|
Registered number: 15042640
MRXL LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 AUGUST 2024
|
|
MRXL LIMITED
REGISTERED NUMBER: 15042640
STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
Net current (liabilities)/assets
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 1
|
|
MRXL LIMITED
REGISTERED NUMBER: 15042640
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2024
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 4 to 8 form part of these financial statements.
Page 2
|
|
MRXL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 AUGUST 2024
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the period
|
|
|
|
|
|
|
|
|
Contributions by and distributions to owners
|
|
|
|
Shares issued during the period
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 4 to 8 form part of these financial statements.
|
Page 3
|
|
MRXL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
MRXL Limited is a private company, limited by shares, and incorporated in England and Wales. The address of its registered office is 32 Grosvenor Square, London, W1K 2HJ.
The functional and presentational currency of the company is pounds sterling.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention and on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The financial statements have been prepared on the going concern basis which assumes that the company will continue in operation for the foreseeable future. The parent company, which is the major creditor, has confirmed that they will continue to make sure funds are needed by the company and in particular will not seek repayment from the amount currently made available that would otherwise place the company in insolvency.
Based on this undertaking, the director believes that the company will have sufficient resources to enable it to continue normal trading operation for a period of at least twelve months from the date of approval of these financial statements, and therefore it is appropriate to prepare the financial statements on a going concern basis.
Turnover represents amounts receivable for personal fitness training, subscription fees and the sale of related products net of value added tax and trade discounts.
Revenue is recognised at the point of sale, either when the product is delivered or the service is provided to the customer.
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life of 10 years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 4
|
|
MRXL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
2.Accounting policies (continued)
|
|
|
Tangible fixed assets (continued)
|
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
|
|
|
|
|
Fixtures, fittings and equipment
|
|
|
|
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in associates are classified as fixed asset investments. These are measured at cost less impairment, except where a reliable measure of fair value is available, in which case they are measured at fair value with changes recognised in profit or loss.
Dividends received are recognised in profit or loss when the right to receive payment is established.
Short-term debtors are measured at transaction price, less any impairment.
|
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price.
|
|
The average monthly number of employees, including directors, during the period was 12.
|
Page 5
|
|
MRXL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the period on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixtures, fittings and equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the period on owned assets
|
|
|
|
|
|
|
|
|
|
|
Page 6
|
|
MRXL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
|
|
Investments in associates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The company holds a 50% equity interest in SK Health Limited.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
Page 7
|
|
MRXL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
100 Ordinary shares of £1 each
|
|
100 Ordinary shares of £1 each were allotted and fully paid for cash at par during the period.
|
|
Related party transactions
|
|
|
The company has taken advantage of the exemption afforded by FRS 102 not to disclose transactions or balances with other wholly owned members of the group.
|
The immediate and ultimate parent company is Occipital Limited, a company registered in England and Wales. The address of its registered office is 230 Gladwin Tower, 50 Wandsworth Road, London, SW8 2FU.
|
|
Post balance sheet events
|
|
|
With effect from 1 September 2024, the company is a member of a value added tax group of companies.
|
Page 8
|