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Registration number: 03926300

Mestec Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Mestec Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Mestec Limited

Company Information

Directors

Mr T Bei

R Grover

Company secretary

R Grover

Registered office

The Lightbox
Willoughby Road
Bracknell
Berkshire
RG12 8FB

Auditors

Sterling Grove Accountants Limited
Chartered Certified Accountants
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

 

Mestec Limited

(Registration number: 03926300)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

120,713

39,479

Current assets

 

Debtors

5

696,626

544,536

Cash at bank and in hand

 

215,445

39,962

 

912,071

584,498

Creditors: Amounts falling due within one year

6

(3,493,701)

(1,477,943)

Net current liabilities

 

(2,581,630)

(893,445)

Net liabilities

 

(2,460,917)

(853,966)

Capital and reserves

 

Called up share capital

1,113

1,113

Share premium reserve

589,255

589,255

Retained earnings

(3,051,285)

(1,444,334)

Shareholders' deficit

 

(2,460,917)

(853,966)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 October 2024 and signed on its behalf by:
 

.........................................
R Grover
Company secretary and director

 

Mestec Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, with company number 03926300.

The address of its registered office is:
The Lightbox
Willoughby Road
Bracknell
Berkshire
RG12 8FB
England

These financial statements were authorised for issue by the Board on 24 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The directors continuously review the company's trading against financial forecasts, have evaluated the financial strength of BP Eyelit Holdings Corporation and have concluded that no material uncertainty over the company's going concern basis of accounting exists as at the date of signing the financial statements. As such, the directors consider it remains appropriate to prepare the accounts on a going concern basis.

 

Mestec Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 24 October 2024 was Gianni Pietro Amasanti FCCA, who signed for and on behalf of Sterling Grove Accountants Limited.

.........................................

Revenue recognition

Turnover is stated net of VAT and trade discounts and comprises sales of software licences, hardware, support services and maintenance.

Turnover from subscription services is recognised monthly over periods covered by the subscription.

Turnover from the supply of support services represents the value of services provided under contracts and is recorded on the basis of service days delivered to customers.

Where payments are received from customers in advance of the provision of related services, such amounts are recorded as deferred income and included as part of creditors due within one year.

Government grants

Government grants are recognised under the accrual model of grant recognition. This model requires the grant to be classified as either a revenue-based grant or a capital-based grant.

Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Mestec Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings & equipment

25% straight line

Leasehold improvements

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Mestec Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

-

87,756

87,756

Additions

33,850

72,926

106,776

Disposals

-

(16,389)

(16,389)

At 31 December 2023

33,850

144,293

178,143

Depreciation

At 1 January 2023

-

48,277

48,277

Charge for the year

2,257

23,285

25,542

Eliminated on disposal

-

(16,389)

(16,389)

At 31 December 2023

2,257

55,173

57,430

Carrying amount

At 31 December 2023

31,593

89,120

120,713

At 31 December 2022

-

39,479

39,479

Included within the net book value of land and buildings above is £31,593 (2022 - £Nil) in respect of long leasehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Trade debtors

409,035

378,729

Prepayments and accrued income

287,591

165,807

 

696,626

544,536

 

Mestec Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

96,541

90,644

Amounts owed to group undertakings

2,282,501

749,169

Taxation and social security

 

109,242

61,899

Accruals and deferred income

 

970,467

573,375

Other creditors

 

34,950

2,856

 

3,493,701

1,477,943

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £210,240 (2022 - £83,347).

8

Parent and ultimate parent undertaking

The company's immediate parent is Thames Technology Limited, incorporated in England and Wales.

 The most senior parent entity producing group financial statements is BP Eyelit Holdings Corporation. These financial statements are available upon request from BP Eyelit Holdings Corporation, The Corporation Trust Company, Corporation Trust Centre, 1209 Orange St, Wilmington Delaware 19801, United States.