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REGISTERED NUMBER: 10467515 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

MULTAX LIMITED

MULTAX LIMITED (REGISTERED NUMBER: 10467515)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MULTAX LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: Mr A Mizen
Mr J D McNab





REGISTERED OFFICE: 14 London Street
Andover
Hampshire
SP10 2PA





REGISTERED NUMBER: 10467515 (England and Wales)





ACCOUNTANTS: Hysons
Chartered Accountants
14 London Street
Andover
Hampshire
SP10 2PA

MULTAX LIMITED (REGISTERED NUMBER: 10467515)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 2,777,720 2,299,103

CURRENT ASSETS
Stocks 95,000 60,000
Debtors 6 671,577 681,138
Cash at bank 288,197 188,033
1,054,774 929,171
CREDITORS
Amounts falling due within one year 7 1,253,051 861,400
NET CURRENT (LIABILITIES)/ASSETS (198,277 ) 67,771
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,579,443

2,366,874

CREDITORS
Amounts falling due after more than
one year

8

(1,444,640

)

(1,217,964

)

PROVISIONS FOR LIABILITIES (515,904 ) (422,363 )
NET ASSETS 618,899 726,547

CAPITAL AND RESERVES
Called up share capital 102 102
Retained earnings 618,797 726,445
618,899 726,547

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

MULTAX LIMITED (REGISTERED NUMBER: 10467515)

BALANCE SHEET - continued
30 NOVEMBER 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 August 2024 and were signed on its behalf by:




Mr A Mizen - Director



Mr J D McNab - Director


MULTAX LIMITED (REGISTERED NUMBER: 10467515)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

Multax 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.

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


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - 1% on cost
Plant and machinery - 10% on cost and 10% on reducing balance
Fixtures and fittings - 25% on reducing balance and 20% on reducing balance
Motor vehicles - 25% on cost
Office and computer equipment - 33% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


MULTAX LIMITED (REGISTERED NUMBER: 10467515)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

3. ACCOUNTING POLICIES - continued
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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2022 - 24 ) .

MULTAX LIMITED (REGISTERED NUMBER: 10467515)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 December 2022 627,918 2,278,480 43,630
Additions - 669,074 4,472
At 30 November 2023 627,918 2,947,554 48,102
DEPRECIATION
At 1 December 2022 19,810 621,320 24,492
Charge for year 6,280 284,711 5,772
At 30 November 2023 26,090 906,031 30,264
NET BOOK VALUE
At 30 November 2023 601,828 2,041,523 17,838
At 30 November 2022 608,108 1,657,160 19,138

Office
and
Motor computer
vehicles equipment Totals
£    £    £   
COST
At 1 December 2022 11,490 37,319 2,998,837
Additions 137,500 12,733 823,779
At 30 November 2023 148,990 50,052 3,822,616
DEPRECIATION
At 1 December 2022 5,745 28,367 699,734
Charge for year 37,248 11,151 345,162
At 30 November 2023 42,993 39,518 1,044,896
NET BOOK VALUE
At 30 November 2023 105,997 10,534 2,777,720
At 30 November 2022 5,745 8,952 2,299,103

MULTAX LIMITED (REGISTERED NUMBER: 10467515)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Long Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 December 2022 86,025 1,754,631 - 1,840,656
Additions - 598,700 137,500 736,200
Transfer to ownership - (272,331 ) - (272,331 )
At 30 November 2023 86,025 2,081,000 137,500 2,304,525
DEPRECIATION
At 1 December 2022 2,470 510,034 - 512,504
Charge for year 861 207,835 34,375 243,071
Transfer to ownership - (160,706 ) - (160,706 )
At 30 November 2023 3,331 557,163 34,375 594,869
NET BOOK VALUE
At 30 November 2023 82,694 1,523,837 103,125 1,709,656
At 30 November 2022 83,555 1,244,597 - 1,328,152

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 663,537 476,775
Other debtors 3,875 3,100
Tax - 198,013
VAT - 1,247
Prepayments and accrued income 4,165 2,003
671,577 681,138

MULTAX LIMITED (REGISTERED NUMBER: 10467515)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 50,875 50,875
Hire purchase contracts 391,721 362,079
Trade creditors 455,923 300,575
Tax - 49,226
Social security and other taxes 54,111 42,316
Pensions creditor 4,466 2,932
VAT 95,109 -
Other creditors - 10,041
Directors' current accounts 189,225 34,191
Accruals and deferred income 11,621 9,165
1,253,051 861,400

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 90,252 90,252
Bank loans - 2-5 years 270,685 270,755
Bank loans more 5 yr by instal 147,200 232,372
Hire purchase contracts 936,503 624,585
1,444,640 1,217,964

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 147,200 232,372

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 559,012 644,254
Hire purchase contracts 1,328,224 986,664
1,887,236 1,630,918