Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Intangible assets | 3 |
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| Tangible assets | 4 |
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| 72,758 | 111,512 | |||
| Current assets | ||||
| Stocks |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| 29,261 | 29,131 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 16,398 | 20,239 | ||
| Total assets less current liabilities | 89,156 | 131,751 | ||
| Creditors: amounts falling due after more than one year | 7 | (
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| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital |
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| Share premium account |
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| Profit and loss account | (
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| Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Material Research Limited (registered number:
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Mr D Nicholson
Director |
Miss C Donovan
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Material Research Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 6 Forge Business Centre, Upper Rose Lane, Palgrave, IP22 1AP, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £173,794. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
| Trademarks, patents and licences |
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| Plant and machinery etc. |
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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.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Trademarks, patents and licences |
Total | ||
| £ | £ | ||
| Cost | |||
| At 01 December 2023 |
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| Disposals | (
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| At 30 November 2024 |
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| Accumulated amortisation | |||
| At 01 December 2023 |
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| Disposals | (
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| At 30 November 2024 |
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| Net book value | |||
| At 30 November 2024 |
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| At 30 November 2023 |
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| Plant and machinery etc. | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 December 2023 |
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| Additions |
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| Disposals | (
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| At 30 November 2024 |
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| Accumulated depreciation | |||
| At 01 December 2023 |
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| Charge for the financial year |
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| Disposals | (
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| At 30 November 2024 |
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| Net book value | |||
| At 30 November 2024 | 72,758 | 72,758 | |
| At 30 November 2023 | 96,026 | 96,026 |
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Amounts owed by associates |
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| Prepayments |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade creditors |
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| Accruals and deferred income |
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| Other taxation and social security |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Other loans |
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