REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2021 |
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MERTECH SWITCHBOARDS LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2021 |
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FOR |
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MERTECH SWITCHBOARDS LIMITED |
MERTECH SWITCHBOARDS LIMITED (REGISTERED NUMBER: 01427664) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 MAY 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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MERTECH SWITCHBOARDS LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 MAY 2021 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
260 - 270 Butterfield |
Great Marlings |
Luton |
Bedfordshire |
LU2 8DL |
MERTECH SWITCHBOARDS LIMITED (REGISTERED NUMBER: 01427664) |
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BALANCE SHEET |
31 MAY 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
MERTECH SWITCHBOARDS LIMITED (REGISTERED NUMBER: 01427664) |
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BALANCE SHEET - continued |
31 MAY 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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MERTECH SWITCHBOARDS LIMITED (REGISTERED NUMBER: 01427664) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 MAY 2021 |
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1. | STATUTORY INFORMATION |
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Mertech Switchboards Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The director has considered the financial impact of Covid-19 and is satisfied that there is appropriate support for the company's ability to continue to trade. |
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Turnover |
Turnover represents the sale of bespoke products produced for specific customers net of VAT. Where a product is partially completed at the balance sheet date, turnover includes the value of the product to date based on the proportion of completion and the right to consideration. |
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Tangible fixed assets |
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Long leasehold | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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The leasehold property is being depreciated to its estimated residual value over its deemed useful economic life. The director believes the residual value to be at least the current carrying value in these accounts and therefore depreciation would be negligible. The maintenance costs are charged to the profit and loss account in the period incurred. The director reviews the estimated residual value at the end of each accounting period. |
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Government grants |
Initial interest covered by the UK Government on the Coronavirus Bounce Back Loan is recognised in the profit and loss as a debit under bank loan interest and a corresponding credit under other income. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Financial instruments |
Basic financial instruments are recognised at amortised cost. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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MERTECH SWITCHBOARDS LIMITED (REGISTERED NUMBER: 01427664) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MAY 2021 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | Plant and | and | Computer |
leasehold | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 June 2020 |
and 31 May 2021 |
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DEPRECIATION |
At 1 June 2020 |
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Charge for year |
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At 31 May 2021 |
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NET BOOK VALUE |
At 31 May 2021 |
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At 31 May 2020 |
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5. | STOCKS |
2021 | 2020 |
£ | £ |
Stocks |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Director's current account | 18,022 | - |
Tax |
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Amounts recoverable under contracts |
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Prepayments |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Preference shares |
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Trade creditors |
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Corporation tax |
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Taxation and social security |
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VAT | 16,742 | 26,192 |
Other creditors |
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Director's current account | - | 501 |
Accrued expenses |
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MERTECH SWITCHBOARDS LIMITED (REGISTERED NUMBER: 01427664) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MAY 2021 |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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Bank loans - 2-5 years |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2021 | 2020 |
£ | £ |
Within one year |
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Between one and five years |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Bank overdrafts |
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Bank loans |
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The bank loan is secured by way of a debenture and legal charge. |
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The bounce back loan is 100% guaranteed by the UK Government. |
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11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 May 2021 and 31 May 2020: |
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2021 | 2020 |
£ | £ |
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Balance outstanding at start of year | ( |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The balance owed to the company by the director was repaid in full within 9 months of the year ended 31 May 2021. |
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12. | ULTIMATE CONTROLLING PARTY |
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The director, Mr J D Robb, controls the company by virtue of his 100% shareholding. |