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Registration number: 01092706

Multitechnic Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Multitechnic Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 12

 

Multitechnic Limited

(Registration number: 01092706)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

120

154

Tangible assets

5

410,392

311,489

 

410,512

311,643

Current assets

 

Stocks

6

41,199

41,534

Debtors

7

71,734

80,318

Cash at bank and in hand

 

26,038

78,755

 

138,971

200,607

Creditors: Amounts falling due within one year

8

(100,723)

(109,225)

Net current assets

 

38,248

91,382

Total assets less current liabilities

 

448,760

403,025

Creditors: Amounts falling due after more than one year

8

(99,522)

(101,154)

Provisions for liabilities

(46,853)

(33,989)

Net assets

 

302,385

267,882

Capital and reserves

 

Called up share capital

9

7,750

7,750

Revaluation reserve

42,302

9,564

Retained earnings

252,333

250,568

Shareholders' funds

 

302,385

267,882

For the financial year ending 30 June 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 24 March 2025 and signed on its behalf by:
 

 

Multitechnic Limited

(Registration number: 01092706)
Balance Sheet as at 30 June 2024

.........................................
S J Aynsley
Director

 

Multitechnic Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
Coopies Lane Industrial Est
Morpeth
Northumberland
NE61 6JQ

These financial statements were authorised for issue by the Board on 24 March 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 except that as disclosed in the accounting policies certain items are shown at fair value.

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 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.

Government grants

The entity adopted the accrual model for recognising government grants.

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.

 

Multitechnic Limited

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

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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

Freehold Property

Over 25 years

Plant & Machinery

15% Reducing Balance

Fixtures & Fittings

15% Reducing Balance

Office Equipment

20% On Cost

Motor vehicles

20% Reducing Balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any 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

Patents and trademarks

10% On Cost

Cash and cash equivalents

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

 

Multitechnic Limited

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

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

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 creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

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 balance sheet as a finance lease obligation.

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

 

Multitechnic Limited

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

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 7 (2023 - 7).

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 July 2023

340

340

At 30 June 2024

340

340

Amortisation

At 1 July 2023

186

186

Amortisation charge

34

34

At 30 June 2024

220

220

Carrying amount

At 30 June 2024

120

120

At 30 June 2023

154

154

 

Multitechnic Limited

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

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

270,686

20,594

59,438

376,698

727,416

Revaluations

39,314

-

-

-

39,314

Additions

-

3,366

-

40,351

43,717

Disposals

-

-

(28,909)

-

(28,909)

At 30 June 2024

310,000

23,960

30,529

417,049

781,538

Depreciation

At 1 July 2023

48,830

15,581

34,075

317,441

415,927

Charge for the year

-

1,805

4,455

16,212

22,472

Eliminated on disposal

-

-

(18,423)

-

(18,423)

Revaluations

(48,830)

-

-

-

(48,830)

At 30 June 2024

-

17,386

20,107

333,653

371,146

Carrying amount

At 30 June 2024

310,000

6,574

10,422

83,396

410,392

At 30 June 2023

221,856

5,013

25,363

59,257

311,489

Included within the net book value of land and buildings above is £310,000 (2023 - £221,857) in respect of freehold land and buildings.
 

 

Multitechnic Limited

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

Revaluation

The fair value of the company's freehold land and buildings was revalued on 17 June 2024 by an independent valuer. . The name and qualification of the independent valuer are Mr W I Rickard MRICS.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £134,493 (2023 - £134,493).

6

Stocks

2024
£

2023
£

Other inventories

41,199

41,534

7

Debtors

Current

2024
£

2023
£

Trade debtors

63,793

72,060

Prepayments

6,365

6,680

Other debtors

1,576

1,578

 

71,734

80,318

 

Multitechnic Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

33,082

36,449

Trade creditors

 

7,782

12,343

Taxation and social security

 

52,073

52,127

Accruals and deferred income

 

5,673

5,683

Other creditors

 

2,113

2,623

 

100,723

109,225

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

98,371

99,800

Deferred income

 

1,151

1,354

 

99,522

101,154

2024
£

2023
£

Due after more than five years

After more than five years by instalments

5,556

11,111

-

-

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

A Ordinary of £1 each

4,586

4,586

4,586

4,586

B Ordinary of £1 each

3,164

3,164

3,164

3,164

 

7,750

7,750

7,750

7,750

 

Multitechnic Limited

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

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(16,747)

-

(16,747)

Surplus/deficit on revaluation of other assets

49,485

38,659

88,144

32,738

38,659

71,397

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

922

-

922

Surplus/deficit on revaluation of other assets

(1,453)

1,453

-

(531)

1,453

922

11

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

73,618

97,615

Hire purchase contracts

-

2,185

Finance lease liabilities

24,753

-

98,371

99,800

2024
£

2023
£

Current loans and borrowings

Bank borrowings

23,996

23,313

Hire purchase contracts

1,058

12,610

Finance lease liabilities

8,028

526

33,082

36,449

Bank borrowings

 

Multitechnic Limited

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

Business mortgage is denominated in £GBP with a nominal interest rate of 3.8%, and the final instalment is due on 31 October 2027. The carrying amount at year end is £64,282 (2023 - £82,038).

The business mortgage is secured by way of fixed and floating charges over the undertaking and all property and assets present and future including goodwill book debts uncalled capital buildings fixtures fixed plant and machinery.

Business loan is denominated in £GBP with a nominal interest rate of 4.5%, and the final instalment is due on 30 June 2030. The carrying amount at year end is £33,333 (2023 - £38,889).

The business mortgage is secured by way of fixed and floating charges over the undertaking and all property and assets present and future including goodwill book debts uncalled capital buildings fixtures fixed plant and machinery.

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

As at the year end, the bank loan creditor falling due in more than five years was £5,556 (2023 - £11,111)

12

Related party transactions

 

Multitechnic Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

13,200

13,200

Contributions paid to money purchase schemes

10,500

18,000

23,700

31,200

Summary of transactions with other related parties

Anograve Limited, a company wholly owned and controlled by C Edge and S Aynsley.
 During the period, the company made payments of £0 (2023 - £711) on behalf of Anograve Limited.
 At the year end, amounts due to the company from Anograve Limited were £1,576 (2023 - £1,576).