REGISTERED NUMBER: 05664144 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MXL LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

W J Moule

R Moule

REGISTERED OFFICE:

Five Ways

57-59 Hatfield Road

Potters Bar

Hertfordshire

EN6 1HS

REGISTERED NUMBER:

05664144 (England and Wales)

ACCOUNTANTS:

SRG Newmans Limited

Five Ways

57-59 Hatfield Road

Potters Bar

Hertfordshire

EN6 1HS

FIXED ASSETS

Tangible assets

4

1,202,161

1,095,355

CURRENT ASSETS

Stocks

5,787

-

Debtors

5

148,642

188,910

Cash at bank and in hand

188,749

317,171

343,178

506,081

CREDITORS

Amounts falling due within one year

6

286,576

360,313

NET CURRENT ASSETS

56,602

145,768

TOTAL ASSETS LESS CURRENT LIABILITIES

1,258,763

1,241,123

CREDITORS

Amounts falling due after more than one year

7

(131,639

)

(141,604

)

PROVISIONS FOR LIABILITIES

(165,303

)

(138,044

)

NET ASSETS

961,821

961,475

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

9

378,393

340,893

Retained earnings

583,328

620,482

SHAREHOLDERS' FUNDS

961,821

961,475

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 3 July 2025 and were signed on its behalf by:

W J Moule - Director

1.	STATUTORY INFORMATION

MXL 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.

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" 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.

Freehold property

-

in accordance with the property

Improvements to property

-

25% on reducing balance

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

15% on reducing balance

Office equipment

-

25% on reducing balance

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.

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.

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 15 (2023 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

Short

to

Plant and

property

leasehold

property

machinery

£

£

£

£

COST OR VALUATION

At 1 January 2024

922,860

15,087

9,706

164,515

Additions

-

-

-

83,337

Revaluations

50,000

-

-

-

At 31 December 2024

972,860

15,087

9,706

247,852

DEPRECIATION

At 1 January 2024

50,974

3,017

9,706

73,510

Charge for year

-

3,018

-

26,151

At 31 December 2024

50,974

6,035

9,706

99,661

NET BOOK VALUE

At 31 December 2024

921,886

9,052

-

148,191

At 31 December 2023

871,886

12,070

-

91,005

Fixtures

and

Motor

Office

fittings

vehicles

equipment

Totals

£

£

£

£

COST OR VALUATION

At 1 January 2024

24,244

176,312

42,384

1,355,108

Additions

25,046

-

5,403

113,786

Revaluations

-

-

-

50,000

At 31 December 2024

49,290

176,312

47,787

1,518,894

DEPRECIATION

At 1 January 2024

19,792

77,305

25,449

259,753

Charge for year

7,375

14,851

5,585

56,980

At 31 December 2024

27,167

92,156

31,034

316,733

NET BOOK VALUE

At 31 December 2024

22,123

84,156

16,753

1,202,161

At 31 December 2023

4,452

99,007

16,935

1,095,355

Cost or valuation at 31 December 2024 is represented by:

Improvements

Freehold

Short

to

Plant and

property

leasehold

property

machinery

£

£

£

£

Valuation in 2023

426,163

-

-

-

Valuation in 2024

50,000

-

-

-

Cost

496,697

15,087

9,706

247,852

972,860

15,087

9,706

247,852

Fixtures

and

Motor

Office

fittings

vehicles

equipment

Totals

£

£

£

£

Valuation in 2023

-

-

-

426,163

Valuation in 2024

-

-

-

50,000

Cost

49,290

176,312

47,787

1,042,731

49,290

176,312

47,787

1,518,894

The December 2024 valuation of the freehold property has been made by, Mr W J Moule, a director of the company, on an open market value existing use basis.

The total deferred tax is £165,303. It is not envisaged that any tax will become payable in the foreseeable future as it is not the company's intention to dispose of the property.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

28,892

58,465

Other debtors

119,750

130,445

148,642

188,910

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

9,420

9,420

Trade creditors

136,670

149,942

Taxation and social security

79,346

156,355

Other creditors

61,140

44,596

286,576

360,313

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

131,639

141,604

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

93,959

103,924

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

141,059

151,024

The Bank of Scotland PLC holds a fixed and floating charge over the freehold property.

9.

RESERVES

Fair

value

reserve

£

At 1 January 2024

340,893

Revaluation of investments

37,500

At 31 December 2024

378,393

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

W J Moule

Balance outstanding at start of year

(865

)

(728

)

Amounts advanced

-

175

Amounts repaid

(312

)

(312

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(1,177

)

(865

)

R Moule

Balance outstanding at start of year

9,276

(728

)

Amounts advanced

-

10,316

Amounts repaid

(10,312

)

(312

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(1,036

)

9,276

11.	RELATED PARTY DISCLOSURES

Other creditors

At the balance sheet date an amount included in other creditors of £972 (2024 - £972) was owed to Mr W M Moule and Mrs T S Moule, the majority shareholders of MXL Ltd, and parents of the directors.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr W M Moule by virtue of 51% share holding.

13.	RETAINED EARNINGS

Included in retained earnings is £378,393 of profits that are not available for distribution as they are unrealised.This includes an adjustment for deferred tax of £97,770.