Acorah Software Products - Accounts Production 16.0.110 false true 30 June 2023 1 July 2022 false 1 July 2023 30 June 2024 30 June 2024 07279391 Mr M Guest iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07279391 2023-06-30 07279391 2024-06-30 07279391 2023-07-01 2024-06-30 07279391 frs-core:CurrentFinancialInstruments 2024-06-30 07279391 frs-core:Non-currentFinancialInstruments 2024-06-30 07279391 frs-core:BetweenOneFiveYears 2024-06-30 07279391 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-01 2024-06-30 07279391 frs-core:NetGoodwill 2024-06-30 07279391 frs-core:NetGoodwill 2023-07-01 2024-06-30 07279391 frs-core:NetGoodwill 2023-06-30 07279391 frs-core:MotorVehicles 2024-06-30 07279391 frs-core:MotorVehicles 2023-07-01 2024-06-30 07279391 frs-core:MotorVehicles 2023-06-30 07279391 frs-core:OtherResidualIntangibleAssets 2024-06-30 07279391 frs-core:OtherResidualIntangibleAssets 2023-07-01 2024-06-30 07279391 frs-core:OtherResidualIntangibleAssets 2023-06-30 07279391 frs-core:PlantMachinery 2024-06-30 07279391 frs-core:PlantMachinery 2023-07-01 2024-06-30 07279391 frs-core:PlantMachinery 2023-06-30 07279391 frs-core:WithinOneYear 2024-06-30 07279391 frs-core:ShareCapital 2024-06-30 07279391 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 07279391 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 07279391 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 07279391 frs-bus:SmallEntities 2023-07-01 2024-06-30 07279391 frs-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 07279391 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 07279391 frs-bus:Director1 2023-07-01 2024-06-30 07279391 frs-core:CurrentFinancialInstruments 1 2024-06-30 07279391 frs-core:CurrentFinancialInstruments 3 2024-06-30 07279391 frs-countries:EnglandWales 2023-07-01 2024-06-30 07279391 2022-06-30 07279391 2023-06-30 07279391 2022-07-01 2023-06-30 07279391 frs-core:CurrentFinancialInstruments 2023-06-30 07279391 frs-core:Non-currentFinancialInstruments 2023-06-30 07279391 frs-core:BetweenOneFiveYears 2023-06-30 07279391 frs-core:WithinOneYear 2023-06-30 07279391 frs-core:ShareCapital 2023-06-30 07279391 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30 07279391 frs-core:CurrentFinancialInstruments 1 2023-06-30 07279391 frs-core:CurrentFinancialInstruments 3 2023-06-30
Registered number: 07279391
MTG Energy Solutions Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07279391
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,890 2,100
Tangible Assets 5 57,551 45,691
59,441 47,791
CURRENT ASSETS
Stocks 6 23,000 50,251
Debtors 7 33,914 145,797
Cash at bank and in hand 66,886 26,710
123,800 222,758
Creditors: Amounts Falling Due Within One Year 8 (121,456 ) (202,745 )
NET CURRENT ASSETS (LIABILITIES) 2,344 20,013
TOTAL ASSETS LESS CURRENT LIABILITIES 61,785 67,804
Creditors: Amounts Falling Due After More Than One Year 9 (13,557 ) (19,776 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (10,935 ) (8,681 )
NET ASSETS 37,293 39,347
CAPITAL AND RESERVES
Called up share capital 11 1 1
Profit and Loss Account 37,292 39,346
SHAREHOLDERS' FUNDS 37,293 39,347
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr M Guest
Director
21st January 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
MTG Energy Solutions Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07279391 . The registered office is 5 Northdown Drive, Beeston, Nottingham, NG9 5NT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are a company website It is amortised to profit and loss account over its estimated economic life of 10 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 20% reducing balance
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 3
Page 4
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 2)
4 2
4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 July 2023 10,000 3,500 13,500
As at 30 June 2024 10,000 3,500 13,500
Amortisation
As at 1 July 2023 10,000 1,400 11,400
Provided during the period - 210 210
As at 30 June 2024 10,000 1,610 11,610
Net Book Value
As at 30 June 2024 - 1,890 1,890
As at 1 July 2023 - 2,100 2,100
5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 July 2023 7,406 58,065 65,471
Additions 333 26,150 26,483
As at 30 June 2024 7,739 84,215 91,954
...CONTINUED
Page 4
Page 5
Depreciation
As at 1 July 2023 3,997 15,783 19,780
Provided during the period 936 13,687 14,623
As at 30 June 2024 4,933 29,470 34,403
Net Book Value
As at 30 June 2024 2,806 54,745 57,551
As at 1 July 2023 3,409 42,282 45,691
6. Stocks
2024 2023
£ £
Materials 20,000 50,251
Work in progress 3,000 -
23,000 50,251
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 30,014 142,246
Prepayments and accrued income 3,600 3,251
Other debtors 300 300
33,914 145,797
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 3,400 3,400
Trade creditors 13,547 91,650
Bank loans and overdrafts 2,820 2,820
Corporation tax 6,227 11,035
Other taxes and social security 3,354 4,529
VAT 3,451 626
Net wages 2,099 2,774
Credit card account (Current liabilities - creditors < 1 year) 12,392 22,958
Pension 270 -
Accruals and deferred income 35,896 21,136
Director's loan account 38,000 41,817
121,456 202,745
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 10,200 13,600
Bank loans 3,357 6,176
13,557 19,776
Page 5
Page 6
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 3,400 3,400
Later than one year and not later than five years 10,200 13,600
13,600 17,000
13,600 17,000
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
Page 6