Company Registration No. 06491633 (England and Wales)
MTP Media (2008) Limited
Unaudited accounts
for the year ended 31 August 2024
MTP Media (2008) Limited
Unaudited accounts
Contents
MTP Media (2008) Limited
Company Information
for the year ended 31 August 2024
Directors
A Sanderson
D Lowes
Company Number
06491633 (England and Wales)
Registered Office
The Sidings
Beezon Fields
Kendal
Cumbria
LA9 6BL
Accountants
Parkin Finance Limited
MTP Media (2008) Limited
Statement of financial position
as at 31 August 2024
Tangible assets
674,911
667,806
Cash at bank and in hand
78,766
49,050
Creditors: amounts falling due within one year
(204,203)
(218,169)
Net current assets
64,891
52,362
Total assets less current liabilities
739,802
720,168
Creditors: amounts falling due after more than one year
(287,114)
(311,324)
Provisions for liabilities
Deferred tax
(66,633)
(63,013)
Net assets
386,055
345,831
Called up share capital
9,002
9,002
Profit and loss account
377,053
336,829
Shareholders' funds
386,055
345,831
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 11 December 2024 and were signed on its behalf by
A Sanderson
Director
Company Registration No. 06491633
MTP Media (2008) Limited
Notes to the Accounts
for the year ended 31 August 2024
MTP Media (2008) Limited is a private company, limited by shares, registered in England and Wales, registration number 06491633. The registered office is The Sidings, Beezon Fields, Kendal, Cumbria, LA9 6BL.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment.
The directors consider that the freehold land and buildings are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account.
The directors perform annual impairment reviews to ensure that the recoverable amount is not lower than the carrying value.
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Nil / 25 years straight line / 2% straight line
Plant & machinery
15% reducing balance / 6 years straight line
Motor vehicles
15% reducing balance
Fixtures & fittings
15% reducing balance
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
MTP Media (2008) Limited
Notes to the Accounts
for the year ended 31 August 2024
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill
At 1 September 2023
20,000
At 1 September 2023
20,000
MTP Media (2008) Limited
Notes to the Accounts
for the year ended 31 August 2024
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 September 2023
452,357
588,715
49,502
38,477
1,129,051
Additions
-
33,500
22,990
1,958
58,448
Disposals
-
(3,600)
(17,745)
-
(21,345)
At 31 August 2024
452,357
618,615
54,747
40,435
1,166,154
At 1 September 2023
38,644
366,323
29,412
26,866
461,245
Charge for the year
1,366
34,174
2,744
1,962
40,246
On disposals
-
(45)
(10,203)
-
(10,248)
At 31 August 2024
40,010
400,452
21,953
28,828
491,243
At 31 August 2024
412,347
218,163
32,794
11,607
674,911
At 31 August 2023
413,713
222,392
20,090
11,611
667,806
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
105,500
141,391
- Motor vehicles
4,604
20,089
Amounts falling due within one year
Trade debtors
146,841
180,166
Accrued income and prepayments
10,634
4,528
MTP Media (2008) Limited
Notes to the Accounts
for the year ended 31 August 2024
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
20,900
26,248
Obligations under finance leases and hire purchase contracts
28,660
32,362
Trade creditors
124,756
142,669
Taxes and social security
25,677
5,075
Loans from directors
642
2,109
Included within bank loans and overdrafts of £20,900 (2023 £26,248) is an overdraft which is secured by a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings and fixed plant and machinery.
The bank loans are secured by a fixed and floating charge over the property to which they relate.
Finance leases totaling £28,660 (2023 £32,362) are secured over the asset the which they relate.
8
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
207,171
227,145
Obligations under finance leases and hire purchase contracts
62,199
65,236
Deferred income
17,744
18,943
Aggregate of amounts that fall due for payment after five years
142,671
150,610
Bank loans are secured by a fixed and floating charge over the property to which they relate.
Finance leases totaling £62,199 (2023 £65,236) are secured over the asset to which they relate.
9
Average number of employees
During the year the average number of employees was 13 (2023: 13).