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Registered number: 09586582 MAFFLECK HOLDINGS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
MAFFLECK HOLDINGS LIMITED COMPANY INFORMATION
Directors | B. Duffy
| K. Corcoran
Registered number | 09586582
Registered office | 115 Evans Road
| Speke
| Liverpool
| Merseyside
| L24 9PB
Independent auditors | Langtons Professional Services Limited
| Chartered Accountants & Statutory Auditors
| The Plaza
| 100 Old Hall Street
| Liverpool
| L3 9QJ
MAFFLECK HOLDINGS LIMITED CONTENTS
| Page
Group strategic report | 1
Directors' report | 2 - 3
Independent auditors' report | 4 - 7
Consolidated statement of comprehensive income | 8
Consolidated statement of financial position | 9
Company statement of financial position | 10
Consolidated statement of changes in equity | 11
Company statement of changes in equity | 12
Consolidated statement of cash flows | 13
Consolidated analysis of net debt | 14
Notes to the financial statements | 15 - 29
MAFFLECK HOLDINGS LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025
Business review
The directors are satisfied that the ongoing strategy of establishing and maintaining partnering relationships with customers, suppliers and indeed selective competitors has again contributed to improved performance.
Principal risks and uncertainties
The company's operations expose it to a variety of financial risks that include the effect of credit risk. The company has in place policies that seek to limit the adverse effects on the financial performance of the company. The policies set by the board of directors are implemented by the company's finance department.
Credit risk
The company has implemented policies that require appropriate credit assessments on potential customers before sales are made. The amount of exposure to any individual counterparty is subject to review by the company's finance department.
Financial key performance indicators
Gross Profit per Employee £35,829 (2024 - £31,655) - This has been calculated as gross profit divided by the average number of employees in the year and is used to measure contribution in relation to manpower, labour costs being a significant cost within the business. Operating Profit per Employee £7,749 (2024 - £11,409) and excluding write off of negative goodwill) - This has been calculated as operating profit divided by the average number of employees in the year and is used to measure return in relation to manpower, labour costs being a significant cost within the business. This report was approved by the board on 1 May 2026 and signed on its behalf.
B. Duffy Director
Page 1
MAFFLECK HOLDINGS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The directors present their report and the financial statements for the year ended 30 September 2025.
Directors' responsibilities statement
The directors are responsible for preparing the group strategic report, the directors' report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are 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 directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
Principal activity
The principal activities of the group are Control Instrumentation and Electrical Engineering including Projects, Installation & Maintenance Services, and Test Equipment Rental, Instrument Repairs & Calibrations.
Results and dividends
The profit for the year, after taxation, amounted to £399,959 (2024 - £666,374). The directors do not recommend any dividends for the year.
Directors
The directors who served during the year were:
B. Duffy
K. Corcoran
Page 2
MAFFLECK HOLDINGS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Auditors
The auditors, Langtons Professional Services Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 1 May 2026 and signed on its behalf.
B. Duffy Director
Page 3
MAFFLECK HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAFFLECK HOLDINGS LIMITED
Opinion
We have audited the financial statements of Maffleck Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2025, which comprise the consolidated statement of comprehensive income, the consolidated analysis of net debt, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, 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's affairs as at 30 September 2025 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 United Kingdom, including the Financial Reporting Council'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 directors' 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 or 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 directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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. Page 4
MAFFLECK HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAFFLECK HOLDINGS LIMITED (CONTINUED)
Opinion 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 directors' report. We have nothing to report in respect of the following matters in relation to which 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 directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement set out on page 2, the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so. Page 5
MAFFLECK HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAFFLECK HOLDINGS LIMITED (CONTINUED)
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 an auditors' report 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 Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: The objectives of our audit, in respect to fraud, are: • to identify and assess the risks of material misstatement of the financial statements due to fraud; • to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and • to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Our approach was as follows: • We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations in the UK and the EU General Data Protection Regulation (GDPR). • We understood how the Company is complying with those frameworks by making enquiries of management. Through consideration of the results of our audit procedures we were able to either corroborate or provide contrary evidence which was then followed up. • Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved: enquiries of management; and journal entry testing, with a focus on manual consolidation journals and journals indicating large or unusual transactions based on our understanding of the business. • We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage revenue and earnings. Where the risk was considered to be higher, including areas impacting key performance indicators or management remuneration, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included those on revenue recognition detailed above, the assessment of items identified by management as non-recurring and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from material fraud or error. Page 6
MAFFLECK HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAFFLECK HOLDINGS LIMITED (CONTINUED) 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 auditors' report.
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 an auditors' 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 members, as a body, for our audit work, for this report, or for the opinions we have formed. Andrew McCall (senior statutory auditor) for and on behalf of Langtons Professional Services Limited Chartered Accountants Statutory Auditors The Plaza 100 Old Hall Street Liverpool L3 9QJ 1 May 2026 Page 7
MAFFLECK HOLDINGS LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 SEPTEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 10,694,768 | 9,935,939
Cost of sales |  | (8,198,084) | (7,498,469)
Gross profit |  | 2,496,684 | 2,437,470
Distribution costs |  | (6,645) | (7,322)
Administrative expenses |  | (1,978,632) | (1,551,690)
Operating profit | 5 | 511,407 | 878,458
Interest receivable and similar income | 9 | 79,414 | 86,302
Interest payable and similar expenses | 10 | (47) | (860)
Profit before taxation |  | 590,774 | 963,900
Tax on profit | 11 | (190,815) | (297,526)
Profit for the financial year |  | 399,959 | 666,374
Profit for the year attributable to: |  |  |
Owners of the Parent Company |  | 399,959 | 666,374
|  | 399,959 | 666,374
There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 15 to 29 form part of these financial statements.
Page 8
MAFFLECK HOLDINGS LIMITED REGISTERED NUMBER: 09586582 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 718,178 |  | 748,356
|  |  | 718,178 |  | 748,356
Current assets |  |  |  |  |
Stocks | 15 | 8,862 |  | 14,823 |
Debtors: amounts falling due within one year | 16 | 2,709,235 |  | 1,920,433 |
Cash at bank and in hand | 17 | 3,787,848 |  | 2,644,230 |
|  | 6,505,945 |  | 4,579,486 |
Creditors: amounts falling due within one year | 18 | (3,300,650) |  | (1,798,780) |
Net current assets |  |  | 3,205,295 |  | 2,780,706
Total assets less current liabilities |  |  | 3,923,473 |  | 3,529,062
Provisions for liabilities |  |  |  |  |
Deferred taxation | 20 | (6,889) |  | (12,437) |
|  |  | (6,889) |  | (12,437)
Net assets |  |  | 3,916,584 |  | 3,516,625
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 196,077 |  | 196,077
Share premium account | 22 |  | 513,664 |  | 513,664
Capital redemption reserve | 22 |  | 50,000 |  | 50,000
Profit and loss account | 22 |  | 3,156,843 |  | 2,756,884
Equity attributable to owners of the Parent Company |  |  | 3,916,584 |  | 3,516,625
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 May 2026.
B. Duffy
Director
The notes on pages 15 to 29 form part of these financial statements. Page 9
MAFFLECK HOLDINGS LIMITED REGISTERED NUMBER: 09586582 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 14 |  | 1,210,740 |  | 1,210,740
|  |  | 1,210,740 |  | 1,210,740
Creditors: amounts falling due within one year | 18 | (722,888) |  | (722,888) |
Net current liabilities |  |  | (722,888) |  | (722,888)
Total assets less current liabilities |  |  | 487,852 |  | 487,852
Net assets |  |  | 487,852 |  | 487,852
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 196,077 |  | 196,077
Share premium account | 22 |  | 513,664 |  | 513,664
Capital redemption reserve | 22 |  | 50,000 |  | 50,000
Profit and loss account brought forward |  | (271,889) |  | - |
Profit for the year |  | - |  | - |
Other changes in the profit and loss account |  | - |  | (271,889) |
Profit and loss account carried forward |  |  | (271,889) |  | (271,889)
|  |  | 487,852 |  | 487,852
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 May 2026.
B. Duffy
Director
The notes on pages 15 to 29 form part of these financial statements. Page 10
MAFFLECK HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Called up share capital | Share premium account | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 October 2023 | 246,077 | 513,664 | - | 2,362,399 | 3,122,140
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 666,374 | 666,374
Other comprehensive income for the year | - | - | - | - | -
Total comprehensive income for the year | - | - | - | 666,374 | 666,374
Contributions by and distributions to owners |  |  |  |  |
Purchase of own shares | - | - | 50,000 | (271,889) | (221,889)
Shares cancelled during the year | (50,000) | - | - | - | (50,000)
Total transactions with owners | (50,000) | - | 50,000 | (271,889) | (271,889)
At 1 October 2024 | 196,077 | 513,664 | 50,000 | 2,756,884 | 3,516,625
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 399,959 | 399,959
Other comprehensive income for the year | - | - | - | - | -
Total comprehensive income for the year | - | - | - | 399,959 | 399,959
Total transactions with owners | - | - | - | - | -
At 30 September 2025 | 196,077 | 513,664 | 50,000 | 3,156,843 | 3,916,584
| The notes on pages 15 to 29 form part of these financial statements.
Page 11
MAFFLECK HOLDINGS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Called up share capital | Share premium account | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 October 2023 | 246,077 | 513,664 | - | - | 759,741
Other comprehensive income for the year | - | - | - | - | -
Total comprehensive income for the year | - | - | - | - | -
Contributions by and distributions to owners |  |  |  |  |
Purchase of own shares | - | - | 50,000 | (271,889) | (221,889)
Shares cancelled during the year | (50,000) | - | - | - | (50,000)
Total transactions with owners | (50,000) | - | 50,000 | (271,889) | (271,889)
At 1 October 2024 | 196,077 | 513,664 | 50,000 | (271,889) | 487,852
Other comprehensive income for the year | - | - | - | - | -
Total comprehensive income for the year | - | - | - | - | -
Total transactions with owners | - | - | - | - | -
At 30 September 2025 | 196,077 | 513,664 | 50,000 | (271,889) | 487,852
| The notes on pages 15 to 29 form part of these financial statements.
Page 12
MAFFLECK HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 399,959 | 666,374
Adjustments for: |  |
Depreciation of tangible assets | 30,178 | 70,219
Interest paid | 47 | 860
Interest received | (79,414) | (86,302)
Taxation charge | 190,815 | 297,526
Decrease/(increase) in stocks | 5,961 | (3,296)
(Increase)/decrease in debtors | (788,800) | 492,769
Increase/(decrease) in creditors | 1,592,794 | (1,054,413)
Corporation tax (paid) | (287,289) | (41,966)
Net cash generated from operating activities | 1,064,251 | 341,771
Cash flows from investing activities |  |
Purchase of tangible fixed assets | - | (39,627)
Interest received | 79,414 | 86,302
Purchase of own shares | - | (271,889)
Net cash from investing activities | 79,414 | (225,214)
Cash flows from financing activities |  |
Interest paid | (47) | (860)
Net cash used in financing activities | (47) | (860)
Net increase in cash and cash equivalents | 1,143,618 | 115,697
Cash and cash equivalents at beginning of year | 2,644,230 | 2,528,533
Cash and cash equivalents at the end of year | 3,787,848 | 2,644,230
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 3,787,848 | 2,644,230
| 3,787,848 | 2,644,230
The notes on pages 15 to 29 form part of these financial statements.
Page 13
MAFFLECK HOLDINGS LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 30 SEPTEMBER 2025
| At 1 October 2024 | Cash flows | At 30 September 2025
| £ | £ | £
Cash at bank and in hand | 2,644,230 | 1,143,618 | 3,787,848
| 2,644,230 | 1,143,618 | 3,787,848
The notes on pages 15 to 29 form part of these financial statements.
Page 14
MAFFLECK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. | General information
Maffleck Holdings Limited is a private limited company incorporated in England and Wales. Its registered office is 115 Evans Road, Speke, Liverpool, Merseyside, L24 9PB. The company number is 09586582. The principal activities of the group are Control Instrumentation and Electrical Engineering including Projects, Installation & Maintenance Services, and Test Equipment Rental, Instrument Repairs & Calibrations. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The financial statements are presented in Sterling (£). The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 12 May 2015.
| 2.3 | Going concern
The group has cash resources and no external finance. The directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements. Page 15
MAFFLECK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.6 | Tangible fixed assets
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 16
MAFFLECK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.6 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | 2% straight line
|  |  |  | Plant and machinery | - | 25% straight line
|  |  |  | Fixtures and fittings | - | 25% straight line
|  |  |  | Computer equipment | - | 33% straight line
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.
| 2.7 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.8 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.9 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.10 | 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. In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.11 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Page 17
MAFFLECK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.11 | Financial instruments (continued)
Financial instruments are recognised in the Group's statement of financial position when the Group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate Page 18
MAFFLECK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.11 | Financial instruments (continued)
method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
| 2.12 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.13 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.14 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.15 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Group in independently administered funds. Page 19
MAFFLECK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.16 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.17 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.18 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The directors have made judgements regarding the depreciation of fixed assets, accrued income, accrued costs and the value of any doubtful debts. Page 20
MAFFLECK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
4. | Turnover
The whole of the turnover is attributable to the principal activity of the company.
| All turnover arose within the United Kingdom.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating lease rentals | 84,281 | 119,113
6. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the consolidated and Parent Company's financial statements | 11,350 | 11,000
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 3,747,761 | 3,628,101
| Social security costs | 485,697 | 403,852
| Cost of defined contribution scheme | 119,215 | 126,999
|  | 4,352,673 | 4,158,952
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Administration | 15 | 18
|  | Engineers | 51 | 59
|  |  | 66 | 77
Page 21
MAFFLECK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 609,085 | 236,289
| Group contributions to defined contribution pension schemes | 15,421 | 18,080
|  | 624,506 | 254,369
| During the year retirement benefits were accruing to 2 directors (2024 - 3) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £309,375 (2024 - £107,684).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £8,100 (2024 - £8,023).
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 79,414 | 86,302
|  | 79,414 | 86,302
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest payable | 47 | 860
|  | 47 | 860
Page 22
MAFFLECK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 196,363 | 287,289
| Adjustments in respect of previous periods | - | 12,515
|  | 196,363 | 299,804
| Total current tax | 196,363 | 299,804
| Deferred tax |  |
| Origination and reversal of timing differences | (5,548) | (2,278)
| Total deferred tax | (5,548) | (2,278)
|  | 190,815 | 297,526
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 590,774 | 963,900
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 147,694 | 240,975
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 38,472 | 39,387
| Capital allowances for year in excess of depreciation | 4,649 | 4,649
| Adjustments to tax charge in respect of prior periods | - | 12,515
| Total tax charge for the year | 190,815 | 297,526
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 23
MAFFLECK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
12. | Intangible assets
| Group and Company
|  | Goodwill | Negative goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 October 2024 | 200,000 | (823,066) | (623,066)
| At 30 September 2025 | 200,000 | (823,066) | (623,066)
| Amortisation |  |  |
| At 1 October 2024 | 200,000 | (823,066) | (623,066)
| At 30 September 2025 | 200,000 | (823,066) | (623,066)
| Net book value |  |  |
| At 30 September 2025 | - | - | -
| At 30 September 2024 | - | - | -
Page 24
MAFFLECK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
13. | Tangible fixed assets
| Group
|  | Long-term leasehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 October 2024 | 978,949 | 83,258 | 34,005 | 423,133 | 1,519,345
| At 30 September 2025 | 978,949 | 83,258 | 34,005 | 423,133 | 1,519,345
| Depreciation |  |  |  |  |
| At 1 October 2024 | 249,223 | 83,258 | 34,005 | 404,503 | 770,989
| Charge for the year on owned assets | 19,579 | - | - | 10,599 | 30,178
| At 30 September 2025 | 268,802 | 83,258 | 34,005 | 415,102 | 801,167
| Net book value |  |  |  |  |
| At 30 September 2025 | 710,147 | - | - | 8,031 | 718,178
| At 30 September 2024 | 729,726 | - | - | 18,630 | 748,356
Page 25
MAFFLECK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
14. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 October 2024 | 1,210,740
| At 30 September 2025 | 1,210,740
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Class of shares | Holding
| Ellington Holdings Limited | Ordinary | 100%
| Aughton Automation Limited | Ordinary | 100%
15. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Raw materials and consumables | 8,862 | 14,823
|  | 8,862 | 14,823
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
Page 26
MAFFLECK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
16. | Debtors
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Trade debtors | 1,623,724 | 1,082,955
| Prepayments and accrued income | 1,085,511 | 837,478
|  | 2,709,235 | 1,920,433
17. | Cash and cash equivalents
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Cash at bank and in hand | 3,787,848 | 2,644,230
|  | 3,787,848 | 2,644,230
18. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 705,197 | 485,376 | - | -
| Amounts owed to group undertakings | - | - | 722,888 | 722,888
| Corporation tax | 196,363 | 287,289 | - | -
| Other taxation and social security | 604,674 | 399,457 | - | -
| Other creditors | 18,673 | 22,373 | - | -
| Accruals and deferred income | 1,775,743 | 604,285 | - | -
|  | 3,300,650 | 1,798,780 | 722,888 | 722,888
Page 27
MAFFLECK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
19. | Financial instruments
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 3,787,848 | 2,644,230
| Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.
20. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of year | (12,437)
| Charged to profit or loss | 5,548
| At end of year | (6,889)
| Company
|  | 2025
| At end of year | -
| The provision for deferred taxation is made up as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Accelerated capital allowances | (9,625) | (14,876)
| Short term timing differences | 2,736 | 2,439
|  | (6,889) | (12,437)
Page 28
MAFFLECK HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
21. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 196,077 (2024 - 196,077) Ordinary shares of £1.00 each | 196,077 | 196,077
22. | Reserves
Share premium account Represents the additional premium paid on issue of shares at above par value. Profit and loss account Includes all current and prior period retained profits and losses.
23. | Pension commitments
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund.
24. | Commitments under operating leases
| At 30 September 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 131,199 | 123,414
| Later than 1 year and not later than 5 years | 187,332 | 217,831
|  | 318,531 | 341,245
25. | Related party transactions
| The company has taken advantage of the exemption under paragraph 33.1A of FRS 102 and has not disclosed transactions with other wholly owned group companies.
26. | Controlling party
The controlling party of the company is B. Duffy.
Page 29