Mahtec Limited |
Notes to the Accounts |
for the year ended 31 May 2024 |
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1 |
Statutory information |
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Mahtec Limited is a private company, limited by shares, incorporated in England and Wales. The company's registered number and registered office address can be found on the company information page. |
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The presentation currency of the accounts is the pound sterling (£). |
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The principal activity of the company continued to be that of a holding company. |
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2 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006. |
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The company is a parent company, but is exempt from the requirement to prepare group accounts by virtue of section 400 of the Companies Act 2006. These accounts therefore represent information about the company as an individual undertaking and not about its group. |
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Related party exemption |
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The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Cash and cash equivalents |
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised as the amount of tax payable using the rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred Tax |
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Deferred Tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the 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. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Finance costs |
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Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
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Going concern |
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At the time of approving the accounts, the directors have a reasonable expectation that the company has adequate resources to continue in operating existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the accounts. |
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3 |
Audit information |
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Disclosure under Section 444(5B) of the Companies Act 2006. |
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The Report of the Auditors was unqualified. |
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Matt Hutchinson FCA FCCA (Senior Statutory Auditor) |
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for and on behalf of The Rowleys Partnership Ltd. |
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Date of audit report: |
17 December 2024 |
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4 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
3 |
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3 |
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5 |
Investments |
Investments in |
subsidiary |
undertakings |
£ |
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Cost and Net Book Value |
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At 1 June 2023 |
3,222,493 |
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At 31 May 2024 |
3,222,493 |
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The company's investments at the Balance Sheet date in the share capital of companies include |
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the following: |
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ATM (Holdings) Limited |
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Registered office: Winchester Avenue, Blaby Industrial Park, Leicester LE8 4GZ |
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Nature of business: Holding Company |
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% |
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Class of shares |
holding |
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Ordinary |
100 |
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ATM Automation Limited |
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Registered office: Winchester Avenue, Blaby Industrial Park, Leicester LE8 4GZ |
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Nature of business: Design, manufacture and sale of robotics |
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% |
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Class of shares |
holding |
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Ordinary |
100 |
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ATM Automation Limited is an indirect subsidiary of the company. |
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6 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Amounts owed by group undertakings |
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150,000 |
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150,000 |
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7 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Amounts owed to group undertakings |
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1,914,622 |
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1,559,622 |
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Other creditors |
1,023,190 |
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529,657 |
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2,937,812 |
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2,089,279 |
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8 |
Creditors: amounts falling due after one year |
2024 |
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2023 |
£ |
£ |
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Other creditors |
- |
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750,000 |
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9 |
Secured debts |
2024 |
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2023 |
£ |
£ |
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Creditors include the following secured debts: |
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Secured loans |
1,000,000 |
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1,250,000 |
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The secured loans are secured against the assets of the company and by way of a cross guarantee against the assets of its subsidiary undertakings. They were repaid in full on 12 September 2024. |
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10 |
Called up share capital |
2024 |
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2023 |
£ |
£ |
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Allotted, issued and fully paid: |
Nominal |
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Number: |
Class: |
value: |
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20,000 |
Ordinary A |
£1 |
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20,000 |
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20,000 |
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5,000 |
Ordinary B |
£1 |
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5,000 |
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5,000 |
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8,333 |
Ordinary C |
£1 |
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8,333 |
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8,333 |
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33,333 |
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33,333 |
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All shares rank pari passu. |
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11 |
Events after the reporting date |
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The secured loans were repaid in full on 12 September 2024. This was facilitated by the receipt of a bank loan of £750,000 secured against the assets of all group companies. |
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On 3 October 2024 the 5,000 Ordinary B shares and the 8,333 Ordinary C shares were bought back by the Company for £130,000, and subsequently cancelled. |
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12 |
Contingent liabilities |
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The assets of the company are secured by way of a cross guarantee in favour of the bank loans and other loans in subsidiary undertakings of the company. At 31 May 2024, borrowing of £1,210,150 (2023: £1,553,550) were covered by this guarantee. |
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13 |
Controlling party |
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The ultimate controlling party is considered to be S Hirji, by virtue of his controlling equity interests in the company. |