REGISTERED NUMBER: 04100034

MORETECH INTERNATIONAL LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2018

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

45,350

28,721

CURRENT ASSETS

Stocks

134,260

118,494

Debtors

5

339,071

330,913

Cash at bank and in hand

186,845

104,748

660,176

554,155

CREDITORS

Amounts falling due within one year

6

610,083

488,919

NET CURRENT ASSETS

50,093

65,236

TOTAL ASSETS LESS CURRENT LIABILITIES

95,443

93,957

PROVISIONS FOR LIABILITIES

4,408

1,091

NET ASSETS

91,035

92,866

CAPITAL AND RESERVES

Called up share capital

90,001

90,001

Retained earnings

1,034

2,865

SHAREHOLDERS' FUNDS

91,035

92,866

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 12 October 2018 and were signed on its behalf by:

D Fitzsimmons - Director

Mrs L J Fitzsimmons - Director

1.	STATUTORY INFORMATION

Moretech International Limited is a private company limited by shares. The company is

registered in England under number 04100034 and the address of the registered office is

Barclays Bank Chambers, Stratford-upon-Avon, Warwickshire, CV37 6AH. The company's

place of business is 5 Broxell Close, Wedgnock Industrial Estate, Warwick, CV34 5QF.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost and 20% on cost

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 Profit and

Loss Account, 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.

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.

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 Workplace Pensions scheme for all employees. The company's

contributions are charged to the profit and loss account as they accrue. Differences

between contributions payable and paid are included in accruals or prepayments in the

balance sheet.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2017 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2017

130,338

Additions

29,423

Disposals

(18,155

)

At 31 May 2018

141,606

DEPRECIATION

At 1 June 2017

101,617

Charge for year

12,308

Eliminated on disposal

(17,669

)

At 31 May 2018

96,256

NET BOOK VALUE

At 31 May 2018

45,350

At 31 May 2017

28,721

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

312,246

304,562

Other debtors

26,825

26,351

339,071

330,913

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

189,542

183,573

Amounts owed to group undertakings

279,341

174,863

Taxation and social security

71,201

64,444

Other creditors

69,999

66,039

610,083

488,919

7.	ULTIMATE CONTROLLING PARTY

The company's parent company is Jojoba Limited, whose registered office is Barclays Bank

Chambers, Stratford upon Avon, Warwickshire, CV37 6AH.