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COMPANY REGISTRATION NUMBER: 07680354
MT13 Limited
Filleted Unaudited Financial Statements
31 August 2023
MT13 Limited
Financial Statements
Year ended 31 August 2023
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
MT13 Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of MT13 Limited
Year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MT13 Limited for the year ended 31 August 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of MT13 Limited, as a body, in accordance with the terms of our engagement letter dated 16 April 2020. Our work has been undertaken solely to prepare for your approval the financial statements of MT13 Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MT13 Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that MT13 Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of MT13 Limited. You consider that MT13 Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of MT13 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
29 August 2024
MT13 Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
6
55,660
52,720
Tangible assets
7
37,144
36,491
--------
--------
92,804
89,211
Current assets
Stocks
5,000
Debtors
8
13,883
11,507
Cash at bank and in hand
2,560
21,852
--------
--------
21,443
33,359
Creditors: amounts falling due within one year
9
89,433
80,741
--------
--------
Net current liabilities
67,990
47,382
--------
--------
Total assets less current liabilities
24,814
41,829
Creditors: amounts falling due after more than one year
10
50,656
66,498
Provisions
16,269
16,951
--------
--------
Net liabilities
( 42,111)
( 41,620)
--------
--------
MT13 Limited
Statement of Financial Position (continued)
31 August 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
100
100
Share premium account
19,910
19,910
Profit and loss account
( 62,121)
( 61,630)
--------
--------
Shareholders deficit
( 42,111)
( 41,620)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 August 2024 , and are signed on behalf of the board by:
Mr M D Taylor
Director
Company registration number: 07680354
MT13 Limited
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The busines address of the company is Meadowside, Park Road, Plumtree Park, Nottingham, NG12 5LX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the balance sheet date there is a deficit on shareholders funds. The directors have considered that there is adequate financial support and that it is appropriate to prepare the accounts on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website costs
-
20% straight line from use
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Government grants
Income from Government grants are in respect of the Cornavirus Job Retention Scheme and interest paid under the Coranavirus Business Interruption Loan Scheme.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 10 ).
6. Intangible assets
Website Costs
£
Cost
At 1 September 2022
62,434
Additions
2,940
Disposals
9,714
--------
At 31 August 2023
75,088
--------
Amortisation
At 1 September 2022
9,714
Charge for the year
Disposals
9,714
--------
At 31 August 2023
19,428
--------
Carrying amount
At 31 August 2023
55,660
--------
At 31 August 2022
52,720
--------
7. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2022
80,825
7,551
13,580
101,956
Additions
4,171
2,699
6,870
Disposals
1,330
1,330
--------
--------
--------
---------
At 31 August 2023
86,326
10,250
13,580
110,156
--------
--------
--------
---------
Depreciation
At 1 September 2022
49,941
6,335
9,189
65,465
Charge for the year
4,834
505
878
6,217
Disposals
1,330
1,330
--------
--------
--------
---------
At 31 August 2023
56,105
6,840
10,067
73,012
--------
--------
--------
---------
Carrying amount
At 31 August 2023
30,221
3,410
3,513
37,144
--------
--------
--------
---------
At 31 August 2022
30,884
1,216
4,391
36,491
--------
--------
--------
---------
8. Debtors
2023
2022
£
£
Trade debtors
85
10,074
Other debtors
13,798
1,433
--------
--------
13,883
11,507
--------
--------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
7,167
9,607
Trade creditors
41,172
46,326
Corporation tax
8,767
8,022
Social security and other taxes
1,177
3,676
Other creditors
31,150
13,110
--------
--------
89,433
80,741
--------
--------
Included in bank loans and overdrafts is £7,167 (2022 £9,607) in respect of the Government supported Coronavirus Business Interruption Loan Scheme.
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
31,906
36,498
Other creditors
18,750
30,000
--------
--------
50,656
66,498
--------
--------
Included in bank loans and overdrafts is £31,906 (2022 £36,498) in respect of the Government supported Coronavirus Business Interruption Loan Scheme.