REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
M.T. Futures Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
M.T. Futures Ltd |
M.T. Futures Ltd (Registered number: 07249219) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
M.T. Futures Ltd |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Unit 7 |
Mulberry Place |
Pinnell Road |
Eltham |
London |
SE9 6AR |
M.T. Futures Ltd (Registered number: 07249219) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 4 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 5 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | 8 | ( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
M.T. Futures Ltd (Registered number: 07249219) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
M.T. Futures Ltd is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
GOING CONCERN |
The company is insolvent at the balance sheet date and the director, J Tyler, has confirmed that he will continue to support the company for the foreseeable future. |
The director therefore considers it appropriate to adopt a going concern basis for the preparation of these financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Other creditors |
5. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
M.T. Futures Ltd (Registered number: 07249219) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | CONTINGENT LIABILITIES |
During the period ended 31st July 2012, the company entered into a marketed tax avoidance scheme. The scheme enabled the company to shelter a material amount of tax. The effectiveness of this scheme has been in dispute with HMRC since 2012. |
This matter was fully agreed and settled with HMRC on 20th September 2018. |
The full settlement figure, as agreed with HMRC, has been paid in full during the 2019 year. |
7. | RELATED PARTY DISCLOSURES |
At the year end, the company owed Mr J Tyler £125,887 (2023 - £125,694). This amount is included within Other Creditors. This loan is interest free and repayable on demand. |
8. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS |
31.3.24 | 31.3.23 |
£ | £ |
Loss for the financial year | ( |
) | ( |
) |
Net reduction of shareholders' funds | (673 | ) | (566 | ) |
Opening shareholders' funds | (114,294 | ) | (113,728 | ) |
Closing shareholders' funds | (114,967 | ) | (114,294 | ) |