Caseware UK (AP4) 2023.0.135 2023.0.135 false7The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.The principal activity of the company is that of computing and information technology services.2023-08-017truetruefalse 03411094 2023-08-01 2024-07-31 03411094 2022-08-01 2023-07-31 03411094 2024-07-31 03411094 2023-07-31 03411094 c:Director1 2023-08-01 2024-07-31 03411094 d:PlantMachinery 2023-08-01 2024-07-31 03411094 d:PlantMachinery 2024-07-31 03411094 d:PlantMachinery 2023-07-31 03411094 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 03411094 d:MotorVehicles 2023-08-01 2024-07-31 03411094 d:MotorVehicles 2024-07-31 03411094 d:MotorVehicles 2023-07-31 03411094 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 03411094 d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 03411094 d:CurrentFinancialInstruments 2024-07-31 03411094 d:CurrentFinancialInstruments 2023-07-31 03411094 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 03411094 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 03411094 d:ShareCapital 2024-07-31 03411094 d:ShareCapital 2023-07-31 03411094 d:RetainedEarningsAccumulatedLosses 2024-07-31 03411094 d:RetainedEarningsAccumulatedLosses 2023-07-31 03411094 c:FRS102 2023-08-01 2024-07-31 03411094 c:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 03411094 c:FullAccounts 2023-08-01 2024-07-31 03411094 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 03411094 d:WithinOneYear 2024-07-31 03411094 d:WithinOneYear 2023-07-31 03411094 d:BetweenOneFiveYears 2024-07-31 03411094 d:BetweenOneFiveYears 2023-07-31 03411094 e:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Registered number: 03411094










M2 Computing Ltd








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 July 2024

 
M2 Computing Ltd
 
  
Chartered Accountants' Report to the Director on the preparation of the Unaudited Statutory Financial Statements of M2 Computing Ltd for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of M2 Computing Ltd for the year ended 31 July 2024 which comprise  the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Director of M2 Computing Ltd in accordance with the terms of our engagement letter dated 19 November 2024Our work has been undertaken solely to prepare for your approval the financial statements of M2 Computing Ltd and state those matters that we have agreed to state to the Director of M2 Computing Ltd in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M2 Computing Ltd and its Director for our work or for this report. 

It is your duty to ensure that M2 Computing Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of M2 Computing Ltd. You consider that M2 Computing Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of M2 Computing Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
30 January 2025
Page 1

 
M2 Computing Ltd
Registered number: 03411094

Balance Sheet
As at 31 July 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
14,601
8,128

  
14,601
8,128

Current assets
  

Stocks
  
3,493
7,384

Debtors: amounts falling due within one year
 5 
255,960
187,301

Cash at bank and in hand
  
516,117
389,255

  
775,570
583,940

Creditors: amounts falling due within one year
 6 
(353,382)
(259,627)

Net current assets
  
 
 
422,188
 
 
324,313

Total assets less current liabilities
  
436,789
332,441

  

Net assets
  
436,789
332,441


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
436,689
332,341

  
436,789
332,441


The Director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





G Roffe
Director
Date: 30 January 2025

The notes on pages 4 to 9 form part of these financial statements.
Page 2

 
M2 Computing Ltd
Registered number: 03411094

Balance Sheet (continued)
As at 31 July 2024


Page 3

 
M2 Computing Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2024

1.


General information

M2 Computing Limited is a private company limited by shares and is incorporated in England with the registration number 03411094.
The address of the registered office is Springfield House, Springfield Road, Horsham, West Sussex, RH12 2RG. The principal place of business is Dial Post Court, Horsham Road, Rusper, West Sussex, RH12 4QX.
The accounts are prepared in sterling and are rounded to the nearest £1. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from the sale of goods is recognised on delivery to the customer.
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

IT, office, fixtures & fittings
-
25%
straight line
Motor vehicles
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
M2 Computing Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2024

2.Accounting policies (continued)

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Page 5

 
M2 Computing Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2024

2.Accounting policies (continued)


2.7
Financial instruments (continued)

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
M2 Computing Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2024

2.Accounting policies (continued)

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.10

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 7).

Page 7

 
M2 Computing Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2024

4.


Tangible fixed assets





IT and office equipment, fixtures and fittings
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 August 2023
72,197
21,089
93,286


Additions
1,014
8,631
9,645


Disposals
-
(10,645)
(10,645)



At 31 July 2024

73,211
19,075
92,286



Depreciation


At 1 August 2023
72,120
13,038
85,158


Charge for the year on owned assets
201
2,971
3,172


Disposals
-
(10,645)
(10,645)



At 31 July 2024

72,321
5,364
77,685



Net book value



At 31 July 2024
890
13,711
14,601



At 31 July 2023
77
8,051
8,128


5.


Debtors

2024
2023
£
£


Trade debtors
204,659
150,927

Other debtors
28,175
23,145

Prepayments and accrued income
23,126
13,229

255,960
187,301


Page 8

 
M2 Computing Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
147,428
93,677

Amounts owed to group undertakings
3,072
3,375

Corporation tax
53,595
20,036

Other taxation and social security
92,755
78,391

Other creditors
4,810
4,839

Accruals and deferred income
51,722
59,309

353,382
259,627



7.


Pension commitments

The company operates a stakeholder pension scheme. The assets of the scheme are held separately from those of the company. The pension charge represents contributions payable by the company to the fund and amounted to £6,495 (2023: £6,148). At the year end contributions totalling £1,408 were payable to the scheme (2023: £1,392).


8.


Commitments under operating leases

At 31 July 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
13,906
23,838

Later than 1 year and not later than 5 years
-
13,906

13,906
37,744


9.


Related party transactions

During the year the company paid costs of £1,487 (2023: £970) on behalf of its parent company, Swiftescrow Limited. The company was also recharged costs of £1,185 (2023: £1,020) by Swiftescrow Limited. During the year the company also made dividend payments amounting to £54,000 (2023: £45,000) to Swiftescrow Limited. At the year end the company owed £3,072 (2023: £3,375) to Swiftescrow Limited.


Page 9