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COMPANY REGISTRATION NUMBER: 08399467
Managed Technology Corporation Ltd
Filleted Unaudited Financial Statements
31 March 2024
Managed Technology Corporation Ltd
Financial Statements
Year ended 31 March 2024
Contents
Page
Consolidated statement of financial position
1
Company statement of financial position
3
Consolidated statement of changes in equity
5
Company statement of changes in equity
6
Notes to the financial statements
7
Managed Technology Corporation Ltd
Consolidated Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
3,210,764
2,087,364
Tangible assets
6
175,967
227,378
------------
------------
3,386,731
2,314,742
Current assets
Stocks
1,035,402
425,166
Debtors
8
2,437,151
1,965,419
Cash at bank and in hand
828,788
1,552,914
------------
------------
4,301,341
3,943,499
Creditors: amounts falling due within one year
9
3,451,723
3,120,417
------------
------------
Net current assets
849,618
823,082
------------
------------
Total assets less current liabilities
4,236,349
3,137,824
Creditors: amounts falling due after more than one year
10
2,212,170
962,373
Provisions
Taxation including deferred tax
3,947
3,947
------------
------------
Net assets
2,020,232
2,171,504
------------
------------
Capital and reserves
Called up share capital
26,000
26,000
Profit and loss account
1,994,232
2,145,504
------------
------------
Shareholders funds
2,020,232
2,171,504
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the consolidated income statement has not been delivered.
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Managed Technology Corporation Ltd
Consolidated Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 19 November 2024 , and are signed on behalf of the board by:
Mr R Mistry
Mr D J Chappell
Director
Director
Mr D J O'Connor
Director
Company registration number: 08399467
Managed Technology Corporation Ltd
Company Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
87,562
98,692
Tangible assets
6
162,675
227,378
Investments
7
2,476,866
7,303
------------
---------
2,727,103
333,373
Current assets
Stocks
803,281
425,166
Debtors
8
2,137,615
1,965,419
Cash at bank and in hand
693,562
1,551,914
------------
------------
3,634,458
3,942,499
Creditors: amounts falling due within one year
9
3,230,489
3,126,720
------------
------------
Net current assets
403,969
815,779
------------
------------
Total assets less current liabilities
3,131,072
1,149,152
Creditors: amounts falling due after more than one year
10
2,212,170
962,373
Provisions
Taxation including deferred tax
3,947
3,947
------------
------------
Net assets
914,955
182,832
------------
------------
Capital and reserves
Called up share capital
26,000
26,000
Profit and loss account
888,955
156,832
---------
---------
Shareholders funds
914,955
182,832
---------
---------
The profit for the financial year of the parent company was £ 1,047,789 (2023: £ 209,087 loss).
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Managed Technology Corporation Ltd
Company Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 19 November 2024 , and are signed on behalf of the board by:
Mr R Mistry
Mr D J Chappell
Director
Director
Mr D J O'Connor
Director
Company registration number: 08399467
Managed Technology Corporation Ltd
Consolidated Statement of Changes in Equity
Year ended 31 March 2024
Called up share capital
Profit and loss account
Equity attributable to the owners of the parent company
Non-controlling interests
Total
£
£
£
£
£
At 1 April 2022
26,000
1,827,739
1,853,739
( 1,695)
1,852,044
Profit for the year
687,565
687,565
1,695
689,260
--------
------------
------------
-------
------------
Total comprehensive income for the year
687,565
687,565
1,695
689,260
Dividends paid and payable
( 369,800)
( 369,800)
( 369,800)
--------
------------
------------
-------
------------
Total investments by and distributions to owners
( 369,800)
( 369,800)
( 369,800)
At 31 March 2023
26,000
2,145,504
2,171,504
2,171,504
Profit for the year
164,394
164,394
164,394
--------
------------
------------
-------
------------
Total comprehensive income for the year
164,394
164,394
164,394
Dividends paid and payable
( 315,666)
( 315,666)
( 315,666)
----
---------
---------
----
---------
Total investments by and distributions to owners
( 315,666)
( 315,666)
( 315,666)
--------
------------
------------
----
------------
At 31 March 2024
26,000
1,994,232
2,020,232
2,020,232
--------
------------
------------
----
------------
Managed Technology Corporation Ltd
Company Statement of Changes in Equity
Year ended 31 March 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2022
26,000
735,719
761,719
Loss for the year
( 209,087)
( 209,087)
--------
---------
---------
Total comprehensive income for the year
( 209,087)
( 209,087)
Dividends paid and payable
( 369,800)
( 369,800)
--------
---------
---------
Total investments by and distributions to owners
( 369,800)
( 369,800)
At 31 March 2023
26,000
156,832
182,832
Profit for the year
1,047,789
1,047,789
--------
------------
------------
Total comprehensive income for the year
1,047,789
1,047,789
Dividends paid and payable
( 315,666)
( 315,666)
----
---------
---------
Total investments by and distributions to owners
( 315,666)
( 315,666)
--------
---------
---------
At 31 March 2024
26,000
888,955
914,955
--------
---------
---------
Managed Technology Corporation Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 14, Bellingham Way, Aylesford, ME20 7HP, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Managed Technology Corporation Ltd and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
Software
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
25% straight line
Plant and machinery
-
20% straight line
Fixtures and fittings
-
33% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 70 (2023: 45 ).
5. Intangible assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 April 2023
3,123,749
9,500
3,133,249
Acquisitions through business combinations
1,860,166
1,860,166
------------
-------
------------
At 31 March 2024
4,983,915
9,500
4,993,415
------------
-------
------------
Amortisation
At 1 April 2023
1,039,077
6,808
1,045,885
Charge for the year
734,866
1,900
736,766
------------
-------
------------
At 31 March 2024
1,773,943
8,708
1,782,651
------------
-------
------------
Carrying amount
At 31 March 2024
3,209,972
792
3,210,764
------------
-------
------------
At 31 March 2023
2,084,672
2,692
2,087,364
------------
-------
------------
Company
Software
£
Cost
At 1 April 2023
129,500
Additions
18,463
---------
At 31 March 2024
147,963
---------
Amortisation
At 1 April 2023
30,808
Charge for the year
29,593
---------
At 31 March 2024
60,401
---------
Carrying amount
At 31 March 2024
87,562
---------
At 31 March 2023
98,692
---------
6. Tangible assets
Group
Long leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2023
95,900
125,692
146,063
84,316
451,971
Additions
32,278
32,278
Acquisitions through business combinations
13,829
63,609
30,378
107,816
--------
---------
--------
---------
---------
---------
At 31 Mar 2024
95,900
125,692
13,829
209,672
146,972
592,065
--------
---------
--------
---------
---------
---------
Depreciation
At 1 Apr 2023
37,955
61,541
64,520
60,577
224,593
Charge for the year
23,975
27,740
137
39,915
18,266
110,033
Disposals through business combinations
13,613
43,051
24,808
81,472
--------
---------
--------
---------
---------
---------
At 31 Mar 2024
61,930
89,281
13,750
147,486
103,651
416,098
--------
---------
--------
---------
---------
---------
Carrying amount
At 31 Mar 2024
33,970
36,411
79
62,186
43,321
175,967
--------
---------
--------
---------
---------
---------
At 31 Mar 2023
57,945
64,151
81,543
23,739
227,378
--------
---------
--------
---------
---------
---------
Company
Long leasehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
95,900
125,692
146,063
84,316
451,971
Additions
32,278
32,278
--------
---------
---------
---------
---------
At 31 March 2024
95,900
125,692
146,063
116,594
484,249
--------
---------
---------
---------
---------
Depreciation
At 1 April 2023
37,955
61,541
64,520
60,577
224,593
Charge for the year
23,975
27,740
29,514
15,752
96,981
--------
---------
---------
---------
---------
At 31 March 2024
61,930
89,281
94,034
76,329
321,574
--------
---------
---------
---------
---------
Carrying amount
At 31 March 2024
33,970
36,411
52,029
40,265
162,675
--------
---------
---------
---------
---------
At 31 March 2023
57,945
64,151
81,543
23,739
227,378
--------
---------
---------
---------
---------
7. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 April 2023
4,444,619
Additions
2,572,450
Disposals
( 4,540,203)
------------
At 31 March 2024
2,476,866
------------
Impairment
At 1 April 2023
4,437,316
Disposals
( 4,437,316)
------------
At 31 March 2024
------------
Carrying amount
At 31 March 2024
2,476,866
------------
At 31 March 2023
7,303
------------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Infinity Document Solutions Limited
Ordinary
100
8. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
1,866,606
1,522,490
1,569,916
1,522,490
Amounts owed by group undertakings and undertakings in which the company has a participating interest
52,543
52,492
52,543
52,492
Other debtors
518,002
390,437
515,156
390,437
------------
------------
------------
------------
2,437,151
1,965,419
2,137,615
1,965,419
------------
------------
------------
------------
9. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
436,925
304,278
436,925
304,278
Trade creditors
1,176,811
1,383,112
1,116,380
1,383,112
Amounts owed to group undertakings and undertakings in which the company has a participating interest
6,303
Corporation tax
271,607
157,990
155,180
157,990
Social security and other taxes
362,706
211,473
322,830
211,473
Other creditors
1,203,674
1,063,564
1,199,174
1,063,564
------------
------------
------------
------------
3,451,723
3,120,417
3,230,489
3,126,720
------------
------------
------------
------------
Bank loans are secured by way of a fixed and floating charge over the company's assets and undertakings.
10. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
2,212,170
958,287
2,212,170
958,287
Other creditors
4,086
4,086
------------
---------
------------
---------
2,212,170
962,373
2,212,170
962,373
------------
---------
------------
---------
Bank loans are secured by way of a fixed and floating charge over the company's assets and undertakings.
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
298,956
273,868
277,956
273,868
Later than 1 year and not later than 5 years
533,129
564,522
459,629
564,522
Later than 5 years
143,500
208,300
143,500
208,300
---------
------------
---------
------------
975,585
1,046,690
881,085
1,046,690
---------
------------
---------
------------
12. Related party transactions
Company
At the year end, the company was owed £52,543 (2023: £52,492) by a group company.
13. Controlling party
The company's ultimate parent company is D&D Asset Management Ltd (formerly Managed Technology Holdings Limited), a company incorporated in England and Wales. Managed Technology Holdings Limited's registered address is Unit 14 Bellingham Way, Aylesford, Kent, ME20 7HP . With effect from 25 July 2024, the company's new ultimate parent company is Managed Technology Corporation Topco Limited at the same registered office address.