Company registration number 00705102 (England and Wales)
MTE METER TEST EQUIPMENT (UK) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MTE METER TEST EQUIPMENT (UK) LTD
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 6
MTE METER TEST EQUIPMENT (UK) LTD
COMPANY INFORMATION
- 1 -
Director
Mr S Bamford
Secretary
Mr L Zuellig
Company number
00705102
Registered office
4 Oval View
Woodley
Stockport
Cheshire
SK6 1JW
Auditor
Xeinadin Audit Limited
Riverside House, Kings Reach Business Park
Yew Street
Stockport
Cheshire
United Kingdom
Cheshire
Cheshire
MTE METER TEST EQUIPMENT (UK) LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
35,783
20,767
Current assets
Debtors
4
116,965
116,340
Cash at bank and in hand
215,186
90,203
332,151
206,543
Creditors: amounts falling due within one year
5
(193,405)
(67,778)
Net current assets
138,746
138,765
Net assets
174,529
159,532
Capital and reserves
Called up share capital
3,200
3,200
Profit and loss reserves
171,329
156,332
Total equity
174,529
159,532

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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 the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and signed by the director and authorised for issue on 12 April 2024
Mr S Bamford
Director
Company registration number 00705102 (England and Wales)
MTE METER TEST EQUIPMENT (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

MTE Meter Test Equipment (UK) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 4 Oval View, Woodley, Stockport, Cheshire, SK6 1JW.

1.1
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 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 £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2
Going concern

The Director has considered the Company's financial strength, taking into account the fixed costs fortrue the next twelve months, together with an assessment of the potential impact of the current economic climate and events in Eastern Europe on its operations and its finances. The Company continues to have the confirmed support of the wider group for the coming year.

 

After taking all of this into account, the Director has concluded that he has a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements. He therefore continues to adopt the going concern basis of accounting in preparing these financial statements.

1.3
Foreign currency translation

The Company's functional and presentational currency is GBP.

 

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate.

 

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of income and retained earnings.

1.4
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:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

MTE METER TEST EQUIPMENT (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

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:

For new systems, portables and hydrocal this is considered to be when the goods have been delivered.

 

For repairs this is considered to be on a straight-line basis over the period of time for which the work is performed.

1.5
Pensions

Defined contribution pension plan

 

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

 

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

1.6
Taxation

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 reporting date in the countries where the Company operates and generates income.

1.7
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:

Plant and machinery
33% Straight line

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.

1.8
Debtors

Short term debtors are measured at transaction price, less any impairment.

MTE METER TEST EQUIPMENT (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.9
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.

1.10
Creditors

Short term creditors are measured at the transaction price.

1.11
Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from related parties.

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
Plant and machinery etc
£
Cost
At 1 January 2023
77,787
Additions
28,235
Disposals
(1,493)
At 31 December 2023
104,529
Depreciation and impairment
At 1 January 2023
57,020
Depreciation charged in the year
13,219
Eliminated in respect of disposals
(1,493)
At 31 December 2023
68,746
Carrying amount
At 31 December 2023
35,783
At 31 December 2022
20,767
MTE METER TEST EQUIPMENT (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
113,190
116,340
Other debtors
3,775
-
0
116,965
116,340
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
18,151
1,429
Amounts owed to group undertakings
109,854
12,583
Taxation and social security
38,753
30,492
Other creditors
26,647
23,274
193,405
67,778
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Simon Leitch Devlin (ACA)
Statutory Auditor:
Xeinadin Audit Limited
Date of audit report:
30 August 2024
7
Related party transactions

The Company has taken advantage of the exemption within FRS 102 to not disclose transactions with any member of the group that is wholly owned.

8
Parent company

The ultimate parent company is MTE Meter Test Equipment AG, a company registered in Switzerland. The registered office address of MTE Meter Test Equipment is Landis + Gyr-Strasse 1, P.O. Box 7550, 6302 Zug, Switzerland. Thomas Mueller is considered to be this company's controlling party by virtue of his majority shareholding in MTE Meter Test Equipment AG.

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