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MEXMAST LIMITED

Registered Number
02630882
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

MEXMAST LIMITED
Company Information
for the year from 1 January 2024 to 31 December 2024

Directors

Mrs C R D Hill
P J Hill
J Kelley

Registered Address

2 Jubilee Road
Burgess Hill
RH15 9TL

Registered Number

02630882 (England and Wales)
MEXMAST LIMITED
Balance Sheet as at
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets41,276,1811,020,563
1,276,1811,020,563
Current assets
Stocks52,188,2931,837,724
Debtors61,010,2821,490,636
Cash at bank and on hand571,678784,299
3,770,2534,112,659
Creditors amounts falling due within one year7(1,527,182)(2,105,171)
Net current assets (liabilities)2,243,0712,007,488
Total assets less current liabilities3,519,2523,028,051
Creditors amounts falling due after one year8(913,989)(575,239)
Provisions for liabilities10(245,128)(185,062)
Net assets2,360,1352,267,750
Capital and reserves
Called up share capital41,67041,670
Profit and loss account2,318,4652,226,080
Shareholders' funds2,360,1352,267,750
The financial statements were approved and authorised for issue by the Board of Directors on 11 March 2025, and are signed on its behalf by:
Mrs C R D Hill
Director
P J Hill
Director

Registered Company No. 02630882
MEXMAST LIMITED
Notes to the Financial Statements
for the year ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Goodwill
Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery10
Fixtures and fittings7
Vehicles25
Office Equipment33
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.
2.Average number of employees

20242023
Average number of employees during the year3641
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 January 247,5007,500
At 31 December 247,5007,500
Amortisation and impairment
At 01 January 247,5007,500
At 31 December 247,5007,500
Net book value
At 31 December 24--
At 31 December 23--
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 January 2434,0211,567,254896,301176,723101,2982,775,597
Additions-490,890235,9646191,442728,915
Disposals-(314,996)(127,426)--(442,422)
At 31 December 2434,0211,743,1481,004,839177,342102,7403,062,090
Depreciation and impairment
At 01 January 2434,021783,562688,797154,01394,6411,755,034
Charge for year-145,244156,4268,1123,756313,538
On disposals-(155,237)(127,426)--(282,663)
At 31 December 2434,021773,569717,797162,12598,3971,785,909
Net book value
At 31 December 24-969,579287,04215,2174,3431,276,181
At 31 December 23-783,692207,50422,7106,6571,020,563
5.Stocks

2024

2023

££
Other stocks2,188,2931,837,724
Total2,188,2931,837,724
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables523,2511,079,404
Other debtors332,543311,674
Prepayments and accrued income18,80118,826
Total874,5951,409,904
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables1,241,0571,819,760
Taxation and social security89,260191,046
Other creditors76,93887,544
Accrued liabilities and deferred income119,9276,821
Total1,527,1822,105,171
8.Creditors: amounts due after one year

2024

2023

££
Other creditors913,989575,239
Total913,989575,239
9.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts913,989575,239
10.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)245,128185,062
Total245,128185,062
11.Related party transactions
Included in the financial statements are the following transactions and balances with related parties: Lifte Limited (a company controlled by the directors, P J Hill and Mrs C R D Hill): Administrative expenses £312,500 (2023: £287,000) Current assets: Debtors £259,714 (2023: £259,714)