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Registration number: NI614273

MPA Spares Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 December 2022

 

MPA Spares Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

MPA Spares Limited

Company Information

Director

Mr Wesley Mackey

Company secretary

Mr Wesley Mackey

Registered office

88 Boa Island Road
Commons
Belleek
Enniskillen
Co Fermanagh
BT93 3EP

Accountants

CJ Maguire & Co Ltd
Chartered Accountants
42a Forthill Street
Enniskillen
Co Fermanagh
BT74 6AJ

 

MPA Spares Limited

(Registration number: NI614273)
Abridged Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

35,384

15,526

Current assets

 

Stocks

6

690,961

772,247

Debtors

7

202,366

124,943

Cash at bank and in hand

 

114,100

71,599

 

1,007,427

968,789

Creditors: Amounts falling due within one year

(440,109)

(409,282)

Net current assets

 

567,318

559,507

Total assets less current liabilities

 

602,702

575,033

Creditors: Amounts falling due after more than one year

(25,021)

(34,639)

Accruals and deferred income

 

(7,232)

(5,350)

Net assets

 

570,449

535,044

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

570,447

535,042

Shareholders' funds

 

570,449

535,044

For the financial year ending 31 December 2022 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 23 October 2023
 

 

MPA Spares Limited

(Registration number: NI614273)
Abridged Balance Sheet as at 31 December 2022

.........................................
Mr Wesley Mackey
Company secretary and director

 

MPA Spares Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
88 Boa Island Road
Commons
Belleek
Enniskillen
Co Fermanagh
BT93 3EP
Northern Ireland

These financial statements were authorised for issue by the director on 23 October 2023.

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

Revenue recognition

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 sales/value added tax, 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 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.

 

MPA Spares Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

20% Straight Line

Fixtures and fittings

20% Straight Line

Buildings

4% Straight Line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% Straight Line

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.

 

MPA Spares Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 (including the director) during the year, was 10 (2021 - 10).

 

MPA Spares Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

4

Intangible assets

Total
£

Cost or valuation

At 1 January 2022

10,500

At 31 December 2022

10,500

Amortisation

At 1 January 2022

10,500

At 31 December 2022

10,500

Carrying amount

At 31 December 2022

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2022

-

128,485

128,485

Additions

17,477

8,616

26,093

At 31 December 2022

17,477

137,101

154,578

Depreciation

At 1 January 2022

-

112,958

112,958

Charge for the year

699

5,537

6,236

At 31 December 2022

699

118,495

119,194

Carrying amount

At 31 December 2022

16,778

18,606

35,384

At 31 December 2021

-

15,526

15,526

Included within the net book value of land and buildings above is £16,778 (2021 - £Nil) in respect of freehold land and buildings.
 

6

Stocks

2022
£

2021
£

Other inventories

690,961

772,247

 

MPA Spares Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

7

Debtors

Debtors includes £Nil (2021 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

         

9

Related party transactions

 

MPA Spares Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

Transactions with the director

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr Wesley Mackey

Payments by Director

(142,613)

2,893

(4,054)

(143,774)

         
       

 

2021

At 1 January 2021
£

Repayments by director
£

At 31 December 2021
£

Mr Wesley Mackey

Payments by Director

(130,862)

(11,750)

(142,613)

       
     

 

 

MPA Spares Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

Director's remuneration

The director's remuneration for the year was as follows:

2022
£

2021
£

Remuneration

9,364

7,517