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REGISTERED NUMBER: 12508086 (England and Wales)












GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

MACL HOLDINGS LIMITED

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 October 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


MACL HOLDINGS LIMITED

COMPANY INFORMATION
for the year ended 31 October 2023







DIRECTOR: Mr N G Harvey



REGISTERED OFFICE: Unit 2 Crompton Way
Manor Royal
Crawley
United Kingdom
RH10 9QR



REGISTERED NUMBER: 12508086 (England and Wales)



SENIOR STATUTORY AUDITOR: Mr Paul Dell F.C.A



AUDITORS: Raffingers LLP, Statutory Auditor
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

GROUP STRATEGIC REPORT
for the year ended 31 October 2023

The director presents his strategic report of the company and the group for the year ended 31 October 2023.

REVIEW OF BUSINESS
The group has had a very successful year with turnover increasing by 86% to £29.3m (2022: £15.7m) as the business recovered well from the global pandemic which severely hit the aviation industry as planes were grounded. Gross margin also improved to 29.7% (2022: 25.8%)

Operating profit was £5.77m (2022: £1.39m). The state of affairs at the balance sheet date is considered to be satisfactory with net assets of £7.66m (2022: £3.62m).

The key financial performance indicators for the group are as follows:-

2023 2022 Measure
Gross Profit Margin 29.7% 25.8% Gross Profit/Turnover
Debtors days 73 days 84 days Trade Debtors/Turnover
Creditor days 115 days 182 days Trade Creditors / Cost of Sales


Debtor and creditor days include related party balances.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties affecting the business include:-
- Regulatory - the group operates in a highly regulated area. It maintains extremely high standards of quality control over its products and services.
- Retention of customers - the group maintains strong relationships with each of its key customers and has established procedures for monitoring performance and service levels.
- Competitive risk - the group's reliance on any single customer has reduced over the past few years as part of its strategy to mitigate its risk in this area.
- Market conditions - the group's ability to adapt quickly to changes in the marketplace, mitigates the risk of this area.
- Exchange rate risk - the group trades in dollars and maintains its banking and financing in dollar denominated accounts where possible to mitigate any exchange rate risk. There are translation differences at each year end but these are accounting adjustments for statutory reporting purposes.

The directors believe that the group has adequate financial resources in place to meet its forecast trading requirements and all risks and uncertainties are managed appropriately.

FUTURE DEVELOPMENTS
The group will continue to expand its product range whilst concentrating on products and services that deliver higher margins.

The directors are confident of delivering sustainable future growth in its sector.

FINANCIAL INSTRUMENTS
The group has banking facilities in place with IGF Business Credit and operates within its facility limits.

The group has not entered into any hedging arrangements as the directors perceive the exchange rate risk to the business to be low. Although the reporting currency is in sterling, the operational currency is predominantly the US dollar. There are accounting adjustments in the accounts in relation to the translation of currency balances at the period end.

ON BEHALF OF THE BOARD:





Mr N G Harvey - Director


23 July 2024

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

REPORT OF THE DIRECTOR
for the year ended 31 October 2023

The director presents his report with the financial statements of the company and the group for the year ended 31 October 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 October 2023.

DIRECTOR
Mr N G Harvey held office during the whole of the period from 1 November 2022 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Raffingers LLP, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr N G Harvey - Director


23 July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MACL HOLDINGS LIMITED

Opinion
We have audited the financial statements of MACL Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 October 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MACL HOLDINGS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected transactions;
- tested the appropriateness of journal entries;
- tested authorisation of expenditure;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

To address the risk that revenue could be misstated due to fraud, we:
- obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard;
- performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions;
- tested a sample of revenue transactions to supporting evidence; and
- tested, on a sample basis, revenue related balances in the balance sheet.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which
included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and relevant regulators.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MACL HOLDINGS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr Paul Dell F.C.A (Senior Statutory Auditor)
for and on behalf of Raffingers LLP, Statutory Auditor
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

23 July 2024

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

CONSOLIDATED
INCOME STATEMENT
for the year ended 31 October 2023

2023 2022
Notes £    £   

TURNOVER 4 29,344,962 15,756,299

Cost of sales (20,618,090 ) (11,689,146 )
GROSS PROFIT 8,726,872 4,067,153

Administrative expenses (3,161,731 ) (2,680,536 )
5,565,141 1,386,617

Other operating income 200,482 5,503
OPERATING PROFIT 6 5,765,623 1,392,120

Profit/loss on sale of intangible fixed assets 7 - 2,730,000
5,765,623 4,122,120


Interest payable and similar expenses 8 (300,391 ) (131,593 )
PROFIT BEFORE TAXATION 5,465,232 3,990,527

Tax on profit 9 (1,428,935 ) (920,990 )
PROFIT FOR THE FINANCIAL YEAR 4,036,297 3,069,537
Profit attributable to:
Owners of the parent 4,036,297 3,069,537

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the year ended 31 October 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 4,036,297 3,069,537


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

4,036,297

3,069,537

Total comprehensive income attributable to:
Owners of the parent 4,036,297 3,069,537

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

CONSOLIDATED BALANCE SHEET
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 5,381,121 6,219,737
Tangible assets 12 53,531 93,230
Investments 13 - -
5,434,652 6,312,967

CURRENT ASSETS
Stocks 14 15,442,945 9,303,635
Debtors 15 8,753,683 3,814,887
Cash at bank 100,320 80,885
24,296,948 13,199,407
CREDITORS
Amounts falling due within one year 16 22,049,204 15,851,512
NET CURRENT ASSETS/(LIABILITIES) 2,247,744 (2,652,105 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,682,396

3,660,862

CREDITORS
Amounts falling due after more than one
year

17

(16,667

)

(25,833

)

PROVISIONS FOR LIABILITIES 20 (9,926 ) (15,523 )
NET ASSETS 7,655,803 3,619,506

CAPITAL AND RESERVES
Called up share capital 21 900 900
Share premium 22 2,639,100 2,639,100
Retained earnings 22 5,015,803 979,506
SHAREHOLDERS' FUNDS 7,655,803 3,619,506

The financial statements were approved by the director and authorised for issue on 23 July 2024 and were signed by:





Mr N G Harvey - Director


MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

COMPANY BALANCE SHEET
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 12,157,278 12,157,278
12,157,278 12,157,278

CURRENT ASSETS
Debtors 15 1,723 1,723

CREDITORS
Amounts falling due within one year 16 7,311,685 7,309,353
NET CURRENT LIABILITIES (7,309,962 ) (7,307,630 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,847,316

4,849,648

CAPITAL AND RESERVES
Called up share capital 21 900 900
Share premium 2,639,100 2,639,100
Retained earnings 2,207,316 2,209,648
SHAREHOLDERS' FUNDS 4,847,316 4,849,648

Company's (loss)/profit for the financial year (2,332 ) 2,209,648

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

The financial statements were approved by the director and authorised for issue on 23 July 2024 and were signed by:





Mr N G Harvey - Director


MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 October 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 November 2021 900 (2,090,031 ) 2,639,100 549,969

Changes in equity
Total comprehensive income - 3,069,537 - 3,069,537
Balance at 31 October 2022 900 979,506 2,639,100 3,619,506

Changes in equity
Total comprehensive income - 4,036,297 - 4,036,297
Balance at 31 October 2023 900 5,015,803 2,639,100 7,655,803

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 31 October 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 November 2021 900 - 2,639,100 2,640,000

Changes in equity
Total comprehensive income - 2,209,648 - 2,209,648
Balance at 31 October 2022 900 2,209,648 2,639,100 4,849,648

Changes in equity
Total comprehensive income - (2,332 ) - (2,332 )
Balance at 31 October 2023 900 2,207,316 2,639,100 4,847,316

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 October 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,378,143 (3,749,883 )
Interest paid (300,391 ) (131,593 )
Tax paid (333,324 ) -
Net cash from operating activities 744,428 (3,881,476 )

Cash flows from investing activities
Purchase of tangible fixed assets (3,790 ) (5,832 )
Sale of tangible fixed assets - 2,730,000
Net cash from investing activities (3,790 ) 2,724,168

Cash flows from financing activities
New loans in year 414,477 1,197,144
Capital repayments in year - (25,147 )
Amount withdrawn by directors (1,135,680 ) -
Net cash from financing activities (721,203 ) 1,171,997

Increase in cash and cash equivalents 19,435 14,689
Cash and cash equivalents at beginning of
year

2

80,885

66,196

Cash and cash equivalents at end of year 2 100,320 80,885

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 October 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 5,465,232 3,990,527
Depreciation charges 882,105 882,667
Profit on disposal of fixed assets - (2,730,000 )
Tax paid - (170,468 )
Finance costs 300,391 131,593
6,647,728 2,104,319
Increase in stocks (6,139,310 ) (2,863,706 )
Increase in trade and other debtors (3,803,116 ) (1,784,265 )
Increase/(decrease) in trade and other creditors 4,672,841 (1,206,231 )
Cash generated from operations 1,378,143 (3,749,883 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 100,320 80,885
Year ended 31 October 2022
31.10.22 1.11.21
£    £   
Cash and cash equivalents 80,885 66,196


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.11.22 Cash flow At 31.10.23
£    £    £   
Net cash
Cash at bank 80,885 19,435 100,320
80,885 19,435 100,320
Debt
Debts falling due within 1 year (2,309,541 ) (423,643 ) (2,733,184 )
Debts falling due after 1 year (25,833 ) 9,166 (16,667 )
(2,335,374 ) (414,477 ) (2,749,851 )
Total (2,254,489 ) (395,042 ) (2,649,531 )

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 October 2023

1. STATUTORY INFORMATION

MACL Holdings 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 General Information page.

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


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated financial statements include the financial statements of the company and its subsidiary undertakings made up to 31 October 2022. A subsidiary is an entity that is controlled by the parent. The results of subsidiary undertakings are included in the consolidated profit and loss account from the date that control commences until the date that control ceases. Control is established when the company has the power to govern the operating and financial policies of an entity so as to obtain benefits from its activities. In assessing control, the group takes into consideration potential voting rights that are currently exercisable.

Under Section 408 of the Companies Act 2006 the company is exempt from the requirement to present its own profit and loss account.

In the parent financial statements, investments in subsidiaries are carried at cost less impairment.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Straight line over 10 years
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

Freehold land is not depreciated.

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. The group assesses at each reporting date whether tangible fixed assets are fully impaired.

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since last annual reporting date in the pattern by which the group expects to consume an asset's future economic benefits.

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow Group companies that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Foreign currencies
The financial statements are presented in sterling, which is also the functional currency of the group. Transactions in currencies other than the functional currency of the group are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to profit and loss. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023

2. ACCOUNTING POLICIES - continued

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Fixed asset investments
Fixed asset investments are shown at acquisition cost subject to any provisions for permanent diminution in value.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Group's accounting policies, which are described above, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Outright sales 24,179,541 12,270,499
Repairs 3,160,928 2,525,411
Exchange 2,004,493 960,389
29,344,962 15,756,299

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 4,011,267 3,729,334
Europe 10,155,705 463,834
United States of America 15,177,990 11,563,131
29,344,962 15,756,299

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 792,036 490,738
Social security costs 74,307 54,812
Other pension costs 26,076 18,743
892,419 564,293

The average number of employees during the year was as follows:
2023 2022

Administration and management 6 4
Operations 6 2
Sales 7 4
19 10

The average number of employees by undertakings that were proportionately consolidated during the year was 19 (2022 - 10 ) .

2023 2022
£    £   
Director's remuneration - -

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 14,495 6,416
Other operating leases 309,130 293,523
Depreciation - owned assets 43,489 14,836
Depreciation - assets on hire purchase contracts or finance leases - 29,216
Goodwill amortisation 838,616 838,616
Auditors' remuneration 30,000 27,000
Foreign exchange differences (198,255 ) 286,018

7. EXCEPTIONAL ITEMS
2023 2022
£    £   
Profit/loss on sale of intangible fixed assets - 2,730,000

The exceptional item in the prior year related to loan balances written off with HBS Electronics Holdings Limited.

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Interest payable 300,391 131,593

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 1,434,532 927,772

Deferred tax (5,597 ) (6,782 )
Tax on profit 1,428,935 920,990

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 5,465,232 3,990,527
Profit multiplied by the standard rate of corporation tax in the UK of
22.518 % (2022 - 19 %)

1,230,661

758,200

Effects of:
Expenses not deductible for tax purposes 194,903 3,455
Depreciation in excess of capital allowances 8,292 6,780
Deferred tax (5,597 ) (6,782 )
Unrelieved losses carried forward 676 159,337
Total tax charge 1,428,935 920,990

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 8,386,162
AMORTISATION
At 1 November 2022 2,166,425
Amortisation for year 838,616
At 31 October 2023 3,005,041
NET BOOK VALUE
At 31 October 2023 5,381,121
At 31 October 2022 6,219,737

12. TANGIBLE FIXED ASSETS

Group
Fixtures
Short and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2022 34,484 146,788 6,595 62,573 250,440
Additions - 3,500 - 290 3,790
At 31 October 2023 34,484 150,288 6,595 62,863 254,230
DEPRECIATION
At 1 November 2022 11,782 97,752 6,595 41,081 157,210
Charge for year 3,448 29,144 - 10,897 43,489
At 31 October 2023 15,230 126,896 6,595 51,978 200,699
NET BOOK VALUE
At 31 October 2023 19,254 23,392 - 10,885 53,531
At 31 October 2022 22,702 49,036 - 21,492 93,230

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023

13. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 November 2022
and 31 October 2023 12,157,278
NET BOOK VALUE
At 31 October 2023 12,157,278
At 31 October 2022 12,157,278

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

MEL Aviation Components Limited
Registered office: Unit 2 Centron, Crompton Way, Crawley, West Sussex, England, RH10 9QR
Nature of business: Aviation engineering
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 9,584,444 4,707,399
Profit for the year 4,877,245 1,698,505


14. STOCKS

Group
2023 2022
£    £   
Stocks 15,442,945 9,303,635

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 5,886,888 3,621,044 - -
Other debtors 1,527,492 112,761 1,723 1,723
Directors' current accounts 1,135,680 - - -
VAT 110,498 6,781 - -
Prepayments 93,125 74,301 - -
8,753,683 3,814,887 1,723 1,723

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 18) 2,733,184 2,309,541 - -
Trade creditors 6,489,894 5,824,594 - -
Amounts owed to group undertakings - - 1,615,296 1,298,541
Tax 1,858,511 757,303 236,389 518,312
Social security and other taxes 22,090 59,653 - -
Other creditors 9,861,615 5,497,518 5,460,000 5,492,500
Accruals and deferred income 1,083,910 1,402,903 - -
22,049,204 15,851,512 7,311,685 7,309,353

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2023 2022
£    £   
Bank loans (see note 18) 16,667 25,833

18. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 2,733,184 2,309,541
Amounts falling due between one and two years:
Bank loans - 1-2 years 16,667 10,000
Amounts falling due between two and five years:
Bank loans - 2-5 years - 15,833

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Bank loans 2,749,851 2,335,374

IGF Business Credit Limited hold fixed and floating charges over the assets of the group in support of banking and invoice discounting facilities.

The finance lease liabilities are secured on the related assets.

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023

20. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 9,926 15,523

Group
Deferred
tax
£   
Balance at 1 November 2022 15,523
Credit to Income Statement during year (5,597 )
Balance at 31 October 2023 9,926

21. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
900 Share capital 1 £1 900 900

22. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 November 2022 979,506 2,639,100 3,618,606
Profit for the year 4,036,297 4,036,297
At 31 October 2023 5,015,803 2,639,100 7,654,903


23. PENSION COMMITMENTS

The group operates a fully insured defined contribution pension scheme for certain members of staff and the director. The pension charge represents the amounts paid by the group to the fund during the year. Payments during the year, amounted to £26,076 (2022: £18,743). These contributions are invested separately from the group's assets.

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023

24. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

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

2023 2022
£    £   
N G Harvey
Balance outstanding at start of year - -
Amounts advanced 1,135,680 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,135,680 -

25. RELATED PARTY DISCLOSURES

The group has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

During the year the total services received from related companies of which Mr N G Harvey is a director were as follows:




Services
received
during the
year

Services
received
during the year



Creditors



Creditors
2023 2022 2023 2022
£    £    £    £   
MEL Aviation Limited 1,057,031 843,461 4,120,076 3,607,591

During the year the total services supplied to related companies of which Mr N G Harvey is a director were as follows:



Services
supplied during
the year
Services
supplied
during the year


Debtors


Debtors
2023 2022 2023 2022
£    £    £    £   
MEL Aviation Limited 1,072,715 83,744 864,976 189,351
Clement Clarke Communications
Limited

-

-

170

170
Flycom Avionics Limited - - 2,318 2,318

Included in other debtors due within one year is a loan balance of £100,739 (2022: £100,739) from MEL Aviation Ltd.

26. AUDITOR LIABILITY LIMITATION AGREEMENT

The group has entered into a liability limitation agreement with Raffingers, the statutory auditor, in respect of the statutory audit for the year ended 31 October 2023. The proportionate liability agreement follows the standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability Agreements, and was approved by the members on 8 November 2023.