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Unaudited Financial Statements for the Year Ended 31 May 2021 |
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Mem-Teq Ventures Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 May 2021 |
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for |
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Mem-Teq Ventures Limited |
Mem-Teq Ventures Limited (Registered number: 04340398) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2021 |
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Page |
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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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Directors' Responsibilities Statement | 8 |
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Independent Chartered Accountants' Review Report | 9 |
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Mem-Teq Ventures Limited |
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Company Information |
for the Year Ended 31 May 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Lencett House |
45 Boroughgate |
Otley |
West Yorkshire |
LS21 1AG |
Mem-Teq Ventures Limited (Registered number: 04340398) |
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Balance Sheet |
31 May 2021 |
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31.5.21 | 31.5.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Share premium | 11 |
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Retained earnings | 11 | ( |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their 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. |
Mem-Teq Ventures Limited (Registered number: 04340398) |
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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 Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Mem-Teq Ventures Limited (Registered number: 04340398) |
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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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Mem-Teq Ventures Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention, and on a going concern basis, which is dependent on the continuing support of the managing director. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Patents are amortised at 6% per annum. |
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Development costs are amortised over the expected useful live of the product developed: generally a rate of 15% is applied. |
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Tangible fixed assets |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Some tooling is depreciated on the basis of items produced rather than the passage of time. |
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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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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Mem-Teq Ventures Limited (Registered number: 04340398) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Research and development |
Expenditure during the research phase of a project is written off as incurred. |
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Expenditure on the development phase of a project is capitalised if the expenditure fulfills the following criteria: |
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- There is a separately identifiable project which is technically feasible; |
- The Company has the intention to fulfil and use or sell the project; |
- The project will generate probable future economic benefits; and |
- There are adequate technical, financial and other resources to complete the project. |
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Once capitalised, expenditure on development is written off at a rate of 6% per annum on a straight line basis. |
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Foreign currencies |
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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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4. | INTANGIBLE FIXED ASSETS |
Patents |
and | Development |
licences | costs | Totals |
£ | £ | £ |
COST |
At 1 June 2020 |
and 31 May 2021 |
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AMORTISATION |
At 1 June 2020 |
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Amortisation 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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Mem-Teq Ventures Limited (Registered number: 04340398) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2021 |
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5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 June 2020 |
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Disposals | ( |
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At 31 May 2021 |
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DEPRECIATION |
At 1 June 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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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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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.21 | 31.5.20 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.21 | 31.5.20 |
£ | £ |
Bank loans and overdrafts (see note 9) |
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Trade creditors |
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Social security and other taxes |
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VAT | 10,887 | 5,810 |
Other creditors |
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Accrued expenses |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.5.21 | 31.5.20 |
£ | £ |
Bank loans (see note 9) |
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Other creditors |
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EU grant | 76,048 | 92,145 |
Directors' loan accounts | 36,472 | 65,321 |
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Mem-Teq Ventures Limited (Registered number: 04340398) |
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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 - continued |
31.5.21 | 31.5.20 |
£ | £ |
Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | - | 7,000 |
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9. | LOANS |
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An analysis of the maturity of loans is given below: |
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31.5.21 | 31.5.20 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
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Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | - | 7,000 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.21 | 31.5.20 |
value: | £ | £ |
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Ordinary | £1 | 1,428 | 1,428 |
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4.5% cumulative preference | £1 | 461,737 | 461,737 |
463,165 | 463,165 |
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11. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 June 2020 | ( |
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(350,282 | ) |
Profit for the year |
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At 31 May 2021 | ( |
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(326,965 | ) |
Directors' Responsibilities Statement |
on the Unaudited Financial Statements of |
Mem-Teq Ventures Limited |
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The following reproduces the text of the report prepared for the directors and members in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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We confirm that as directors we have met our duty in accordance with the Companies Act 2006 to: |
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- | ensure that the company has kept proper accounting records; |
- | prepare financial statements which give a true and fair view of the state of affairs of the company as at 31 May 2021 and of its profit for that period in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | follow the applicable accounting policies, subject to any material departures disclosed and explained in the notes to the financial statements. |
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ON BEHALF OF THE BOARD: |
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25 August 2021 |
Independent Chartered Accountants' Review Report to the Directors of |
Mem-Teq Ventures Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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We have reviewed the financial statements of Mem-Teq Ventures Limited for the year ended 31 May 2021, which comprise the Income Statement, Balance Sheet and the related notes 1 to 13. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
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This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's directors as a body for our work, for this report or the conclusions we have formed. |
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Directors' responsibility for the financial statements |
As explained more fully in the Directors' Responsibilities Statement set out on page eleven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. |
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Accountants' responsibility |
Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF 'Assurance review engagements on historical financial statements'. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics. |
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Scope of the assurance review |
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements. |
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Conclusion |
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared: |
- | so as to give a true and fair view of the state of the company's affairs as at 31 May 2021 and of its profit for the year then ended; |
- | in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | in accordance with the requirements of the Companies Act 2006. |
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Chartered Accountants |
Lencett House |
45 Boroughgate |
Otley |
West Yorkshire |
LS21 1AG |
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