Registered number
SC449011
MF Inspection Ltd
Filleted Accounts
30 April 2023
MF Inspection Ltd
Registered number: SC449011
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 16,086 4,832
Current assets
Debtors 4 (1,728) 2,565
Cash at bank and in hand 18,908 19,057
17,180 21,622
Creditors: amounts falling due within one year 5 (10,919) (12,375)
Net current assets 6,261 9,247
Total assets less current liabilities 22,347 14,079
Creditors: amounts falling due after more than one year 6 (6,915) (3,471)
Net assets 15,432 10,608
Capital and reserves
Called up share capital 100 100
Profit and loss account 15,332 10,508
Shareholders' funds 15,432 10,608
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 members have 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.
M Ferguson
Director
Approved by the board on 31 October 2023
MF Inspection Ltd
Notes to the Accounts
for the year ended 30 April 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 rendering of serviceand 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 at the following annual rates on all tangible fixed assets, other than freehold land, as follows:
Plant and machinery 15% on a Reducing Balance basis
Motor vehicles 25% on a reducing Balance basis
Fixtures, fittings, tools and equipment 15% on a Reducing Balance basis
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2022 3,785 5,833 9,618
Additions - 16,000 16,000
Disposals - (5,833) (5,833)
At 30 April 2023 3,785 16,000 19,785
Depreciation
At 1 May 2022 2,507 2,279 4,786
Charge for the year 192 1,000 1,192
On disposals - (2,279) (2,279)
At 30 April 2023 2,699 1,000 3,699
Net book value
At 30 April 2023 1,086 15,000 16,086
At 30 April 2022 1,278 3,554 4,832
4 Debtors 2023 2022
£ £
Trade debtors (1,728) 1,565
Other debtors - 1,000
(1,728) 2,565
5 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax 8,035 10,121
Other taxes and social security costs 2,883 2,255
Other creditors 1 (1)
10,919 12,375
6 Creditors: amounts falling due after one year 2023 2022
£ £
Director's account 65 805
Bank loans - 2,666
Obligations under finance lease and hire purchase contracts 6,850 -
6,915 3,471
7 Other information
MF Inspection Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
14 Netherby Park
Balgeddie
Glenrothes
Fife
KY6 3PL
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