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Registered number: 07755500
Master Tech Commercials Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07755500
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 170,013 126,762
170,013 126,762
CURRENT ASSETS
Stocks 5,250 2,281
Debtors 6 452,698 520,425
Cash at bank and in hand 322,066 298,651
780,014 821,357
Creditors: Amounts Falling Due Within One Year 7 (510,787 ) (526,993 )
NET CURRENT ASSETS (LIABILITIES) 269,227 294,364
TOTAL ASSETS LESS CURRENT LIABILITIES 439,240 421,126
Creditors: Amounts Falling Due After More Than One Year 8 (219,836 ) (219,357 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (9,590 ) (11,195 )
NET ASSETS 209,814 190,574
CAPITAL AND RESERVES
Called up share capital 11 1 1
Profit and Loss Account 209,813 190,573
SHAREHOLDERS' FUNDS 209,814 190,574
Page 1
Page 2
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
J W Way
Director
13 August 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Master Tech Commercials Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07755500 . The registered office is Alton House, 66/68 High Street, Northwood, Middlesex, HA6 1BL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It was amortised to profit and loss account over its estimated economic life of five years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold equally over the term of the lease
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment straight line over three years
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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Page 4
2.7. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2022: 14)
15 14
4. Intangible Assets
Goodwill
£
Cost
As at 1 November 2022 37,500
As at 31 October 2023 37,500
Amortisation
As at 1 November 2022 37,500
As at 31 October 2023 37,500
Net Book Value
As at 31 October 2023 -
As at 1 November 2022 -
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 November 2022 76,152 76,252 74,135 4,146
Additions - 3,725 71,483 -
As at 31 October 2023 76,152 79,977 145,618 4,146
Depreciation
As at 1 November 2022 7,616 43,941 52,321 3,732
Provided during the period 7,615 8,345 12,899 104
As at 31 October 2023 15,231 52,286 65,220 3,836
Net Book Value
As at 31 October 2023 60,921 27,691 80,398 310
As at 1 November 2022 68,536 32,311 21,814 414
Page 4
Page 5
Computer Equipment Total
£ £
Cost
As at 1 November 2022 11,577 242,262
Additions - 75,208
As at 31 October 2023 11,577 317,470
Depreciation
As at 1 November 2022 7,890 115,500
Provided during the period 2,994 31,957
As at 31 October 2023 10,884 147,457
Net Book Value
As at 31 October 2023 693 170,013
As at 1 November 2022 3,687 126,762
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 358,617 473,728
Prepayments and accrued income 63,631 25,224
Other debtors 23,500 20,000
Amounts owed by other participating interests 6,950 1,473
452,698 520,425
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 4,539 -
Trade creditors 240,922 291,429
Bank loans and overdrafts 97,414 54,405
Corporation tax 21,336 6,481
Social security and other taxes 14,301 13,258
VAT 67,859 89,050
Other creditors 60,416 60,350
Accruals 4,000 4,000
Director's loan account - 8,020
510,787 526,993
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 55,806 -
Bank loans 164,030 219,357
219,836 219,357
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9. Secured Creditors
Of the creditors the following amounts are secured.
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 60,345 -
Bank loans and overdrafts 48,333 68,333
10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 4,539 -
Later than one year and not later than five years 55,806 -
60,345 -
60,345 -
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
Page 6