REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
for |
M-Tec Engineering Projects Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
for |
M-Tec Engineering Projects Limited |
M-Tec Engineering Projects Limited (Registered number: 07462622) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
M-Tec Engineering Projects Limited |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
18 St Christopher's Way |
Pride Park |
Derby |
Derbyshire |
DE24 8JY |
M-Tec Engineering Projects Limited (Registered number: 07462622) |
Balance Sheet |
30 June 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director and authorised for issue on |
M-Tec Engineering Projects Limited (Registered number: 07462622) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
M-Tec Engineering Projects Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
The company recognises revenue when the amount of revenue can be reliably measured, and it is probable that future economic benefits can be reliably measured, and it is probable that future economic benefits will flow to the entity. Revenue from services is recognised in the accounting periods in which the services are rendered. |
Tangible fixed assets |
Plant and machinery etc | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
M-Tec Engineering Projects Limited (Registered number: 07462622) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Employee ownership trust |
M-Tec Employee Trustee Limited holds the shares in M-Tec Engineering Projects Limited as trustees of the M-Tec Employee Ownership Trust. The M-Tec Employee Ownership Trust owns the business for the benefit of the companies employees. |
The trust was set up in 2018 in line with Section 37 to the Finance Act 2014 as an "Employee Ownership Trust" (EOT). The financial statements for the trust are not required to be consolidated into the M-Tec Engineering Projects Limited financial statements. |
Included within the accounts are distribution payments made to the M-Tec Employee Ownership Trust. No relief has been taken for the payment as a deduction in computing the profits of the company for Corporation Tax purposes. |
Financial instruments |
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from and to related parties and bank loans. |
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. |
Trade debtors |
Trade debtors are amounts due for goods sold or services rendered in the ordinary course of business. |
Trade debtors are recognised at the transaction price. 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 debtor. |
Trade creditors |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. |
Trade creditors are recognised at the transaction price. |
Trade creditors are classified as current liabilities of the company. The company does not have an unconditional right, at the end of the reporting date, 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
M-Tec Engineering Projects Limited (Registered number: 07462622) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Trade debtors |
Tax |
Prepayments and accrued income |
Other than amounts disclosed above under Directors' current accounts no other amounts are owed by the directors at the year end. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Trade creditors |
Social security and other taxes |
VAT | 12,113 | 38,833 |
Other creditors |
Directors' current accounts | 2,467 | 2,467 |
Accruals and deferred income |
7. | RELATED PARTY DISCLOSURES |
Amounts were owed to the directors at the year end of £2,467 (2023: £2,467). No interest has been charged on these loan accounts and they are repayable on demand. |
During the year the company paid £299,750 (2023: £218,000) to the M-Tec Employee Ownership Trust, through a distribution. |
During the year the company paid wages of £2,400 (2023: £2,400) to an employee who also had significant influence over a company that controls M-Tec Engineering Projects Limited. |
M-Tec Engineering Projects Limited (Registered number: 07462622) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
8. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
M-Tec Employee Trustee Limited holds the legal title to the entire share capital of M-Tec Engineering Projects Limited on trust for the benefit of the employees of M-Tec Engineering Projects Limited, via the M-Tec Employee Ownership Trust. |