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REGISTERED NUMBER: 11722385 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MTK LIFE LTD

MTK LIFE LTD (REGISTERED NUMBER: 11722385)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


MTK LIFE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J Pau
V Pau



REGISTERED OFFICE: Santok House
Unit L, Braintree Industrial Estate
Braintree Road
South Ruislip
Middlesex
HA4 0EJ



REGISTERED NUMBER: 11722385 (England and Wales)



SENIOR STATUTORY AUDITOR: Prakash Jariwala ACA FCCA



AUDITORS: STGCA LLP t/a Sterling
Chartered Accountants
& Statutory Auditors
505 Pinner Road
Harrow
Middlesex
HA2 6EH

MTK LIFE LTD (REGISTERED NUMBER: 11722385)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors continually review risks and uncertainties throughout the period and believe that they have the management and systems in place to deal with changing situations.

DEVELOPMENT AND PERFORMANCE
The company earned net profit before tax of £61,551 (2022: £252,715) on revenue of £572,217 (2022: £1,676,820). Despite the lower revenue, a relatively greater reduction in direct costs has contributed to a higher gross profit margin, which has increased from 52% to 57%. At the year end, the Company had net current assets of £567,886 (2022: £519,525) which are sufficient for the Company to fulfil its working capital requirements. An increase in amounts due from connected companies has helped improve the net asset position of the company which stood at £574,603 (2022: £527,921) at year end.

KEY PERFORMANCE INDICATORS ('KPIS')
In the opinion of the directors, key performance indicators of the Company include profit before interest and tax and net profit margin. Profit before interest and tax has fallen considerably, which is expected given the considerable fall in turnover, however, the net profit margin has improved which indicates that more profit is being extracted from the lower revenue. The improved margin is mainly due to keeping a tighter control over various costs. The key performance indicators are closely monitored by the directors on a regular basis.

ON BEHALF OF THE BOARD:





V Pau - Director


30 September 2024

MTK LIFE LTD (REGISTERED NUMBER: 11722385)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of manufacturer and supplier of PPE and essential products for the medical and other industries.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

J Pau
V Pau

POLITICAL DONATIONS AND EXPENDITURE
During the year the company made donations of £Nil (2022: £25,000) to Santok Charitable Foundation (Charity Reg. 1142691), a charity in which the directors are the trustees.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

MTK LIFE LTD (REGISTERED NUMBER: 11722385)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, STGCA LLP t/a Sterling, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





V Pau - Director


30 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MTK LIFE LTD


Opinion
We have audited the financial statements of MTK Life Ltd (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MTK LIFE LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

Identifying and assessing the measures management has in place to prevent and detect fraud, Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process.
Challenging assumptions and judgements made by management in its significant estimates, and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.


Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. The risk is also greater regarding irregularities occurring to fraud other than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MTK LIFE LTD


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Prakash Jariwala ACA FCCA (Senior Statutory Auditor)
for and on behalf of STGCA LLP t/a Sterling
Chartered Accountants
& Statutory Auditors
505 Pinner Road
Harrow
Middlesex
HA2 6EH

30 September 2024

MTK LIFE LTD (REGISTERED NUMBER: 11722385)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31/12/23 31/12/22
Notes £ £

TURNOVER 572,217 1,676,820

Cost of sales 285,593 799,432
GROSS PROFIT 286,624 877,388

Administrative expenses 225,072 624,673
OPERATING PROFIT and
PROFIT BEFORE TAXATION 61,552 252,715

Tax on profit 5 14,870 46,500
PROFIT FOR THE FINANCIAL YEAR 46,682 206,215

MTK LIFE LTD (REGISTERED NUMBER: 11722385)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

31/12/23 31/12/22
Notes £ £

PROFIT FOR THE YEAR 46,682 206,215


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

46,682

206,215

MTK LIFE LTD (REGISTERED NUMBER: 11722385)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31/12/23 31/12/22
Notes £ £ £ £
FIXED ASSETS
Tangible assets 6 6,717 8,396

CURRENT ASSETS
Stocks 7 89,079 195,387
Debtors 8 1,534,895 1,242,103
Cash at bank and in hand 23,048 46,492
1,647,022 1,483,982
CREDITORS
Amounts falling due within one year 9 1,079,136 964,457
NET CURRENT ASSETS 567,886 519,525
TOTAL ASSETS LESS CURRENT
LIABILITIES

574,603

527,921

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 574,503 527,821
SHAREHOLDER FUNDS 574,603 527,921

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:





V Pau - Director


MTK LIFE LTD (REGISTERED NUMBER: 11722385)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 January 2022 100 321,606 321,706

Changes in equity
Total comprehensive income - 206,215 206,215
Balance at 31 December 2022 100 527,821 527,921

Changes in equity
Total comprehensive income - 46,682 46,682
Balance at 31 December 2023 100 574,503 574,603

MTK LIFE LTD (REGISTERED NUMBER: 11722385)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

MTK Life Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about MTK Life Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Santok (UK) Ltd, .

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents revenue recognised by the company in respect of its stated principal activities, exclusive of value added tax.

Revenue recognition
Revenue arising from the company's principal activities is recognised in the accounting period in which the company obtains the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


MTK LIFE LTD (REGISTERED NUMBER: 11722385)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Trade and other debtors / creditors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors.

3. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 December 2023 nor for the year ended 31 December 2022.

The average number of employees during the year was as follows:
31/12/23 31/12/22

Directors 2 2

31/12/23 31/12/22
£ £
Directors' remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging:

31/12/23 31/12/22
£ £
Depreciation - owned assets 1,679 1,679
Auditors' remuneration 12,000 12,000

MTK LIFE LTD (REGISTERED NUMBER: 11722385)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/12/23 31/12/22
£ £
Current tax:
UK corporation tax 14,872 46,500
Tax adjustment - prior years (2 ) -

Tax on profit 14,870 46,500

6. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
COST
At 1 January 2023
and 31 December 2023 10,075
DEPRECIATION
At 1 January 2023 1,679
Charge for year 1,679
At 31 December 2023 3,358
NET BOOK VALUE
At 31 December 2023 6,717
At 31 December 2022 8,396

7. STOCKS
31/12/23 31/12/22
£ £
Stocks 89,079 195,387

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£ £
Trade debtors 46,009 31,268
Amounts owed by connected companies 150,000 100,000
Amounts owed by group undertakings 1,298,352 1,053,352
Other debtors 35,100 35,100
Prepayments 5,434 22,383
1,534,895 1,242,103

MTK LIFE LTD (REGISTERED NUMBER: 11722385)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£ £
Trade creditors - 1,635
Amounts owed to group undertakings 1,045,202 880,115
Tax 14,872 46,503
VAT 8,562 24,204
Accrued expenses 10,500 12,000
1,079,136 964,457

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £ £
100 Ordinary £1 100 100

11. RESERVES
Retained
earnings
£

At 1 January 2023 527,821
Profit for the year 46,682
At 31 December 2023 574,503

12. RELATED PARTY DISCLOSURES

At the year end the company was owed £150,000 (2022: £100,000) by Santok Asset Management Limited, a company in which the directors have a material interest. The amount owed is interest free and repayable on demand.

13. ULTIMATE CONTROLLING PARTY

The ultimate holding company is Santok (UK) Ltd, a company registered in England and Wales. The directors of Santok (UK) Ltd are the ultimate controlling party.