Mortec Projects Limited 11583491 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Project management and consultancy Digita Accounts Production Advanced 6.30.9574.0 true true 11583491 2023-04-01 2024-03-31 11583491 2024-03-31 11583491 bus:OrdinaryShareClass1 2024-03-31 11583491 core:CurrentFinancialInstruments 2024-03-31 11583491 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 11583491 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 11583491 core:FurnitureFittingsToolsEquipment 2024-03-31 11583491 core:MotorVehicles 2024-03-31 11583491 bus:SmallEntities 2023-04-01 2024-03-31 11583491 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 11583491 bus:AbridgedAccounts 2023-04-01 2024-03-31 11583491 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 11583491 bus:RegisteredOffice 2023-04-01 2024-03-31 11583491 bus:Director1 2023-04-01 2024-03-31 11583491 bus:Director2 2023-04-01 2024-03-31 11583491 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 11583491 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11583491 core:ComputerEquipment 2023-04-01 2024-03-31 11583491 core:FurnitureFittings 2023-04-01 2024-03-31 11583491 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 11583491 core:MotorVehicles 2023-04-01 2024-03-31 11583491 core:PlantMachinery 2023-04-01 2024-03-31 11583491 countries:England 2023-04-01 2024-03-31 11583491 2023-03-31 11583491 core:FurnitureFittingsToolsEquipment 2023-03-31 11583491 core:MotorVehicles 2023-03-31 11583491 2022-04-01 2023-03-31 11583491 2023-03-31 11583491 bus:OrdinaryShareClass1 2023-03-31 11583491 core:CurrentFinancialInstruments 2023-03-31 11583491 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 11583491 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 11583491 core:FurnitureFittingsToolsEquipment 2023-03-31 11583491 core:MotorVehicles 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11583491

Mortec Projects Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2024

 

Mortec Projects Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the abridged financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Ms Joanne Morgan

Mr Matthew Tucker

Principal activity

The principal activity of the company is Project management and consultancy

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 25 October 2024 and signed on its behalf by:
 

.........................................
Ms Joanne Morgan
Director

.........................................
Mr Matthew Tucker
Director

 

Mortec Projects Limited

(Registration number: 11583491)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

174,769

207,493

Current assets

 

Debtors

6

334,817

490,267

Other financial assets

4,376

57,092

Cash at bank and in hand

 

165,910

41,730

 

505,103

589,089

Prepayments and accrued income

 

4,223

2,995

Creditors: Amounts falling due within one year

(245,879)

(241,107)

Net current assets

 

263,447

350,977

Total assets less current liabilities

 

438,216

558,470

Creditors: Amounts falling due after more than one year

(119,176)

(163,731)

Provisions for liabilities

(43,692)

(39,395)

Accruals and deferred income

 

-

(250)

Net assets

 

275,348

355,094

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

275,248

354,994

Shareholders' funds

 

275,348

355,094

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Mortec Projects Limited

(Registration number: 11583491)
Abridged Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 25 October 2024 and signed on its behalf by:
 

.........................................
Ms Joanne Morgan
Director

.........................................
Mr Matthew Tucker
Director

 

Mortec Projects Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
16 Commerce Square
Lace Market
Nottingham
Notthinghamshire
NG1 1HS

These financial statements were authorised for issue by the Board on 25 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Mortec Projects Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Fixtures and fittings

25% reducing balance

Computer equipment

33% straight line

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Mortec Projects Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

Mortec Projects Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

37,210

12,916

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

58,089

185,919

244,008

Additions

4,485

-

4,485

At 31 March 2024

62,574

185,919

248,493

Depreciation

At 1 April 2023

23,195

13,320

36,515

Charge for the year

4,847

32,362

37,209

At 31 March 2024

28,042

45,682

73,724

Carrying amount

At 31 March 2024

34,532

140,237

174,769

At 31 March 2023

34,894

172,599

207,493

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Mortec Projects Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

8

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £1,260.00 (2023 - £1,250.00) per ordinary share

 

126,000

 

125,000