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Registration number: 03551269

Mark One Consultants Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Mark One Consultants Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 13

 

Mark One Consultants Limited

(Registration number: 03551269)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

358,469

250,692

Tangible assets

5

473,878

438,304

 

832,347

688,996

Current assets

 

Stocks

6

14,350

12,769

Debtors

7

707,651

620,659

Cash at bank and in hand

 

221,506

203,147

 

943,507

836,575

Creditors: Amounts falling due within one year

8

(674,658)

(606,277)

Net current assets

 

268,849

230,298

Total assets less current liabilities

 

1,101,196

919,294

Creditors: Amounts falling due after more than one year

8

(51,767)

(41,293)

Net assets

 

1,049,429

878,001

Capital and reserves

 

Called up share capital

320

320

Profit and loss account

1,049,109

877,681

Shareholders' funds

 

1,049,429

878,001

For the financial year ending 30 April 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.

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 Statement of Comprehensive Income.

Approved and authorised by the Board on 19 December 2024 and signed on its behalf by:
 

 

Mark One Consultants Limited

(Registration number: 03551269)
Statement of Financial Position as at 30 April 2024 (continued)


Miss K M McLaughlin
Director

 

Mark One Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
Unit 5-6
Bartlett Court, Sea King Road
Lynx Trading Estate
Yeovil
BA20 2NZ

Principal activity

The principal activity of the company is that of business and domestic software development and consultancy.

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 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 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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Mark One Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

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 statement of financial position 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

Freehold land and buildings

Not depreciated

Leasehold land and buildings

Not depreciated

 

Mark One Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Freehold improvements

25% Reducing balance

Plant and machinery

25% Straight line

Motor vehicles

25% Reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Intangible assets

Intangible assets are initially recorded at costs, and are subsequently stated at costs less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Capitalised development costs

25% Straight line

Research and development

Research expenditure is written off in the year in which it is incurred.

Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:

It is technically feasible to complete the intangible asset so that it will be available for use or sale;
• There is the intention to complete the intangible asset and use or sell it;
• There is the ability to use or sell the intangible asset;
• The use or sale of the intangible asset will generate probable future economic benefits;
• There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and
• The expenditure attributable to the intangible asset during its development can be measured reliably.

Expenditure that does not meet the above criteria is expensed as incurred.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Mark One Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

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 statement of comprehensive income 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

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

 

Mark One Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 40 (2023 - 38).

 

Mark One Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Intangible assets

Capitalised development costs
 £

Total
£

Cost or valuation

At 1 May 2023

1,632,855

1,632,855

Additions internally developed

283,946

283,946

At 30 April 2024

1,916,801

1,916,801

Amortisation

At 1 May 2023

1,382,163

1,382,163

Amortisation charge

176,169

176,169

At 30 April 2024

1,558,332

1,558,332

Carrying amount

At 30 April 2024

358,469

358,469

At 30 April 2023

250,692

250,692

 

Mark One Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

5

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Short leasehold land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

241,571

44,699

1,250

270,281

341,240

899,041

Additions

-

2,424

-

66,194

58,350

126,968

Disposals

-

-

-

-

(6,999)

(6,999)

At 30 April 2024

241,571

47,123

1,250

336,475

392,591

1,019,010

Depreciation

At 1 May 2023

-

23,410

1,250

185,592

250,485

460,737

Charge for the year

-

5,928

-

47,895

37,179

91,002

Eliminated on disposal

-

-

-

-

(6,607)

(6,607)

At 30 April 2024

-

29,338

1,250

233,487

281,057

545,132

Carrying amount

At 30 April 2024

241,571

17,785

-

102,988

111,534

473,878

At 30 April 2023

241,571

21,289

-

84,689

90,755

438,304

 

Mark One Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

6

Stocks

2024
£

2023
£

Stocks and work in progress

14,350

12,769

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

658,213

544,793

Other debtors

 

10,538

37,312

Prepayments

 

32,165

26,148

Income tax asset

6,735

12,406

 

707,651

620,659

 

Mark One Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

33,465

54,170

Trade creditors

 

65,407

47,213

Taxation and social security

 

189,134

178,411

Accruals and deferred income

 

313,003

307,175

Other creditors

 

73,649

19,308

 

674,658

606,277

Creditors include net obligations under finance lease and hire purchase contracts which are secured on the asset to which they relate.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

51,767

41,293

Creditors include net obligations under finance lease and hire purchase contracts which are secured on the asset to which they relate.

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Mark One Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

15,001

41,293

Hire purchase contracts

36,766

-

51,767

41,293

Current loans and borrowings

2024
£

2023
£

Bank borrowings

25,292

54,170

Hire purchase contracts

8,173

-

33,465

54,170

Lloyds Tsb Bank PLC have a registered fixed and floating charge over the company.

11

Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

16,977

24,487

Later than one year and not later than five years

17,171

34,148

34,148

58,635

12

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Directors

20,077

92,726

(112,500)

303

         
       

 

 

Mark One Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

12

Related party transactions (continued)

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Directors

37,478

84,429

(101,830)

20,077

 

Other transactions with directors

At 30 April 2024 the company owed £73,648 (2023: £19,038) to its directors, which is included within the creditors payable within one year.

Overdrawn Director's loan accounts, as detailed in the above table, are repayable upon demand and are subject to interest at the official rate.