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Registration number: 03497636

MLC Technology Limited

Filleted Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 29 February 2024

 

MLC Technology Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

MLC Technology Limited

Company Information

Directors

Mr W A Morgan

Mr P L Clatworthy

Mrs J D Morgan

Mrs K M Clatworthy

Company secretary

Mrs K M Clatworthy

Registered office

Building D, Unit D2
Chapel Farm Industrial Estate
Cwmcarn
Newport
NP11 7BH

Accountants

HSJ Accountants Limited
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

MLC Technology Limited

(Registration number: 03497636)
Abridged Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

3,406

2,277

Current assets

 

Stocks

45,760

48,332

Debtors

44,196

175,723

Cash at bank and in hand

 

126,204

312,772

 

216,160

536,827

Prepayments and accrued income

 

15

44

Creditors: Amounts falling due within one year

(83,766)

(177,974)

Net current assets

 

132,409

358,897

Total assets less current liabilities

 

135,815

361,174

Accruals and deferred income

 

(2,600)

(2,485)

Net assets

 

133,215

358,689

Capital and reserves

 

Called up share capital

6

1,000

1,000

Retained earnings

132,215

357,689

Shareholders' funds

 

133,215

358,689

 

MLC Technology Limited

(Registration number: 03497636)
Abridged Balance Sheet as at 29 February 2024

For the financial year ending 29 February 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 Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 

.........................................

Mr W A Morgan
Director

 

MLC Technology Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Building D, Unit D2
Chapel Farm Industrial Estate
Cwmcarn
Newport
NP11 7BH

These financial statements were authorised for issue by the Board on 29 November 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.

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 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 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.

 

MLC Technology Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 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

Furniture, fittings and equipment

25% straight line

Plant and Equipment

25% straight line

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

MLC Technology Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

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.

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.

Provisions

The company’s accounting policy in terms of transactions with HMRC in respect of time to pay arrangements is to record them at the date of payment. This policy will remain whilst R & D tax relief is available to the company, which is likewise recorded at the date of receipt, which would otherwise offset any stepped payments to be made

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

MLC Technology Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,560

531

5

Tangible assets

Furniture, fittings and equipment
 £

Plant and equipment
£

Total
£

Cost or valuation

At 1 March 2023

3,632

3,551

7,183

Additions

2,689

-

2,689

At 29 February 2024

6,321

3,551

9,872

Depreciation

At 1 March 2023

3,632

1,274

4,906

Charge for the year

672

888

1,560

At 29 February 2024

4,304

2,162

6,466

Carrying amount

At 29 February 2024

2,017

1,389

3,406

At 28 February 2023

-

2,277

2,277

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

600

600

600

600

Ordinary B of £1 each

200

200

200

200

Ordinary C of £1 each

100

100

100

100

Ordinary D of £1 each

100

100

100

100

1,000

1,000

1,000

1,000

 

MLC Technology Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

7

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Mr W A Morgan

Advances and Repayments

620

(1,454)

1,610

776

Mr P L Clatworthy

Advances and Repayments

(23,188)

(1,455)

1,610

(23,033)

2023

At 1 March 2022
£

At 28 February 2023
£

Mr W A Morgan

Advances and Repayments

620

620

Mr P L Clatworthy

Advances and Repayments

(23,188)

(23,188)