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Registration number: 07218325

MJP Race Prep Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 April 2018

image-name
 

MJP Race Prep Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 8

 

MJP Race Prep Limited

Company Information

Director

Mr M J Parsons

Registered office

22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

Accountants

Michael J Emery & Co Limited
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
MJP Race Prep Limited
for the Year Ended 30 April 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of MJP Race Prep Limited for the year ended 30 April 2018 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of MJP Race Prep Limited, as a body, in accordance with the terms of our instructions. Our work has been undertaken solely to prepare for your approval the accounts of MJP Race Prep Limited and state those matters that we have agreed to state to the Board of Directors of MJP Race Prep Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MJP Race Prep Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that MJP Race Prep Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of MJP Race Prep Limited. You consider that MJP Race Prep Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of MJP Race Prep Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Michael J Emery & Co Limited
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

29 October 2018

 

MJP Race Prep Limited

(Registration number: 07218325)
Balance Sheet as at 30 April 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

594

724

Current assets

 

Stocks

5

850

5,350

Debtors

6

73

-

Cash at bank and in hand

 

4,444

2,597

 

5,367

7,947

Creditors: Amounts falling due within one year

7

(5,282)

(6,161)

Net current assets

 

85

1,786

Total assets less current liabilities

 

679

2,510

Provisions for liabilities

(100)

(35)

Net assets

 

579

2,475

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

578

2,474

Total equity

 

579

2,475

For the financial year ending 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

MJP Race Prep Limited

(Registration number: 07218325)
Balance Sheet as at 30 April 2018

Approved and authorised by the director on 29 October 2018
 

.........................................

Mr M J Parsons

Director

 

MJP Race Prep Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

1

General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ
UK

These financial statements were authorised for issue by the director on 29 October 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts.

The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

MJP Race Prep Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% on cost

Plant and machinery

25% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

MJP Race Prep Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company during the year, including the director, was 1 (2017 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 May 2017

1,241

4,826

6,067

Additions

-

472

472

At 30 April 2018

1,241

5,298

6,539

Depreciation

At 1 May 2017

1,187

4,156

5,343

Charge for the year

54

548

602

At 30 April 2018

1,241

4,704

5,945

Carrying amount

At 30 April 2018

-

594

594

At 30 April 2017

54

670

724

 

MJP Race Prep Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

5

Stocks

2018
£

2017
£

Inventory

850

5,350

6

Debtors

2018
£

2017
£

Prepayments

73

-

Total current trade and other debtors

73

-

7

Creditors

Note

2018
£

2017
£

Due within one year

 

Trade creditors

 

11

203

Directors loan account

 

2,546

2,422

Accruals

 

778

934

Corporation tax control

 

1,947

1,922

PAYE and NIC creditor

 

-

680

 

5,282

6,161