MD1 TECHNOLOGY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2024
Company Registration Number: 09378746
MD1 TECHNOLOGY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 8
MD1 TECHNOLOGY LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024
DIRECTORS
R D Webb
K A Webb
L C Fitzgerald-Finch
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
Cheltenham Film & Photographic Studios
Hatherley Lane
Cheltenham
Gloucestershire
GL51 6PN
COMPANY REGISTRATION NUMBER
09378746 England and Wales
MD1 TECHNOLOGY LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
Notes 2024 2023
£ £
FIXED ASSETS
Tangible assets 5 45,766 13,801
CURRENT ASSETS
Debtors 6 256,414 215,643
Cash at bank and in hand 166,793 108,182
423,207 323,825
CREDITORS: Amounts falling due within one year 7 210,560 160,257
NET CURRENT ASSETS 212,647 163,568
TOTAL ASSETS LESS CURRENT LIABILITIES 258,413 177,369
CREDITORS: Amounts falling due after more than one year 8 12,608 21,793
Provisions for liabilities and charges 11,442 -
NET ASSETS 234,363 155,576
CAPITAL AND RESERVES
Called up share capital 100 100
Distributable profit and loss account 234,263 155,476
SHAREHOLDERS' FUNDS 234,363 155,576
MD1 TECHNOLOGY LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
R D Webb
Director
Date approved by the board: 31 October 2024
MD1 TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
1 GENERAL INFORMATION
MD1 Technology Limited is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are:
Registered office and principal place of business
Cheltenham Film & Photographic Studios
Hatherley Lane
Cheltenham
Gloucestershire
GL51 6PN
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of the manufacture of electronic countermeasure products and the provision of consultancy services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rates so as to write off the cost or valuation of the assets less their residual value over their estimated useful lives.
Office equipment Reducing balance basis at 25% per annum
Computer equipment Reducing balance basis at 25% per annum
Tools and equipment Reducing balance basis at 25% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
MD1 TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
MD1 TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
Foreign currencies
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rate of exchange prevailing at that date. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit or loss.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
MD1 TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Research and development
Expenditure on research is written off against profits in the year in which it is incurred.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 5 4
5 TANGIBLE ASSETS
Office equipment Computer equipment Tools and equipment Total
£ £ £ £
Cost
At 1 February 2023 8,696 17,458 12,972 39,126
Additions 2,124 4,467 34,661 41,252
At 31 January 2024 10,820 21,925 47,633 80,378
Accumulated depreciation and impairments
At 1 February 2023 7,603 11,410 6,312 25,325
Charge for year 465 2,279 6,543 9,287
At 31 January 2024 8,068 13,689 12,855 34,612
Net book value
At 1 February 2023 1,093 6,048 6,660 13,801
At 31 January 2024 2,752 8,236 34,778 45,766
MD1 TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
6 DEBTORS
2024 2023
£ £
Trade debtors 543 149,742
Prepayments and accrued income 152,650 30,000
Other debtors 103,221 35,901
256,414 215,643
7 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 9,184 8,958
Trade creditors 73,278 7,065
Taxation and social security 150 6,428
Accruals and deferred income 31,496 28,576
Other creditors 96,452 109,230
210,560 160,257
8 CREDITORS: Amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 12,608 21,793
9 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
2024 2023
£ £
R D Webb The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director the following amount:
Director 51,820 58,530
K A Webb The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director the following amount:
Director 44,631 50,690
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