MELTOG LTD

2022-06-012023-05-312023-05-31false07768846MELTOG 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MELTOG LTD

Registered Number
07768846
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2023

MELTOG LTD

Company Information
for the year from 1 June 2022 to 31 May 2023


Directors	GLOVER, Paul Stephen
	HEYWORTH, Julian Nicholas


Registered Address	Unit B
	Copley Hill Trading Estate, Whitehall Road
	Leeds
	LS12 1HE


Registered Number	07768846 (England and Wales)

MELTOG LTD

Statement of Financial Position
31 May 2023

	Notes	2023		2022
		£	£	£	£
Fixed assets
Intangible assets	3		144,837		76,392
Tangible assets	4		139,919		106,045
Investments	5		44,643		44,643
			329,399		227,080
Current assets
Stocks	6	716,692		467,069
Debtors		817,870		548,448
Cash at bank and on hand		11,237		477,778
		1,545,799		1,493,295
Creditors amounts falling due within one year	8	(1,474,499)		(1,230,538)
Net current assets (liabilities)			71,300		262,757
Total assets less current liabilities			400,699		489,837
Creditors amounts falling due after one year	9		(245,254)		(321,142)
Provisions for liabilities	11		(9,772)		(12,952)
Net assets			145,673		155,743
Capital and reserves
Called up share capital			2		2
Other reserves			3		3
Profit and loss account			145,668		155,738
Shareholders' funds			145,673		155,743

The company was entitled to exemption from audit for this reporting period 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 in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 29 February 2024, and are signed on its behalf by:

HEYWORTH, Julian Nicholas
Director
Registered Company No. 07768846

MELTOG LTD

Notes to the Financial Statements
for the year ended 31 May 2023

1.	Accounting policies

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

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	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/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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 policy

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/or the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 

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.

	Employee benefits
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life. Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Goodwill - 20% straight line basis Intellectual Property - 20% straight line basis Development Costs - 20% straight line basis in the year following acquisition

Intangible assets

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Goodwill - 20% straight line basis
Intellectual Property - 20% straight line basis
Development Costs - 20% straight line basis in the year following acquisition

	Research and development
	Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:


		Straight line (years)
	Plant and machinery	10
	Vehicles	4
	Office Equipment	5

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

Finance leases and hire purchase contracts

Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease

Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement

2.	Average number of employees


		2023		2022
	Average number of employees during the year	43		33

3.	Intangible assets
	Other intangible assets are made up of Development costs & Intellectual property.

	Goodwill	Other	Total
	£	£	£
Cost or valuation
At 01 June 22	3,000	155,357	158,357
Additions	-	99,504	99,504
At 31 May 23	3,000	254,861	257,861
Amortisation and impairment
At 01 June 22	3,000	78,965	81,965
Charge for year	-	31,059	31,059
At 31 May 23	3,000	110,024	113,024
Net book value
At 31 May 23	-	144,837	144,837
At 31 May 22	-	76,392	76,392

4.	Tangible fixed assets

	Plant & machinery	Vehicles	Office Equipment	Total
	£	£	£	£
Cost or valuation
At 01 June 22	199,259	23,924	51,162	274,345
Additions	48,245	-	16,034	64,279
Disposals	-	(22,724)	-	(22,724)
At 31 May 23	247,504	1,200	67,196	315,900
Depreciation and impairment
At 01 June 22	108,466	23,924	35,910	168,300
Charge for year	21,917	-	8,488	30,405
On disposals	-	(22,724)	-	(22,724)
At 31 May 23	130,383	1,200	44,398	175,981
Net book value
At 31 May 23	117,121	-	22,798	139,919
At 31 May 22	90,793	-	15,252	106,045

5.	Fixed asset investments

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 June 22	44,643	44,643
At 31 May 23	44,643	44,643
Net book value
At 31 May 23	44,643	44,643
At 31 May 22	44,643	44,643

	Notes
	¹Investments in group undertakings and participating interests

6.	Stocks

	2023	2022
	£	£
Work in progress	50,618	60,410
Finished goods	666,074	406,659
Total	716,692	467,069

7.	Debtors: amounts due within one year

	2023	2022
	£	£
Trade debtors / trade receivables	644,781	453,410
Other debtors	8,963	36,401
Prepayments and accrued income	164,126	58,637
Total	817,870	548,448


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at costs and subsequently measured at amortised cost determined using the effective interest method.

8.	Creditors: amounts due within one year

	2023	2022
	£	£
Trade creditors / trade payables	412,057	282,485
Taxation and social security	56,776	21,857
Finance lease and HP contracts	7,243	-
Other creditors	988,673	851,896
Accrued liabilities and deferred income	9,750	74,300
Total	1,474,499	1,230,538


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. The aggregate amount of creditors for which security has been given amounted to £45,903 (2022: £43,079).

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

The aggregate amount of creditors for which security has been given amounted to £45,903 (2022: £43,079).

9.	Creditors: amounts due after one year

	2023	2022
	£	£
Other creditors	245,254	321,142
Total	245,254	321,142


	The aggregate amount of creditors for which security has been given amounted to £31,994 (2022: £nil).

10.	Obligations under finance leases

		2023		2022
		£		£
	Finance lease and HP contracts	31,994		-

11.	Provisions for liabilities

	2023	2022
	£	£
Net deferred tax liability (asset)	9,772	12,952
Total	9,772	12,952

12.	Other commitments
	At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £142,672 (2022: £152,644).

13.	Guarantees provided on behalf of directors
	The Directors have given personal guarantees to the company totalling £nil (2022: £8,770) in respect of other loans.