Company registration number 12576257 (England and Wales)
MENTECH LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MENTECH LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MENTECH LTD (REGISTERED NUMBER: 12576257)
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
517
910
Current assets
Debtors
4
48,361
46,050
Cash at bank and in hand
7,056
12,953
55,417
59,003
Creditors: amounts falling due within one year
5
(17,025)
(36,418)
Net current assets
38,392
22,585
Net assets
38,909
23,495
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
38,809
23,395
Total equity
38,909
23,495

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

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 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.

The financial statements were approved and signed by the director and authorised for issue on 31 March 2025
Mr M Mariani
Director
MENTECH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Mentech Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 10 Upper Grosvenor Road, Tunbridge Wells, England, TN1 2EP.

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 £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents commission receivable for sales agent services, net of VAT. Turnover is recognised once the service has been provided to the customer.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:

Fixtures and fittings
25% straight line
Computers
33% straight line

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
Taxation

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

1.5
Employee 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.

MENTECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
2
Employees

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

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
1,012
984
1,996
Depreciation and impairment
At 1 January 2024
337
749
1,086
Depreciation charged in the year
253
140
393
At 31 December 2024
590
889
1,479
Carrying amount
At 31 December 2024
422
95
517
At 31 December 2023
675
235
910
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
48,104
45,742
Other debtors
257
308
48,361
46,050
MENTECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
8,336
25,999
Taxation and social security
4,584
4,919
Other creditors
4,105
5,500
17,025
36,418
6
Related party transactions

Mentech Ltd is a sales agent for its parent company, QIN Srl. Under the agency agreement, Mentech Ltd is entitled to sales commission on sales of the products of QIN Srl to customers outside of the Mediterranean Sea. All costs incurred by Mentech Ltd for the execution of the contract are also invoiced to QIN Srl at cost.

 

During the year, income received from the parent company amounted to £187,348 (2023 - £199,821).

 

During the period ended 31 December 2020, Mentech Ltd received a loan of €50,000 from QIN Srl. As at the balance sheet date the balance outstanding on this loan was €10,000 (2023 - €30,000). Interest is charged annually at a rate of 2%.

7
Parent company

Mentech Ltd is a wholly owned subsidiary of QIN Srl, a company registered in Italy.

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