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
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
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
Mast Technologies Ltd
Statement of financial position
as at 30 June 2024
Tangible assets
16,432
10,995
Cash at bank and in hand
864,488
652,869
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
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
Mast Technologies Ltd
Notes to the Accounts
for the year ended 30 June 2024
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.
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.
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.
The accounts are presented in £ sterling.
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 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
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.
Mast Technologies Ltd
Notes to the Accounts
for the year ended 30 June 2024
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 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
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
At 30 June 2024
647
2,201
13,584
16,432
At 30 June 2023
244
-
10,751
10,995
Amounts falling due within one year
Accrued income and prepayments
16,510
5,425
Other debtors
165,249
156,899
Mast Technologies Ltd
Notes to the Accounts
for the year ended 30 June 2024
6
Creditors: amounts falling due within one year
2024
2023
Trade creditors
16,511
10,348
Taxes and social security
23,277
-
Other creditors
169,516
1,029
Loans from directors
196
7
7
Average number of employees
During the year the average number of employees was 10 (2023: 6).