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Registered number: 02969771
Material Resources Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02969771
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 199,042 121,694
199,042 121,694
CURRENT ASSETS
Debtors 5 282,293 268,171
Cash at bank and in hand 390,079 196,438
672,372 464,609
Creditors: Amounts Falling Due Within One Year 6 (290,526 ) (115,051 )
NET CURRENT ASSETS (LIABILITIES) 381,846 349,558
TOTAL ASSETS LESS CURRENT LIABILITIES 580,888 471,252
Creditors: Amounts Falling Due After More Than One Year 7 (19,671 ) (30,808 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (30,423 ) (30,423 )
NET ASSETS 530,794 410,021
CAPITAL AND RESERVES
Called up share capital 9 200 200
Profit and Loss Account 530,594 409,821
SHAREHOLDERS' FUNDS 530,794 410,021
Page 1
Page 2
For the year ending 31 March 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 Steven Montila
Director
19/11/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Material Resources Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02969771 . The registered office is Riddingtons, The Old Barn, Off wood street, Swanley , Kent, BR8 7PA.
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. 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.
2.3. 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:
Plant & Machinery 15% on reducing balance
Motor Vehicles 15% on reducing balance
Fixtures & Fittings 15% on reducing balance
Computer Equipment 15% on reducing balance
2.4. 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.
2.5. 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 in respect of all timing differences that have originated but not reversed at the balance
sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the
timing difference.
...CONTINUED
Page 3
Page 4
2.5. Taxation - continued
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.
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: 1 (2023: 1)
1 1
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 April 2023 30,663 94,792 21,000 2,875
Additions - 50,843 61,062 1,660
Disposals - - (9,000 ) -
As at 31 March 2024 30,663 145,635 73,062 4,535
Depreciation
As at 1 April 2023 - 26,931 4,298 431
Provided during the period - 17,806 10,690 616
Disposals - - (2,498 ) -
As at 31 March 2024 - 44,737 12,490 1,047
Net Book Value
As at 31 March 2024 30,663 100,898 60,572 3,488
As at 1 April 2023 30,663 67,861 16,702 2,444
Computer Equipment Total
£ £
Cost
As at 1 April 2023 5,200 154,530
Additions - 113,565
Disposals - (9,000 )
As at 31 March 2024 5,200 259,095
...CONTINUED
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Page 5
Depreciation
As at 1 April 2023 1,176 32,836
Provided during the period 603 29,715
Disposals - (2,498 )
As at 31 March 2024 1,779 60,053
Net Book Value
As at 31 March 2024 3,421 199,042
As at 1 April 2023 4,024 121,694
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 570,839 213,358
Prepayments and accrued income (338,593 ) 4,766
Other debtors 50,000 50,000
Intercompany - 47
Amounts owed by other participating interests 47 -
282,293 268,171
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 22,748 6,721
Trade creditors 64,842 20,197
Bank loans and overdrafts 9,848 9,848
Corporation tax 47,849 45,633
Other taxes and social security 4,957 5,731
VAT 123,412 16,246
Other creditors 7,270 1,525
Accruals and deferred income 9,600 9,150
290,526 115,051
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 3,771 5,041
Bank loans 15,900 25,767
19,671 30,808
Page 5
Page 6
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 22,748 6,721
Later than one year and not later than five years 3,771 5,041
26,519 11,762
26,519 11,762
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 200 200
10. Related Party Transactions
Included in the Other Debtors is an amount owed from the company director Mr S Montila totalling £0 (2022 -
£196 Creditor), no interest is to be charged.
Page 6