Company Registration No. 12165035 (England and Wales)
Michael Murphy Pre-Training Ltd
Unaudited accounts
for the period from 1 September 2022 to 31 March 2023
Michael Murphy Pre-Training Ltd
Unaudited accounts
Contents
Michael Murphy Pre-Training Ltd
Company Information
for the period from 1 September 2022 to 31 March 2023
Directors
M P F Murphy
M J J Murphy
Company Number
12165035 (England and Wales)
Registered Office
76 Weston Way
Newmarket
Suffolk
CB8 7SF
Michael Murphy Pre-Training Ltd
Statement of financial position
as at 31 March 2023
Cash at bank and in hand
167,436
184,597
Creditors: amounts falling due within one year
(123,510)
(39,550)
Net current assets
166,527
167,185
Total assets less current liabilities
166,800
167,671
Creditors: amounts falling due after more than one year
(30,000)
(35,833)
Net assets
136,800
131,838
Called up share capital
109
109
Profit and loss account
136,691
131,729
Shareholders' funds
136,800
131,838
For the period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2023 and were signed on its behalf by
M J J Murphy
Director
Company Registration No. 12165035
Michael Murphy Pre-Training Ltd
Notes to the Accounts
for the period from 1 September 2022 to 31 March 2023
Michael Murphy Pre-Training Ltd is a private company, limited by shares, registered in England and Wales, registration number 12165035. The registered office is 76 Weston Way, Newmarket, Suffolk, CB8 7SF.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful
lives on the following bases:
Motor vehicles
10% Straight Line
Computer equipment
33% Straight Line
Stocks and work in progress
Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks and work in progress to their present location and condition.
Stocks and work in progress held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks and work in progress over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Michael Murphy Pre-Training Ltd
Notes to the Accounts
for the period from 1 September 2022 to 31 March 2023
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise
the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless
the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Michael Murphy Pre-Training Ltd
Notes to the Accounts
for the period from 1 September 2022 to 31 March 2023
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Tangible fixed assets
Computer equipment
Amounts falling due within one year
Trade debtors
81,399
15,910
Accrued income and prepayments
8,244
6,228
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Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
10,000
Trade creditors
23,188
3,945
Taxes and social security
34,294
11,198
Loans from directors
-
3,278
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Creditors: amounts falling due after more than one year
2023
2022
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Average number of employees
During the period the average number of employees was 5 (2022: 5).