M L (UK) Limited

	Page
Balance Sheet	1—2
Statement of Changes in Equity	3
Notes to the Financial Statements	4—8

	Share Capital	Share Premium	Profit and Loss Account	Total
	£	£	£	£
As at 1 January 2024	132	214,847	1,537,072	1,752,051
Profit for the year and total comprehensive income	-	-	109,795	109,795

Dividends paid	-	-	(289,055)	(289,055)

As at 31 December 2024 and 1 January 2025	132	214,847	1,357,812	1,572,791


Profit for the year and total comprehensive income	-	-	135,454	135,454

Dividends paid	-	-	(176,131)	(176,131)

As at 31 December 2025	132	214,847	1,317,135	1,532,114

1. General Information

M L (UK) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04547232 . The registered office is 7 Kettering Terrace, Mile End, Portsmouth, Hampshire, PO2 7QH.

2. Accounting Policies

2.1. Early Adoption of Amendments to FRS 102 (Periodic Review 2024)

The company has early adopted the amendments to FRS 102, arising from the Financial Reporting Council's Periodic Review 2024, issued in March 2024. These amendments are effective for accounting periods beginning on or after 1 January 2026, but the company has elected to apply them in these financial statements for the year ended 31 December 2025.

The amendments primarily affect the company's accounting for lease accounting.

The impact of early adoption has resulted in the recognition of right-of-use assets and corresponding lease liabilities in respect of qualifying leases. Lease expenses previously recognised within operating expenses are now recognised as depreciation of the right-of-use assets and finance costs on the lease liabilities.

Further details of the transition and the effect on the financial statements are provided in the notes.

2.2. Basis of Preparation of Financial Statements

These financial statements have been prepared in accordance with Section 1A (Small Entities) of FRS 102. The company has elected to early adopt the amendments arising from the FRC Periodic Review 2024 (issued March 2024). Consequently, all relevant amendments, including the revised requirements of Section 20 (Leases), have been applied consistently throughout these financial statements.

2.3. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

In assessing whether the going concern assumption is appropriate, the directors have considered all available information about the future, which is at least, but is not limited to, 12 months from the date when the financial statements are authorised for issue.

2.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	2% SL
Plant & Machinery	20% RB

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Within plant & machinery is a subcategory for Pontoon which uses a straight line depreciation method at 5%, and Commercial Vehicles which uses a reducing balance depreciation method at 25%.

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M L (UK) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.6. Leases

The company recognises a right-of-use asset and a corresponding lease liability at the lease commencement date for all leases within the scope of Section 20, except for leases qualifying for the recognition exemptions described below.

Right-of-use assets

Right-of-use assets are initially measured at cost, comprising:

the initial measurement of the lease liability

lease payments made before commencement

initial direct costs; and

any estimated dismantling or restoration costs.

The assets are subsequently depreciated on a straight-line basis over the shorter of:

the lease term; or

the useful economic life of the underlying asset.

Lease liabilities

Lease liabilities are initially measured at the present value of future lease payments, discounted using:

the interest rate implicit in the lease; or

where this cannot readily be determined, the company's incremental borrowing rate.

Interest is recognised using the effective interest method.

Recognition exemptions

Lease payments relating to:

short-term leases (12 months or less); and

leases of low-value assets

are recognised as an expense on a straight-line basis over the lease term.

2.7. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.8. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

...CONTINUED

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M L (UK) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.8. Taxation - continued

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.9. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 8 (2024: 16)

4. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Total
	£	£	£
Cost
As at 1 January 2025	133,959	1,787,668	1,921,627
Disposals	-	(9,358 )	(9,358 )

As at 31 December 2025	133,959	1,778,310	1,912,269

Depreciation
As at 1 January 2025	59,552	763,600	823,152
Provided during the period	2,907	100,588	103,495
Disposals	-	(6,615 )	(6,615 )

As at 31 December 2025	62,459	857,573	920,032

Net Book Value
As at 31 December 2025	71,500	920,737	992,237

As at 1 January 2025	74,407	1,024,068	1,098,475

5. Right-of-use Assets

	Plant and Equipment
	£
Cost
As at 1 January 2025	-
Additions	37,940

As at 31 December 2025	37,940

Depreciation
As at 1 January 2025	-
Provided during the period	6,458

As at 31 December 2025	6,458

Net Book Value
As at 31 December 2025	31,482

As at 1 January 2025	-

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M L (UK) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

6. Stocks

	2025	2024
	£	£
Work in progress	137,677	22,463

7. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	141,391	251,102
Prepayments and accrued income	7,215	3,339
Amounts due from associated companies	373,131	93,197

	521,737	347,638

8. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	7,465	-
Trade creditors	65,273	31,535
Corporation tax	59,552	83,167
Other taxes and social security	15,105	12,232
VAT	17,070	26,190
Credit Card	1,725	-
Accruals and deferred income	2,880	976

	169,070	154,100

9. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	16,197	-

10. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	7,465	-
Later than one year and not later than five years	16,197	-

	23,662	-

	23,662	-

11. Lease Liabilities

The company has recognised lease liabilities in accordance with Section 20 of FRS 102. At the reporting date, the lease liability amounted to £23,663, of which £7,465 is payable within one year and £16,198 is payable after more than one year.

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M L (UK) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

12. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	255,930	263,257

13. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
120 Ordinary Shares of £ 1.00 each	120	120
10 Ordinary A shares of £ 1.00 each	10	10
1 Ordinary B shares of £ 1.00 each	1	1
1 Ordinary C shares of £ 1.00 each	1	1

	132	132

14. Dividends

	2025	2024
	£	£
On equity shares:
Interim dividend paid	176,131	289,055

15. Related Party Transactions

At the Balance Sheet date the company was owed by associated company £323,137 (2024 £93,197). The loan was made interest free and is repayable upon demand. The companies are associated by common directorship and ownership.

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Mr J T Liney Director	Miss J L Liney Director	Mr M J Liney Director
17/09/2026

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		992,237		1,098,475
Right-of-use Assets	5		31,482		-

			1,023,719		1,098,475
CURRENT ASSETS
Stocks	6	137,677		22,463
Debtors	7	521,737		347,638
Cash at bank and in hand		290,178		521,572

		949,592		891,673
Creditors: Amounts Falling Due Within One Year	8	(169,070 )		(154,100 )

NET CURRENT ASSETS (LIABILITIES)			780,522		737,573

TOTAL ASSETS LESS CURRENT LIABILITIES			1,804,241		1,836,048

Creditors: Amounts Falling Due After More Than One Year	9		(16,197 )		-

PROVISIONS FOR LIABILITIES
Deferred Taxation	12		(255,930 )		(263,257 )

NET ASSETS			1,532,114		1,572,791

CAPITAL AND RESERVES
Called up share capital	13		132		132
Share premium account			214,847		214,847
Profit and Loss Account			1,317,135		1,357,812

SHAREHOLDERS' FUNDS			1,532,114		1,572,791