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REGISTERED NUMBER: 02578709 (England and Wales)














MYRAK LIMITED

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






MYRAK LIMITED (REGISTERED NUMBER: 02578709)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 MARCH 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


MYRAK LIMITED

COMPANY INFORMATION
for the Year Ended 31 MARCH 2024







DIRECTORS: J M Sullivan
Ms K Sullivan





REGISTERED OFFICE: Myrak House
Cuton Hall Lane
Springfield
Chelmsford
Essex
CM2 6PB





REGISTERED NUMBER: 02578709 (England and Wales)





AUDITORS: Brindley Millen Limited
Statutory Auditors
167 Turners Hill
Cheshunt
Hertfordshire
EN8 9BH

MYRAK LIMITED (REGISTERED NUMBER: 02578709)

REPORT OF THE DIRECTORS
for the Year Ended 31 MARCH 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of trading in plant and machinery.

DIVIDENDS
An interim dividend of £2 per share was paid on 31 March 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2024 will be £ 2,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

J M Sullivan
Ms K Sullivan

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company 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 directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

MYRAK LIMITED (REGISTERED NUMBER: 02578709)

REPORT OF THE DIRECTORS
for the Year Ended 31 MARCH 2024


AUDITORS
The auditors, Brindley Millen Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Ms K Sullivan - Director


3 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MYRAK LIMITED

Opinion
We have audited the financial statements of Myrak Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 March 2024 and of its loss 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 company 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 directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MYRAK LIMITED


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

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have 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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether the was evidence of bias by the directors that represented a rick of material misstatement due to fraud.

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
MYRAK 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.




Maurice Brindley FCA (Senior Statutory Auditor)
for and on behalf of Brindley Millen Limited
Statutory Auditors
167 Turners Hill
Cheshunt
Hertfordshire
EN8 9BH

3 October 2024

MYRAK LIMITED (REGISTERED NUMBER: 02578709)

INCOME STATEMENT
for the Year Ended 31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   

TURNOVER 3 10,607,983 12,053,875

Cost of sales 9,666,623 10,447,096
GROSS PROFIT 941,360 1,606,779

Administrative expenses 1,096,926 749,695
(155,566 ) 857,084

Other operating income 2,000 2,113
OPERATING (LOSS)/PROFIT 5 (153,566 ) 859,197

Income from fixed asset investments 800 -
Interest receivable and similar income 9,702 793
10,502 793
(LOSS)/PROFIT BEFORE TAXATION (143,064 ) 859,990

Tax on (loss)/profit 6 - 169,067
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(143,064

)

690,923

MYRAK LIMITED (REGISTERED NUMBER: 02578709)

OTHER COMPREHENSIVE INCOME
for the Year Ended 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (143,064 ) 690,923


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(143,064

)

690,923

MYRAK LIMITED (REGISTERED NUMBER: 02578709)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 865,402 895,390
Investments 9 - 33,325
865,402 928,715

CURRENT ASSETS
Stocks 10 1,780,209 1,361,618
Debtors 11 433,420 526,481
Cash at bank and in hand 791,906 1,657,373
3,005,535 3,545,472
CREDITORS
Amounts falling due within one year 12 1,419,318 1,877,504
NET CURRENT ASSETS 1,586,217 1,667,968
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,451,619

2,596,683

PROVISIONS FOR LIABILITIES 13 131,140 131,140
NET ASSETS 2,320,479 2,465,543

CAPITAL AND RESERVES
Called up share capital 14 1,000 1,000
Retained earnings 2,319,479 2,464,543
SHAREHOLDERS' FUNDS 2,320,479 2,465,543

The financial statements were approved by the Board of Directors and authorised for issue on 3 October 2024 and were signed on its behalf by:




J M Sullivan - Director



Ms K Sullivan - Director


MYRAK LIMITED (REGISTERED NUMBER: 02578709)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 1,000 2,047,575 2,048,575

Changes in equity
Dividends - (273,955 ) (273,955 )
Total comprehensive income - 690,923 690,923
Balance at 31 March 2023 1,000 2,464,543 2,465,543

Changes in equity
Dividends - (2,000 ) (2,000 )
Total comprehensive income - (143,064 ) (143,064 )
Balance at 31 March 2024 1,000 2,319,479 2,320,479

MYRAK LIMITED (REGISTERED NUMBER: 02578709)

CASH FLOW STATEMENT
for the Year Ended 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (803,957 ) (166,188 )
Tax paid (169,067 ) (115,869 )
Net cash from operating activities (973,024 ) (282,057 )

Cash flows from investing activities
Purchase of tangible fixed assets (2,915 ) (9,210 )
Sale of tangible fixed assets 75,745 49,000
Sale of fixed asset investments 25,475 70,250
Interest received 9,702 793
Dividends received 800 -
Net cash from investing activities 108,807 110,833

Cash flows from financing activities
Amount introduced by directors 50,000 -
Amount withdrawn by directors (49,250 ) -
Equity dividends paid (2,000 ) (273,955 )
Net cash from financing activities (1,250 ) (273,955 )

Decrease in cash and cash equivalents (865,467 ) (445,179 )
Cash and cash equivalents at beginning of
year

2

1,657,373

2,102,552

Cash and cash equivalents at end of year 2 791,906 1,657,373

MYRAK LIMITED (REGISTERED NUMBER: 02578709)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 31 MARCH 2024

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.3.24 31.3.23
£    £   
(Loss)/profit before taxation (143,064 ) 859,990
Depreciation charges 5,119 14,122
Profit on disposal of fixed assets (40,111 ) (34,315 )
Finance income (10,502 ) (793 )
(188,558 ) 839,004
Increase in stocks (418,591 ) (315,617 )
Decrease in trade and other debtors 93,311 9,599
Decrease in trade and other creditors (290,119 ) (699,174 )
Cash generated from operations (803,957 ) (166,188 )

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 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 791,906 1,657,373
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 1,657,373 2,102,552


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 1,657,373 (865,467 ) 791,906
1,657,373 (865,467 ) 791,906
Total 1,657,373 (865,467 ) 791,906

MYRAK LIMITED (REGISTERED NUMBER: 02578709)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 MARCH 2024

1. STATUTORY INFORMATION

Myrak 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" 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, 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.
Freehold property - not provided
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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.

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
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

MYRAK LIMITED (REGISTERED NUMBER: 02578709)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2024

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. TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.3.24 31.3.23
£    £   
United Kingdom 4,955,803 7,649,023
Europe 3,454,187 2,171,894
Rest of the world 2,197,993 2,232,958
10,607,983 12,053,875

4. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 769,784 368,111
Social security costs 97,287 50,638
Other pension costs 2,277 2,180
869,348 420,929

The average number of employees during the year was as follows:
31.3.24 31.3.23

Directors 2 2
Employees 3 4
5 6

31.3.24 31.3.23
£    £   
Directors' remuneration 495,454 254,954

Information regarding the highest paid director is as follows:
31.3.24 31.3.23
£    £   
Emoluments etc 280,528 143,262

MYRAK LIMITED (REGISTERED NUMBER: 02578709)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2024

5. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

31.3.24 31.3.23
£    £   
Depreciation - owned assets 5,119 14,123
Profit on disposal of fixed assets (40,111 ) (34,315 )
Foreign exchange differences (7,159 ) 31,524

6. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax - 169,067
Tax on (loss)/profit - 169,067

7. DIVIDENDS
31.3.24 31.3.23
£    £   
Ordinary shares of 1 each
Interim 2,000 273,955

8. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 842,865 111,720 47,776
Additions - - -
Disposals - (55,045 ) -
At 31 March 2024 842,865 56,675 47,776
DEPRECIATION
At 1 April 2023 - 93,095 39,035
Charge for year - 1,334 1,311
Eliminated on disposal - (43,091 ) -
At 31 March 2024 - 51,338 40,346
NET BOOK VALUE
At 31 March 2024 842,865 5,337 7,430
At 31 March 2023 842,865 18,625 8,741

MYRAK LIMITED (REGISTERED NUMBER: 02578709)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2024

8. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 36,642 8,865 1,047,868
Additions - 2,915 2,915
Disposals (28,142 ) - (83,187 )
At 31 March 2024 8,500 11,780 967,596
DEPRECIATION
At 1 April 2023 14,437 5,911 152,478
Charge for year 1,594 880 5,119
Eliminated on disposal (12,312 ) - (55,403 )
At 31 March 2024 3,719 6,791 102,194
NET BOOK VALUE
At 31 March 2024 4,781 4,989 865,402
At 31 March 2023 22,205 2,954 895,390

9. FIXED ASSET INVESTMENTS
Listed
investments
£   
COST
At 1 April 2023 33,325
Disposals (33,325 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 33,325

10. STOCKS
31.3.24 31.3.23
£    £   
Stocks 1,780,209 1,361,618

MYRAK LIMITED (REGISTERED NUMBER: 02578709)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2024

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 254,112 367,624
Other debtors 1,150 3,064
Directors' current accounts 50,250 50,000
Prepayments 127,908 105,793
433,420 526,481

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 631,027 899,164
Amounts owed to group undertakings 755,295 755,686
Tax - 169,067
Social security and other taxes 3,013 8,494
VAT 2,765 18,385
Other creditors 3,218 3,708
Directors' current accounts 1,000 -
Accrued expenses 23,000 23,000
1,419,318 1,877,504

13. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax
Accelerated capital allowances - 15,305
Deferred tax 131,140 115,835
131,140 131,140

Deferred
tax
£   
Balance at 1 April 2023 131,140
Balance at 31 March 2024 131,140

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
1,000 Ordinary 1 1,000 1,000

MYRAK LIMITED (REGISTERED NUMBER: 02578709)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2024

15. ULTIMATE PARENT COMPANY

Sullivan Properties Limited is regarded by the directors as being the company's ultimate parent company.

The company became a 100% subsidiary on 26th March 2018.

16. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

A director was advanced a short term loan of £50,000 in March 2021. Interest has been charged on this loan at 2.5%.

17. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Sullivan Properties Limited.
This company does not have a controlling party.