant is received or receivable.

A grant that imposes specified future performance-related conditions on the company is recognised as income only when the performance-related conditions are met.

Grants received before the above recognition criteria are satisfied are recognised as a liability.

3. Employees and directors

The average number of employees during the year was 2 (2022 - 2 ) .

4. Tangible fixed assets
Computer
software
£   
Cost
At 1 August 2022
and 31 July 2023 4,773
Depreciation
At 1 August 2022 4,013
Charge for year 114
At 31 July 2023 4,127
Net book value
At 31 July 2023 646
At 31 July 2022 760

5. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 32,162 171,867
Amounts owed by group undertakings 59,523 51,782
VAT - 2,124
91,685 225,773

3X MOTION TECHNOLOGIES (EUROPE) LTD (REGISTERED NUMBER: 06228143)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


6. Creditors: amounts falling due within one year
2023 2022
£    £   
Trade creditors 56,519 137,068
Amounts owed to group undertakings 100,000 200,000
Tax 34,286 18,642
Social security and other taxes 786 826
VAT 7,538 -
Other creditors 206 158
Directors' current accounts 37,512 35,231
Accruals and deferred income 1,815 1,730
238,662 393,655

7. Provisions for liabilities
2023 2022
£    £   
Deferred tax 162 190

Deferred
tax
£   
Balance at 1 August 2022 190
Credit to Income statement during year (28 )
Balance at 31 July 2023 162

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10 Ordinary £1 10 10

9. Ultimate controlling party

The company is ultimately controlled by the director, Mr S McKay, by virtue of his 100% holding in the voting share capital of the parent company, MCP Holdings (U.K) Limited.