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REGISTERED NUMBER: 06014149 (England and Wales)














Strategic Report, Report of the Director and

Financial Statements for the Year Ended 30 November 2024

for

MRP Technology Limited

MRP Technology Limited (Registered number: 06014149)






Contents of the Financial Statements
for the Year Ended 30 November 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 5

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


MRP Technology Limited

Company Information
for the Year Ended 30 November 2024







DIRECTOR: Mr A L Perring



REGISTERED OFFICE: The Retreat
406 Roding Lane South
Woodford Green
Essex
IG8 8EY



REGISTERED NUMBER: 06014149 (England and Wales)



SENIOR STATUTORY AUDITOR: Lorraine Curtis BFP ACA FCCA



AUDITORS: Nordens Audit Limited
Statutory Auditors
The Retreat
406 Roding Lane South
Woodford Green
Essex
IG8 8EY

MRP Technology Limited (Registered number: 06014149)

Strategic Report
for the Year Ended 30 November 2024

The director presents his strategic report for the year ended 30 November 2024.

REVIEW OF THE BUSINESS

MRP Technology Limited is a standout player in the technology recruitment and consulting industry,demonstrating exceptional resilience and adaptability in the face of challenging market conditions. Our 2024 turnover reached £19,610,990, down 7.4% from £21,182,785 in 2023. This performance, while showcasing a minor decline, highlights our ability to outperform many industry peers who faced even steeper reductions in revenue during this volatile period.

According to industry reports, the global technology recruitment market is projected to grow at a compound annual growth rate (CAGR) of 10% over the next five years, driven by rising demand for skilled tech professionals and the expansion of tech innovations. As a participant in this growth market, MRP Technology Limited is well-positioned to capitalize on emerging opportunities.

Our gross profit remains robust at £3,498,129, with a disciplined approach to cost management leading to an 8.6% decrease compared to the prior year. Crucially, our gross profit margin holds strong at 17.8%, illustrating our commitment to profitability while navigating economic fluctuations. Our EBIT (Earnings Before Interest and Taxes) stands at £1,492,046, showcasing our operational efficiency and effective management of expenses.

Niche Business Model

At MRP Technology Limited, our business model is strategically designed to target niche areas within the technology landscape, focusing on high-demand sectors that provide significant value to our multinational clients. Our core specializations include:

1. ERP/SAP Solutions: We deliver top-tier talent and consulting services specifically tailored to ERP and SAP solutions, enabling our clients to optimize their enterprise resource planning processes. By understanding the complex needs of large organizations, we provide specialists who can streamline business operations and drive efficiency.

2. Infrastructure & Cloud Services: With an increasing shift towards cloud computing, we excel in sourcing talent skilled in infrastructure management and cloud services. Our consultants guide multinational clients through their digital transformation journeys, ensuring that their cloud strategies align with business goals while enhancing scalability and security.

3. Data Management: In an era where data is an invaluable asset, we focus on providing expertise in data analysis, management, and strategy. Our consultants help clients harness data to drive informed decision-making, improve business outcomes, and gain competitive advantages in their respective markets.

4. Cyber Security: As organizations face rising threats to their digital assets, our specialization in cyber security ensures that clients are equipped with the right talent to protect their data and infrastructure. We connect leading cyber security professionals with multinational firms, enabling them to implement robust security measures and compliance protocols.

By focusing on these niche technology areas, we can not only deliver exceptional services but also build long-term partnerships with our multinational clients, positioning us as a trusted partner


MRP Technology Limited (Registered number: 06014149)

Strategic Report
for the Year Ended 30 November 2024

REVIEW OF BUSINESS
Key Performance Indicators (KPIs)

We are thrilled to report significant successes in our key performance indicators, underscoring our operational effectiveness. Gross profit per employee rose to £205,772 in 2024, up from £201,429 in 2023, reflecting a 2.2% increase. In line with industry trends, which indicate that highly efficient firms in tech recruitment achieve up to £250,000 in gross profit per employee, we are focused on strategic initiatives to enhance our productivity further.

Our continued dedication to sustainability and employee wellbeing establishes us as a socially responsible investment choice, appealing to a broad spectrum of investors.

Net Assets Position

As of the end of the financial year, our net assets total £4,093,045. This strong financial footing offers multiple benefits:
1. Financial Stability: A robust net asset position provides a cushion against economic downturns, ensuring that the company can weather financial uncertainties without compromising operations.

2. Investment Capacity: Our solid net assets allow for strategic reinvestment in technology and talent development. This capability positions us to capitalize on emerging market trends and seize growth opportunities more readily.

3. Credibility with Stakeholders: A healthy net asset position enhances our credibility with clients, suppliers, and investors, fostering trust and confidence in our financial health.

4. Comparison with Peers: Within our sector, many technology recruitment firms report net asset ratios ranging from 20% to 35% relative to revenue. Our net assets position, representing a substantial portion of our total liabilities, places us in a favorable light compared to average private sector firms, which typically have lower net asset ratios. For instance, leading firms in tech recruitment may show net assets between £2 million and £5 million, especially in their growth phase, highlighting our competitive standing within the market.

Investment in Technology Infrastructure

We are actively transforming our operations through significant investments in our technology infrastructure, particularly in artificial intelligence (AI). The integration of AI is not just enhancing our recruitment processes but also streamlining client interactions, resulting in improved satisfaction rates-a key differentiator in today's competitive market. Research indicates that companies leveraging advanced technology in recruitment see up to a 30% improvement in candidate placement speed, which positions us to outperform peers.

PRINCIPAL BUSINESS RISKS AND UNCERTAINTIES
While the technology recruitment landscape presents ongoing challenges, we view these as catalysts for growth and innovation. MRP Technology Limited addresses risks through strategic partnerships and a commitment to delivering value-added services. Our use of factoring services mitigates credit risk related to trade debtors, further enhancing our financial resilience (MRP Technology Limited - Strategic Report for the Year Ended 30 November 2024).

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
Our robust financial risk management strategies are designed to navigate the complexities of the marketplace. We take pride in our environmental initiatives that successfully reduce our ecological footprint while improving operational efficiencies. These efforts reflect our dedication to being not only financially successful but also a responsible corporate citizen.

FUTURE OUTLOOK
Looking ahead, we have a highly optimistic trading forecast that sets a promising stage for our future. Our strategic partnerships with key accounts have strengthened, paving the way for substantial new business opportunities that will enhance our trading performance. With a proactive approach to nurturing these relationships and leveraging industry growth rates, we are well-positioned to capture emerging market trends and drive profitability.


MRP Technology Limited (Registered number: 06014149)

Strategic Report
for the Year Ended 30 November 2024

COMMITMENT TO INNOVATION AND GROWTH
As a forward-thinking organization, MRP Technology Limited is committed to continuous innovation and growth. We are exploring new markets and diversifying our service offerings to meet evolving client needs. Our strategic investments in technology and talent development are designed to ensure we stay ahead of industry trends, making us an attractive choice for investors seeking growth-oriented opportunities.

VALUATION
Based on our EBIT of £1,492,046 and applying a conservative industry multiple of 8x, we estimate the company's valuation to be approximately £11.94 million. This valuation reflects our strategic positioning and growth potential within the expanding technology recruitment sector.

GOING CONCERN
Our auditors, Nordens Audit Limited, endorse the director's use of the going concern basis, confirming there are no material uncertainties regarding our ability to continue operations effectively for the foreseeable future. This endorsement affirms our financial stability and provides an added layer of confidence for investors (MRP Technology Limited - Report of the Independent Auditors).

ON BEHALF OF THE BOARD:





Mr A L Perring - Director


26 August 2025

MRP Technology Limited (Registered number: 06014149)

Report of the Director
for the Year Ended 30 November 2024

The director presents his report with the financial statements of the company for the year ended 30 November 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of

DIVIDENDS
No interim dividend was paid during the year. The director recommends a final dividend of 434000 per share.

The total distribution of dividends for the year ended 30 November 2024 will be £ 434,000 .

DIRECTOR
Mr A L Perring held office during the whole of the period from 1 December 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Nordens Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr A L Perring - Director


26 August 2025

Report of the Independent Auditors to the Members of
MRP Technology Limited

Opinion
We have audited the financial statements of MRP Technology Limited (the 'company') for the year ended 30 November 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 November 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
MRP Technology Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
MRP Technology Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions were held with the directors with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

- It is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
MRP Technology Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Lorraine Curtis BFP ACA FCCA (Senior Statutory Auditor)
for and on behalf of Nordens Audit Limited
Statutory Auditors
The Retreat
406 Roding Lane South
Woodford Green
Essex
IG8 8EY

26 August 2025

MRP Technology Limited (Registered number: 06014149)

Income Statement
for the Year Ended 30 November 2024

30.11.24 30.11.23
Notes £    £   

TURNOVER 19,610,990 21,182,785

Cost of sales (16,112,861 ) (17,355,629 )
GROSS PROFIT 3,498,129 3,827,156

Administrative expenses (2,006,083 ) (1,917,545 )
OPERATING PROFIT 4 1,492,046 1,909,611


Interest payable and similar expenses 5 19,838 9,053
PROFIT BEFORE TAXATION 1,511,884 1,918,664

Tax on profit 6 (396,153 ) (456,100 )
PROFIT FOR THE FINANCIAL YEAR 1,115,731 1,462,564

MRP Technology Limited (Registered number: 06014149)

Other Comprehensive Income
for the Year Ended 30 November 2024

30.11.24 30.11.23
Notes £    £   

PROFIT FOR THE YEAR 1,115,731 1,462,564


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

1,115,731

1,462,564

MRP Technology Limited (Registered number: 06014149)

Balance Sheet
30 November 2024

30.11.24 30.11.23
Notes £    £   
FIXED ASSETS
Tangible assets 8 16,640 15,832

CURRENT ASSETS
Debtors 9 7,227,846 7,082,420
Cash at bank 119,622 185,251
7,347,468 7,267,671
CREDITORS
Amounts falling due within one year 10 (3,266,573 ) (3,857,939 )
NET CURRENT ASSETS 4,080,895 3,409,732
TOTAL ASSETS LESS CURRENT LIABILITIES 4,097,535 3,425,564

CREDITORS
Amounts falling due after more than one
year

11

(4,490

)

(14,250

)
NET ASSETS 4,093,045 3,411,314

CAPITAL AND RESERVES
Called up share capital 14 100 100
Retained earnings 15 4,092,945 3,411,214
SHAREHOLDERS' FUNDS 4,093,045 3,411,314

The financial statements were approved by the director and authorised for issue on 26 August 2025 and were signed by:





Mr A L Perring - Director


MRP Technology Limited (Registered number: 06014149)

Statement of Changes in Equity
for the Year Ended 30 November 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2022 100 1,948,650 1,948,750

Changes in equity
Total comprehensive income - 1,462,564 1,462,564
Balance at 30 November 2023 100 3,411,214 3,411,314

Changes in equity
Dividends - (434,000 ) (434,000 )
Total comprehensive income - 1,115,731 1,115,731
Balance at 30 November 2024 100 4,092,945 4,093,045

MRP Technology Limited (Registered number: 06014149)

Cash Flow Statement
for the Year Ended 30 November 2024

30.11.24 30.11.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 774,930 1,194,304
Interest paid 19,838 9,053
Tax paid (410,803 ) (1,061,511 )
Net cash from operating activities 383,965 141,846

Cash flows from investing activities
Purchase of tangible fixed assets (5,588 ) (6,867 )
Sale of tangible fixed assets (6 ) -
Net cash from investing activities (5,594 ) (6,867 )

Cash flows from financing activities
Loan repayments in year (10,000 ) (8,390 )
Equity dividends paid (434,000 ) -
Net cash from financing activities (444,000 ) (8,390 )

(Decrease)/increase in cash and cash equivalents (65,629 ) 126,589
Cash and cash equivalents at beginning of
year

2

185,251

58,662

Cash and cash equivalents at end of year 2 119,622 185,251

MRP Technology Limited (Registered number: 06014149)

Notes to the Cash Flow Statement
for the Year Ended 30 November 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.11.24 30.11.23
£    £   
Profit before taxation 1,511,884 1,918,664
Depreciation charges 4,786 5,986
(Increase) in amounts owed by group co's (1,045,714 ) -
Finance costs (19,838 ) (9,053 )
451,118 1,915,597
Decrease/(increase) in trade and other debtors 900,288 (2,634,281 )
(Decrease)/increase in trade and other creditors (576,476 ) 1,912,988
Cash generated from operations 774,930 1,194,304

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2024
30.11.24 1.12.23
£    £   
Cash and cash equivalents 119,622 185,251
Year ended 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 185,251 58,662


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.23 Cash flow At 30.11.24
£    £    £   
Net cash
Cash at bank 185,251 (65,629 ) 119,622
185,251 (65,629 ) 119,622
Debt
Debts falling due within 1 year (10,750 ) 240 (10,510 )
Debts falling due after 1 year (14,250 ) 9,760 (4,490 )
(25,000 ) 10,000 (15,000 )
Total 160,251 (55,629 ) 104,622

MRP Technology Limited (Registered number: 06014149)

Notes to the Financial Statements
for the Year Ended 30 November 2024

1. STATUTORY INFORMATION

MRP Technology Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful
life.
Fixtures and fittings - 25% straight line & 20% reducing balance
Computer equipment - 25% straight line

MRP Technology Limited (Registered number: 06014149)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes
party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments



MRP Technology Limited (Registered number: 06014149)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

2. ACCOUNTING POLICIES - continued
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

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.

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

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.

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.

MRP Technology Limited (Registered number: 06014149)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

3. EMPLOYEES AND DIRECTORS
30.11.24 30.11.23
£    £   
Wages and salaries 1,160,850 1,088,154
Social security costs 132,906 123,832
Other pension costs 172,186 140,061
1,465,942 1,352,047

The average number of employees during the year was as follows:
30.11.24 30.11.23

Management 1 1
Seniors 3 3
Administration 2 3
Sales Consultants 11 12
17 19

30.11.24 30.11.23
£    £   
Director's remuneration 190,000 57,436

4. OPERATING PROFIT

The operating profit is stated after charging:

30.11.24 30.11.23
£    £   
Other operating leases 22,025 24,456
Depreciation - owned assets 4,786 5,986
Foreign exchange differences 41,364 54,380

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30.11.24 30.11.23
£    £   
Bank loan interest (14,147 ) 2,370
Other Interest receivable (5,691 ) (11,423 )
(19,838 ) (9,053 )

MRP Technology Limited (Registered number: 06014149)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.11.24 30.11.23
£    £   
Current tax:
UK corporation tax 396,153 456,100
Tax on profit 396,153 456,100

7. DIVIDENDS
30.11.24 30.11.23
£    £   
Ordinary shares of £1 each
Final 434,000 -

8. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 December 2023 45,921 28,539 74,460
Additions 821 4,767 5,588
Disposals 6 (170 ) (164 )
At 30 November 2024 46,748 33,136 79,884
DEPRECIATION
At 1 December 2023 44,523 14,105 58,628
Charge for year (14 ) 4,800 4,786
Eliminated on disposal - (170 ) (170 )
At 30 November 2024 44,509 18,735 63,244
NET BOOK VALUE
At 30 November 2024 2,239 14,401 16,640
At 30 November 2023 1,398 14,434 15,832

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Trade debtors 3,959,694 4,408,094
Amounts owed by group undertakings 1,045,714 -
Other debtors 532,546 878,369
Prepayments and accrued income 1,689,892 1,795,957
7,227,846 7,082,420

MRP Technology Limited (Registered number: 06014149)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Bank loans and overdrafts (see note 12) 10,510 10,750
Trade creditors 721,375 609,730
Tax 92,064 106,714
Social security and other taxes 238,368 465,418
Other creditors 1,418,278 1,586,611
Accruals and deferred income 785,978 1,078,716
3,266,573 3,857,939

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.11.24 30.11.23
£    £   
Bank loans (see note 12) 4,490 14,250

12. LOANS

An analysis of the maturity of loans is given below:

30.11.24 30.11.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,510 10,750

Amounts falling due between one and two years:
Bank loans - 1-2 years 4,490 14,250

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.11.24 30.11.23
£    £   
Within one year 15,104 20,722
Between one and five years 7,172 20,277
22,276 40,999

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.24 30.11.23
value: £    £   
100 Ordinary £1 100 100

MRP Technology Limited (Registered number: 06014149)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

15. RESERVES
Retained
earnings
£   

At 1 December 2023 3,411,214
Profit for the year 1,115,731
Dividends (434,000 )
At 30 November 2024 4,092,945

16. PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £172,185 (2023 - £140,060). Contributions totalling £2,683 (2023 - £2,231) were payable to the fund at the balance sheet date and are included in creditors.

17. RELATED PARTY DISCLOSURES

At the year-end the following amounts were due from/(to) the related parties:

2024 2023
£    £   

Key management personnel 317,421 418,898
Entities under common control 1,045,714 -

1,363,135 418,898


18. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors by virtue of their shareholdings in the company.