| REGISTERED NUMBER: |
| Audited Financial Statements |
| for the Year Ended 31 March 2025 |
| for |
| MRRT Ltd |
| REGISTERED NUMBER: |
| Audited Financial Statements |
| for the Year Ended 31 March 2025 |
| for |
| MRRT Ltd |
| MRRT Ltd (Registered number: 05112041) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| MRRT Ltd |
| Company Information |
| for the Year Ended 31 March 2025 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Certified Accountants and |
| Statutory Auditor |
| Leofric House |
| Binley Road |
| Coventry |
| CV3 1JN |
| MRRT Ltd (Registered number: 05112041) |
| Balance Sheet |
| 31 March 2025 |
| 31.3.25 | 31.3.24 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| RESERVES |
| Other reserves | 7 |
| Income and expenditure account | 7 | ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| MRRT Ltd (Registered number: 05112041) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2025 |
| 1. | STATUTORY INFORMATION |
| MRRT Ltd is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Critical accounting judgements and key sources of estimation uncertainty |
| Estimates and judgements are continually evaluated and are based on historical evidence and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| 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. |
| Turnover comprises revenue recognised in respect of lending services during the year, being arrangement fees and consultancy, utilisation of capital grants, and loan interest receivable. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| MRRT Ltd (Registered number: 05112041) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Basic financial instruments |
| Basic financial instruments, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
| Impairment of financial assets |
| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
| Classification of financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2024 - NIL). |
| MRRT Ltd (Registered number: 05112041) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and |
| fittings |
| £ |
| COST |
| At 1 April 2024 |
| and 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| 5. | DEBTORS |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Amounts falling due within one year: |
| Loans outstanding |
| Prepayments and accrued income |
| Amounts falling due after more than one year: |
| Loans outstanding |
| Aggregate amounts |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Other creditors |
| Accruals and deferred income |
| MRRT Ltd (Registered number: 05112041) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 7. | RESERVES |
| Income |
| and |
| expenditure | Other |
| account | reserves | Totals |
| £ | £ | £ |
| At 1 April 2024 | 1,139,103 |
| Deficit for the year | ( |
) | ( |
) |
| Movement in provisions | - | 83,566 | 83,566 |
| At 31 March 2025 | ( |
) | 1,156,685 |
| Other reserves represents amounts received in the form of capital grants from which bad and doubtful debts are deducted. The balance as at 31 March 2025 consists of the following reserves balances: |
| 2025 | 2024 |
| £ | £ |
| Phoenix Fund | 49,430 | 49,280 |
| ASLP | 285,295 | 284,526 |
| ERDF and Single Budget | 496,091 | 450,617 |
| Worcester City Council | 90,434 | 90,434 |
| Regional Growth Fund | 239,769 | 238,596 |
| Hertfordshire Council Fund | 12,163 | 12,163 |
| 1,173,182 | 1,125,616 |
| General bad debt provision | - | (36,000 | ) |
| 1,173,182 | 1,089,616 |
| 8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 9. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| 10. | ULTIMATE CONTROLLING PARTY |
| During the year, the controlling interest was held by ART SHARE (Social Help Association for Reinvesting in Enterprise) Limited, a Community Benefit Society (Society No: 28537R). |
| The registered office of ART SHARE (Social Help Association for Reinvesting in Enterprise) Limited is Faraday Wharf, Holt Street, Innovation Birmingham Campus, Birmingham, B7 4BB. |
| 11. | LIMITED BY GUARANTEE |
| The Company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the Company in the event of liquidation. |