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REGISTERED NUMBER: 01404746 (England and Wales)















Financial Statements for the Year Ended 31 December 2024

for

Modulex UK Limited

Modulex UK Limited (Registered number: 01404746)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Modulex UK Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: M Lightfoot
K M Staalesen





SECRETARY: D Harrison





REGISTERED OFFICE: The Harley Building
77 New Cavendish Street
London
W1W 6XB





REGISTERED NUMBER: 01404746 (England and Wales)





AUDITORS: Cartwrights
Chartered Accountants and Business Advisors
Statutory Auditor
Regency House
33 Wood Street
Barnet
Hertfordshire
EN5 4BE

Modulex UK Limited (Registered number: 01404746)

Balance Sheet
31 December 2024

31/12/24 31/12/23
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 4,277 4,914

CURRENT ASSETS
Debtors 6 765,991 698,482
Cash at bank 99,169 14,792
865,160 713,274
CREDITORS
Amounts falling due within one year 7 543,248 467,098
NET CURRENT ASSETS 321,912 246,176
TOTAL ASSETS LESS CURRENT
LIABILITIES

326,189

251,090

CAPITAL AND RESERVES
Called up share capital 75,000 75,000
Other reserves 365,000 365,000
Retained earnings (113,811 ) (188,910 )
326,189 251,090

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 12 May 2025 and were signed on its behalf by:





M Lightfoot - Director


Modulex UK Limited (Registered number: 01404746)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Modulex UK 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 Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The policies adopted for the recognition of turnover are as follows:

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from the provision of visual communication solutions is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the estimated proportion of the project completed. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 10% on cost

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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.


Modulex UK Limited (Registered number: 01404746)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. ACCOUNTING POLICIES - continued
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
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Going concern
After due consideration of all relevant factors, the directors have a reasonable expectation that the company has adequate resources and support from its parent company to continue in operational existence for the forseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2024
and 31 December 2024 6,372
DEPRECIATION
At 1 January 2024 1,458
Charge for year 637
At 31 December 2024 2,095
NET BOOK VALUE
At 31 December 2024 4,277
At 31 December 2023 4,914

Modulex UK Limited (Registered number: 01404746)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/24 31/12/23
(Unaudited)
£    £   
Trade debtors 693,600 602,504
Other debtors 72,391 95,978
765,991 698,482

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/24 31/12/23
(Unaudited)
£    £   
Trade creditors 53,680 19,072
Amounts owed to group undertakings 207,824 158,140
Taxation and social security 46,615 82,695
Other creditors 235,129 207,191
543,248 467,098

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Matthew Brown (Senior Statutory Auditor)
for and on behalf of Cartwrights

9. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

10. ULTIMATE CONTROLLING PARTY

The wholly owned shareholder of the company is its immediate parent undertaking, Modulex A/S. The latter is 100% owned by an intermediate parent company, Modulex Holdings ApS. Both entities are incorporated in Denmark.

KMS Invest Limited, a company based in Malta owns 84.12% of Modulex Holding ApS. The latter is wholly owned by Invest LLC located in Miami, the ultimate parent company which is under the control of Mr Ketil M Staalesen.

Modulex A/S prepares group accounts which include the accounts of this company. copies of the group accounts can be obtained from Modulex A/S, DK7190, Billund, Denmark.