Registered number
NI063591
MNES Ltd
Report and Accounts
31 March 2023
MNES Ltd
Registered number: NI063591
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 5,000 6,250
Tangible assets 4 172,904 180,959
177,904 187,209
Current assets
Stocks 13,000 12,400
Debtors 5 136,349 129,835
Cash at bank and in hand 808,283 478,126
957,632 620,361
Creditors: amounts falling due within one year 6 (416,060) (210,071)
Net current assets 541,572 410,290
Net assets 719,476 597,499
Capital and reserves
Called up share capital 100 100
Profit and loss account 719,376 597,399
Shareholder's funds 719,476 597,499
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Michael McNally
Director
Approved by the board on 3 October 2023
MNES Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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 from 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Motor vehicles 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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 transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 25,000
At 31 March 2023 25,000
Amortisation
At 1 April 2022 18,750
Provided during the year 1,250
At 31 March 2023 20,000
Net book value
At 31 March 2023 5,000
At 31 March 2022 6,250
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 135,000 25,300 60,950 221,250
Additions 1,137 - - 1,137
At 31 March 2023 136,137 25,300 60,950 222,387
Depreciation
At 1 April 2022 - 15,035 25,256 40,291
Charge for the year - 2,053 7,139 9,192
At 31 March 2023 - 17,088 32,395 49,483
Net book value
At 31 March 2023 136,137 8,212 28,555 172,904
At 31 March 2022 135,000 10,265 35,694 180,959
5 Debtors 2023 2022
£ £
Trade debtors 135,067 127,727
Other debtors 1,282 2,108
136,349 129,835
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 264,448 144,843
Corporation tax 39,975 13,652
Other taxes and social security costs 36,330 (4,318)
Other creditors 75,307 55,894
416,060 210,071
7 Other information
MNES Ltd is a private company limited by shares and incorporated in N Ireland. Its registered office is 4 Moboy Rd, Pomeroy, BT70 2SG :
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