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Registered number: 03590826









MTM LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
MTM LIMITED
REGISTERED NUMBER: 03590826

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
123,414
155,977

  
123,414
155,977

Current assets
  

Stocks
 5 
88,921
122,939

Debtors: amounts falling due within one year
 6 
322,459
555,936

Cash at bank and in hand
 7 
999,058
611,340

  
1,410,438
1,290,215

Creditors: amounts falling due within one year
 8 
(572,227)
(811,992)

Net current assets
  
 
 
838,211
 
 
478,223

Total assets less current liabilities
  
961,625
634,200

Creditors: amounts falling due after more than one year
 9 
(10,505)
(51,985)

Provisions for liabilities
  

Deferred tax
 11 
(30,900)
(38,500)

  
 
 
(30,900)
 
 
(38,500)

Net assets
  
920,220
543,715


Capital and reserves
  

Called up share capital 
  
20,000
20,000

Profit and loss account
  
900,220
523,715

  
920,220
543,715


Page 1

 
MTM LIMITED
REGISTERED NUMBER: 03590826
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The directors consider 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 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 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: 




P Sloan
Director

Date: 14 May 2025


The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
MTM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

MTM Limited is a limited liability company incorporated and domiciled in the United Kingdom. 
The registered office is:
Unit 4-8
Waterside Industrial Estate 
Doulton Road
Rowley Regis
West Midlands
B65 8JG
The financial statements are prepared in Sterling (£) which is the functional currency of the company. The financial statements are for the year ended 30 September 2024 (2023: year ended 30 September 2023).

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

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 3

 
MTM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.7

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.

Page 4

 
MTM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

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:

Plant & machinery
-
10%
Motor vehicles
-
25%

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.

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

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 5

 
MTM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 33 (2023 - 35).


4.


Tangible fixed assets





Plant & machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 October 2023
152,232
32,195
184,427


Transfers intra group
(6,274)
-
(6,274)



At 30 September 2024

145,958
32,195
178,153



Depreciation


At 1 October 2023
18,390
10,060
28,450


Charge for the year on financed assets
18,240
8,049
26,289



At 30 September 2024

36,630
18,109
54,739



Net book value



At 30 September 2024
109,328
14,086
123,414



At 30 September 2023
133,842
22,135
155,977

Page 6

 
MTM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Stocks

2024
2023
£
£

Raw materials and consumables
40,770
45,828

Work in progress
48,151
77,111

88,921
122,939



6.


Debtors

2024
2023
£
£


Trade debtors
307,205
439,002

Amounts owed by group undertakings
-
94,315

Prepayments and accrued income
15,254
22,619

322,459
555,936



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
999,058
611,340

999,058
611,340


Page 7

 
MTM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
163,085
180,696

Amounts owed to group undertakings
6,080
-

Corporation tax
185,125
98,500

Other taxation and social security
102,262
109,233

Obligations under finance lease and hire purchase contracts
41,480
44,730

Other creditors
47,365
354,955

Accruals and deferred income
26,830
23,878

572,227
811,992


Other creditors includes £36,381 (2023: £345,474) which is secured on trade debtors and by a fixed and floating charge over the assets of the company and guarantees from other group companies.
Hire purchase liabilities amounting to £51,985 (2023: £96,715) are secured against the assets held under such arrangements. 


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
10,505
51,985

10,505
51,985



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
41,480
44,730

Between 1-5 years
10,505
41,480

Over 5 years
-
10,505

51,985
96,715

Page 8

 
MTM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


Deferred taxation




2024


£






At beginning of year
(38,500)


Credited to profit or loss
7,600



At end of year
(30,900)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(30,900)
(38,500)

(30,900)
(38,500)


12.


Pension commitments

The company contributes to personal pension plans for individual employees. The pension cost charge represents contributions payable by the company in the year and amounted to £13,520 (2023: £13,469). Contributions totalling £1,566 (2023: £1,010) were payable to the fund at the balance sheet date and are included in creditors.


13.


Related party transactions

During the year the company was charged management charges of £413,097 (2023: £354,889) by its parent company MTM Holdings Limited. Included within debtors as at 30 September 2024 are amounts due to MTM Holdings Limited totalling £6,080 (2023: due from £94,315).
During the year dividends of £157,992 (2023: £191,036) were paid to the parent company.


14.


Controlling party

The company's immediate and ultimate parent company is MTM Holdings Limited, a company incorporated in England and Wales.

 
Page 9