Caseware UK (AP4) 2023.0.135 2023.0.135 truefalse352023-04-01No description of principal activity36trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01402605 2023-04-01 2024-03-31 01402605 2024-03-31 01402605 2022-04-01 2023-03-31 01402605 2023-03-31 01402605 c:Director1 2023-04-01 2024-03-31 01402605 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 01402605 d:Buildings d:LongLeaseholdAssets 2024-03-31 01402605 d:Buildings d:LongLeaseholdAssets 2023-03-31 01402605 d:PlantMachinery 2023-04-01 2024-03-31 01402605 d:PlantMachinery 2024-03-31 01402605 d:PlantMachinery 2023-03-31 01402605 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01402605 d:MotorVehicles 2023-04-01 2024-03-31 01402605 d:MotorVehicles 2024-03-31 01402605 d:MotorVehicles 2023-03-31 01402605 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01402605 d:FurnitureFittings 2023-04-01 2024-03-31 01402605 d:FurnitureFittings 2024-03-31 01402605 d:FurnitureFittings 2023-03-31 01402605 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01402605 d:OfficeEquipment 2023-04-01 2024-03-31 01402605 d:OfficeEquipment 2024-03-31 01402605 d:OfficeEquipment 2023-03-31 01402605 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01402605 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01402605 d:CurrentFinancialInstruments 2024-03-31 01402605 d:CurrentFinancialInstruments 2023-03-31 01402605 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 01402605 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 01402605 d:ShareCapital 2024-03-31 01402605 d:ShareCapital 2023-03-31 01402605 d:CapitalRedemptionReserve 2024-03-31 01402605 d:CapitalRedemptionReserve 2023-03-31 01402605 d:RetainedEarningsAccumulatedLosses 2024-03-31 01402605 d:RetainedEarningsAccumulatedLosses 2023-03-31 01402605 c:FRS102 2023-04-01 2024-03-31 01402605 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 01402605 c:FullAccounts 2023-04-01 2024-03-31 01402605 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: 01402605













Mitrepoint Limited

Financial statements
Information for filing with the registrar

31 March 2024




 
Mitrepoint Limited


Balance sheet
At 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
593,959
486,319

  
593,959
486,319

Current assets
  

Stocks
  
63,376
100,471

Debtors
 5 
742,256
768,389

Cash at bank and in hand
  
1,387,277
1,711,750

  
2,192,909
2,580,610

Creditors: amounts falling due within one year
 6 
(1,139,321)
(1,293,618)

Net current assets
  
 
 
1,053,588
 
 
1,286,992

Total assets less current liabilities
  
1,647,547
1,773,311

Provisions for liabilities
  

Other provisions
  
(123,077)
(118,160)

  
 
 
(123,077)
 
 
(118,160)

Net assets
  
1,524,470
1,655,151


Capital and reserves
  

Called up share capital 
  
25,001
25,001

Capital redemption reserve
  
50,000
50,000

Profit and loss account
  
1,449,469
1,580,150

Shareholders funds
  
1,524,470
1,655,151


1

 
Mitrepoint Limited

    
Balance sheet (continued)
At 31 March 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 October 2024.




A W Tilley
Director

Company registered number: 01402605
The notes on pages 3 to 7 form part of these financial statements. 

2

 
Mitrepoint Limited
 
 

Notes to the financial statements
Year ended 31 March 2024

1.


General information

Mitrepoint Limited ('the company') is a private company limited by shares, incorporated and domiciled in the United Kingdom and registered in England. The address of the registered office is given in the company information page of this annual report.

2.Accounting policies

 
2.1

Statement of compliance

The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland' (FRS 102) and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3

 
Mitrepoint Limited
 

 
Notes to the financial statements
Year ended 31 March 2024

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as shown below.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
straight line
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
15%
reducing balance
Office equipment
-
15%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

4

 
Mitrepoint Limited
 

 
Notes to the financial statements
Year ended 31 March 2024

2.Accounting policies (continued)

 
2.7

Stocks and work in progress

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost is based on a last in first out basis and net realisable value is based on estimated selling price.
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

 
2.8

Long term contracts

Long-term contracts are stated in the balance sheet at total costs incurred, net of amounts transferred to the profit and loss account in respect of work carried out to date, less foreseeable losses and applicable payments on account.
Cumulative turnover (i.e. the total turnover recorded in respect of the contracts in the profit and loss accounts of all accounting periods since inception of the contracts) is compared with total payments on account. If turnover exceeds payments on account, an amounts recoverable on long term contracts' is established and separately disclosed in debtors. If payments on account are greater than turnover to date, the excess is classified as a deduction from any balance on that contract in stocks, with any residual balance in excess of cost being classified within creditors.

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.
 
2.9

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.


3.


Employees

The average monthly number of employees, including directors, during the year was 35 (2023 - 36).

5

 
Mitrepoint Limited
 
 

Notes to the financial statements
Year ended 31 March 2024

4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost 


At 1 April 2023
48,860
331,167
572,310
42,541
28,822
1,023,700


Additions
17,040
284
348,967
18,567
-
384,858


Disposals
-
-
(184,298)
-
-
(184,298)



At 31 March 2024

65,900
331,451
736,979
61,108
28,822
1,224,260



Depreciation


At 1 April 2023
-
218,572
287,929
16,795
14,085
537,381


Charge for the year
3,295
44,923
102,713
5,793
3,684
160,408


Disposals
-
-
(67,488)
-
-
(67,488)



At 31 March 2024

3,295
263,495
323,154
22,588
17,769
630,301



Net book value



At 31 March 2024
62,605
67,956
413,825
38,520
11,053
593,959



At 31 March 2023
48,860
112,595
284,381
25,746
14,737
486,319


5.


Debtors

2024
2023
£
£


Trade debtors
623,475
630,188

Amounts owed by related party
82,619
98,601

Other debtors
1,163
-

Prepayments and accrued income
34,999
39,600

742,256
768,389


6

 
Mitrepoint Limited
 
 

Notes to the financial statements
Year ended 31 March 2024

6.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
423,596
483,328

Corporation tax
88,415
146,256

Other taxation and social security
158,044
96,146

Obligations under finance lease and hire purchase contracts
-
39,933

Other creditors
371,718
361,825

Accruals and deferred income
97,548
166,130

1,139,321
1,293,618


The following liabilities were secured:

2024
2023
£
£



Hire purchase
-
39,933

-
39,933

Details of security provided:

The hire purchase liabilities are secured on the assets to which they relate.


7.


Related party transactions

During the year the company operated a loan account with Roofclad Systems Limited, a company in which A W Tilley and D W Tilley are directors. At the year end the company was owed £82,619 (2023: £98,601). The loan is unsecured, interest free and repayable on demand.

 
7