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REGISTERED NUMBER: 05615923 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2023

for

Multilec UK Limited

Multilec UK Limited (Registered number: 05615923)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Multilec UK Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: J A Spickett
J Spickett





SECRETARY: Mrs C A Spickett





REGISTERED OFFICE: 9 St George's Yard
Castle Street
Farnham
Surrey
GU9 7LW





REGISTERED NUMBER: 05615923 (England and Wales)





ACCOUNTANTS: Blackwood Futcher & Co.
Chartered Accountants
9 St George's Yard
Farnham
Surrey
GU9 7LW

Multilec UK Limited (Registered number: 05615923)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 100 100
100 100

CURRENT ASSETS
Stocks 10,584 8,857
Debtors 6 186,593 179,507
Cash at bank 2,168 10,167
199,345 198,531
CREDITORS
Amounts falling due within one year 7 130,234 115,661
NET CURRENT ASSETS 69,111 82,870
TOTAL ASSETS LESS CURRENT
LIABILITIES

69,211

82,970

CREDITORS
Amounts falling due after more than one
year

8

(66,561

)

(82,864

)

PROVISIONS FOR LIABILITIES (25 ) (19 )
NET ASSETS 2,625 87

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 2,615 77
SHAREHOLDERS' FUNDS 2,625 87

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2024 and were signed on its behalf by:



J A Spickett - Director


Multilec UK Limited (Registered number: 05615923)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Multilec UK 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable of the company electrical contractor activities and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity.

Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company’s interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill recognised at acquisition is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over it's useful life which is estimated to be 10 years.

Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life.

Goodwill amortisation is included in administrative expenses in the statement of comprehensive income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

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.

Multilec UK Limited (Registered number: 05615923)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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
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.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Stocks are also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

Multilec UK Limited (Registered number: 05615923)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 30,000
AMORTISATION
At 1 November 2022
and 31 October 2023 30,000
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2022
and 31 October 2023 24,098
DEPRECIATION
At 1 November 2022
and 31 October 2023 23,998
NET BOOK VALUE
At 31 October 2023 100
At 31 October 2022 100

6. DEBTORS
31.10.23 31.10.22
£    £   
Amounts falling due within one year:
Trade debtors 8,255 2,716
Other debtors 178,338 174,218
186,593 176,934

Amounts falling due after more than one year:
Other debtors - 2,573

Aggregate amounts 186,593 179,507

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 39,367 30,146
Trade creditors 38,429 38,944
Taxation and social security 49,564 43,858
Other creditors 2,874 2,713
130,234 115,661

Multilec UK Limited (Registered number: 05615923)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans 66,561 82,864

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 7,892

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

31.10.23 31.10.22
£    £   
J A Spickett
Balance outstanding at start of year 83,443 70,201
Amounts advanced 43,618 34,756
Amounts repaid (45,012 ) (21,514 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 82,049 83,443

J Spickett
Balance outstanding at start of year 63,351 60,051
Amounts advanced 305 3,300
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 63,656 63,351

During the year the directors were provided with interest free loans. The maximum amount outstanding during the year by the directors was £160,849.