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REGISTERED NUMBER: 04563686 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MODUFLOW FAN SYSTEMS LTD.

MODUFLOW FAN SYSTEMS LTD. (REGISTERED NUMBER: 04563686)






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




Page

Company Information 1

Chartered Certified Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


MODUFLOW FAN SYSTEMS LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr A L Walton
Mr A M Wood





REGISTERED OFFICE: Scarth Road
Sowerby Woods Industrial Estate
Barrow in Furness
Cumbria
LA14 4RF





REGISTERED NUMBER: 04563686 (England and Wales)





ACCOUNTANTS: R F Miller & Co
Double Tree Court
10A Cavendish St
Ulverston
Cumbria
LA12 7AD

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MODUFLOW FAN SYSTEMS LTD.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In accordance with the engagement letter, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.

This report is made to the director in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the director the financial statements that we have been engaged to compile, to report to the director that we have done so, and to state those matters that we have agreed to state to them in this report 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 director for our work or for this report.

You have acknowledged on the balance sheet as at 31 December 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.






R F Miller & Co
Double Tree Court
10A Cavendish St
Ulverston
Cumbria
LA12 7AD


6 August 2024

MODUFLOW FAN SYSTEMS LTD. (REGISTERED NUMBER: 04563686)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 49,556 50,265

CURRENT ASSETS
Stocks 5 215,622 184,691
Debtors 6 599,678 531,434
Cash at bank and in hand 32,682 84,402
847,982 800,527
CREDITORS
Amounts falling due within one year 7 389,919 357,198
NET CURRENT ASSETS 458,063 443,329
TOTAL ASSETS LESS CURRENT
LIABILITIES

507,619

493,594

CREDITORS
Amounts falling due after more than one
year

8

(77,239

)

(105,175

)

PROVISIONS FOR LIABILITIES (7,833 ) (9,551 )
NET ASSETS 422,547 378,868

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings 10 422,545 378,866
SHAREHOLDERS' FUNDS 422,547 378,868

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

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

MODUFLOW FAN SYSTEMS LTD. (REGISTERED NUMBER: 04563686)

BALANCE SHEET - continued
31 DECEMBER 2023


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 6 August 2024 and were signed on its behalf by:





Mr A M Wood - Director


MODUFLOW FAN SYSTEMS LTD. (REGISTERED NUMBER: 04563686)

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

1. STATUTORY INFORMATION

Moduflow Fan Systems Ltd. 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.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

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

Stocks and work in progress are stated at the lower of cost and estimated costs to complete and sell, 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.

Estimated selling price less costs to complete and sell is based on the estimated selling price of the goods less any estimated completion or selling costs likely to be incurred on the sale.

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.

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

MODUFLOW FAN SYSTEMS LTD. (REGISTERED NUMBER: 04563686)

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

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 148,262 12,766 8,347 169,375
Additions 11,126 - 3,500 14,626
At 31 December 2023 159,388 12,766 11,847 184,001
DEPRECIATION
At 1 January 2023 100,400 12,440 6,270 119,110
Charge for year 13,988 81 1,266 15,335
At 31 December 2023 114,388 12,521 7,536 134,445
NET BOOK VALUE
At 31 December 2023 45,000 245 4,311 49,556
At 31 December 2022 47,862 326 2,077 50,265

5. STOCKS
2023 2022
£    £   
Stocks 215,622 184,691

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 304,799 272,717
Provision for bad debts (9,466 ) (4,849 )
Amounts owed by group undertakings 283,270 251,850
Prepayments 21,075 11,716
599,678 531,434

MODUFLOW FAN SYSTEMS LTD. (REGISTERED NUMBER: 04563686)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,664 5,342
Other loans 21,310 19,405
Trade creditors 220,142 247,130
Corporation tax - 2,194
Social security and other taxes 12,070 4,503
Wages Control 7,966 -
Pension creditor 2,018 1,129
VAT 42,487 19,585
Accrued expenses 78,262 57,910
389,919 357,198

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 5,954 5,615
Bank loans - 2-5 years 19,754 18,629
Bank loans more 5 yr by instal 9,082 17,172
Other loans - 1-2 years 23,402 21,310
Other loans - 2-5 years 19,047 42,449
77,239 105,175

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 9,082 17,172

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

10. RESERVES
Retained
earnings
£   

At 1 January 2023 378,866
Profit for the year 43,679
At 31 December 2023 422,545

MODUFLOW FAN SYSTEMS LTD. (REGISTERED NUMBER: 04563686)

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

11. RELATED PARTY DISCLOSURES

Included in trade debtors is an amount of £652 (2022 - £290). This was monies owed to the company from the parent company, Moduflow Investments Ltd.

Included in trade creditors is an amount of £29,794 (2022 - £8,778). This was monies owed from the company to the parent company, Moduflow Investments Ltd.

During the year fees were paid to the parent company, Moduflow Investments Ltd. In the current year these management fees totalled £136,242 (2022 - £129,463).

During the year loans were made to the parent company, Moduflow Investments Ltd. At the year end these loans totalled £283,270 (2022 - £251,850).

12. ULTIMATE CONTROLLING PARTY

The company was under the control of Lorenzo Russo throughout the year by virtue of his controlling interest held in its parent company, Moduflow Investments Limited, which owns 100% of the issued share capital of this company.