IRIS Accounts Production v24.3.0.553 10923992 Board of Directors 31.1.23 1.2.22 31.1.23 31.1.23 providing a platform for businesses to obtain 3rd party credit. true false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh109239922022-01-31109239922023-01-31109239922022-02-012023-01-31109239922021-01-31109239922021-02-012022-01-31109239922022-01-3110923992ns15:EnglandWales2022-02-012023-01-3110923992ns14:PoundSterling2022-02-012023-01-3110923992ns10:Director12022-02-012023-01-3110923992ns10:Consolidated2023-01-3110923992ns10:ConsolidatedGroupCompanyAccounts2022-02-012023-01-3110923992ns10:PrivateLimitedCompanyLtd2022-02-012023-01-3110923992ns10:Consolidatedns10:SmallEntities2022-02-012023-01-3110923992ns10:Consolidatedns10:AuditExempt-NoAccountantsReport2022-02-012023-01-3110923992ns10:SmallCompaniesRegimeForDirectorsReport2022-02-012023-01-3110923992ns10:SmallCompaniesRegimeForAccounts2022-02-012023-01-3110923992ns10:Consolidatedns10:SmallCompaniesRegimeForDirectorsReport2022-02-012023-01-3110923992ns10:Consolidatedns10:SmallCompaniesRegimeForAccounts2022-02-012023-01-3110923992ns10:FullAccounts2022-02-012023-01-311092399212022-02-012023-01-3110923992ns10:Consolidated2022-02-012023-01-3110923992ns10:Director22022-02-012023-01-3110923992ns10:Director42022-02-012023-01-3110923992ns10:Director52022-02-012023-01-3110923992ns10:Director62022-02-012023-01-3110923992ns10:RegisteredOffice2022-02-012023-01-3110923992ns10:Director32022-02-012023-01-3110923992ns10:Consolidated2021-02-012022-01-3110923992ns5:CurrentFinancialInstruments2023-01-3110923992ns5:CurrentFinancialInstruments2022-01-3110923992ns5:Non-currentFinancialInstruments2023-01-3110923992ns5:Non-currentFinancialInstruments2022-01-3110923992ns5:ShareCapital2023-01-3110923992ns5:ShareCapital2022-01-3110923992ns5:SharePremium2023-01-3110923992ns5:SharePremium2022-01-3110923992ns5:RetainedEarningsAccumulatedLosses2023-01-3110923992ns5:RetainedEarningsAccumulatedLosses2022-01-3110923992ns5:ShareCapital2021-01-3110923992ns5:RetainedEarningsAccumulatedLosses2021-01-3110923992ns5:SharePremium2021-01-3110923992ns5:RetainedEarningsAccumulatedLosses2021-02-012022-01-3110923992ns5:ShareCapital2021-02-012022-01-3110923992ns5:SharePremium2021-02-012022-01-3110923992ns5:RetainedEarningsAccumulatedLosses2022-02-012023-01-3110923992ns5:ShareCapital2022-02-012023-01-3110923992ns5:SharePremium2022-02-012023-01-3110923992ns5:IntangibleAssetsOtherThanGoodwill2022-02-012023-01-3110923992ns5:ComputerSoftware2022-02-012023-01-3110923992ns5:ComputerEquipment2022-02-012023-01-3110923992ns5:IntangibleAssetsOtherThanGoodwill2022-01-3110923992ns5:IntangibleAssetsOtherThanGoodwill2023-01-3110923992ns5:IntangibleAssetsOtherThanGoodwill2022-01-3110923992ns5:ComputerEquipment2022-01-3110923992ns5:ComputerEquipment2023-01-3110923992ns5:ComputerEquipment2022-01-3110923992ns5:CostValuation2022-01-3110923992ns5:AdditionsToInvestments2023-01-3110923992ns5:CostValuation2023-01-3110923992ns5:WithinOneYearns5:CurrentFinancialInstruments2023-01-3110923992ns5:WithinOneYearns5:CurrentFinancialInstruments2022-01-31
REGISTERED NUMBER: 10923992 (England and Wales)















Report of the Directors and

Unaudited Consolidated Financial Statements for the Year Ended 31 January 2023

for

MTL Financial Ltd

MTL Financial Ltd (Registered number: 10923992)






Contents of the Consolidated Financial Statements
for the year ended 31 January 2023




Page

Company Information 1

Report of the Directors 2

Consolidated Income Statement 3

Consolidated Statement of Financial Position 4

Company Statement of Financial Position 6

Consolidated Statement of Changes in Equity 8

Company Statement of Changes in Equity 9

Notes to the Consolidated Financial Statements 10


MTL Financial Ltd

Company Information
for the year ended 31 January 2023







DIRECTORS: Mr D Lipinski
Mr M Pearson
Mr J Auty
Mr W J Volckaert
Mr D Guerini





REGISTERED OFFICE: 71-75 Shelton Street
Covent Garden
London
WC2H 9JQ





REGISTERED NUMBER: 10923992 (England and Wales)





ACCOUNTANTS: Flinder Effect Limited
Certified Chartered Accountants (ACCA)
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ

MTL Financial Ltd (Registered number: 10923992)

Report of the Directors
for the year ended 31 January 2023

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

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2022 to the date of this report.

Mr D Lipinski
Mr M Pearson

Other changes in directors holding office are as follows:

Mr J Auty - appointed 30 March 2022
Mr W J Volckaert - appointed 30 March 2022

Mr D Guerini was appointed as a director after 31 January 2023 but prior to the date of this report.

Mr S Y S Tai ceased to be a director after 31 January 2023 but prior to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr D Lipinski - Director


16 October 2024

MTL Financial Ltd (Registered number: 10923992)

Consolidated Income Statement
for the year ended 31 January 2023

2023 2022
Notes £ £

TURNOVER 5,860,005 2,777,873

Cost of sales (5,078,795 ) (2,126,186 )
GROSS PROFIT 781,210 651,687

Administrative expenses (7,102,149 ) (3,259,453 )
(6,320,939 ) (2,607,766 )

Other operating income 34,694 -
OPERATING LOSS 5 (6,286,245 ) (2,607,766 )

Interest receivable and similar income 2,402 494
(6,283,843 ) (2,607,272 )

Interest payable and similar expenses (352 ) (25,337 )
LOSS BEFORE TAXATION (6,284,195 ) (2,632,609 )

Tax on loss 5,926 293,242
LOSS FOR THE FINANCIAL YEAR (6,278,269 ) (2,339,367 )

Loss attributable to:
Owners of the parent (6,278,269 ) (2,339,367 )

MTL Financial Ltd (Registered number: 10923992)

Consolidated Statement of Financial Position
31 January 2023

2023 2022
Notes £ £
FIXED ASSETS
Intangible assets 7 271 2,466
Tangible assets 8 47,968 33,929
Investments 9 - -
48,239 36,395

CURRENT ASSETS
Debtors 10 34,088,247 20,741,183
Cash at bank and in hand 6,529,062 4,462,964
40,617,309 25,204,147
CREDITORS
Amounts falling due within one year 11 (6,197,651 ) (4,269,483 )
NET CURRENT ASSETS 34,419,658 20,934,664
TOTAL ASSETS LESS CURRENT
LIABILITIES

34,467,897

20,971,059

CREDITORS
Amounts falling due after more than one
year

12

(24,642,823

)

(18,524,990

)

PROVISIONS FOR LIABILITIES (1,783,606 ) (784,923 )
NET ASSETS 8,041,468 1,661,146

CAPITAL AND RESERVES
Called up share capital 3 2
Share premium 18,505,039 6,112,380
Retained earnings (10,463,574 ) (4,451,236 )
SHAREHOLDERS' FUNDS 8,041,468 1,661,146

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a) ensuring that the group 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 and the group as at the end of each financial year and of the group's 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 and the group.

MTL Financial Ltd (Registered number: 10923992)

Consolidated Statement of Financial Position - continued
31 January 2023


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2024 and were signed on its behalf by:





Mr D Lipinski - Director


MTL Financial Ltd (Registered number: 10923992)

Company Statement of Financial Position
31 January 2023

2023 2022
Notes £ £
FIXED ASSETS
Intangible assets 7 271 2,466
Tangible assets 8 34,918 25,012
Investments 9 2,710 2,623
37,899 30,101

CURRENT ASSETS
Debtors 10 10,401,205 4,817,700
Cash at bank 4,039,937 3,472,377
14,441,142 8,290,077
CREDITORS
Amounts falling due within one year 11 (6,679,419 ) (6,240,792 )
NET CURRENT ASSETS 7,761,723 2,049,285
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,799,622

2,079,386

CREDITORS
Amounts falling due after more than one
year

12

-

(200,000

)
NET ASSETS 7,799,622 1,879,386

CAPITAL AND RESERVES
Called up share capital 3 2
Share premium 18,505,039 6,112,380
Retained earnings (10,705,420 ) (4,232,996 )
SHAREHOLDERS' FUNDS 7,799,622 1,879,386

Company's loss for the financial year (6,472,424 ) (2,139,489 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

MTL Financial Ltd (Registered number: 10923992)

Company Statement of Financial Position - continued
31 January 2023


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2024 and were signed on its behalf by:





Mr D Lipinski - Director


MTL Financial Ltd (Registered number: 10923992)

Consolidated Statement of Changes in Equity
for the year ended 31 January 2023

Called up
share Retained Share Total
capital earnings premium equity
£ £ £ £
Balance at 1 February 2021 2 (2,093,506 ) 5,713,580 3,620,076

Changes in equity
Deficit for the year - (2,339,367 ) - (2,339,367 )
Other comprehensive income - (18,363 ) - (18,363 )
Total comprehensive income - (2,357,730 ) - (2,357,730 )
Issue of share capital - - 398,800 398,800
Balance at 31 January 2022 2 (4,451,236 ) 6,112,380 1,661,146

Changes in equity
Deficit for the year - (6,278,269 ) - (6,278,269 )
Other comprehensive income - 265,931 - 265,931
Total comprehensive income - (6,012,338 ) - (6,012,338 )
Issue of share capital 1 - 12,392,659 12,392,660
Balance at 31 January 2023 3 (10,463,574 ) 18,505,039 8,041,468

MTL Financial Ltd (Registered number: 10923992)

Company Statement of Changes in Equity
for the year ended 31 January 2023

Called up
share Retained Share Total
capital earnings premium equity
£ £ £ £
Balance at 1 February 2021 2 (2,093,507 ) 5,713,580 3,620,075

Changes in equity
Deficit for the year - (2,139,489 ) - (2,139,489 )
Total comprehensive income - (2,139,489 ) - (2,139,489 )
Issue of share capital - - 398,800 398,800
Balance at 31 January 2022 2 (4,232,996 ) 6,112,380 1,879,386

Changes in equity
Deficit for the year - (6,472,424 ) - (6,472,424 )
Total comprehensive income - (6,472,424 ) - (6,472,424 )
Issue of share capital 1 - 12,392,659 12,392,660
Balance at 31 January 2023 3 (10,705,420 ) 18,505,039 7,799,622

MTL Financial Ltd (Registered number: 10923992)

Notes to the Consolidated Financial Statements
for the year ended 31 January 2023

1. STATUTORY INFORMATION

MTL Financial 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates if necessary. It also requires management to exercise judgement in applying the company accounting policies.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - Straight line over 3 years

MTL Financial Ltd (Registered number: 10923992)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 January 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement consitutes a financing transaction, where the transaction is measured at the present value if the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitute and financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditor are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.


MTL Financial Ltd (Registered number: 10923992)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 January 2023

3. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets acquired under hire purchase contracts are included in tangible fixed assets are depreciated over their estimated useful lives. The obligations net of future charges are included in creditors.

Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective rate of interest method. So as to achieve a constant rate of interest on the remaining balance of the liabilities. Finance charges are deducted and charged to the profit and loss when they are incurred.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 49 (2022 - 37 ) .

5. OPERATING LOSS

The operating loss is stated after charging:

2023 2022
£ £
Depreciation - owned assets 19,270 8,798
Computer software amortisation 2,195 12,794
Formation costs - 1,219

6. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income statement of the parent company is not presented as part of these financial statements.


MTL Financial Ltd (Registered number: 10923992)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 January 2023

7. INTANGIBLE FIXED ASSETS

Group
Other
intangible
assets
£
COST
At 1 February 2022
and 31 January 2023 42,980
AMORTISATION
At 1 February 2022 40,514
Charge for year 2,195
At 31 January 2023 42,709
NET BOOK VALUE
At 31 January 2023 271
At 31 January 2022 2,466

Company
Other
intangible
assets
£
COST
At 1 February 2022
and 31 January 2023 42,980
AMORTISATION
At 1 February 2022 40,514
Charge for year 2,195
At 31 January 2023 42,709
NET BOOK VALUE
At 31 January 2023 271
At 31 January 2022 2,466

MTL Financial Ltd (Registered number: 10923992)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 January 2023

8. TANGIBLE FIXED ASSETS

Group
Plant and Computer
machinery equipment Totals
£ £ £
COST
At 1 February 2022 838 49,755 50,593
Additions 75 33,234 33,309
At 31 January 2023 913 82,989 83,902
DEPRECIATION
At 1 February 2022 41 16,623 16,664
Charge for year 308 18,962 19,270
At 31 January 2023 349 35,585 35,934
NET BOOK VALUE
At 31 January 2023 564 47,404 47,968
At 31 January 2022 797 33,132 33,929

Company
Computer
equipment
£
COST
At 1 February 2022 41,048
Additions 26,121
At 31 January 2023 67,169
DEPRECIATION
At 1 February 2022 16,036
Charge for year 16,215
At 31 January 2023 32,251
NET BOOK VALUE
At 31 January 2023 34,918
At 31 January 2022 25,012

MTL Financial Ltd (Registered number: 10923992)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 January 2023

9. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£
COST
At 1 February 2022 2,623
Additions 87
At 31 January 2023 2,710
NET BOOK VALUE
At 31 January 2023 2,710
At 31 January 2022 2,623


10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£ £ £ £
Trade debtors 19,626 - 2,430 -
Amounts owed by group undertakings - - 9,161,779 3,243,825
Other debtors 34,068,621 20,741,183 1,236,996 1,573,875
34,088,247 20,741,183 10,401,205 4,817,700

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£ £ £ £
Bank loans and overdrafts - 13 - -
Trade creditors 309,064 108,954 280,200 108,159
Amounts owed to group undertakings - - 2,767,412 5,637,011
Taxation and social security 234,884 43,818 189,160 43,818
Other creditors 5,653,703 4,116,698 3,442,647 451,804
6,197,651 4,269,483 6,679,419 6,240,792

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£ £ £ £
Bank loans 24,642,823 18,324,990 - -
Other creditors - 200,000 - 200,000
24,642,823 18,524,990 - 200,000

MTL Financial Ltd (Registered number: 10923992)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 January 2023

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

Amounts falling due in more than five years:

Group Company
2023 2022 2023 2022
£ £ £ £
Repayable by instalments
Other loans more 5yrs instal - 200,000 - 200,000