1 January 2023 v2024.43.2 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP060275072023-01-012023-12-31060275072023-12-31060275072022-12-3106027507core:WithinOneYear2023-12-3106027507core:WithinOneYear2022-12-3106027507core:AfterOneYear2023-12-3106027507core:AfterOneYear2022-12-3106027507core:ShareCapital2023-12-3106027507core:ShareCapital2022-12-3106027507core:RetainedEarningsAccumulatedLosses2023-12-3106027507core:RetainedEarningsAccumulatedLosses2022-12-3106027507bus:Director12023-01-012023-12-3106027507bus:RegisteredOffice2023-01-012023-12-3106027507core:FurnitureFittingsToolsEquipment2023-01-012023-12-3106027507core:MotorVehicles2023-01-012023-12-31060275072022-01-012022-12-3106027507core:PlantMachinery2023-01-0106027507core:PlantMachinery2023-01-012023-12-3106027507core:PlantMachinery2023-12-3106027507core:PlantMachinery2022-12-310602750712023-01-012023-12-3106027507countries:EnglandWales2023-01-012023-12-3106027507bus:AuditExemptWithAccountantsReport2023-01-012023-12-3106027507bus:PrivateLimitedCompanyLtd2023-01-012023-12-3106027507bus:SmallEntities2023-01-012023-12-3106027507bus:FullAccounts2023-01-012023-12-31
Company registration number:
06027507
Mectric Solutions Ltd
Unaudited Filleted Financial Statements for the year ended
31 December 2023
BRIAN PAUL LIMITED
Chartered Accountants
Chase Green House, 42 Chase Side, Enfield, Middlesex, EN2 6NF, United Kingdom
Mectric Solutions Ltd
Statement of Financial Position
31 December 2023
20232022
Note££
Fixed assets    
Tangible assets 5
112,104
 
53,893
 
Current assets    
Debtors 6
2,544,072
 
1,906,549
 
Cash at bank and in hand
214,808
 
157,985
 
2,758,880
 
2,064,534
 
Creditors: amounts falling due within one year 7
(2,311,096
)
(1,411,761
)
Net current assets
447,784
 
652,773
 
Total assets less current liabilities 559,888   706,666  
Creditors: amounts falling due after more than one year 8
(296,886
)
(445,415
)
Provisions for liabilities
(13,620
)
(10,257
)
Net assets
249,382
 
250,994
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
249,282
 
250,894
 
Shareholders funds
249,382
 
250,994
 
For the year ending
31 December 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
24 September 2024
, and are signed on behalf of the board by:
M Cosgrove
Director
Company registration number:
06027507
Mectric Solutions Ltd
Notes to the Financial Statements
Year ended
31 December 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office & business is
Unit 21 Maple Park
,
Essex Road
,
Hoddesdon
,
EN11 0EX
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
25% reducing balance
Motor vehicles
25% reducing balance

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

Operating leases

A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership. Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

4 Average number of employees

The average number of persons employed by the company during the year was
31
(2022:
21
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 January 2023
117,700
 
Additions
84,683
 
At
31 December 2023
202,383
 
Depreciation  
At
1 January 2023
63,807
 
Charge
26,472
 
At
31 December 2023
90,279
 
Carrying amount  
At
31 December 2023
112,104
 
At 31 December 2022
53,893
 

6 Debtors

20232022
££
Trade debtors
330,300
 
733,011
 
Other debtors
2,213,772
 
1,173,538
 
2,544,072
 
1,906,549
 

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
201,564
 
194,656
 
Trade creditors
1,779,926
 
967,925
 
Taxation and social security
204,528
 
206,732
 
Other creditors
125,078
 
42,448
 
2,311,096
 
1,411,761
 

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
243,894
 
445,415
 
Other creditors
52,992
  -  
296,886
 
445,415
 

9 Guarantees and other financial commitments

The total future minimum lease payments under non-cancellable operating leases are as follows:
Not later than 1 year £35,233 (2022: £27,789).
Later than 1 year and not later than 5 years £2,404 (2022: £Nil).

10 Directors' advances, credit and guarantees

At 31st December 2023 the directors owed to the company £Nil (2022: £66,452). 3% interest is charged on the loan. The loan is repayable on demand.