Company registration number 12576257 (England and Wales)
MENTECH LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MENTECH LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MENTECH LTD (REGISTERED NUMBER: 12576257)
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
910
1,479
Current assets
Debtors
4
46,050
35,054
Cash at bank and in hand
12,953
27,511
59,003
62,565
Creditors: amounts falling due within one year
5
(36,418)
(58,428)
Net current assets
22,585
4,137
Net assets
23,495
5,616
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
23,395
5,516
Total equity
23,495
5,616
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 12 March 2024
Mr M Mariani
Director
MENTECH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Mentech Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 10 Upper Grosvenor Road, Tunbridge Wells, Kent, TN1 2EP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% straight line
Computers
33% straight line
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.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.5
Employee benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
MENTECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
1,012
984
1,996
Depreciation and impairment
At 1 January 2023
84
433
517
Depreciation charged in the year
253
316
569
At 31 December 2023
337
749
1,086
Carrying amount
At 31 December 2023
675
235
910
At 31 December 2022
928
551
1,479
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
45,742
34,879
Other debtors
308
175
46,050
35,054
MENTECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
25,999
44,220
Taxation and social security
4,919
3,665
Other creditors
5,500
10,543
36,418
58,428
6
Related party transactions
Mentech Ltd is a sales agent for its parent company, QIN Srl. Under the agency agreement, Mentech Ltd is entitled to sales commission on sales of the products of QIN Srl to customers outside of the Mediterranean Sea. All costs incurred by Mentech Ltd for the execution of the contract are also invoiced to QIN Srl at cost.
During the year, income received from the parent company amounted to £199,821 (2022 - £148,502).
During the period ended 31 December 2020, Mentech Ltd received a loan of €50,000 from QIN Srl. As at the balance sheet date the balance outstanding on this loan was €30,000 (2022 - €50,000). Interest is charged annually at a rate of 2%.
7
Parent company
Mentech Ltd is a wholly owned subsidiary of QIN Srl, a company registered in Italy.