Registered number
01408824
Megacon Controls Limited
Filleted Accounts
31 December 2023
Megacon Controls Limited
Registered number: 01408824
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 40,259 38,608
Current assets
Stocks 439,389 333,973
Debtors 5 202,186 109,245
Cash at bank and in hand 118,729 252,978
760,304 696,196
Creditors: amounts falling due within one year 6 (143,449) (109,459)
Net current assets 616,855 586,737
Net assets 657,114 625,345
Capital and reserves
Called up share capital 301 301
Share premium 599 599
Profit and loss account 656,214 624,445
Shareholders' funds 657,114 625,345
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Craig P Jenkins
Director
Approved by the board on 9 September 2024
Megacon Controls Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 9
3 Intangible fixed assets £
Research and Development:
Cost
At 1 January 2023 99,405
At 31 December 2023 99,405
Amortisation
At 1 January 2023 99,405
At 31 December 2023 99,405
Net book value
At 31 December 2023 -
Research and Development is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 179,335 455,144 634,479
Additions - 15,162 15,162
At 31 December 2023 179,335 470,306 649,641
Depreciation
At 1 January 2023 179,335 416,536 595,871
Charge for the year - 13,511 13,511
At 31 December 2023 179,335 430,047 609,382
Net book value
At 31 December 2023 - 40,259 40,259
At 31 December 2022 - 38,608 38,608
5 Debtors 2023 2022
£ £
Trade debtors 53,490 46,512
Amounts owed by group undertakings and undertakings in which the company has a participating interest 88,527 34,726
Other debtors 60,169 28,007
202,186 109,245
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 62,441 37,742
Taxation and social security costs 39,362 60,219
Other creditors 41,646 11,498
143,449 109,459
7 Other information
Megacon Controls Limited is a private company limited by shares and incorporated in England. Its registered office is:
4 Chapel Row
Queen Square
Bath
BA1 1HN
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