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Company Registration No. 12640114 (England and Wales)
Mast Technologies Ltd Unaudited accounts for the year ended 30 June 2024
Mast Technologies Ltd Unaudited accounts Contents
Page
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Mast Technologies Ltd Company Information for the year ended 30 June 2024
Directors
J. Abi Saab H. Stanley R. Stronach
Company Number
12640114 (England and Wales)
Registered Office
71-75 Shelton Street London WC2H 9JQ England
Accountants
Accounts and Legal Consultants Ltd Suite 1-3 The Hop Exchange 24 Southwark Street London SE1 1TY
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Mast Technologies Ltd Accountants' report
Accountants' report to the board of directors of Mast Technologies Ltd on the preparation of the unaudited statutory accounts for the year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mast Technologies Ltd for the year ended 30 June 2024 as set out on pages 5 - 8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Mast Technologies Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Mast Technologies Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mast Technologies Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Mast Technologies Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Mast Technologies Ltd. You consider that Mast Technologies Ltd 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 accounts of Mast Technologies Ltd. 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 accounts.
Accounts and Legal Consultants Ltd Suite 1-3 The Hop Exchange 24 Southwark Street London SE1 1TY 4 September 2024
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Mast Technologies Ltd Statement of financial position as at 30 June 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
16,432 
10,995 
Current assets
Debtors
442,759 
162,324 
Cash at bank and in hand
864,488 
652,869 
1,307,247 
815,193 
Creditors: amounts falling due within one year
(245,372)
(16,654)
Net current assets
1,061,875 
798,539 
Net assets
1,078,307 
809,534 
Capital and reserves
Called up share capital
8 
5 
Share premium
2,164,422 
1,504,444 
Profit and loss account
(1,086,123)
(694,915)
Shareholders' funds
1,078,307 
809,534 
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2024 and were signed on its behalf by
J. Abi Saab Director Company Registration No. 12640114
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Mast Technologies Ltd Notes to the Accounts for the year ended 30 June 2024
1
Statutory information
Mast Technologies Ltd is a private company, limited by shares, registered in England and Wales, registration number 12640114. The registered office is 71-75 Shelton Street, London, WC2H 9JQ, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Presentation currency
The accounts are presented in £ sterling.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reached this conclusion giving due consideration to the projected future performance of the company and any potential risk that might impact the company's ability to meet its required solvency levels. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives: 25% - Straight Line
Taxation
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reached this conclusion giving due consideration to the projected future performance of the company and any potential risk that might impact the company's ability to meet its required solvency levels. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
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Mast Technologies Ltd Notes to the Accounts for the year ended 30 June 2024
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 July 2023
249 
- 
15,353 
15,602 
Additions
526 
2,449 
7,163 
10,138 
At 30 June 2024
775 
2,449 
22,516 
25,740 
Depreciation
At 1 July 2023
5 
- 
4,602 
4,607 
Charge for the year
123 
248 
4,330 
4,701 
At 30 June 2024
128 
248 
8,932 
9,308 
Net book value
At 30 June 2024
647 
2,201 
13,584 
16,432 
At 30 June 2023
244 
- 
10,751 
10,995 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
261,000 
- 
Accrued income and prepayments
16,510 
5,425 
Other debtors
165,249 
156,899 
442,759 
162,324 
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Mast Technologies Ltd Notes to the Accounts for the year ended 30 June 2024
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
35,872 
5,270 
Trade creditors
16,511 
10,348 
Taxes and social security
23,277 
- 
Other creditors
169,516 
1,029 
Loans from directors
196 
7 
245,372 
16,654 
7
Average number of employees
During the year the average number of employees was 10 (2023: 6).
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