MHT Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07403660 (England and Wales)

MHT SOLUTIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr H J Turner

Dr M J Turner

SECRETARY:

Dr M J Turner

REGISTERED OFFICE:

136 Bromham Road

Bedford

MK40 2QW

REGISTERED NUMBER:

07403660 (England and Wales)

ACCOUNTANTS:

Keens Shay Keens Limited

Victoria House

42-44 Shortmead Street

Biggleswade

SG18 0AP

BANKERS:

Royal Bank of Scotland

15 - 19 Mill Street

Bedford

MK40 3EU

FIXED ASSETS

Intangible assets

4

1

1

Tangible assets

5

135,786

154,273

Investment property

6

477,079

250,000

612,866

404,274

CURRENT ASSETS

Stocks

25,290

36,265

Debtors

7

64,300

59,309

Cash at bank and in hand

69,885

157,825

159,475

253,399

CREDITORS

Amounts falling due within one year

8

142,700

130,918

NET CURRENT ASSETS

16,775

122,481

TOTAL ASSETS LESS CURRENT LIABILITIES

629,641

526,755

PROVISIONS FOR LIABILITIES

10,184

10,184

NET ASSETS

619,457

516,571

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

619,357

516,471

619,457

516,571

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2020 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16th November 2020 and were signed on its behalf by:

Dr H J Turner - Director

1.	STATUTORY INFORMATION

MHT Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of five years.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

25% on reducing balance

Office equipment

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2019 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2019

and 31st March 2020

388,256

AMORTISATION

At 1st April 2019

and 31st March 2020

388,255

NET BOOK VALUE

At 31st March 2020

1

At 31st March 2019

1

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Office

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1st April 2019

143,820

178,799

57,232

379,851

Additions

-

1,728

1,076

2,804

At 31st March 2020

143,820

180,527

58,308

382,655

DEPRECIATION

At 1st April 2019

43,146

143,236

39,196

225,578

Charge for year

7,191

9,322

4,778

21,291

At 31st March 2020

50,337

152,558

43,974

246,869

NET BOOK VALUE

At 31st March 2020

93,483

27,969

14,334

135,786

At 31st March 2019

100,674

35,563

18,036

154,273

The net book value of tangible fixed assets includes £NIL (2019 - £ 3,977 ) in respect of assets held under hire purchase contracts.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2019

250,000

Additions

227,079

At 31st March 2020

477,079

NET BOOK VALUE

At 31st March 2020

477,079

At 31st March 2019

250,000

Fair value at 31st March 2020 is represented by:

£

Valuation in 2019

(5,779

)

Cost

482,858

477,079

If investment properties had not been revalued they would have been included at the following historical cost:

2020

2019

£

£

Cost

482,858

255,779

Investment properties were valued on an open market basis on 31st March 2020 by the directors .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

54,667

52,309

Other debtors

9,633

7,000

64,300

59,309

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Hire purchase contracts (see note 9)

-

884

Trade creditors

38,750

31,623

Tax

55,579

49,920

Social security and other taxes

16,788

14,665

Other creditors

18,355

21,235

Directors' current accounts

1,397

863

Accruals and deferred income

11,831

11,728

142,700

130,918

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2020

2019

£

£

Net obligations repayable:

Within one year

-

884

Non-cancellable

operating leases

2020

2019

£

£

Between one and five years

21,000

21,000