Malibu Health Products Limited |
Registered Number:03751009 |
For the year ended 31 December 2023
England and Wales
Unaudited Financial Statements
For the year ended 31 December 2023
Malibu Health Products Limited
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
Malibu Health Products Limited
Statement of Financial Position
2022
2023
-
12,379
2
Property, plant and equipment |
100,698
265,754
3
100,698
278,133
6,305,000
5,450,000
4
Trade and other receivables |
597,139
1,544,878
5
89,226
Cash and cash equivalents |
162,070
7,156,948
6,991,365
Trade and other payables: amounts falling due within one |
year |
(6,727,263)
(6,676,305)
6
264,102
480,643
Net current assets
Total assets less current liabilities |
581,341
542,235
581,341
Net assets
542,235
2
2
581,339
542,233
581,341
542,235
Shareholders' funds
For the year ended 31 December 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. |
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 director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. |
Stuart Anthony Spurling Director |
These financial statements were approved and authorised for issue by the Board on 17 April 2025 and were signed by: |
The notes form part of these financial statements |
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For the year ended 31 December 2023
Malibu Health Products Limited
Notes to the Financial Statements
Statutory Information
Malibu Health Products Limited is a private limited company, limited by shares, domiciled in England and Wales, |
registration number 03751009. |
Principal place of business: |
Unit 9, 97/101 Peregrine Road
Hainault Business Park
Hainault
Essex
IG6 3XH
Unit C, Ventura Park
Old Parkbury Lane
Radlett
Herts
AL2 2DB
The presentation currency is £ sterling. |
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of 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 costs convention as |
modified by the revaluation of certain assets. |
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. |
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised on a reducing balance over its estimated useful life of 20 years. |
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: |
Land and buildings
Plant and machinery
Computer equipment
Motor vehicles
Fixtures and fittings
Inventories
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. |
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the profit and loss account. |
Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
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For the year ended 31 December 2023
Malibu Health Products Limited
Notes to the Financial Statements Continued
2. Intangible fixed assets |
Goodwill
50,000
(50,000)
-
37,621
1,238
Charge for year
(38,859)
-
-
12,379
The goodwill has been transferred (at the net book value) to Malibu Manufacturing Limited in December 2023. The |
amortisation in 2023 was provided in this company. |
3. Property, plant and equipment |
Motor vehicles
1,966,932
15,504
906,806
183,323
791,377
69,922
123,928
646
6,505
26,792
89,985
-
-
(881,362)
-
-
-
(881,362)
69,922
210,115
913,311
16,150
1,209,498
-
Provision for depreciation and impairment |
1,701,178
8,179
862,444
145,755
626,830
57,970
Charge for year
98,085
2,657
12,717
16,090
63,633
2,988
-
(690,463)
-
-
-
(690,463)
1,108,800
10,836
875,161
161,845
-
60,958
8,964
-
48,270
38,150
5,314
100,698
11,952
164,547
37,568
44,362
7,325
265,754
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For the year ended 31 December 2023
Malibu Health Products Limited
Notes to the Financial Statements Continued
The plant and machinery has been transferred (at the net book value) to Malibu Manufacturing Limited in December |
2023. The plant and machinery had a full year depreciation charged in the company in 2023. |
2022
2023
5,450,000
6,305,000
An amount of £500,000 has been written off stock regarding stock damaged in the past. The damage was caused by a forklift truck (in a recycling plant) in then next door recycling plant. This caused a massive hole in tthe company's premises and a rodent infestation which caused serious loss of stock, further production, repairs, pest control and other significant costs.The insurance company paid a mininimal amount (as suggested vermin infestation was not covered on the policy despite the problem being caused in a neighbouring building) and the company was eventually advised that the prohibitive legal costs involved in pursuing matters with the recycling plant, landord, insurance company had to be measured against the chance of a successful outcome and it was deemed that to pursue the costs of the stock loss/damage was too financially risky due to the afore-mentioned reasons. The stock has also been written down by £350,000 due to componentry stamped with the "Royal Warrant" under Queen Elizabeth II.Upon the monarch's death in 2022, the royal warrant (issued by RWHA) expires and the products can no longer be sold which display the "Royal Warrant".The tootal of the above amounts to £850,000 and has been shown in exceptional items in the profit and loss account due its significant size and the reality of showing substance over form disclosure in the financial statements. |
5. Trade and other receivables |
2022
2023
808,469
358,996
736,409
238,143
597,139
1,544,878
6. Trade and other payables: amounts falling due within one year |
2022
2023
Bank loans and overdraft (secured) |
1,239,326
1,725,515
1,070,298
868,161
Taxation and social security |
153,867
213,338
4,212,814
3,920,249
6,676,305
6,727,263
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For the year ended 31 December 2023
Malibu Health Products Limited
Notes to the Financial Statements Continued
7. Related party transactions |
The company is owed £974,137 (2022 - £500,079 by Malibu Manufacturing Limited and the purchases made from |
this company comprised of £3,623,638 (2022 - £1,794,616). |
Sales amounted to £nil (2022 - £nil) from Malibu Manufacturing Limited. |
The company received management charges of £150,000 (2022 - £200,000) from Malibu Manufacturing |
8. Average number of persons employed |
During the year the average number of employees was 10 (2022 : 8)
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