Mestec Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales, with company number 03926300.

The address of its registered office is:
The Lightbox
Willoughby Road
Bracknell
Berkshire
RG12 8FB
England

These financial statements were authorised for issue by the Board on 21 November 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The directors continuously review the company's trading against financial forecasts, have evaluated the financial strength of BP Eyelit Holdings Corporation (Delaware Corp.) and have concluded that no material uncertainty over the company's going concern basis of accounting exists as at the date of signing the financial statements. As such, the directors consider it remains appropriate to prepare the accounts on a going concern basis.

Mestec Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 21 November 2025 was Gianni Pietro Amasanti FCCA, who signed for and on behalf of Sterling Grove Accountants Limited.

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Revenue recognition

Turnover is stated net of VAT and trade discounts and comprises sales of software licences, hardware, support services and maintenance.

Turnover from subscription services is recognised monthly over periods covered by the subscription.

Turnover from the supply of support services represents the value of services provided under contracts and is recorded on the basis of service days delivered to customers.

Where payments are received from customers in advance of the provision of related services, such amounts are recorded as deferred income and included as part of creditors due within one year.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings & equipment	25% straight line
Leasehold improvements	20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Mestec Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Basic financial assets
Basic financial assets, 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.

 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.

 Offsetting
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Mestec Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 3).

4	Tangible assets

	Leasehold improvements £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2024	33,850	144,293	178,143
Additions	-	12,834	12,834
At 31 December 2024	33,850	157,127	190,977
Depreciation
At 1 January 2024	2,257	55,173	57,430
Charge for the year	6,770	32,749	39,519
At 31 December 2024	9,027	87,922	96,949
Carrying amount
At 31 December 2024	24,823	69,205	94,028
At 31 December 2023	31,593	89,120	120,713

Included within the net book value of land and buildings above is £24,823 (2023 - £31,593) in respect of short leasehold land and buildings.
 

5

Debtors

Current	2024 £	2023 £
Trade debtors	466,331	409,035
Prepayments and accrued income	321,787	287,591
	788,118	696,626

Mestec Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

6

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Trade creditors		108,254	96,541
Amounts owed to group undertakings	8	3,872,496	2,282,501
Taxation and social security		105,175	109,242
Accruals and deferred income		631,582	970,467
Other creditors		1,716	34,950
		4,719,223	3,493,701