2023-01-01 03751009 2023-12-31 03751009 2023-01-01 2023-12-31 03751009 2022-12-31 03751009 2022-01-01 2022-12-31 03751009 uk-core:WithinOneYear 2022-12-31 03751009 uk-core:WithinOneYear 2023-12-31 03751009 uk-core:ShareCapital 2023-12-31 03751009 uk-core:ShareCapital 2022-12-31 03751009 uk-core:RetainedEarningsAccumulatedLosses 2023-12-31 03751009 uk-core:RetainedEarningsAccumulatedLosses 2022-12-31 03751009 uk-bus:Director1 2023-01-01 2023-12-31 03751009 uk-core:NetGoodwill 2023-01-01 2023-12-31 03751009 uk-core:Buildings 2023-01-01 2023-12-31 03751009 uk-core:PlantMachinery 2023-01-01 2023-12-31 03751009 uk-core:ComputerEquipment 2023-01-01 2023-12-31 03751009 uk-core:CommercialMotorVehicles 2023-01-01 2023-12-31 03751009 uk-core:FurnitureFittings 2023-01-01 2023-12-31 03751009 uk-core:Goodwill 2022-12-31 03751009 uk-core:Goodwill 2023-01-01 2023-12-31 03751009 uk-core:Goodwill 2023-12-31 03751009 uk-core:ComputerEquipment 2022-12-31 03751009 uk-core:FurnitureFittings 2022-12-31 03751009 uk-core:CommercialMotorVehicles 2022-12-31 03751009 uk-core:PlantMachinery 2022-12-31 03751009 uk-core:Buildings 2022-12-31 03751009 uk-core:Buildings 2023-12-31 03751009 uk-core:CommercialMotorVehicles 2023-12-31 03751009 uk-core:FurnitureFittings 2023-12-31 03751009 uk-core:ComputerEquipment 2023-12-31 03751009 uk-core:PlantMachinery 2023-12-31 03751009 uk-core:WithinOneYear uk-core:Secured 2023-12-31 03751009 uk-core:WithinOneYear uk-core:Secured 2022-12-31 iso4217:GBP xbrli:pure 03751009 uk-bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03751009 uk-bus:FRS102 2023-01-01 2023-12-31 03751009 uk-bus:FilletedAccounts 2023-01-01 2023-12-31 03751009 uk-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31
Malibu Health Products Limited
Registered Number:03751009
For the year ended 31 December 2023
England and Wales
Unaudited Financial Statements
2
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
3
Registered Number :
03751009
As at 31 December 2023
Malibu Health Products Limited
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Intangible assets
-
12,379
2
Property, plant and equipment
100,698
265,754
3
100,698
278,133
Current assets
Inventories
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
Capital and reserves
Called up share capital
2
2
Retained earnings
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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4
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
Registered address:
Unit C, Ventura Park
Old Parkbury Lane
Radlett
Herts
AL2 2DB
The presentation currency is £ sterling.
1. Accounting policies
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
25% Reducing balance
Plant and machinery
25% Reducing balance
33.33% Reducing balance
Computer equipment
25% Reducing balance
Motor vehicles
25% Reducing balance
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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5
For the year ended 31 December 2023
Malibu Health Products Limited
Notes to the Financial Statements Continued
2. Intangible fixed assets
Goodwill
Cost or valuation
£
At 01 January 2023
50,000
Transfers
(50,000)
At 31 December 2023
-
Amortisation
At 01 January 2023
37,621
1,238
Charge for year
Other adjustments
(38,859)
At 31 December 2023
-
Net book value
At 31 December 2023
-
At 31 December 2022
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
Total
Computer
equipment
Fixtures and
fittings
Motor vehicles
Plant and
machinery
Land and
buildings
£
£
£
£
£
£
Cost or
valuation
At 01 January
2023
1,966,932
15,504
906,806
183,323
791,377
69,922
123,928
646
6,505
26,792
89,985
-
Additions
Transfers
-
(881,362)
-
-
-
(881,362)
At 31 December
2023
69,922
210,115
913,311
16,150
1,209,498
-
Provision for depreciation and impairment
At 01 January
2023
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
Other
adjustments
-
(690,463)
-
-
-
(690,463)
At 31 December
2023
1,108,800
10,836
875,161
161,845
-
60,958
At 31 December
2023
Net book value
8,964
-
48,270
38,150
5,314
100,698
11,952
164,547
37,568
44,362
7,325
265,754
At 31 December
2022
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6
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.
4. Inventories
2022
2023
£
£
Stocks
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
£
£
Trade debtors
808,469
358,996
Other debtors
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
Trade creditors
1,070,298
868,161
Taxation and social security
153,867
213,338
Other creditors
4,212,814
3,920,249
6,676,305
6,727,263
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7
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
Limited
8. Average number of persons employed
During the year the average number of employees was 10 (2022 : 8)
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