REGISTERED NUMBER: 04563686 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2024 TO 30 SEPTEMBER 2024

FOR

MODUFLOW FAN SYSTEMS LTD.

Page

Company Information

1

Certified Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

Mr A L Walton

REGISTERED OFFICE:

Scarth Road

Sowerby Woods Industrial Estate

Barrow in Furness

Cumbria

LA14 4RF

REGISTERED NUMBER:

04563686 (England and Wales)

ACCOUNTANTS:

R F Miller & Co

Double Tree Court

10A Cavendish St

Ulverston

Cumbria

LA12 7AD

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In accordance with the engagement letter, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.

This report is made to the director in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the director the financial statements that we have been engaged to compile, to report to the director that we have done so, and to state those matters that we have agreed to state to them in this report 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 director for our work or for this report.

You have acknowledged on the balance sheet as at 30 September 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

R F Miller & Co

Double Tree Court

10A Cavendish St

Ulverston

Cumbria

LA12 7AD

5 September 2025

FIXED ASSETS

Tangible assets

4

149,617

49,556

CURRENT ASSETS

Stocks

5

195,200

215,622

Debtors

6

401,552

599,678

Cash at bank and in hand

16,020

32,682

612,772

847,982

CREDITORS

Amounts falling due within one year

7

380,022

389,919

NET CURRENT ASSETS

232,750

458,063

TOTAL ASSETS LESS CURRENT LIABILITIES

382,367

507,619

CREDITORS

Amounts falling due after more than one year

8

(131,407

)

(77,239

)

PROVISIONS FOR LIABILITIES

(28,427

)

(7,833

)

NET ASSETS

222,533

422,547

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

10

222,531

422,545

SHAREHOLDERS' FUNDS

222,533

422,547

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 5 September 2025 and were signed by:

Mr A L Walton - Director

1.	STATUTORY INFORMATION

Moduflow Fan Systems 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.

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.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

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.

Stocks and work in progress are stated at the lower of cost and estimated costs to complete and sell, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Estimated selling price less costs to complete and sell is based on the estimated selling price of the goods less any estimated completion or selling costs likely to be incurred on the sale.

TAXATION

Taxation for the period 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 period 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.

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.

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

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 period was 13 (2023 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2024

159,388

12,766

11,847

184,001

Additions

120,180

-

3,331

123,511

Disposals

(23,002

)

-

(1,233

)

(24,235

)

At 30 September 2024

256,566

12,766

13,945

283,277

DEPRECIATION

At 1 January 2024

114,388

12,521

7,536

134,445

Charge for period

20,772

46

1,439

22,257

Eliminated on disposal

(21,809

)

-

(1,233

)

(23,042

)

At 30 September 2024

113,351

12,567

7,742

133,660

NET BOOK VALUE

At 30 September 2024

143,215

199

6,203

149,617

At 31 December 2023

45,000

245

4,311

49,556

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

Additions

119,692

At 30 September 2024

119,692

DEPRECIATION

Charge for period

12,412

At 30 September 2024

12,412

NET BOOK VALUE

At 30 September 2024

107,280

5.

STOCKS

2024

2023

£

£

Stocks

195,200

215,622

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

92,527

304,799

Provision for bad debts

(3,518

)

(9,466

)

Amounts owed by group undertakings

291,189

283,270

Prepayments

21,354

21,075

401,552

599,678

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

6,742

5,664

Other loans

42,859

21,310

Hire purchase contracts

20,092

-

Trade creditors

212,767

220,142

Social security and other taxes

22,806

12,070

Wages Control

-

7,966

Pension creditor

-

2,018

VAT

13,220

42,487

Factor current account balance

2,021

-

Directors' current accounts

39,000

-

Accrued expenses

20,515

78,262

380,022

389,919

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

-

5,954

Bank loans - 2-5 years

6,913

19,754

Bank loans more 5 yr by instal

22,073

9,082

Other loans - 1-2 years

25,115

23,402

Other loans - 2-5 years

-

19,047

Hire purchase contracts

77,306

-

131,407

77,239

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

22,073

9,082

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

2

Ordinary

£1

2

2

10.

RESERVES

Retained

earnings

£

At 1 January 2024

422,545

Deficit for the period

(200,014

)

At 30 September 2024

222,531

11.	RELATED PARTY DISCLOSURES

Included in trade debtors is an amount of £494 (2023 - £652). This was monies owed to the company from the parent company, Moduflow Investments Ltd.

Included in trade creditors is an amount of £10,267 (2023 - £29,794). This was monies owed from the company to the parent company, Moduflow Investments Ltd.

During the year fees were paid to the parent company, Moduflow Investments Ltd. In the current year these management fees totalled £86,648 (2023 - £136,242).

During the year loans were made to the parent company, Moduflow Investments Ltd. At the year end these loans totalled £291,189 (2023 - £283,270).

12.	ULTIMATE CONTROLLING PARTY

The company was under the control of Lorenzo Russo throughout the year by virtue of his controlling interest held in its parent company, Moduflow Investments Limited, which owns 100% of the issued share capital of this company.