Registered number
07142490
MT Consulting and Service Limited
Unaudited Filleted Accounts
28 February 2023
MT Consulting and Service Limited
Registered number: 07142490
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 650 981
Current assets
Stocks - 7,347
Debtors 4 2,500 3,936
Cash at bank and in hand 66,655 67,707
69,155 78,990
Creditors: amounts falling due within one year 5 (10,356) (22,049)
Net current assets 58,799 56,941
Total assets less current liabilities 59,449 57,922
Provisions for liabilities (28) (91)
Net assets 59,421 57,831
Capital and reserves
Called up share capital 10 10
Profit and loss account 59,411 57,821
Shareholders' funds 59,421 57,831
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Martin Trickey
Director
Approved by the board on 9 November 2023
MT Consulting and Service Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment 15% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 4,101
Disposals (365)
At 28 February 2023 3,736
Depreciation
At 1 March 2022 3,120
Charge for the year 331
On disposals (365)
At 28 February 2023 3,086
Net book value
At 28 February 2023 650
At 28 February 2022 981
4 Debtors 2023 2022
£ £
Trade debtors - 3,864
Vat Debtor 1,105 -
Other debtors 1,395 72
2,500 3,936
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 66 6,246
Taxation and social security costs 7,795 14,453
Other creditors 2,495 1,350
10,356 22,049
6 Related party transactions
None Noted
7 Transactions with Director
During the year the company director used a current account with the company to record amounts due to him and amounts drawn by him. The accounts shows an amount owing back to Martin Trickey as a director as at 28th February 2023 of £538.27 (2022: 916.27) The amount is repayable on demand and does not carry interest.
8 Controlling party
Mr Martin Trickey owns 80% of the share capital of the company and is therefore the company's ultimate controlling party.
9 Other information
MT Consulting and Service Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Dan-Y-Bryn
Pentwyn Lane
Govilon
Abergavenny
NP7 9RW
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