Acorah Software Products - Accounts Production 15.0.600 false true true 31 January 2023 1 February 2022 false 1 February 2023 31 January 2024 31 January 2024 05559503 Mr Matthew Flanagan Diana Burton iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05559503 2023-01-31 05559503 2024-01-31 05559503 2023-02-01 2024-01-31 05559503 frs-core:CurrentFinancialInstruments 2024-01-31 05559503 frs-core:Non-currentFinancialInstruments 2024-01-31 05559503 frs-core:BetweenOneFiveYears 2024-01-31 05559503 frs-core:ComputerEquipment 2024-01-31 05559503 frs-core:ComputerEquipment 2023-02-01 2024-01-31 05559503 frs-core:ComputerEquipment 2023-01-31 05559503 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-01 2024-01-31 05559503 frs-core:FurnitureFittings 2024-01-31 05559503 frs-core:FurnitureFittings 2023-02-01 2024-01-31 05559503 frs-core:FurnitureFittings 2023-01-31 05559503 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-01-31 05559503 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-02-01 2024-01-31 05559503 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-01-31 05559503 frs-core:MotorVehicles 2024-01-31 05559503 frs-core:MotorVehicles 2023-02-01 2024-01-31 05559503 frs-core:MotorVehicles 2023-01-31 05559503 frs-core:OtherResidualIntangibleAssets 2024-01-31 05559503 frs-core:OtherResidualIntangibleAssets 2023-02-01 2024-01-31 05559503 frs-core:OtherResidualIntangibleAssets 2023-01-31 05559503 frs-core:PlantMachinery 2024-01-31 05559503 frs-core:PlantMachinery 2023-02-01 2024-01-31 05559503 frs-core:PlantMachinery 2023-01-31 05559503 frs-core:WithinOneYear 2024-01-31 05559503 frs-core:ShareCapital 2024-01-31 05559503 frs-core:RetainedEarningsAccumulatedLosses 2024-01-31 05559503 frs-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 05559503 frs-bus:FilletedAccounts 2023-02-01 2024-01-31 05559503 frs-bus:SmallEntities 2023-02-01 2024-01-31 05559503 frs-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 05559503 frs-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 05559503 frs-bus:Director1 2023-02-01 2024-01-31 05559503 frs-bus:Director1 2023-01-31 05559503 frs-bus:Director1 2024-01-31 05559503 frs-bus:CompanySecretary1 2023-02-01 2024-01-31 05559503 frs-core:CurrentFinancialInstruments 1 2024-01-31 05559503 frs-core:CurrentFinancialInstruments 9 2024-01-31 05559503 frs-countries:EnglandWales 2023-02-01 2024-01-31 05559503 2022-01-31 05559503 2023-01-31 05559503 2022-02-01 2023-01-31 05559503 frs-core:CurrentFinancialInstruments 2023-01-31 05559503 frs-core:Non-currentFinancialInstruments 2023-01-31 05559503 frs-core:BetweenOneFiveYears 2023-01-31 05559503 frs-core:WithinOneYear 2023-01-31 05559503 frs-core:ShareCapital 2023-01-31 05559503 frs-core:RetainedEarningsAccumulatedLosses 2023-01-31 05559503 frs-core:CurrentFinancialInstruments 1 2023-01-31 05559503 frs-core:CurrentFinancialInstruments 9 2023-01-31
Registered number: 05559503
MTF Enterprises Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
The Swansborough Family Partnership Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 05559503
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 199 398
Tangible Assets 5 78,243 99,979
78,442 100,377
CURRENT ASSETS
Stocks 6 2,705,324 3,463,210
Debtors 7 495,906 317,433
3,201,230 3,780,643
Creditors: Amounts Falling Due Within One Year 8 (2,019,671 ) (2,504,216 )
NET CURRENT ASSETS (LIABILITIES) 1,181,559 1,276,427
TOTAL ASSETS LESS CURRENT LIABILITIES 1,260,001 1,376,804
Creditors: Amounts Falling Due After More Than One Year 9 (209,590 ) (139,799 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (10,324 ) (13,108 )
NET ASSETS 1,040,087 1,223,897
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 1,039,987 1,223,797
SHAREHOLDERS' FUNDS 1,040,087 1,223,897
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Matthew Flanagan
Director
31st October 2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
MTF Enterprises Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05559503 . The registered office is Unit 6 Midicy Oast, Bodiam Business Park, Robertsbridge, East Sussex, TN32 5UP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The director has assessed whether the going concern basis of preparation continues to be appropriate, based on whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The director has determined that despite a further difficult year of trading, where over stocks in the market remained, poor summer weather conditions and lack of consumer confidence still present, there is signs of market improvement in the long run and the business is well placed to take advantage of this going forward.
Some costs of the businesses had been reduced for the long term in this period and will be reduced even further in line with current trading volumes. Specific areas of the business performed very well, such as our own brand mechanical bikes and high-end electric bikes. We Also acquired the brands and assets of the EMU Electric Bike Company, further increasing our trade offering on the b2b side of the business.  We will be concentrating more on growing these areas into next year, alongside cutting out areas that are under performing.
A ‘hangover’ from the Covid period is still reflected in these financial statements. But at the time of approving them, the director believes that all appropriate measures or will be taken to ensure that the company will be able to continue its operations for at least the next 12 months and thus concludes that the going concern basis remains appropriate.
2.3. Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Trademarks are amortised to profit and loss account over their estimated useful economic life of 4 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% straight line
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 25% on reducing balance
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2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.8. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 20 (2023: 33)
20 33
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Page 5
4. Intangible Assets
Other
£
Cost
As at 1 February 2023 3,991
As at 31 January 2024 3,991
Amortisation
As at 1 February 2023 3,593
Provided during the period 199
As at 31 January 2024 3,792
Net Book Value
As at 31 January 2024 199
As at 1 February 2023 398
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 February 2023 34,875 26,450 17,374 88,191
Additions - - - 1,499
Disposals - (6,600 ) - -
As at 31 January 2024 34,875 19,850 17,374 89,690
Depreciation
As at 1 February 2023 3,488 12,500 10,044 48,197
Provided during the period 3,487 2,792 1,833 10,373
Disposals - (3,816 ) - -
As at 31 January 2024 6,975 11,476 11,877 58,570
Net Book Value
As at 31 January 2024 27,900 8,374 5,497 31,120
As at 1 February 2023 31,387 13,950 7,330 39,994
Computer Equipment Total
£ £
Cost
As at 1 February 2023 18,093 184,983
Additions - 1,499
Disposals - (6,600 )
As at 31 January 2024 18,093 179,882
...CONTINUED
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Page 6
Depreciation
As at 1 February 2023 10,775 85,004
Provided during the period 1,966 20,451
Disposals - (3,816 )
As at 31 January 2024 12,741 101,639
Net Book Value
As at 31 January 2024 5,352 78,243
As at 1 February 2023 7,318 99,979
6. Stocks
2024 2023
£ £
Stock 2,705,324 3,463,210
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 146,709 141,820
Prepayments and accrued income 44,111 27,790
Other debtors 46,857 29,868
Corporation tax recoverable assets 60,635 56,493
Net wages 17,934 13,180
Director's loan account 179,660 48,282
495,906 317,433
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 4,014 3,796
Trade creditors 598,347 655,416
Bank loans and overdrafts 438,840 437,633
Corporation tax 45,555 15,080
Other taxes and social security 12,827 19,795
VAT 257,440 415,496
Other creditors 20,640 53,849
Credit cards 313,974 154,559
Factoring creditor 328,034 748,592
2,019,671 2,504,216
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 7,208 11,222
Bank loans 202,382 128,577
209,590 139,799
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10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 4,014 3,796
Later than one year and not later than five years 7,208 11,222
11,222 15,018
11,222 15,018
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
12. Capital Commitments
At the end of the period, the company had no capital commitments contracted for but not provided in these financial statements
13. Other Commitments
Total financial commitments which are not included in the balance sheet amount to:
2024 2023
£ £
Not later than one year 88,911 96,561
Later than one year and not later than five years 28,000 108,802
116,911 205,363
These include the leasing of motor vehicles and property payable up to March 2026.
14. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 February 2023 Amounts advanced Amounts repaid Amounts written off As at 31 January 2024
£ £ £ £ £
Mr Matthew Flanagan 44,682 134,978 - - 179,660
The above loan is unsecured, interest is charged at the official HMRC rate and is repayable on demand.
Interest payable on the loan during the year amounted to £2,553.
Dividends paid to directors
2024 2023
£ £
Mr Matthew Flanagan 36,759 86,672
15. Related Party Transactions
During the year, total dividends of £36,758.76 were paid to the director.
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