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REGISTERED NUMBER: 12508086 (England and Wales)












GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

MACL HOLDINGS LIMITED

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 October 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


MACL HOLDINGS LIMITED

COMPANY INFORMATION
for the year ended 31 October 2024







DIRECTOR: Mr N G Harvey



REGISTERED OFFICE: Unit 2 Crompton Way
Manor Royal
Crawley
United Kingdom
RH10 9QR



REGISTERED NUMBER: 12508086 (England and Wales)



SENIOR STATUTORY AUDITOR: Mr Paul Dell FCA



AUDITORS: Xeinadin Audit Limited, Statutory Auditor
8th Floor, Becket House
36 Old Jewry
London
EC2R 8DD

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

GROUP STRATEGIC REPORT
for the year ended 31 October 2024

The director presents his strategic report of the company and the group for the year ended 31 October 2024.

REVIEW OF BUSINESS
The group has had a very successful year with turnover increasing by 17% to £34.4m (2023: £29.3m). Gross margin reduced to 27.0% (2023: 29.7%)

Operating profit was £6.03m (2023: £5.77m). The state of affairs at the balance sheet date is considered to be satisfactory with net assets of £10.15m (2023: £7.66m).

The key financial performance indicators for the group are as follows:-

2024 2023 Measure
Gross Profit Margin 27.0% 29.7% Gross Profit/Turnover
Debtors days 57 days 73 days Trade Debtors/Turnover
Creditor days 74 days 115 days Trade Creditors / Cost of Sales


Debtor and creditor days do not include related party balances.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties affecting the business include:-
- Regulatory - the group operates in a highly regulated area. It maintains extremely high standards of quality control over its products and services.
- Retention of customers - the group maintains strong relationships with each of its key customers and has established procedures for monitoring performance and service levels.
- Competitive risk - the group's reliance on any single customer has reduced over the past few years as part of its strategy to mitigate its risk in this area.
- Market conditions - the group's ability to adapt quickly to changes in the marketplace, mitigates the risk of this area.
- Exchange rate risk - the group trades in dollars and maintains its banking and financing in dollar denominated accounts where possible to mitigate any exchange rate risk. There are translation differences at each year end but these are accounting adjustments for statutory reporting purposes.

The director believes that the group has adequate financial resources in place to meet its forecast trading requirements and all risks and uncertainties are managed appropriately.

FUTURE DEVELOPMENTS
The group will continue to expand its product range whilst concentrating on products and services that deliver higher margins.

The director is confident of delivering sustainable future growth in its sector.

FINANCIAL INSTRUMENTS
The group had banking facilities in place with IGF Business Credit during the year and operated within its facility limits. In February 2025, the group refinanced with HSBC to raise additional funds as part of its expansion plans.

The group has not entered into any hedging arrangements as the director perceives the exchange rate risk to the business to be low. Although the reporting currency is in sterling, the operational currency is predominantly the US dollar. There are accounting adjustments in the accounts in relation to the translation of currency balances at the period end.

ON BEHALF OF THE BOARD:





Mr N G Harvey - Director


5 May 2025

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

REPORT OF THE DIRECTOR
for the year ended 31 October 2024

The director presents his report with the financial statements of the company and the group for the year ended 31 October 2024.

DIVIDENDS
An interim dividend of £1336 per share was paid on 30 June 2024. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 October 2024 will be £ 1,202,485 .

DIRECTOR
Mr N G Harvey held office during the whole of the period from 1 November 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Xeinadin Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr N G Harvey - Director


5 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MACL HOLDINGS LIMITED

Opinion
We have audited the financial statements of MACL Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 October 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MACL HOLDINGS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MACL HOLDINGS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with the director and other management, and from our commercial knowledge and experience of the company's sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment, health and safety legislation.
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where necessary.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected transactions;
- tested the appropriateness of journal entries;
- tested authorisation of expenditure;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

To address the risk that revenue could be misstated due to fraud, we:
- obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard;
- performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions;
- tested a sample of revenue transactions to supporting evidence; and
- tested, on a sample basis, revenue related balances in the balance sheet.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and relevant regulators.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MACL HOLDINGS LIMITED

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr Paul Dell FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited, Statutory Auditor
8th Floor, Becket House
36 Old Jewry
London
EC2R 8DD

5 May 2025

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

CONSOLIDATED
INCOME STATEMENT
for the year ended 31 October 2024

2024 2023
Notes £    £   

TURNOVER 4 34,428,122 29,344,962

Cost of sales (25,157,792 ) (20,618,090 )
GROSS PROFIT 9,270,330 8,726,872

Administrative expenses (3,370,677 ) (3,161,730 )
5,899,653 5,565,142

Other operating income 133,649 200,482
OPERATING PROFIT 6 6,033,302 5,765,624


Interest payable and similar expenses 7 (804,443 ) (300,391 )
PROFIT BEFORE TAXATION 5,228,859 5,465,233

Tax on profit 8 (1,535,189 ) (1,428,935 )
PROFIT FOR THE FINANCIAL YEAR 3,693,670 4,036,298
Profit attributable to:
Owners of the parent 3,693,670 4,036,298

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the year ended 31 October 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 3,693,670 4,036,298


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

3,693,670

4,036,298

Total comprehensive income attributable to:
Owners of the parent 3,693,670 4,036,298

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

CONSOLIDATED BALANCE SHEET
31 October 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 11 4,542,504 5,381,121
Tangible assets 12 70,803 53,531
Investments 13 - -
4,613,307 5,434,652

CURRENT ASSETS
Stocks 14 23,974,811 15,442,945
Debtors 15 9,114,005 8,753,683
Cash at bank 200,813 100,320
33,289,629 24,296,948
CREDITORS
Amounts falling due within one year 16 27,742,537 22,049,203
NET CURRENT ASSETS 5,547,092 2,247,745
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,160,399

7,682,397

CREDITORS
Amounts falling due after more than one
year

17

(6,667

)

(16,667

)

PROVISIONS FOR LIABILITIES 20 (6,743 ) (9,926 )
NET ASSETS 10,146,989 7,655,804

CAPITAL AND RESERVES
Called up share capital 21 900 900
Share premium 22 2,639,100 2,639,100
Retained earnings 22 7,506,989 5,015,804
SHAREHOLDERS' FUNDS 10,146,989 7,655,804

The financial statements were approved by the director and authorised for issue on 5 May 2025 and were signed by:





Mr N G Harvey - Director


MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

COMPANY BALANCE SHEET
31 October 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 12,157,278 12,157,278
12,157,278 12,157,278

CURRENT ASSETS
Debtors 15 - 1,723

CREDITORS
Amounts falling due within one year 16 7,408,099 7,311,685
NET CURRENT LIABILITIES (7,408,099 ) (7,309,962 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,749,179

4,847,316

CAPITAL AND RESERVES
Called up share capital 21 900 900
Share premium 2,639,100 2,639,100
Retained earnings 2,109,179 2,207,316
SHAREHOLDERS' FUNDS 4,749,179 4,847,316

Company's profit/(loss) for the financial year 1,104,348 (2,332 )

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 5 May 2025 and were signed by:





Mr N G Harvey - Director


MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 October 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 November 2022 900 979,506 2,639,100 3,619,506

Changes in equity
Total comprehensive income - 4,036,298 - 4,036,298
Balance at 31 October 2023 900 5,015,804 2,639,100 7,655,804

Changes in equity
Dividends - (1,202,485 ) - (1,202,485 )
Total comprehensive income - 3,693,670 - 3,693,670
Balance at 31 October 2024 900 7,506,989 2,639,100 10,146,989

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 31 October 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 November 2022 900 2,209,648 2,639,100 4,849,648

Changes in equity
Total comprehensive income - (2,332 ) - (2,332 )
Balance at 31 October 2023 900 2,207,316 2,639,100 4,847,316

Changes in equity
Dividends - (1,202,485 ) - (1,202,485 )
Total comprehensive income - 1,104,348 - 1,104,348
Balance at 31 October 2024 900 2,109,179 2,639,100 4,749,179

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 October 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (2,342,815 ) 1,378,143
Interest paid (804,443 ) (300,391 )
Tax paid (759,709 ) (333,324 )
Net cash from operating activities (3,906,967 ) 744,428

Cash flows from investing activities
Purchase of tangible fixed assets (52,689 ) (3,790 )
Net cash from investing activities (52,689 ) (3,790 )

Cash flows from financing activities
New loans in year 5,301,948 414,477
Loan repayments in year (10,000 ) -
Amount introduced by directors 1,135,680 -
Amount withdrawn by directors (1,164,994 ) (1,135,680 )
Equity dividends paid (1,202,485 ) -
Net cash from financing activities 4,060,149 (721,203 )

Increase in cash and cash equivalents 100,493 19,435
Cash and cash equivalents at beginning of
year

2

100,320

80,885

Cash and cash equivalents at end of year 2 200,813 100,320

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 October 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 5,228,859 5,465,233
Depreciation charges 874,034 882,106
Finance costs 804,443 300,391
6,907,336 6,647,730
Increase in stocks (8,531,866 ) (6,139,310 )
Increase in trade and other debtors (331,007 ) (3,803,116 )
(Decrease)/increase in trade and other creditors (387,278 ) 4,672,839
Cash generated from operations (2,342,815 ) 1,378,143

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2024
31.10.24 1.11.23
£    £   
Cash and cash equivalents 200,813 100,320
Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 100,320 80,885


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.11.23 Cash flow At 31.10.24
£    £    £   
Net cash
Cash at bank 100,320 100,493 200,813
100,320 100,493 200,813
Debt
Debts falling due within 1 year (2,733,184 ) (5,301,948 ) (8,035,132 )
Debts falling due after 1 year (16,667 ) 10,000 (6,667 )
(2,749,851 ) (5,291,948 ) (8,041,799 )
Total (2,649,531 ) (5,191,455 ) (7,840,986 )

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 October 2024

1. STATUTORY INFORMATION

MACL Holdings 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated financial statements include the financial statements of the company and its subsidiary undertakings made up to 31 October 2024. A subsidiary is an entity that is controlled by the parent. The results of subsidiary undertakings are included in the consolidated profit and loss account from the date that control commences until the date that control ceases. Control is established when the company has the power to govern the operating and financial policies of an entity so as to obtain benefits from its activities. In assessing control, the group takes into consideration potential voting rights that are currently exercisable.

In the parent financial statements, investments in subsidiaries are carried at cost less impairment.

Turnover
Turnover represents the invoiced value of goods and services supplied to external customers, excluding value added tax. Turnover is recognised and a debtor recorded as accrued income once all obligations under the sales order have been performed.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Straight line over 10 years
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. The group assesses at each reporting date whether tangible fixed assets are fully impaired.

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since last annual reporting date in the pattern by which the group expects to consume an asset's future economic benefits.

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow Group companies that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Foreign currencies
The financial statements are presented in sterling. The company's functional currency is the US dollar. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All resulting translation differences are taken to the profit and loss account.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Fixed asset investments
Fixed asset investments are shown at acquisition cost subject to any provisions for permanent diminution in value.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Group's accounting policies, which are described above, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Outright sales 11,361,280 24,179,541
Repairs 8,951,312 3,160,928
Exchange 14,115,530 2,004,493
34,428,122 29,344,962

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 5,508,500 4,011,267
Europe 16,869,780 10,155,705
Rest of the World 12,049,842 15,177,990
34,428,122 29,344,962

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,084,631 792,036
Social security costs 140,300 74,307
Other pension costs 22,658 26,076
1,247,589 892,419

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024

5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Administration and management 7 6
Operations 7 6
Sales 8 7
22 19

The average number of employees by undertakings that were proportionately consolidated during the year was 22 (2023 - 19 ) .

2024 2023
£    £   
Directors' remuneration 349,667 230,400


Information regarding the highest paid director for the year ended 31 October 2024 is as follows:
2024 2023
£    £   
Emoluments etc. 260,000 116,400


6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 24,725 14,495
Other operating leases 349,885 309,130
Depreciation - owned assets 35,417 43,489
Goodwill amortisation 838,617 838,616
Auditors' remuneration 31,000 30,000
Foreign exchange differences (129,356 ) (198,255 )

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest payable 792,904 300,391
Other interest payable 11,539 -
804,443 300,391

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 1,538,372 1,434,532

Deferred tax (3,183 ) (5,597 )
Tax on profit 1,535,189 1,428,935

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 5,228,859 5,465,233
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 22.518 %)

1,307,215

1,230,661

Effects of:
Expenses not deductible for tax purposes 253,981 195,712
Depreciation in excess of capital allowances 4,553 8,292
Deferred tax (3,183 ) (5,597 )
Unrelieved losses carried forward - 676
Change in tax rate - (809 )
Other adjustments (4,977 ) -
Utilisation of tax losses (22,400 ) -
Total tax charge 1,535,189 1,428,935

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
2024 2023
£    £   
Interim 1,202,485 -

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 November 2023
and 31 October 2024 8,386,162
AMORTISATION
At 1 November 2023 3,005,041
Amortisation for year 838,617
At 31 October 2024 3,843,658
NET BOOK VALUE
At 31 October 2024 4,542,504
At 31 October 2023 5,381,121

12. TANGIBLE FIXED ASSETS

Group
Fixtures
Short and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2023 34,484 150,288 6,595 62,863 254,230
Additions 1,100 3,375 44,000 4,214 52,689
At 31 October 2024 35,584 153,663 50,595 67,077 306,919
DEPRECIATION
At 1 November 2023 15,230 126,896 6,595 51,978 200,699
Charge for year 3,559 21,001 2,933 7,924 35,417
At 31 October 2024 18,789 147,897 9,528 59,902 236,116
NET BOOK VALUE
At 31 October 2024 16,795 5,766 41,067 7,175 70,803
At 31 October 2023 19,254 23,392 - 10,885 53,531

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024

13. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 November 2023
and 31 October 2024 12,157,278
NET BOOK VALUE
At 31 October 2024 12,157,278
At 31 October 2023 12,157,278

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

MEL Aviation Components Limited
Registered office: Unit 2 Centron, Crompton Way, Crawley, West Sussex, England, RH10 9QR
Nature of business: Aviation engineering
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 13,012,584 9,584,444
Profit for the year 4,630,425 4,877,245


14. STOCKS

Group
2024 2023
£    £   
Finished goods 23,974,811 15,442,945

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 5,327,732 5,886,888 - -
Other debtors 2,361,626 1,527,492 - 1,723
Directors' current accounts 1,164,995 1,135,680 - -
VAT 25,929 110,498 - -
Prepayments 233,723 93,125 - -
9,114,005 8,753,683 - 1,723

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 18) 8,035,132 2,733,184 - -
Trade creditors 5,102,816 6,489,893 - -
Amounts owed to group undertakings - - 2,018,099 1,615,296
Tax 2,588,786 1,858,511 - 236,389
Social security and other taxes 51,131 22,090 - -
Other creditors 9,559,099 9,861,615 5,390,000 5,460,000
Accruals and deferred income 2,405,573 1,083,910 - -
27,742,537 22,049,203 7,408,099 7,311,685

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Bank loans (see note 18) 6,667 16,667

18. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 8,035,132 2,733,184
Amounts falling due between one and two years:
Bank loans 6,667 16,667

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 8,041,799 2,749,851

IGF Business Credit Limited hold fixed and floating charges over the assets of the group in support of banking and invoice discounting facilities.

The finance lease liabilities are secured on the related assets.

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024

20. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 6,743 9,926

Group
Deferred
tax
£   
Balance at 1 November 2023 9,926
Provided during year (3,183 )
Balance at 31 October 2024 6,743

21. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
900 Share capital 1 £1 900 900

22. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 November 2023 5,015,804 2,639,100 7,654,904
Profit for the year 3,693,670 3,693,670
Dividends (1,202,485 ) (1,202,485 )
At 31 October 2024 7,506,989 2,639,100 10,146,089


23. PENSION COMMITMENTS

The group operates a fully insured defined contribution pension scheme for certain members of staff and the director. The pension charge represents the amounts paid by the group to the fund during the year. Payments during the year, amounted to £36,389 (2023: £26,076). These contributions are invested separately from the group's assets.

MACL HOLDINGS LIMITED (REGISTERED NUMBER: 12508086)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024

24. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2024 and 31 October 2023:

2024 2023
£    £   
N G Harvey
Balance outstanding at start of year 1,135,680 -
Amounts advanced 1,164,995 1,135,680
Amounts repaid (1,135,680 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,164,995 1,135,680

The loan will be repaid within 9 months of the balance sheet date.

25. RELATED PARTY DISCLOSURES

The group 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 wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Included in other creditors, there is a balance of £1,855,000 (2023:£1,855,000) owed to Mr G W Harvey, the father of Mr N Harvey.