Mastergen Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

Registered number: 09051527

		31 December 2024		31 December 2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		11,654		11,327

			11,654		11,327
CURRENT ASSETS
Stocks		203,948		313,506
Debtors	5	348,825		448,143
Cash at bank and in hand		77,448		71,326

		630,221		832,975
Creditors: Amounts Falling Due Within One Year	6	(291,749 )		(833,800 )

NET CURRENT ASSETS (LIABILITIES)			338,472		(825 )

TOTAL ASSETS LESS CURRENT LIABILITIES			350,126		10,502

Creditors: Amounts Falling Due After More Than One Year	7		(591,679 )		(110,000 )

NET LIABILITIES			(241,553 )		(99,498 )

CAPITAL AND RESERVES
Called up share capital			230,000		230,000
Profit and Loss Account			(471,553 )		(329,498 )

SHAREHOLDERS' FUNDS			(241,553)		(99,498)

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Mastergen Ltd

Balance Sheet (continued)

As At 31 December 2024

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mrs Alison Dunphy

Director

29 September 2025

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

1. General Information

Mastergen Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09051527 . The registered office is 5 Monument View, Chelston Business Park, Summerfield Avenue, Wellington, TA21 9ND.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The directors have assessed the appropriateness of adopting the going concern basis in preparing the financial statements.

The directors anticipate trading results to improve in the next 12 months and the directors of the parent company have confirmed its continued financial support and that its debt will not be called upon to the detriment of other creditors. There is also a pending group restructure, which will provide further financial support to the company.

On this basis, the directors do consider it appropriate to prepare the financial statements on a going concern basis.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	10% straight line
Plant & Machinery	25% straight line
Motor Vehicles	25% reducing balance
Fixtures & Fittings	25% straight line
Computer Equipment	33% straight line

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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Mastergen Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.7. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

3. Average Number of Employees

Average number of employees, including directors, during the year was 11 (2023: 12)

4. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 January 2024	13,888	22,481	27,133	455
Additions	-	-	8,495	-
Disposals	-	-	(27,133 )	-

As at 31 December 2024	13,888	22,481	8,495	455

Depreciation
As at 1 January 2024	12,201	22,020	18,827	455
Provided during the period	450	422	177	-
Disposals	-	-	(18,827 )	-

As at 31 December 2024	12,651	22,442	177	455

Net Book Value
As at 31 December 2024	1,237	39	8,318	-

As at 1 January 2024	1,687	461	8,306	-


	Computer Equipment	Total
	£	£
Cost
As at 1 January 2024	18,021	81,978
Additions	2,347	10,842
Disposals	-	(27,133 )

As at 31 December 2024	20,368	65,687

Depreciation
As at 1 January 2024	17,148	70,651
Provided during the period	1,160	2,209
Disposals	-	(18,827 )

As at 31 December 2024	18,308	54,033

Net Book Value
As at 31 December 2024	2,060	11,654

As at 1 January 2024	873	11,327

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Mastergen Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

5. Debtors

	31 December 2024	31 December 2023
	£	£
Due within one year
Trade debtors	340,480	436,595
Other debtors	8,345	11,548

	348,825	448,143

6. Creditors: Amounts Falling Due Within One Year

	31 December 2024	31 December 2023
	£	£
Net obligations under finance lease and hire purchase contracts	-	9,952
Trade creditors	123,267	693,993
Other taxes and social security	6,744	5,496
VAT	92,817	102,906
Other creditors	53,259	681
Credit card	6,547	15,920
Accruals and deferred income	3,135	2,825
Amounts owed to group undertakings	5,980	2,027

	291,749	833,800

7. Creditors: Amounts Falling Due After More Than One Year

	31 December 2024	31 December 2023
	£	£
Other creditors	481,679	-
Amounts owed to group undertakings	110,000	110,000

	591,679	110,000

8. Obligations Under Finance Leases and Hire Purchase

	31 December 2024	31 December 2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	-	9,952

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Mastergen Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

9. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	31 December 2024	31 December 2023
	£	£
Not later than one year	20,000	17,500
Later than one year and not later than five years	60,000	77,291

	80,000	94,791

10. Related Party Transactions

The company maintained a loan with its parent company. Interest is charged on the loan at a rate of 5% per annum. At the balance sheet date the amount due by the company was £110,000 (2023: £110,000).

The company traded with its parent company under normal market conditions, with all transactions undertaken on an arm’s length basis. At the balance sheet date the amount due by the company in relation to trade transactions was £5,980 (2023: £2,027).

11. Ultimate Parent Undertaking and Controlling Party

The company's immediate and ultimate parent undertaking is Masterrind GMBH. Masterrind GMBH was incorporated in Germany. Their financial statements are available upon requested from Masterrind GMBH. The registered office of Masterrind GMBH is Osterkrug 20 27283 Verden.

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