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Registration number: 08483941

M Tech 66 Limited

Unaudited Financial Statements

for the Year Ended 30 April 2024

 

M Tech 66 Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

M Tech 66 Limited

(Registration number: 08483941)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

8,421

8,964

Current assets

 

Debtors

5

16,360

577,023

Cash at bank and in hand

 

817,699

414,388

 

834,059

991,411

Creditors: Amounts falling due within one year

6

(66,336)

(237,877)

Net current assets

 

767,723

753,534

Total assets less current liabilities

 

776,144

762,498

Provisions for liabilities

(1,600)

-

Net assets

 

774,544

762,498

Capital and reserves

 

Called up share capital

100

100

Retained earnings

774,444

762,398

Shareholders' funds

 

774,544

762,498

 

M Tech 66 Limited

(Registration number: 08483941)
Balance Sheet as at 30 April 2024

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 Profit and Loss Account.

Approved and authorised by the Board on 29 January 2025 and signed on its behalf by:
 

.........................................
Mr Antony George Heath
Company secretary and director

 

M Tech 66 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:
67 Lingfield Road
Stevenage
Hertfordshire
SG1 5SQ

These financial statements were authorised for issue by the Board on 29 January 2025.

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.

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.

Judgements

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

 

M Tech 66 Limited

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

Tax

The tax expense for the period comprises current and deferred 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 balance sheet 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

Plant & machinery

25% reducing balance

Fixtures & fittings

25% reducing balance

Computer equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price. Trade debtors are reviewed quarterly for any bad debts, any adjustment is made accordingly through the profit and loss account.

 

M Tech 66 Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade debtors are recognised at the transaction price.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

M Tech 66 Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2023

13,838

5,399

19,237

Additions

1,984

-

1,984

At 30 April 2024

15,822

5,399

21,221

Depreciation

At 1 May 2023

6,177

4,096

10,273

Charge for the year

2,201

326

2,527

At 30 April 2024

8,378

4,422

12,800

Carrying amount

At 30 April 2024

7,444

977

8,421

At 30 April 2023

7,661

1,303

8,964

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

-

577,023

Amounts owed by related parties

8

15,519

-

Prepayments

 

841

-

   

16,360

577,023

 

M Tech 66 Limited

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

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

555

3,224

Taxation and social security

59,389

232,035

Accruals and deferred income

2,462

1,092

Other creditors

3,930

1,526

66,336

237,877

7

Dividends

2024

2023

£

£

Interim dividend of £700.00 (2023 - £1,550.00) per ordinary share

70,000

155,000

 

 
 

M Tech 66 Limited

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

8

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Mr Antony George Heath

(1,065)

12,062

(14,312)

(3,315)

Mrs Maria Heath

(461)

57,358

(57,299)

(402)

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Mr Antony George Heath

(1,065)

31,000

(31,000)

(1,065)

Mrs Maria Heath

(149)

124,000

(124,312)

(461)

These loans are provided interest free and are repayable on demand.
 

Summary of transactions with other related parties

At the balance sheet date, the company was owed £15,519 by TDI Solutions (UK) Limited. This loan is interest free and repayable on demand.
 

9

Ulitmate controlling party

The ultimate controlling party is Mrs Maria Heath, by virtue of her shareholding.