Company registration number 02602646 (England and Wales)
MARTEC EUROPE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MARTEC EUROPE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MARTEC EUROPE LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
333
12,892
Investments
5
100
100
433
12,992
Current assets
Debtors
6
451,646
465,148
Investments
7
11,581
11,256
Cash at bank and in hand
382,304
464,010
845,531
940,414
Creditors: amounts falling due within one year
8
(194,064)
(262,700)
Net current assets
651,467
677,714
Total assets less current liabilities
651,900
690,706
Creditors: amounts falling due after more than one year
9
(22,500)
(52,500)
Net assets
629,400
638,206
Capital and reserves
Called up share capital
11
130
130
Share premium account
5,994
5,994
Capital redemption reserve
128
128
Profit and loss reserves
623,148
631,954
Total equity
629,400
638,206

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

MARTEC EUROPE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 March 2025 and are signed on its behalf by:
N P Pursell
Director
Company registration number 02602646 (England and Wales)
MARTEC EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Martec Europe Limited is a private company limited by shares incorporated in England and Wales. The registered office is 14 Chiltern Court, Asheridge Road, Chesham, Buckinghamshire, HP5 2PX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% reducing balance
Computer equipment
33% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries are measured at cost.

MARTEC EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The company operates a defined contribution pension scheme and the pension charges represents the amounts payable by the company to the fund in respect of the year.

1.9
Leases

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

MARTEC EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Business review

The automotive sector experienced significant headwinds in this trading cycle. Widespread confusion for manufacturers and retailers in connection with the transition to electric vehicles depressed the overall market. Sector and consumer uncertainty impacted Martec's revenue streams in the year with a Q4 once again enjoying an uplift.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
45
51
4
Tangible fixed assets
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
7,461
6,808
22,600
36,869
Disposals
-
0
-
0
(22,600)
(22,600)
At 30 September 2024
7,461
6,808
-
0
14,269
Depreciation and impairment
At 1 October 2023
7,017
6,808
10,152
23,977
Depreciation charged in the year
111
-
0
-
0
111
Eliminated in respect of disposals
-
0
-
0
(10,152)
(10,152)
At 30 September 2024
7,128
6,808
-
0
13,936
Carrying amount
At 30 September 2024
333
-
0
-
0
333
At 30 September 2023
444
-
0
12,448
12,892
MARTEC EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings
100
100
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
206,639
222,860
Corporation tax recoverable
177
4,309
Amounts owed by group undertakings
205,205
204,373
Other debtors
39,625
33,606
451,646
465,148
7
Current asset investments
2024
2023
£
£
Other investments
11,581
11,256
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
30,000
37,760
Trade creditors
74,705
62,903
Taxation and social security
42,081
56,967
Other creditors
47,278
105,070
194,064
262,700
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
22,500
52,500

Included within creditors due within one year and due after more than one year is a total amount of £nil (2023: £7,760) in respect of a bank loan which is secured against the assets of the company.

 

Included within creditors due within one year and due after more than one year is a total amount of £52,500 (2023: £82,500) in respect of a bank loan which is guaranteed by the government under the Coronavirus Business Interruption Loan Scheme.

MARTEC EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
10
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
17,638
176,393

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

 

Included within the charge to profit or loss for the year is £nil (2023: £154,000) paid to Self-Invested Personal Pension (SIPP) schemes for the benefit of the directors, N Pursell and R Harkin.

11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary B of 1p each
300
300
3
3
Ordinary C of 1p each
7,700
7,700
77
77
Ordinary D of 1p each
5,000
5,000
50
50
13,000
13,000
130
130

The Ordinary C shares and Ordinary D shares have attached to them full voting rights. The Ordinary B shares have attached to them no voting rights and no right to attend general meetings.

12
Non-distributable reserves

Included within profit and loss reserves are non distributable reserves of £2,304 (2023: £5,524) in respect of unrealised fair value gains on current asset investments.

13
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases amounting to £286,018 (2023: £349,228).

 

Included within these outstanding commitments is £253,193 (2023: £271,607) in respect of future rental payments for the office premises which are owned by the Self-Invested Personal Pension schemes.

14
Related party transactions

Included within other creditors is an amount of £10,886 (2023: £61,048) owed to the directors as at the balance sheet date.

 

During the year the company purchased services amounting to £4,400 (2023: £4,800) from a company which is controlled by one of the directors.

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