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REGISTERED NUMBER: 03729205 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MODUFLEX LTD.

MODUFLEX LTD. (REGISTERED NUMBER: 03729205)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MODUFLEX LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: A R Blunden
A P Peachey
R E Blunden





SECRETARY: A R Blunden





REGISTERED OFFICE: Northside 18
Fourth Way
Avonmouth
Bristol
BS11 8DX





REGISTERED NUMBER: 03729205 (England and Wales)





ACCOUNTANTS: Lawes & Co
Boyce's Building
40-42 Regent Street
Clifton
Bristol
BS8 4HU

MODUFLEX LTD. (REGISTERED NUMBER: 03729205)

BALANCE SHEET
31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 2,719,265 2,238,973

CURRENT ASSETS
Stocks 393,872 568,318
Debtors 5 1,083,594 1,132,525
Cash at bank and in hand 26,401 94,671
1,503,867 1,795,514
CREDITORS
Amounts falling due within one year 6 2,477,072 2,345,611
NET CURRENT LIABILITIES (973,205 ) (550,097 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,746,060

1,688,876

CREDITORS
Amounts falling due after more than
one year

7

(367,162

)

(521,858

)

PROVISIONS FOR LIABILITIES (361,623 ) (218,673 )
NET ASSETS 1,017,275 948,345

MODUFLEX LTD. (REGISTERED NUMBER: 03729205)

BALANCE SHEET - continued
31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £    £   
CAPITAL AND RESERVES
Called up share capital 9 245 245
Revaluation reserve 10 843,905 394,390
Capital redemption reserve 255 255
Retained earnings 172,870 553,455
SHAREHOLDERS' FUNDS 1,017,275 948,345

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps 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 Sections 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 June 2025 and were signed on its behalf by:





R E Blunden - Director


MODUFLEX LTD. (REGISTERED NUMBER: 03729205)

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

1. STATUTORY INFORMATION

Moduflex Ltd. 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 as modified by the revaluation of certain assets.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - in accordance with the property
Plant and machinery - 10% on cost
Fixtures and fittings - 25% on cost

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.

MODUFLEX LTD. (REGISTERED NUMBER: 03729205)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 58 (2023 - 60 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
Long to Plant and and
leasehold property machinery fittings Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2024 1,468,008 220,645 2,846,100 94,732 4,629,485
Additions - 2,430 9,552 - 11,982
Revaluations 599,353 - - - 599,353
At 31 December 2024 2,067,361 223,075 2,855,652 94,732 5,240,820
DEPRECIATION
At 1 January 2024 88,000 100,652 2,111,796 90,064 2,390,512
Charge for year - 7,667 121,237 2,139 131,043
At 31 December 2024 88,000 108,319 2,233,033 92,203 2,521,555
NET BOOK VALUE
At 31 December 2024 1,979,361 114,756 622,619 2,529 2,719,265
At 31 December 2023 1,380,008 119,993 734,304 4,668 2,238,973

A professional valuation of the property was undertaken on the 16 December 2024.

MODUFLEX LTD. (REGISTERED NUMBER: 03729205)

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

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 December 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2022 (42,155 ) - (42,155 )
Valuation in 2023 568,008 - 568,008
Valuation in 2024 599,353 - 599,353
Cost 942,155 3,173,459 4,115,614
2,067,361 3,173,459 5,240,820

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 January 2024 527,700
Transfer to ownership (199,950 )
At 31 December 2024 327,750
DEPRECIATION
At 1 January 2024 251,134
Charge for year 52,770
Transfer to ownership (140,798 )
At 31 December 2024 163,106
NET BOOK VALUE
At 31 December 2024 164,644
At 31 December 2023 276,566

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 966,862 986,883
Amounts owed by associates - 51,011
Other debtors 49,174 8,332
Prepayments and accrued income 67,558 86,299
1,083,594 1,132,525

MODUFLEX LTD. (REGISTERED NUMBER: 03729205)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans and overdrafts 52,697 52,900
Other loans 45,454 45,454
Hire purchase contracts 57,559 77,838
Trade creditors 693,677 792,328
Social security and other taxes 172,257 67,018
VAT 186,006 317,351
Other creditors 1,216,133 973,043
Directors' current accounts 5,000 -
Accrued expenses 48,289 19,679
2,477,072 2,345,611

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans - 2-5 years 210,786 211,600
Bank loans more 5 yr by instal 67,997 119,676
Other loans - 2-5 years 22,728 68,182
Hire purchase contracts 65,651 122,400
367,162 521,858

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 67,997 119,676

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.24 31.12.23
£    £   
Bank loans 331,480 384,176

The bank loans are secured by a legal charge over the property and other assets of the business.

MODUFLEX LTD. (REGISTERED NUMBER: 03729205)

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

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
245 A Ordinary £1 245 245

10. RESERVES
Revaluation
reserve
£   
At 1 January 2024 394,390
transfer to revaluation 449,515

At 31 December 2024 843,905

11. RELATED PARTY DISCLOSURES

The company maintains an interest free loan account with its subsidiary, of which it is a majority shareholder. At the year end, the company was owed £46,637 (2023: £51,011 by its subsidiary.

During the year a director lent the company £5,000, at the year end this was still to be repaid.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A R Blunden by virtue of his majority shareholding.