Registered number
05278658
Mechanical Pipework Installations Ltd
Report and Accounts
31 July 2023
Accountancy 4 Success Limited
Accountants and Business Advisors
33 Wolverhampton Road
Cannock
Staffordshire
WS11 1AP
Mechanical Pipework Installations Ltd
Registered number: 05278658
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 105,942 75,878
Current assets
Stocks 1,500 1,500
Debtors 5 261,358 228,570
Cash at bank and in hand 122,715 95,317
385,573 325,387
Creditors: amounts falling due within one year 6 (162,012) (128,210)
Net current assets 223,561 197,177
Total assets less current liabilities 329,503 273,055
Provisions for liabilities (26,486) (14,417)
Net assets 303,017 258,638
Capital and reserves
Called up share capital 1,394 1,394
Profit and loss account 301,623 257,244
Shareholders' funds 303,017 258,638
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Sheila McWilliams
Director
Approved by the board on 11 October 2023
Mechanical Pipework Installations Ltd
Notes to the Accounts
for the year ended 31 July 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.
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.
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 25% 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2022 16,000
At 31 July 2023 16,000
Amortisation
At 1 August 2022 16,000
At 31 July 2023 16,000
Net book value
At 31 July 2023 -
Goodwill is written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2022 18,250 156,019 174,269
Additions - 96,730 96,730
Disposals - (73,000) (73,000)
At 31 July 2023 18,250 179,749 197,999
Depreciation
At 1 August 2022 16,974 81,417 98,391
Charge for the year 255 34,974 35,229
On disposals - (41,563) (41,563)
At 31 July 2023 17,229 74,828 92,057
Net book value
At 31 July 2023 1,021 104,921 105,942
At 31 July 2022 1,276 74,602 75,878
5 Debtors 2023 2022
£ £
Trade debtors 118,785 87,022
Other debtors 142,573 141,548
261,358 228,570
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 50 1,504
Corporation tax 43,574 38,324
Other taxes and social security costs 7,394 4,391
Other creditors 110,994 83,991
162,012 128,210
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