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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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. |
Other changes in directors holding office are as follows: |
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: |
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 | ( |
) | ( |
) |
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 |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
Company's loss for the financial year | (6,472,424 | ) | (2,139,489 | ) |
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 were approved by the Board of Directors and authorised for issue on |
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 | ( |
) |
Changes in equity |
Deficit for the year | - | (2,139,489 | ) | - | (2,139,489 | ) |
Total comprehensive income | - | ( |
) | - | ( |
) |
Issue of share capital | - |
Balance at 31 January 2022 | ( |
) |
Changes in equity |
Deficit for the year | - | (6,472,424 | ) | - | (6,472,424 | ) |
Total comprehensive income | - | ( |
) | - | ( |
) |
Issue of share capital | - |
Balance at 31 January 2023 | ( |
) |
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 |
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 |
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. |
Tangible fixed assets |
Computer equipment | - |
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 |
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 |
AMORTISATION |
At 1 February 2022 |
Charge for year |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
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 |
Additions |
At 31 January 2023 |
DEPRECIATION |
At 1 February 2022 |
Charge for year |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
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 |
Additions |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 19,626 | - |
Amounts owed by group undertakings | - | - |
Other debtors | 34,068,621 | 20,741,183 |
34,088,247 | 20,741,183 |
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 |
Amounts owed to group undertakings | - | - |
Taxation and social security | 234,884 | 43,818 |
Other creditors | 5,653,703 | 4,116,698 |
6,197,651 | 4,269,483 |
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 |
24,642,823 | 18,524,990 |
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 |