Registered number
NI647164
MTX Cloud Services Ltd
Filleted Accounts
31 March 2023
MTX Cloud Services Ltd
Registered number: NI647164
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 133,068 163,068
Tangible assets 4 7,414 2,530
140,482 165,598
Current assets
Debtors 5 338,416 404,947
Cash at bank and in hand 52,939 9,601
391,355 414,548
Creditors: amounts falling due within one year 6 (39,841) (38,023)
Net current assets 351,514 376,525
Total assets less current liabilities 491,996 542,123
Creditors: amounts falling due after more than one year 7 (22,667) (32,540)
Provisions for liabilities (1,854) (481)
Net assets 467,475 509,102
Capital and reserves
Called up share capital 21 21
Share premium 520,000 520,000
Profit and loss account (52,546) (10,919)
Shareholder's funds 467,475 509,102
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Aiden Donnelly
Director
Approved by the board on 17 November 2023
MTX Cloud Services Ltd
Notes to the Accounts
for the year ended 31 March 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 and buildings, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 300,000
At 31 March 2023 300,000
Amortisation
At 1 April 2022 136,932
Provided during the year 30,000
At 31 March 2023 166,932
Net book value
At 31 March 2023 133,068
At 31 March 2022 163,068
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 2,530
Additions 6,079
At 31 March 2023 8,609
Depreciation
Charge for the year 1,195
At 31 March 2023 1,195
Net book value
At 31 March 2023 7,414
At 31 March 2022 2,530
5 Debtors 2023 2022
£ £
Trade debtors 97,755 93,945
Amounts owed by group undertakings and undertakings in which the company has a participating interest 176,215 -
Loan to Director - 55,397
Other debtors 64,446 255,605
338,416 404,947
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,673 9,493
Trade creditors 8,885 3,385
Taxation and social security costs 19,366 23,777
Other creditors 1,917 1,368
39,841 38,023
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 22,667 32,540
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Aiden Donnelly
Loan provided in FY19 30,358 - (30,358) -
Loan provided in FY20 25,039 - (25,039) -
55,397 - (55,397) -
9 Other information
MTX Cloud Services Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
The Granary
39 Charlemont Street
Dungannon
County Tyrone
BT71 7SL
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