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Company No: 05529167 (England and Wales)

MELBEK TECHNOLOGY LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

MELBEK TECHNOLOGY LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

MELBEK TECHNOLOGY LIMITED

COMPANY INFORMATION

For the financial year ended 31 August 2023
MELBEK TECHNOLOGY LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 August 2023
DIRECTOR Mr Darren Ilston
REGISTERED OFFICE Blyth House
Rendham Road
Saxmundham
United Kingdom
COMPANY NUMBER 05529167 (England and Wales)
ACCOUNTANT Ensors Accountants LLP
Blyth House
Rendham Road
Saxmundham
IP17 1WA
MELBEK TECHNOLOGY LIMITED

BALANCE SHEET

As at 31 August 2023
MELBEK TECHNOLOGY LIMITED

BALANCE SHEET (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 91,876 62,650
91,876 62,650
Current assets
Stocks 20,276 25,861
Debtors 5 155,763 176,411
Cash at bank and in hand 284,016 220,797
460,055 423,069
Creditors: amounts falling due within one year 6 ( 136,779) ( 107,676)
Net current assets 323,276 315,393
Total assets less current liabilities 415,152 378,043
Provision for liabilities ( 21,321) ( 14,487)
Net assets 393,831 363,556
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 393,731 363,456
Total shareholders' funds 393,831 363,556

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Melbek Technology Limited (registered number: 05529167) were approved and authorised for issue by the Director on 28 March 2024. They were signed on its behalf by:

Mr Darren Ilston
Director
MELBEK TECHNOLOGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
MELBEK TECHNOLOGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Melbek Technology Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Blyth House, Rendham Road, Saxmundham, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director 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.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 8 8

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 September 2022 5,245 124,361 129,606
Additions 0 48,824 48,824
Disposals 0 ( 13,750) ( 13,750)
At 31 August 2023 5,245 159,435 164,680
Accumulated depreciation
At 01 September 2022 997 65,959 66,956
Charge for the financial year 524 16,164 16,688
Disposals 0 ( 10,840) ( 10,840)
At 31 August 2023 1,521 71,283 72,804
Net book value
At 31 August 2023 3,724 88,152 91,876
At 31 August 2022 4,248 58,402 62,650

5. Debtors

2023 2022
£ £
Trade debtors 49,284 79,114
Other debtors 106,479 97,297
155,763 176,411

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 21,764 22,971
Taxation and social security 78,775 80,288
Other creditors 36,240 4,417
136,779 107,676

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Class 1 ordinary shares of £ 1.00 each (2022: nil shares) 100 0

8. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 21,000 7,583

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 767 607

9. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Dividends 90,000 75,000
0 0
0 0

Advances

The balance brought forward on the Directors Loan Account was £68,310, advances of £98,253 were made with interest of £1,485 charged (at a rate of 2.00% to March 23 and 2.25% onwards), £101,163 has been repaid leaving a closing balance of £66,885.