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REGISTERED NUMBER: 03729205 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MODUFLEX LTD.

MODUFLEX LTD. (REGISTERED NUMBER: 03729205)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MODUFLEX LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: A R Blunden
A P Peachey
C R Warden
R E Blunden





SECRETARY: A R Blunden





REGISTERED OFFICE: Northside 18
Fourth Way
Avonmouth
Bristol
BS11 8DX





REGISTERED NUMBER: 03729205 (England and Wales)





ACCOUNTANTS: Lawes & Co
Boyce's Building
40-42 Regent Street
Clifton
Bristol
BS8 4HU

MODUFLEX LTD. (REGISTERED NUMBER: 03729205)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,238,973 1,305,353

CURRENT ASSETS
Stocks 568,318 510,318
Debtors 5 1,132,525 920,385
Cash at bank and in hand 94,671 220,904
1,795,514 1,651,607
CREDITORS
Amounts falling due within one year 6 2,345,611 1,666,809
NET CURRENT LIABILITIES (550,097 ) (15,202 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,688,876

1,290,151

CREDITORS
Amounts falling due after more than
one year

7

(521,858

)

(655,571

)

PROVISIONS FOR LIABILITIES (218,673 ) (37,078 )
NET ASSETS 948,345 597,502

MODUFLEX LTD. (REGISTERED NUMBER: 03729205)

BALANCE SHEET - continued
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 9 245 245
Revaluation reserve 10 394,390 -
Capital redemption reserve 255 255
Retained earnings 553,455 597,002
SHAREHOLDERS' FUNDS 948,345 597,502

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.

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 27 August 2024 and were signed on its behalf by:





R E Blunden - Director


MODUFLEX LTD. (REGISTERED NUMBER: 03729205)

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

1. STATUTORY INFORMATION

Moduflex 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 as modified by the revaluation of certain assets.

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 each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - 2% on cost
Improvements to property - in accordance with the property
Plant and machinery - 10% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 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.

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.


MODUFLEX LTD. (REGISTERED NUMBER: 03729205)

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

2. 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.

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.

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 60 (2022 - 49 ) .

MODUFLEX LTD. (REGISTERED NUMBER: 03729205)

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

4. TANGIBLE FIXED ASSETS
Improvements
Long to Plant and
leasehold property machinery
£    £    £   
COST OR VALUATION
At 1 January 2023 900,000 95,300 2,466,850
Additions - 125,345 379,250
Disposals - - -
Revaluations 568,008 - -
At 31 December 2023 1,468,008 220,645 2,846,100
DEPRECIATION
At 1 January 2023 70,000 95,300 1,999,735
Charge for year 18,000 5,352 112,061
Eliminated on disposal - - -
At 31 December 2023 88,000 100,652 2,111,796
NET BOOK VALUE
At 31 December 2023 1,380,008 119,993 734,304
At 31 December 2022 830,000 - 467,115

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 94,732 51,700 3,608,582
Additions - - 504,595
Disposals - (51,700 ) (51,700 )
Revaluations - - 568,008
At 31 December 2023 94,732 - 4,629,485
DEPRECIATION
At 1 January 2023 87,469 50,725 2,303,229
Charge for year 2,595 - 138,008
Eliminated on disposal - (50,725 ) (50,725 )
At 31 December 2023 90,064 - 2,390,512
NET BOOK VALUE
At 31 December 2023 4,668 - 2,238,973
At 31 December 2022 7,263 975 1,305,353

The property was valued on an interim basis on 31 December 2023 by the Directors.

MODUFLEX LTD. (REGISTERED NUMBER: 03729205)

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

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 December 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2023 568,008 - 568,008
Cost 900,000 3,161,477 4,061,477
1,468,008 3,161,477 4,629,485

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 January 2023 481,950
Additions 45,750
At 31 December 2023 527,700
DEPRECIATION
At 1 January 2023 199,508
Charge for year 51,626
At 31 December 2023 251,134
NET BOOK VALUE
At 31 December 2023 276,566
At 31 December 2022 282,442

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 986,883 771,550
Amounts owed by associates 51,011 49,206
Other debtors 8,332 -
Prepayments and accrued income 86,299 99,629
1,132,525 920,385

MODUFLEX LTD. (REGISTERED NUMBER: 03729205)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 52,900 52,900
Other loans 45,454 45,454
Hire purchase contracts 77,838 75,419
Trade creditors 792,328 477,888
Social security and other taxes 67,018 182,916
VAT 317,351 202,399
Other creditors 973,043 556,323
Accrued expenses 19,679 73,510
2,345,611 1,666,809

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans - 2-5 years 211,600 211,600
Bank loans more 5 yr by instal 119,676 166,088
Other loans - 2-5 years 68,182 113,637
Hire purchase contracts 122,400 164,246
521,858 655,571

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 119,676 166,088

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 384,176 430,588

The bank loans are secured by a legal charge over the property and other assets of the business.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
245 A Ordinary £1 245 245

MODUFLEX LTD. (REGISTERED NUMBER: 03729205)

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

10. RESERVES
Revaluation
reserve
£   
transfer to revaluation 394,390

At 31 December 2023 394,390

11. RELATED PARTY DISCLOSURES

The company maintains an interest free loan account with its subsidiary, of which it is a majority shareholder. At the year end, the company was owed £51,011 (2022: £49,209 by its subsidiary.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A R Blunden by virtue of his majority shareholding.