Company registration number 01588645 (England and Wales)
MAKEVALE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
PAGES FOR FILING WITH REGISTRAR
Affinia
19th Floor
1 Westfield Avenue
London
E20 1HZ
MAKEVALE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 10
MAKEVALE LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2025
30 September 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
5
3,131,606
3,320,035
Current assets
Stocks
6
667,046
640,166
Debtors
7
4,226,713
4,357,372
Cash at bank and in hand
3,380,895
2,574,702
8,274,654
7,572,240
Creditors: amounts falling due within one year
8
(2,923,764)
(2,249,214)
Net current assets
5,350,890
5,323,026
Total assets less current liabilities
8,482,496
8,643,061
Creditors: amounts falling due after more than one year
9
(743,184)
(875,778)
Provisions for liabilities
(456,067)
(471,101)
Net assets
7,283,245
7,296,182
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
7,283,145
7,296,082
Total equity
7,283,245
7,296,182

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 11 June 2026 and are signed on its behalf by:
Dr S Ahir
Director
Company registration number 01588645 (England and Wales)
MAKEVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 2 -
1
Accounting policies
Company information

Makevale Limited is a private company limited by shares incorporated in England and Wales. The registered office is Valley House, Marsh Lane, Ware, Hertfordshire, SG12 9QP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% Straight Line
Leasehold land and buildings
2% Straight Line
Plant and equipment
8% Straight Line
MAKEVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 3 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

MAKEVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 4 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MAKEVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

MAKEVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Other key sources of estimation uncertainty:

- Provision for stock is made based on the age of stock and sales forecasts in order to assess whether the stock is slow moving. The stock is reviewed regularly and, based on the age of the stock, saleability and an assessment of recoverable value, a provision is made.

- Bad debt provisions are made where the assessment of full recoverability of a debt is deemed to be uncertain. This is based on an assessment of each debtor, including the age of the debt, the contractual status of the customer, the length of the trading relationship and the trading status of the debtor.

- The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

- At the reporting date, management are required to review whether Tangible fixed assets have suffered an impairment loss. This is where the recoverable amount is lower than the carrying value. The recoverable amount is determined as the higher of fair value less costs to sell and value in use. Management are r equired to estimate the future cash flows arising from the asset to calculate its value in use these forecasts amount to a significant estimate by management.

3
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
11,500
10,250
For other services
All other non-audit services
4,425
3,250
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
27
31
MAKEVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 7 -
5
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Total
£
£
£
£
Cost
At 1 October 2024
1,300,000
203,756
2,839,484
4,343,240
Additions
-
0
-
0
95,469
95,469
Disposals
-
0
-
0
(38,651)
(38,651)
At 30 September 2025
1,300,000
203,756
2,896,302
4,400,058
Depreciation and impairment
At 1 October 2024
59,733
57,742
905,730
1,023,205
Depreciation charged in the year
26,000
4,076
229,889
259,965
Eliminated in respect of disposals
-
0
-
0
(14,718)
(14,718)
At 30 September 2025
85,733
61,818
1,120,901
1,268,452
Carrying amount
At 30 September 2025
1,214,267
141,938
1,775,401
3,131,606
At 30 September 2024
1,240,267
146,014
1,933,754
3,320,035
6
Stocks
2025
2024
£
£
Stocks
667,046
640,166
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
613,268
737,998
Corporation tax recoverable
-
0
52,641
Amounts owed by group undertakings
1,361,227
1,411,227
Other debtors
2,252,218
2,155,506
4,226,713
4,357,372

All related company balances are interest free and repayable on demand.

MAKEVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 8 -
8
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
120,677
167,348
Trade creditors
9,936
11,790
Amounts owed to group undertakings
2,638,013
1,946,169
Taxation and social security
32,525
41,054
Other creditors
122,613
82,853
2,923,764
2,249,214

All related company balances are interest free and repayable on demand.

9
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
743,184
860,349
Other creditors
-
0
15,429
743,184
875,778

Bank loans are secured via a fixed and floating charge with Lloyds Bank PLC over all assets of the company.

10
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
15,171
49,696
After more than one year
-
0
15,429
15,171
65,125
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
15,171
49,696
In two to five years
-
0
15,429
15,171
65,125

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

MAKEVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 9 -
11
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
456,067
471,101
2025
Movements in the year:
£
Liability at 1 October 2024
471,101
Credit to profit or loss
(15,034)
Liability at 30 September 2025
456,067
12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report was unqualified.

Senior Statutory Auditor:
Richard Lane
Statutory Auditor:
Affinia (Stratford)
Date of audit report:
11 June 2026
13
Related party transactions

Included within other debtors is an amount owed by companies with common directors of £2,000,000 (2024: £2,000,000). This balance is interest free with no fixed repayment terms.

Included within trade debtors is an amount owed by companies with common directors of £87,353 (2024: £294,602). This balance is a trading balance and is therefore interest free and repayable in line with payment terms.

Transactions with group companies are conducted on an arms length basis, and therefore are not required to be disclosed under FRS102.

MAKEVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 10 -
14
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Transactions with Directors
-
5,193
117,617
(122,900)
(90)
5,193
117,617
(122,900)
(90)
15
Parent company

At the year end the parent company was Makevale Group Limited by virtue of its 100% shareholding.

The ultimate controlling party continues to be the Ahir family by virtue of their majority shareholding of the parent company.

The company is consolidated into the financial statements of Makevale Group Limited, the parent company. These financial statements are publicly available from companies house or the company's registered office.

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