ACCOUNTS - Final Accounts preparation

Registered number: 10875210

MOUNTAIN IOT LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

MOUNTAIN IOT LTD

REGISTERED NUMBER: 10875210

BALANCE SHEET

AS AT 31 AUGUST 2024

		2024		2023
Note		£		£

Fixed assets
Investments	4		185,186		185,116
			185,186		185,116
Current assets
Debtors: amounts falling due within one year	5	39,120		44,567
Cash at bank and in hand		163		20,921
		39,283		65,488
Creditors: amounts falling due within one year	6	(147,922)		(202,802)
Net current liabilities			(108,639)		(137,314)
Total assets less current liabilities			76,547		47,802

Net assets			76,547		47,802

Capital and reserves
Called up share capital	1,880	1,880
Profit and loss account	74,667	45,922
	76,547	47,802

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MOUNTAIN IOT LTD

REGISTERED NUMBER: 10875210

BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 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 profit and loss account 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:

................................................

M B Kirkland

Director

Date: 25 September 2025

The notes on pages 3 to 6 form part of these financial statements.

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MOUNTAIN IOT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

1.	General information

Mountain IOT Ltd is a private company, limited by shares, which is domiciled in England and Wales, registration number 10875210. The registered office is Charnwood Building, Holywell Park Loughborough University, Ashby Road, Loughborough, Leicestershire, LE11 3AQ.
Principal activities
The principal activity of the Company during the year was that of a holding company.

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 Company's functional and presentational currency is British Pounds Sterling (£).

The following principal accounting policies have been applied:

2.2

Exemption from preparing consolidated financial statements

The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

2.3

Going concern

The Company is supported by the shareholders and directors of the Company, who will continue to support the Company for the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.

2.4

Interest income

Interest income is recognised in the Profit and Loss Account using the effective interest method.

2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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MOUNTAIN IOT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. 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.

2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Financial instruments

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 and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price, net of transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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MOUNTAIN IOT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

2.10

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.

Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

4.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 September 2023	185,116
	Additions	70
	At 31 August 2024	185,186

Debtors

					2024	2023
					£	£


Amounts owed by group undertakings	23,000	23,000
Other debtors	11,120	21,567
Prepayments and accrued income	5,000	-
	39,120	44,567

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MOUNTAIN IOT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	-	1,326
Amounts owed to group undertakings	144,974	198,924
Corporation tax	396	-
Other creditors	616	616
Accruals and deferred income	1,936	1,936
	147,922	202,802

7.	Related party transactions
	In accordance with FRS 102 35.1AC the Company is exempt from the requirements to disclose transactions with other wholly owned members of the group. No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102, section 33.

8.	Transactions with directors

At 31 August 2024 M B Kirkland owed £331 (2023: £11,174) to the Company. During the year, payments of £nil were made, interest of £59 was charged, and repayments of £10,902 were received from the director.
Interest was charged at a rate of 2.5% on the overdrawn balances by the Company.

9.	Post balance sheet events

After the year end, the Company completed the purchase of Wave Innovations Holdings Limited, a new subsidiary, for £650,000.

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