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Registered number: 06612667









MTM HOLDINGS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
MTM HOLDINGS LIMITED
REGISTERED NUMBER: 06612667

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
867,126
949,230

Investments
 5 
1,524,276
1,524,276

  
2,391,402
2,473,506

Current assets
  

Debtors: amounts falling due within one year
 6 
12,128
6,939

Cash at bank and in hand
 7 
258,706
249,669

  
270,834
256,608

Creditors: amounts falling due within one year
 8 
(172,559)
(246,076)

Net current assets
  
 
 
98,275
 
 
10,532

Total assets less current liabilities
  
2,489,677
2,484,038

Provisions for liabilities
  

Deferred tax
  
(171,000)
(182,000)

  
 
 
(171,000)
 
 
(182,000)

Net assets
  
2,318,677
2,302,038


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Share premium account
  
796,666
796,666

Profit and loss account
  
1,512,011
1,495,372

  
2,318,677
2,302,038


Page 1

 
MTM HOLDINGS LIMITED
REGISTERED NUMBER: 06612667
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

The directors consider 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 directors acknowledge their 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 statement of income and retained earnings 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 by: 



P Sloan
Director

Date: 30 January 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
MTM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

MTM Holdings Limited is a limited liability company incorporated and domiciled in the United Kingdom. 
The address of its registered office is:
Unit 4-8
Waterside Industrial Estate
Doulton Road
Rowley Regis
West Midlands
B65 8JG
The financial statements are prepared in Sterling (£) which is the functional currency of the company. The financial statements are for the year ended 30 September 2023 (2022: year ended 30 September 2022).

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 is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
MTM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

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:

Freehold property
-
2.5%
Plant & machinery
-
10-25%
Office equipment
-
25%

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.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 4

 
MTM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, 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. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.11

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 Company has no employees other than the directors, who did not receive any remuneration (2022 - £Nil).

Page 5

 
MTM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Tangible fixed assets





Freehold property
Plant & machinery
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 October 2022
1,034,503
362,233
53,166
1,449,902


Additions
-
5,281
-
5,281


Disposals
-
-
(2,122)
(2,122)



At 30 September 2023

1,034,503
367,514
51,044
1,453,061



Depreciation


At 1 October 2022
200,544
279,925
20,203
500,672


Charge for the year on owned assets
32,496
42,698
12,191
87,385


Disposals
-
-
(2,122)
(2,122)



At 30 September 2023

233,040
322,623
30,272
585,935



Net book value



At 30 September 2023
801,463
44,891
20,772
867,126



At 30 September 2022
833,959
82,308
32,963
949,230


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2022
1,524,276



At 30 September 2023
1,524,276




Page 6

 
MTM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6.


Debtors

2023
2022
£
£


Other debtors
1,198
559

Prepayments and accrued income
10,930
6,380

12,128
6,939



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
258,706
249,669

258,706
249,669



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
94,315
156,151

Corporation tax
23,050
8,800

Other creditors
49,948
72,523

Accruals and deferred income
5,246
8,602

172,559
246,076



9.


Related party transactions

During the year the company charged management charges of £354,889 (2022: £347,295) to its subsidiary undertaking MTM Limited. Creditors falling due within one year as at 30 September 2023 include amounts due to MTM Limited totalling £94,315 (2022: £156,151).
During the year dividends of £191,036 (2022: £182,040) were paid to the directors of the company.


10.


Controlling party

The company is controlled by its directors by virtue of their shareholdings.

Page 7