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Company registration number: 01388687
MTH CLEANING EQUIPMENT LIMITED
Unaudited abridged financial statements
30 September 2024
MTH CLEANING EQUIPMENT LIMITED
Contents
Directors report
Abridged statement of comprehensive income
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
MTH CLEANING EQUIPMENT LIMITED
Directors report
Year ended 30 September 2024
The directors present their report and the unaudited financial statements of the company for the year ended 30 September 2024.
Directors
The directors who served the company during the year were as follows:
Christopher J Banks
Matthew Banks
Dean C Banks
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 09 May 2025 and signed on behalf of the board by:
Christopher J Banks
Director
MTH CLEANING EQUIPMENT LIMITED
Abridged statement of comprehensive income
Year ended 30 September 2024
2024 2023
Note £ £
Gross profit 708,577 695,317
Administrative expenses ( 496,714) ( 472,762)
_______ _______
Operating profit 211,863 222,555
Other interest receivable and similar income 2,769 2,147
Interest payable and similar expenses ( 20,510) ( 19,900)
_______ _______
Profit before taxation 5 194,122 204,802
Tax on profit ( 57,399) ( 57,618)
_______ _______
Profit for the financial year and total comprehensive income 136,723 147,184
_______ _______
All the activities of the company are from continuing operations.
MTH CLEANING EQUIPMENT LIMITED
Abridged statement of financial position
30 September 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 263,574 221,470
_______ _______
263,574 221,470
Current assets
Stocks 612,310 662,037
Debtors 285,402 262,878
Cash at bank and in hand 263,331 341,023
_______ _______
1,161,043 1,265,938
Creditors: amounts falling due
within one year 7 ( 557,075) ( 629,364)
_______ _______
Net current assets 603,968 636,574
_______ _______
Total assets less current liabilities 867,542 858,044
Creditors: amounts falling due
after more than one year 8 ( 170,571) ( 195,439)
Provisions for liabilities ( 34,853) ( 25,210)
_______ _______
Net assets 662,118 637,395
_______ _______
Capital and reserves
Called up share capital 500 500
Revaluation reserve 34,700 34,700
Other reserves 500 500
Profit and loss account 626,418 601,695
_______ _______
Shareholders funds 662,118 637,395
_______ _______
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 30 September 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 09 May 2025 , and are signed on behalf of the board by:
Christopher J Banks
Director
Company registration number: 01388687
MTH CLEANING EQUIPMENT LIMITED
Statement of changes in equity
Year ended 30 September 2024
Called up share capital Revaluation reserve Capital redemption reserve Profit and loss account Total
£ £ £ £ £
At 1 October 2022 500 34,700 500 559,511 595,211
Profit for the year 147,184 147,184
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 147,184 147,184
Dividends paid and payable ( 105,000) ( 105,000)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 105,000) ( 105,000)
_______ _______ _______ _______ _______
At 30 September 2023 and 1 October 2023 500 34,700 500 601,695 637,395
Profit for the year 136,723 136,723
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 136,723 136,723
Dividends paid and payable ( 112,000) ( 112,000)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 112,000) ( 112,000)
_______ _______ _______ _______ _______
At 30 September 2024 500 34,700 500 626,418 662,118
_______ _______ _______ _______ _______
MTH CLEANING EQUIPMENT LIMITED
Notes to the financial statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Minerva Lane Works, Walsall Street, Wolverhampton, West Midlands, WV1 3LU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2 % straight line
Short leasehold property - 20 % straight line
Plant and machinery - 20 % straight line
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2023: 17 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 47,550 46,979
_______ _______
6. Tangible assets
£
Cost
At 1 October 2023 436,460
Additions 97,540
Disposals ( 18,311)
_______
At 30 September 2024 515,689
_______
Depreciation
At 1 October 2023 214,990
Charge for the year 47,550
Disposals ( 10,425)
_______
At 30 September 2024 252,115
_______
Carrying amount
At 30 September 2024 263,574
_______
At 30 September 2023 221,470
_______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
£
At 30 September 2024
Aggregate cost 73,708
Aggregate depreciation (14,335)
_______
Carrying amount 59,373
_______
At 30 September 2023
Aggregate cost 70,114
Aggregate depreciation (12,885)
_______
Carrying amount 57,229
_______
7. Creditors: amounts falling due within one year
Bank borrowing secured by fixed and floating charges over the company's assets and directors' personal guarantees.
8. Creditors: amounts falling due after more than one year
Bank borrowing secured by fixed and floating charges over the company's assets and directors' personal guarantees.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Christopher J Banks ( 1,110) ( 481) - ( 1,591)
Matthew Banks ( 93) ( 15) - ( 108)
Dean C Banks ( 71) - 35 ( 36)
_______ _______ _______ _______
( 1,274) ( 496) 35 ( 1,735)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Christopher J Banks ( 2,765) 1,655 - ( 1,110)
Matthew Banks ( 23) ( 70) - ( 93)
Dean C Banks ( 21) ( 50) - ( 71)
_______ _______ _______ _______
( 2,809) 1,535 - ( 1,274)
_______ _______ _______ _______
The company has taken advantage of the exemption under SAC 35 not to disclose transactions which have been conducted under normal market conditions. Loans to and from directors are interest free and repayable upon demand.
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Partisipators' Loan Account ( 481) 1,655 ( 1,591) ( 1,110)
_______ _______ _______ _______
Loans to and from participators are interest free and repayable upon demand.