2023-02-012024-01-312024-01-31false08103467MDTEA 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MDTEA LIMITED

Registered Number
08103467
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2024

MDTEA LIMITED
Company Information
for the year from 1 February 2023 to 31 January 2024

Director

TAGGART, Helen Jane

Registered Address

Unit G21 Eleventh Avenue North
Team Valley Trading Estate
Gateshead
NE11 0NJ

Registered Number

08103467 (England and Wales)
MDTEA LIMITED
Balance Sheet as at
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets32,97661
2,97661
Current assets
Stocks44,5001,200
Debtors57,2353,805
Cash at bank and on hand5,1402,181
16,8757,186
Creditors amounts falling due within one year6(28,643)(10,193)
Net current assets (liabilities)(11,768)(3,007)
Total assets less current liabilities(8,792)(2,946)
Provisions for liabilities7(9)(12)
Net assets(8,801)(2,958)
Capital and reserves
Called up share capital88
Profit and loss account(8,809)(2,966)
Shareholders' funds(8,801)(2,958)
The financial statements were approved and authorised for issue by the Director on 30 October 2024, and are signed on its behalf by:
TAGGART, Helen Jane
Director
Registered Company No. 08103467
MDTEA LIMITED
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Fixtures and fittings25
Office Equipment25
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20242023
Average number of employees during the year12
3.Tangible fixed assets

Fixtures & fittings

Office Equipment

Total

£££
Cost or valuation
At 01 February 23-1,0801,080
Additions1,8621,7913,653
At 31 January 241,8622,8714,733
Depreciation and impairment
At 01 February 23-1,0191,019
Charge for year349389738
At 31 January 243491,4081,757
Net book value
At 31 January 241,5131,4632,976
At 31 January 23-6161
4.Stocks

2024

2023

££
Other stocks4,5001,200
Total4,5001,200
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables2,1971,271
Other debtors3,7832,534
Prepayments and accrued income1,255-
Total7,2353,805
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables3,682202
Bank borrowings and overdrafts2-
Amounts owed to related parties24,3569,142
Taxation and social security-248
Accrued liabilities and deferred income603601
Total28,64310,193
7.Provisions for liabilities
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

2024

2023

££
Net deferred tax liability (asset)912
Total912