Company registration number 09724516 (England and Wales)
MITEC SAFETY MANAGEMENT LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
MITEC SAFETY MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
Mr S R Howells
Mrs T Howells
Secretary
Mrs T Howells
Company number
09724516
Registered office
12 Conqueror Court
Sittingbourne
Kent
England
ME10 5BH
Accountants
Xeinadin South East Limited
12 Conqueror Court
Sittingbourne
Kent
United Kingdom
ME10 5BH
MITEC SAFETY MANAGEMENT LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Statement of comprehensive income
4
Balance sheet
5
Statement of changes in equity
6
Notes to the financial statements
7 - 12
MITEC SAFETY MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 August 2024.
Principal activities
The principal activity of the company continued to be that of supply, installation and servicing of fire and associated alarms.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr S R Howells
Mrs T Howells
DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr S R Howells
Director
22 January 2025
MITEC SAFETY MANAGEMENT LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF MITEC SAFETY MANAGEMENT LIMITED
- 2 -
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 August 2024.
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
On the balance sheet, you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give a true and fair view.
You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the directors for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
Xeinadin South East Limited
22 January 2025
12 Conqueror Court
Sittingbourne
Kent
United Kingdom
ME10 5BH
MITEC SAFETY MANAGEMENT LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
2024
2023
£
£
Turnover
492,285
442,094
Cost of sales
(240,980)
(198,810)
Gross profit
251,305
243,284
Administrative expenses
(72,924)
(67,412)
Operating profit
178,381
175,872
Interest receivable and similar income
1,745
653
Interest payable and similar expenses
(1,416)
(1,853)
Profit before taxation
178,710
174,672
Tax on profit
(43,390)
(38,313)
Profit for the financial year
135,320
136,359
The profit and loss account has been prepared on the basis that all operations are continuing operations.
MITEC SAFETY MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
2024
2023
£
£
Profit for the year
135,320
136,359
Other comprehensive income
-
-
Total comprehensive income for the year
135,320
136,359
MITEC SAFETY MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 5 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
36,929
21,422
Current assets
Debtors
5
134,152
126,994
Cash at bank and in hand
127,709
77,359
261,861
204,353
Creditors: amounts falling due within one year
6
(88,674)
(75,212)
Net current assets
173,187
129,141
Total assets less current liabilities
210,116
150,563
Creditors: amounts falling due after more than one year
7
(13,744)
(21,387)
Provisions for liabilities
(9,232)
(5,356)
Net assets
187,140
123,820
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
187,040
123,720
Total equity
187,140
123,820
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 January 2025 and are signed on its behalf by:
Mr S R Howells
Director
Company registration number 09724516 (England and Wales)
MITEC SAFETY MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 September 2022
100
59,361
59,461
Year ended 31 August 2023:
Profit and total comprehensive income
-
136,359
136,359
Dividends
-
(72,000)
(72,000)
Balance at 31 August 2023
100
123,720
123,820
Year ended 31 August 2024:
Profit and total comprehensive income
-
135,320
135,320
Dividends
-
(72,000)
(72,000)
Balance at 31 August 2024
100
187,040
187,140
MITEC SAFETY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
1
Accounting policies
Company information
Mitec Safety Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Conqueror Court, Sittingbourne, Kent, England, ME10 5BH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents net invoiced sales of fire safety services for installation,training and maintenance contracts, excluding value added taxation. Income has been accrued in the year where invoiced sales are raised in arrears.
1.3
Intangible fixed assets - goodwill
Goodwill being the amount paid in connection with the acquisition of the business in 2015, is being amortised evenly over its estimated life of five years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
33% on reducing balance
Fixtures and fittings
33% on reducing balance
Computers
25% on cost
Motor vehicles
33% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
MITEC SAFETY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 8 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
MITEC SAFETY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 9 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
MITEC SAFETY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 10 -
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5:
2024
2023
Number
Number
Total
5
3
MITEC SAFETY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
36,000
Amortisation and impairment
At 1 September 2023 and 31 August 2024
36,000
Carrying amount
At 31 August 2024
At 31 August 2023
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2023
10,455
3,636
5,158
33,818
53,067
Additions
738
25,257
25,995
Disposals
(9,885)
(680)
(10,565)
At 31 August 2024
570
3,636
5,216
59,075
68,497
Depreciation and impairment
At 1 September 2023
9,476
2,291
3,465
16,413
31,645
Depreciation charged in the year
326
447
771
8,268
9,812
Eliminated in respect of disposals
(9,338)
(551)
(9,889)
At 31 August 2024
464
2,738
3,685
24,681
31,568
Carrying amount
At 31 August 2024
106
898
1,531
34,394
36,929
At 31 August 2023
979
1,345
1,693
17,405
21,422
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
85,049
66,590
Other debtors
49,103
60,404
134,152
126,994
MITEC SAFETY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 12 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,070
4,945
Taxation and social security
74,261
64,849
Other creditors
9,343
5,418
88,674
75,212
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,403
12,473
Other creditors
6,341
8,914
13,744
21,387
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