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REGISTERED NUMBER: 03459841 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

MCL UNITEX LIMITED

MCL UNITEX LIMITED (REGISTERED NUMBER: 03459841)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MCL UNITEX LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







Directors: Mr D A Colebrook
Mr G E Peet





Secretary: Mrs A I Colebrook





Registered office: C/o Isolated Systems Ltd Adams Close
Heanorgate Ind Est
Heanor
Derbyshire
DE75 7SW





Registered number: 03459841 (England and Wales)





Auditors: Haines Watts
Chartered Accountants & Statutory Auditor
10 Stadium Business Court
Millennium Way
Pride Park
Derby
DE24 8HP

MCL UNITEX LIMITED (REGISTERED NUMBER: 03459841)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £ £
Fixed assets
Tangible assets 4 41 217

Current assets
Stocks 4,125 20,345
Debtors 5 55,816 41,764
Cash at bank 1,840,631 1,510,315
1,900,572 1,572,424
Creditors
Amounts falling due within one year 6 (240,297 ) (117,851 )
Net current assets 1,660,275 1,454,573
Total assets less current liabilities 1,660,316 1,454,790

Provisions for liabilities - (1,881 )
Net assets 1,660,316 1,452,909

Capital and reserves
Called up share capital 8 1,000 1,000
Retained earnings 1,659,316 1,451,909
Shareholders' funds 1,660,316 1,452,909

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 25 February 2025 and were signed on its behalf by:





Mr G E Peet - Director


MCL UNITEX LIMITED (REGISTERED NUMBER: 03459841)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

MCL Unitex 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The functional currency of the entity is considered to be pounds sterling (£) because that is the currency of the primary economic environment in which the Company operates.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Going concern
The directors believe that preparing the financial statements on the going concern basis is appropriate due to the cash reserves of the business, continued profitability and the continued support from the company's parent where appropriate.

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.
Fixtures and fittings - 33% on cost

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

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.


MCL UNITEX LIMITED (REGISTERED NUMBER: 03459841)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

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.

Pension costs and other post-retirement benefits
The company currently operates defined contribution pension schemes for the directors and other employees. The assets of the scheme are held separately from those of the company. Contributions are charged to the Profit and Loss Account as they become payable in accordance with the rules of the scheme.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
Cost
At 1 June 2023
and 31 May 2024 9,426
Depreciation
At 1 June 2023 9,209
Charge for year 176
At 31 May 2024 9,385
Net book value
At 31 May 2024 41
At 31 May 2023 217

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 35,192 38,525
VAT 17,404 2,259
Deferred tax asset 1,794 -
Prepayments and accrued income 1,426 980
55,816 41,764

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 23,301 6,982
Amounts owed to group undertakings 94,951 35,061
Tax 48,268 32,778
Social security and other taxes 2,049 2,201
Accruals and deferred income 71,728 40,829
240,297 117,851

MCL UNITEX LIMITED (REGISTERED NUMBER: 03459841)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 7,380 7,380
Between one and five years - 7,380
7,380 14,760

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
1,000 Ordinary £1 1,000 1,000

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

James Liptrott (Senior Statutory Auditor)
for and on behalf of Haines Watts

10. RELATED PARTY DISCLOSURES

The company 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 its parent Isolated Systems Limited. The registered address and principal place of business is Adams Close, Heanor Gate Industrial Estate, Heanor, Derbyshire, DE75 7SW