Caseware UK (AP4) 2022.0.179 2022.0.179 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrue2022-05-01falseNo description of principal activity33 06217995 2022-05-01 2023-04-30 06217995 2021-05-01 2022-04-30 06217995 2023-04-30 06217995 2022-04-30 06217995 2021-05-01 06217995 c:CompanySecretary1 2022-05-01 2023-04-30 06217995 c:Director1 2022-05-01 2023-04-30 06217995 c:RegisteredOffice 2022-05-01 2023-04-30 06217995 d:OtherPropertyPlantEquipment 2022-05-01 2023-04-30 06217995 d:OtherPropertyPlantEquipment 2023-04-30 06217995 d:OtherPropertyPlantEquipment 2022-04-30 06217995 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 06217995 d:CurrentFinancialInstruments 2023-04-30 06217995 d:CurrentFinancialInstruments 2022-04-30 06217995 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 06217995 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 06217995 d:ShareCapital 2022-05-01 2023-04-30 06217995 d:ShareCapital 2023-04-30 06217995 d:ShareCapital 2021-05-01 2022-04-30 06217995 d:ShareCapital 2022-04-30 06217995 d:ShareCapital 2021-05-01 06217995 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 06217995 d:RetainedEarningsAccumulatedLosses 2023-04-30 06217995 d:RetainedEarningsAccumulatedLosses 2021-05-01 2022-04-30 06217995 d:RetainedEarningsAccumulatedLosses 2022-04-30 06217995 d:RetainedEarningsAccumulatedLosses 2021-05-01 06217995 c:OrdinaryShareClass1 2022-05-01 2023-04-30 06217995 c:OrdinaryShareClass1 2023-04-30 06217995 c:OrdinaryShareClass1 2022-04-30 06217995 c:FRS102 2022-05-01 2023-04-30 06217995 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 06217995 c:FullAccounts 2022-05-01 2023-04-30 06217995 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06217995










MT Power Electronics Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 30 April 2023

 
MT Power Electronics Limited
 

Company Information


Director
Ekhram Salakhov 




Company secretary
Reeves Company Secretarial Limited



Registered number
06217995



Registered office
2nd Floor
168 Shoreditch High Street

London

E1 6RA




Accountants
Kreston Reeves LLP
Chartered Accountants

2nd Floor

168 Shoreditch High Street

London

E1 6RA





 
MT Power Electronics Limited
Registered number: 06217995

Balance sheet
As at 30 April 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,185
4,239

  
5,185
4,239

Current assets
  

Debtors
  
244,117
742,969

Cash at bank and in hand
  
148,584
261,990

  
392,701
1,004,959

Creditors: amounts falling due within one year
 7 
(21,931)
(620,905)

Net current assets
  
 
 
370,770
 
 
384,054

Total assets less current liabilities
  
375,955
388,293

Net assets
  
375,955
388,293


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
 9 
375,954
388,292

  
375,955
388,293


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 year 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 profit and loss account 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 on 14 September 2023.




Ekhram Salakhov
Director

The notes on pages 4 to 8 form part of these financial statements.
Page 1

 
MT Power Electronics Limited
 

Statement of changes in equity
For the Year Ended 30 April 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2022
1
388,292
388,293


Comprehensive income for the year

Profit for the year
-
17,662
17,662
Total comprehensive income for the year
-
17,662
17,662


Contributions by and distributions to owners

Dividends: Equity capital
-
(30,000)
(30,000)


Total transactions with owners
-
(30,000)
(30,000)


At 30 April 2023
1
375,954
375,955


The notes on pages 4 to 8 form part of these financial statements.
Page 2

 
MT Power Electronics Limited
 

Statement of changes in equity
For the Year Ended 30 April 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2021
1
429,642
429,643


Comprehensive income for the year

Loss for the year
-
(11,350)
(11,350)
Total comprehensive income for the year
-
(11,350)
(11,350)


Contributions by and distributions to owners

Dividends: Equity capital
-
(30,000)
(30,000)


Total transactions with owners
-
(30,000)
(30,000)


At 30 April 2022
1
388,292
388,293


The notes on pages 4 to 8 form part of these financial statements.
Page 3

 
MT Power Electronics Limited
 

 
Notes to the financial statements
For the Year Ended 30 April 2023

1.


General information

The company is registered as a private company limited by shares, incorporated and domiciled in England & Wales. The company's registered office is at 2nd Floor, 168 Shoreditch High Street, E1 6RA.
The principal activities of the company during the year was that of supplying and dealing in electrical equipment. The company's trading address is Office 44, First Floor, 57 Berkeley Square, London, W1J 6ER.

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 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:

  
2.2

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied
during the year, exclusive of Value Added Tax and trade discounts..

  
2.3

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at
rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the
transaction.
Exchange gains and losses are recognised in the Profit and loss account.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Taxation

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 balance sheet date in the countries where the Company operates and generates income.

Page 4

 
MT Power Electronics Limited
 

 
Notes to the financial statements
For the Year Ended 30 April 2023

2.Accounting policies (continued)

 
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.

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:

Other fixed assets
-
25%
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

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.8

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.

  
2.9

Creditors

Short term creditors are measured at the transaction price.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 5

 
MT Power Electronics Limited
 

 
Notes to the financial statements
For the Year Ended 30 April 2023

4.


Tangible fixed assets





Other fixed assets

£



Cost or valuation


At 1 May 2022
10,868


Additions
3,141



At 30 April 2023

14,009



Depreciation


At 1 May 2022
6,629


Charge for the year on owned assets
2,195



At 30 April 2023

8,824



Net book value



At 30 April 2023
5,185



At 30 April 2022
4,239


5.


Debtors

2023
2022
£
£



Trade debtors
243,826
240,433

Other debtors
291
7,666

Prepayments and accrued income
-
494,870

244,117
742,969



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
148,584
261,990

148,584
261,990


Page 6

 
MT Power Electronics Limited
 

 
Notes to the financial statements
For the Year Ended 30 April 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
9,155
17,801

Corporation tax
1,506
-

Other taxation and social security
1,056
1,016

Other creditors
6,389
472

Accruals and deferred income
3,825
601,616

21,931
620,905


The other creditors includes £283 (2022 - £472) due to the director, Mr E Salakhov.


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary Shares share of £1
1
1



9.


Reserves

Profit & loss account

The profit and loss account comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders.
Share Capital
This represents the nominal value of shares that have been issued by the company.


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,448 (2022 - £1,993). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.

Page 7

 
MT Power Electronics Limited
 

 
Notes to the financial statements
For the Year Ended 30 April 2023

11.


Related party transactions

The director, Mr E Salakhov, owned 100% of the issued shares in SEA Electronics Ukraine LLC (a company registered in Ukraine) up until February 2023. Therefore, as at the year end, this company is no longer a related party for MT Power Electronics Ltd.
During the year the company sold goods amounting to £710,570 (2022 - £365,139) to SEA Electronics Ukraine LLC and purchased goods amounting to £Nil (2022 - £Nil) from SEA Electronics Ukraine LLC. As at 30 April 2023 SEA Electronics Ukraine LLC owed £177,695 (2022 - £95,805) to MT Power Electronics Limited.


12.


Controlling party

The ultimate controlling party is Mr E Salakhov, the director, who owns all of the issued share capital.


Page 8